Author: Marketforces Africa

Seplat Maintains Performance Guidance, Hedged Oil Price at $45

PMI: Sustain Contractions Foreshadow Economic Recession –Analysts. The sustained contraction of the Purchasing Managers’ Index (PMIs) for the third consecutive month in July 2020 forebodes an economic recession for the country, experts at Cowry Asset Limited have said.

Nigeria’s Ballooning Debt: Don’t Panic, China is not the Devil. Many Nigerians are

World Bank approves $114.28 million for Nigeria to Fight COVID-19. The World Bank has approved $114.28 million financing to help Nigeria prevent, detect and respond to the threat posed by COVID-19 with specific focus on state level responses.

SUNU Assurances Plc Profit Spikes 30% to ₦1.2 billion. SUNU Assurances Nigeria Plc. has announced a 30% increase in profit to N1.2 billion for the financial year 2019. The audited result shows that the company recorded N914 million profit in the 2018 financial year.

PFAs withdrawal, CRR Debits Tighten Financial System Liquidity

Analysts Downgrade JUMIA to Sell for Taking Profit on Irrational Exuberance. Analysts at Tellimer have downgraded Jumia, a leading African focused e-commerce giant to a sell after what the emerging market investment firm accused the firm from taking profit on irrational exuberance.

Wema Bank: Weak Earnings, Bleak Outlook Validate Concerns on Vulnerability – Meristem
Lender’s Suffered Regulatory-Induced Risk Straining Earnings
₦89.14 billion CRR Debit Against Lender, Earned Zero Interest
Equity Analysts Downgrade Stock to SELL
Topline Outlook Revised from Modest to Bearish Due

Pension: What happens if a PFA or PFC fails, liquidated? Without sound corporate governance, integrity contributory pension scheme would be a very risky venture. As such, retirement planning would be a disaster but the National Pension Commission.

FirstBank Processed ₦6trn transactions through FirstMonie network – CEO

First Bank of Nigeria Ltd says it has processed transactions worth over N6 trillion on its FirstMonie Agent network as at July 2020.