Author: Olu Anisere

Return on Nigerian Stocks Rises to 41.91%, Investors Gain N110bn The Nigerian stock market return rose to 41.91% from the beginning of the year to date as bargain hunting in financial, consumer goods, and industrial stocks lifted equity portfolio value higher by N110 billion on Tuesday.  The Nigerian Exchange (NGX) All Share Index edged up by 0.12% to close at 146,055.89 points. The modest gain was driven by renewed investor interest in some mid- to high-capitalized stocks. The bargain hunting nudged year-to-date return higher as a result of gains in FCMB, VFD Group, UBA, Ecobank, United Capital, AIICO Insurance, AXA…

European Support for Ukraine Steady as U.S. Aid Fades, Data Shows Europe continues to offer Ukraine a high level of support, while recent data showed that assistance from the United States vanished in May and June. A German economic institute reported on Tuesday. The report said the Ukraine Support Tracker from the Kiel Institute for the World Economy (IfW) showed that European aid amounted to 12.6 billion euros (14.6 billion dollars ) in the two-month period, while no support came from the U.S. The European aid is lower than in the preceding months of March and April, the IfW noted,…

OPEC Increases Crude Oil production by 263,000 Bpd Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) rose by 263,000 barrels per day (bpd) in July compared to the previous month, reaching 27.54 million bpd, according to the group’s latest Monthly Oil Market Report. The report showed that the largest output increase came from Saudi Arabia, while Iraq recorded the biggest decline. Saudi Arabia, the group’s top producer, increased its output by 170,000 bpd to 9.53 million bpd. Iraq’s production, meanwhile, declined by 51,000 bpd to 3.90 million bpd. As a result, total OPEC crude output stood…

Airtel, pawaPay Partner to Boost Cross-Border Remittances Airtel Money, the mobile money arm of Airtel Africa, has extended its partnership with pawaPay, a mobile money payment service provider, to enhance cross-border remittances in seven African markets. Airtel Money Africa’s Chief Executive Officer, Ian Ferrao, made this known in a statement on Monday. Ferrao said the partnership would enable seamless inbound payments for licensed International Money Transfer Operators (IMTOs) into Uganda, Rwanda, Zambia, Malawi, Gabon, Congo Brazzaville and Tanzania. He said the arrangement would allow IMTOs to deliver funds directly to over 161 million Airtel Money wallets, leveraging pawaPay’s payment infrastructure…

Nigerian Missions in U.S. Hold Townhall, Tackle Diaspora Concerns Nigerian missions in the U.S. on Sunday held a virtual townhall meeting with Nigerians across the U.S. to tackle diaspora concerns and correct online mischief. The three missions are the Embassy of Nigeria in Washington D.C., the Consulate General of Nigeria in New York and the Consulate General of Nigeria in Atlanta From 7pm until 11:15pm, as against the initial 9pm (New York time), hundreds of Nigerians tuned in, speaking directly to their diplomats. The participants raised pressing issues and received candid answers on matters ranging from passports and visas to…

Zenith Bank Reached N3.065trn Ahead of Earnings, Dividends The market value of Zenith Bank Plc closed at N3.065 trillion on Friday due to price fluctuation as the financial services company bucked the rally in the local bourse. The banking stock matched up its price movement energy with the monster rally in the local bourse. The financial institution maintains its position as the second largest by stock market valuation and as one of the major market movers driving the banking index on the Nigerian Exchange trading platform. The bank share price traded at N74.65 at the Nigerian Exchange (NGX) platform as…

AIICO Insurance Hits 52-Week High, Share Price Rises by 60% AIICO Insurance Plc has reached a new 52-week high in the equity market, supported by an all-week rally that lifted its market value by about 60%. The strong uptick was fuelled by investors’ positive sentiment about anticipated recapitalisation following a slide in its earnings performance. According to data obtained from the Nigerian Exchange (NGX), AIICO Insurance share price surged to N3.50 on Friday when 178.524 million units valued at N618.066 million were traded in the local bourse. Investors increased bets on local insurance company following the signing of new insurance…

Truecaller Crosses 100m Monthly Active Users in Middle East, Africa Truecaller has crossed 100 million monthly active users in the Middle East and Africa, according to an official statement released by the company. The leading global platform for verifying contacts and blocking unwanted communications reached a significant milestone in August on both Android and iOS. The platform highlighted that the number of monthly active users crossed 100 million in the MEA region, representing a 19% year-on-year growth. “With the Middle East and Africa experiencing significant growth in smartphone adoption and mobile data adoption, we’re really happy that we’re able to…

Govt Reveals 99% of Enugu’s Informal Sector Doesn’t Pay Taxes The Chairman, Enugu State Internal Revenue Service (ESIRS), Mr Emmanuel Nnamani, says that 99 per cent of the informal sector in the state does not remit taxes to government coffers. Nnamani disclosed this during a Media briefing on Thursday in Enugu while reacting to reports on the social media that the state government imposed taxes outside the law. He denounced the allegation of imposition of arbitrary levies, stating that taxes and revenues in Enugu State remained within the limits of the law. He described circulating report on social media regarding…

NIHSA Issues Flood Alert for 32 States, 832 Communities The Nigeria Hydrological Services Agency (NIHSA) has issued a fresh flood alert for 198 LGAs across 32 states and the FCT. The agency warned of high to very high flood risks between Aug. 7 and Aug. 21. The alert, with reference No: 32-25-003-06, was issued by NIHSA Director General, Mr Umar Ibrahim on Thursday, following rising river levels and persistent rainfall across the country. NIHSA warned that over 100 communities and major transportation routes may experience severe disruptions during the forecast period. The affected states include; Adamawa, Akwa Ibom, Anambra, Bauchi,…