My Blog

Category: Business

  • Opera News, Vanguard, Punch, Linda Ikeji, Others Generate N250m In Q3

    Nigeria’s most visited online news platforms under the news and current affairs category received a cumulative traffic volume of 250.6 million between August and September 2023, according to the latest Digital News Ranking report by Squirrel Media Technologies for Q3, 2023.

    The news platforms include Opera News App, Vanguard Online, Punch Online, Legit, Daily Post, The Guardian Online, Premium Times, The Nation Online, Sahara Reporters, and Tribune Online.

    Launched in March this year, the Quarterly Report is intended to provide media relations professionals with resources that offer deeper insights into the performance of Nigeria’s digital news platforms.

    The latest ranking rated hundreds of digital news publishers based on their total quarterly traffic volume, and covered publications in the most popular news categories, including News and Current Affairs, Business and Finance, Technology and Startups, and Entertainment and Lifestyle.

    The latest reports show that Opera News App, Vanguard Online, Punch Online, Legit, and Daily Post emerged as the most visited platforms in Q3.

    Opera News tops the chart with 45.2 million cumulative views. Vanguard online traffic volume recorded a 5 per cent increase in Q3 to 40.2 million, up from 38.2 million in Q2, making it the second most visited platform in Nigeria within the period under review.

    New Telegraph joined the millionaire’s club – a group of online news platforms with a traffic volume of at least a million per quarter. The platform’s traffic grew by 28% to 1.2 million from 908,674 in Q2’23.

    All the news platforms with less than 50K traffic per month were also excluded from the Q3 ranking

    In the online Business News Ranking, only 10 platforms with more than 50,000 traffic volume were included in the report with Business Insider Africa, Nairametrics and BusinessDay generating over a million traffic volume per quarter.

    The total impressions generated by all 10 platforms reported in Q3 stood at 25.5 million, up from 14.7 million total impressions from 16 platforms in Q2.

    Business Insider Africa, Nairametrics, and BusinessDay accounted for 88.55% of the total traffic share generated by this segment. Brandspur continues to make an incredible push with more than half a million traffic impressions.

    Other platforms with notable traffic volume include iBrandTV, Business Post and MSME Africa.

    In the Tech News Category, TechCabal sustained its lead of the category with a total traffic volume of 2.5 million, a 13% increase from the 2.1 million traffic volume in Q2.

    Only TechCabal, Technext and GadgetStripe generated more than a million impressions per quarter. Consolidating on its gains in Q2, Technext joined the millionaires club, as its traffic volume surged 82% to 1.8 million in Q3 compared to 977K recorded in Q2 2023.

    In the Entertainment & Lifestyle Category, only 7 platforms that are worth their onions in this category were considered in the ranking.

    Linda Ikeji’s Blog remains the leader in this segment, accounting for more than 65% of the industry’s total traffic volume.

    Commenting on the report, the co-founder of SuirrelPR, James Ezechukwu said the latest reports reveal the growing influence of the dominant players and the tremendous opportunity available to advertisers looking to reach their target market through these digital news platforms.

    “We remain committed to providing performance-based insights that will enable our partners to make informed media placement decisions. From this report, we see how events influence readership and how some platforms leverage their creativity in content marketing to maintain their dominance of each category,” Ezechukwu said.

  • 12.5kg Cooking Gas To Hit N18,000 By December —NALPGM

    12.5kg Cooking Gas To Hit N18,000 By December —NALPGM

    President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGM), Oladapo Olatunbosun has warned that the price of 12.5kg of cooking gas could go as high as N18,000 if the present scarcity persists.

    According to Olatunbosun, scarcity of the product is biting hard in Lagos and some other states in the country, noting that the scarcity has pushed up the price from the previous N900 per kilogram to as high as N1,400 in Lagos.

    He stated further that there is no justification for the current increase in refill prices. He said that stakeholders along the value chain were using the foreign exchange rate somersault as a reason to increase LPG prices, adding that 12.5kg refill prices could reach N18,000 by December 2023.

