Author: Marketforces Africa

Contributions to COVID-19 relief fund now ₦27.160 billion – CBN. The Nigeria Private Sector Coalition against COVID-19 (CACOVID), has so far contributed about N27.160 billion to help fight the coronavirus pandemic.

FirstBank Provides Free E-learning, Targets 1 Million Students First Bank of Nigeria Limited says it is targeting one million students in free electronic learning solutions platform in partnership with Roducate and Lagos State Government. Dr Adesola Adeduntan, the bank’s Chief Executive Officer, stated this on Thursday, in a statement in Lagos. Adeduntan said the gesture was in furtherance of the bank’s resolve to close the gap of the disruption in children’s education due to schools’ closure following the COVID-19 pandemic. Adeduntan said thousands of students had already signed up to access the e-learning solutions, noting that the bank’s target was…

The Economic Commission for Africa (ECA), African Development Bank (AfDB) and African Union Commission (AUC) on Friday inaugurated the second Africa Regional Integration Index (ARII 2019). The index comes with a call to action, for economies on the continent to deepen their integration.

Stock Market Capitalisation Rises to ₦13.135 on Improve Sentiments The prevailing bullish sentiment continued on the last trading day of the week as Nigerian Stock Exchange market cap hit ₦13.135 trillion. Investors’ fortunes increased by ₦233 billion following price appreciation in some large and medium cap stocks. Similarly, the All-Share Index increased by 446.36 points or 1.80 percent to close at 25,204.75 against 24,758.39 achieved on Thursday. On the price movement chart, Mobil led the gainers’ table, increasing by ₦19.40 to close at ₦213.90 per share. MTN Nigeria followed with ₦4 to close at ₦115, while BUA Cement gained ₦3.40…

FG is Selling ₦150 Billion Sukuk to Investors at 11.2% The Federal Government has opened sale of its third tranche 7-year ₦150 billion Sovereign Sukuk, the Debt Management Office (DMO) said. DMO stated that the seven year Islamic Sukuk, referred to as Ijarah, was at a rental rate of 11.2 percent and would be due in June 2027. The offer document shows that interest will be paid to investors semi-annually, while the subscription is guaranteed by the government. Based on the offer document, Sukuk sales is already open and it is expected to close on June 2, 2020. The bond…

Jaiz Bank Plc, the premier non-interest bank in Nigeria has resumed selling of foreign exchange to operators of Small and Middle Enterprises (SMEs) to open up businesses and boost the nation’s economy amidst Covid-19 pandemic.

In general, the recent devaluation of Naira has a rub off effects on lender’s capital, at least by 18%. Wema Bank stock market worth in dollar term pitched at USD$61.111 billion. The Central Bank of Nigeria in what it termed technical adjustment raised official foreign exchange rate from ₦305 to ₦360.

Fidelity Bank: Analysts lower lender’s estimate on assets quality concern. Fidelity Bank is facing steep cost pressure that is diluting lender’s margin, though analysts recognised that growth in earnings asset drove top line performance in the first quarter of 2020.

BUA Cement bolsters revenue amidst tough operating environment. BUA Cement, Nigeria’s second largest cement company, has recorded a 47.5% increase in revenues from ₦119.01 billion to ₦175.52 billion, its audited financial statement for 2019 has shown.

NSE remains upbeat as investors fortune grows by ₦130 billion. Investors remain largely positive on the Nigerian Stock Exchange (NSE) on Wednesday, with the market capitalisation up by ₦130 billion.