    “There is a ridiculous hike in gas prices going on right now, and I am afraid that if the federal government does not step in to checkmate the activities of these terminal owners, prices could reach as high as N18 million per metric ton by December. This means that a 12.5kg could go as high as N18,000″.

    The cost of LPG is tied to the exchange rate between the Naira and the Dollar. As the Naira weakens against the Dollar, it directly impacts the price of LPG.

    In just a year, the Naira weakened considerably against the Dollar, escalating from N565 to N1040 in October 2023. These shifts affect the price of LPG.

    Nigeria’s LPG market is supplied by both local production and imports. Local production covers a significant share, and imports bridge the supply gap. Nigeria’s Liquefied Natural Gas (NLNG) contributes about 40 per cent of LPG demand through domestic production. The remaining 60 per cent is imported.

    The price of a 12.5kg cylinder of cooking gas surged by 26 percent in two weeks to N15,000 from N11,850 owing to high global crude oil and gas prices and Nigeria’s forex crises.

    This recent surge will further squeeze cash-strapped consumers, erode their purchasing ability and amplify a cost of living crisis in Africa’s most populous nation. It will also accelerate October inflation when the figures are released.

    The World Bank, in its latest Nigeria Development Update report for June 2023, said the loss of purchasing power from high inflation has increased poverty in the short term, pushing an estimated four million Nigerians into poverty between January – May 2023.

    The global bank estimates based on the NBS data show that 89.8 million Nigerians fell below the poverty line at the start of 2023, with an additional four million making it 93.8 million in May of 2023.

  • BUA Sustains Strong Performance As Profit Rises By 54% To N105.6bn

    Despite the numerous political and economic headwinds impacts experienced in the year, BUA Foods Plc sustained her leadership position in the Foods with a Profit After Tax (PAT) of N105.6 billion for the nine months period ended in September 2023.
    The amount represents a growth of 54 per cent against N68.8 reported the same period of last year.
    The company revenue grew by 81 per cent y-o-y to N524.4 billion at the end of September this year from N289.8 billion reported at the corresponding period of 2022.
    The growth in revenue according to the company was due to a year-on-year increase of 74.2 per cent in Sugar to N315.2 billion from N180.9 billion reported in 2022, a 126 per cent increase in Flour to N149.9 billion against N66.2 billion in the preceding year and 37 per cent growth in Pasta to N58.3 billion from N42.7 billion in the comparative period of last year.
    According to the company result, new division Rice business contributed N995 million to the top line during the same period, adding that across the business divisions there was significant growth in volume sold impacting the overall performance as well.
    The key drivers include slight price adjustments to reflect high input costs, volume growth and gradual commissioning of its expansion projects.
    The increase in cost of sales added 74.1 per cent to N340.6 billion in the third quarter from 195.6 billion in 2022 and was driven by an increase in raw materials cost and energy cost.

    The high input cost environment and further devaluation of the Naira against the US Dollar weighed heavily on prices for raw materials. This resulted in higher cost of production.

    Gross profit increased by 95.1 per cent to N183.8 billion in nine month in year 2023 against N94.2 billion in the same period of last year even as gross profit margin appreciated by 250bps to 35.0 per cent within the reviewed period against 32.5 per cent recorded in the preceding year due to the slight selling price adjustment and new market penetration for sales within the year.

  • Naira Rallies Across Markets, Trades Below N900/$1 At P2P

    For the first time since August 2023, the exchange rate dipped below the N900 to $1 mark on peer-to-peer (P2P) platforms, including Binance, indicating a robust turnaround for the Naira.

    Data from the acclaimed Binance Crypto trading platform showed the exchange rate at an impressive N855 to $1. This development highlights the naira’s impressive recovery trajectory.

    The black market, often regarded as an unofficial gauge of the currency’s vigour – has listed exchange rates ranging from N1000 to N1,100 for $1 in cash transactions.

    Several black market dealers shared the sentiment that the naira’s rally might be linked to the recent influx of positive news reports, notably those highlighting the government’s progress in clearing forex backlogs.

    A black market operator, requesting anonymity, mentioned that the market may be transitioning from ‘panic buying’ to ‘panic selling,’ a stark reversal of the previous trend.

    On the official front, the Nigerian Autonomous Foreign Exchange Market (NAFEM) witnessed the Naira closing at an encouraging N776.14, marking its strongest finish since October 13th of the current year, a notable improvement from the preceding day’s close of N793.2.

    The breakthrough below the N900 threshold on the p2p market is being celebrated as a considerable psychological triumph by Nigerian government officials and their surrogates on social media.

    The Naira commenced the week trading at N1,110 last week Monday, experienced a slight dip to N1,180 on Tuesday, and then exhibited a positive trend on Wednesday and Thursday, closing at N1,175 and N1,125, respectively.

    The most astounding surge occurred last Friday, with the Naira selling at N950/$.

    Naira rebound may not be unconnected with augmented foreign exchange inflows, deft policy interventions by the Central Bank of Nigeria (CBN), and stringent measures against illegal financial activities.

    It would be recalled that the CBN focused on Tier 2 Nigerian banks and international banks with over 75 to 80 per cent of the foreign exchange forward contracts obligations cleared.

    Findings show that Citigroup ($72 million), Stanbic ($125 million), and Standard Chartered ($63 million) are among the companies that are receiving forex futures deliveries last week

    The FG also stated that it expected to spend $10 billion to settle FX obligations, support the country’s FX market, and stabilize the naira.

    Minister of Finance Wale Edun, said that forex liquidity will improve in the coming weeks.

    He further highlighted that discussions with sovereign wealth funds willing to invest and provide advances along with investments are in advance phases.

    A US multinational financial services firm, JP Morgan, on Wednesday projected that the naira would trade at N850/$ at the Investors’ and Exporters’ forex window before the end of 2023.

    However, the US bank said the recent efforts to restore a flexible forex regime may be sustained given the willingness to accompany it with tighter monetary conditions.

  • NDIC Emerges Overall Best In 2023 ICPC MDAs Scorecard

    The Nigeria Deposit Insurance Corporation (NDIC) has won the top position in the Independent Corrupt Practices and Other Related Offences Commission (ICPC) 2023 Ethics and Integrity Compliance Scorecard (EICS).

    According to a statement by the Corporation on Sunday, “The NDIC has once again demonstrated its unwavering commitment to high ethical standards and compliance with anti-corruption laws and regulations, as it proudly This remarkable achievement marks the second time that NDIC has achieved the prestigious first place, previously having been ranked first in the 2021 EICS.”

    The ICPC’s Ethics and Integrity Compliance Scorecard (EICS) is an annual assessment tool designed to evaluate Ministries, Departments, and Agencies (MDAs) in Nigeria for their adherence to institutional ethics and integrity requirements.

    The assessment encompasses the measurement and monitoring of key performance indicators in categories such as Management Culture and Structure, Financial Management Systems, and Administrative Systems. In the 2023 EICS, which took place between March and July 2023 and involved 404 MDAs, the NDIC excelled with a score of 91.30%.

    The EICS report emphasizes the ICPC’s commitment to mitigating abuse of office and corruption by promoting ethics and integrity benchmarks within government agencies, ultimately contributing to more effective service delivery.

    “The NDIC’s consistent first-place ranking is a testimony to the Corporation’s zero tolerance policy for corruption and benchmarking its operations with standard best practices.

    “It would be recalled that the Corporation in September this year earned 3 ISO Certifications having complied with the requirements following a rigorous audit by MSECB, a leading international provider of Audit and Certification services.

    “These achievements have been possible due to Corporation’s effective and ethical operational procedures aimed at instilling transparency and accountability. The NDIC’s Anti-Corruption and Transparency Unit (ACTU) played a pivotal role in the process, collaborating closely with the ICPC.

    “This collaboration included sensitizing NDIC staff, identifying and enhancing internal controls to prevent fraudulent practices, and ensuring strict compliance with established policies and procedures by the Corporation’s management,” the Director, Communication & Public Affairs, Bashir Nuhu said in the statement.

    The NDIC’s outstanding performance in the 2023 ICPC Ethics and Integrity Compliance Scorecard underscores its unwavering commitment to upholding the highest ethical standards and serving as a beacon of integrity within the Public Service.

    The Corporation remains dedicated to ensuring the safety of deposits and contributing to the stability of the financial system.

  • Transportation Minister Hails Maiden Lagos-Ibadan Freight Train Service

    Minister of Transportation, Sen. Said Alkali, has said that the maiden trip of the Lagos-Ibadan freight train service marks a significant milestone in the country’s railway projects.

    He said in a statement issued in Abuja on Sunday, that the success of the operation also reinforced the federal government’s dedication to providing a robust transportation network to cater for Nigeria’s growing population.

    The maiden freight train departed from Apapa Port in Lagos on Thursday and headed to Ibadan, ladened with 30 units of 40-feet containers.

    Alkali stated that the successful operation of the container freight train reflected the meticulous planning, relentless efforts, and diligent execution by the Ministry of Transportation and its partners.

    He added that it served as a testament to the ministry’s unwavering commitment at realising the eight-point agenda of President Bola Tinubu’s administration, which prioritised the development of modern and efficient transportation system.

    The transportation minister noted that the Lagos-Ibadan railway project, a crucial component of Nigeria’s transportation infrastructure, held immense potential to revolutionise the movement of goods and people.

    He noted also that the completion of the rail project signified a major step in enhancing connectivity, boosting trade, and stimulating economic growth.

    Alkali expressed satisfaction with Thursday’s successful launch of the container freight train, hailing it as a significant achievement for the nation.

    “As the Lagos-Ibadan railway continues to expand its operations, it is expected to play a pivotal role in alleviating congestion on roads, reducing travel time, and facilitating seamless movement of goods across the country.

    “The successful initiation of the container freight train service signifies a promising future for the railway project, further solidifying its position as a vital backbone of Nigeria’s transportation infrastructure,’’ Alkali stressed.

  • FG To Subsidize Adire Production, Reduce Foreign Imports – Minister

    The Federal Government is set to provide subsidies to boost the production of Adire, a locally-made fabric, and combat the influx of foreign alternatives.

    Mrs. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, made this announcement during her visit to the Adire mall in Itoku, Abeokuta.

    Edu emphasized the government’s commitment to creating industrial hubs nationwide, particularly to benefit market women and enhance revenue.

    She expressed the government’s intention to promote Adire on the global stage and stressed the need to restrict the importation of foreign Adire products.

    Edu explained that by promoting and subsidizing local production, the government could eliminate the infiltration of foreign-made Adire into the market.

    She underlined the importance of supporting local products to meet the demand, create jobs, boost the economy, and reduce the country’s reliance on imports.

    The Minister also mentioned that the government would provide subsidies for Adire producers, similar to how they had done with fuel subsidies. This support aims to encourage the production of local Adire for both domestic and international markets.

    Edu expressed her appreciation to Governor Dapo Abiodun of Ogun State, who promised to establish hubs in Abuja for the sale of authentic Adire.

    She sees this as an opportunity to showcase this unique fabric to the world and boost local production, enabling more people to earn a living and support their families.

  • Forex Deals: BUA Sponsoring Lies Against Our Brand – Dangote

    The Management of Dangote Industries Limited (DIL) has refuted allegations that it engaged in illegal foreign exchange deals, warning those peddling the allegation of economic sabotage against the company to desist from such underhand practices.

    It gave the warning following claims in some sponsored reports in the online media, suggesting that the company is being probed for alleged illegal foreign exchange deals and money laundering by the Special Investigator, Jim Obazee who is probing the Central Bank of Nigeria (CBN) under the leadership of the former CBN governor, Mr. Godwin Emefiele.

    In a statement at the weekend, DIL described the allegation as “spurious and a rehash of a similar report peddled out of malice by a competitor, BUA Group, masquerading as a concerned Nigerian in 2016.”

    Dangote recalled that the spurious and false story was started in 2016 and published in both BusinessDay and Leadership Newspapers, and accused the authors of the report of rejigging it to make it appear as authentic and a new development.

    Dangote said: “It is saddening to note that this publication of Monday, March 14, 2016 in BusinessDay and Leadership newspapers where the author had alleged that about “$3billion foreign exchange sourced from the CBN were diverted to other Dangote companies outside Nigeria, a practice that encourages round tripping and effect money laundering since there is no proper documentation”.

    DIL management explained that the same false report back “in 2016 was now being given a fresh false slant by one Ahmed Fahad purporting it to be a new petition directed to the attention of President Bola Ahmed Tinubu and Mr. Jim Obazee, the Special Investigator probing the CBN, and subsequently different blogs and social media platforms have been carrying variants of this arrant falsehood to the detriment of our corporate reputation.”

    The statement said “attempt by the authors of this misleading allegation to give it a fresh life in the media is baffling as the two newspapers that were misguided into publishing it as advertorial then (2016) have since publicly apologised to the Management of Dangote Industries Limited in writing as well as retracted the advertorial in its entirety in their respective publications. Indeed, BusinessDay and Leadership Newspapers admitted that the advertorial was sponsored by Messrs. BUA Nigeria Limited.”

    DIL re-emphasised that foreign exchange for its numerous projects were sourced strictly from Interbank Foreign Exchange market in compliance with the CBN approvals and that “Letters of Credit” were established for the construction of the various operational plants and for the purchase of heavy equipment and spares required for the take-off of the Dangote Cement plants.

    “The terms and conditions for payments on the transactions were clearly spelt out in the Letters of Credit instruments and in line with the International Chamber of Commerce – Universal Customs & Practice for Documentation Credit – UCP 600. It is also crucial to note that the Letters of Credit in favour of Sinoma International Engineering Co Ltd (a Chinese Government owned company), being the major contractor who accounted for over 75 per cent of these expenditures were paid against the presentation of all relevant shipping documents. There was no single payment that was made through any Dubai company owned by us,” the statement noted.

    DIL explained its forex dealings thus: “all FX purchased in respect of our African Projects expansion were fully utilised for what they were meant for. The projects for which the FX was utilised are visible for everyone to see. It is on record that some of these projects were commissioned by Nigerian top-ranking government officials and in attendance were Chief Executives of various banks, Captains of Industries and the Presidents of the host countries supported by their Senior Government Officials.”

    The company further stated that funds invested in its expansion project across African countries are legitimate capital investments in those countries and the repatriation of FX in sum of $576 million so far has helped to boost foreign Exchange earnings in Nigeria and stabilise the FX Market.

    Besides, DIL emphasised that it had “always funded the construction of her various plants from Interbank FX Market in line with the CBN directives and relevant periodic progress reports were submitted to the banks for onward submission to the Central Bank of Nigeria.”

  • Unity Bank Records N38.2bn Gross Earnings In Q3

    Retail lender, Unity Bank Plc has recorded gross earnings of N38 billion for the nine-month period ended September 30, 2023, with customer deposits appreciating by 5% to N344.4 billion within the period, indicating business growth and customer confidence in the Bank.

    A review of the lender’s unaudited nine-month results released to the Nigerian Exchange Group Limited showed that the Bank continued to maintain its expansionary and customer-centric model with total loans and advances rising to N222.8 billion, even as interest and similar income stood at N33 billion, which underscores the Bank’s strategic focus to reinvigorate and sustain asset creation that will deliver returns to shareholders.

    Other key highlights of the 9-month financials include the total assets which stood at N423.4 billion; net fee and income commission, N4.4 billion within the period. However, the recent FX regulation impacted the Bank’s bottom line, which can be reversed as the Naira appreciates.

    Commenting on the result, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun said that the Bank is focusing on its efforts to recapitalize the institution, aggressively drive asset creation, innovate with products to compete favourably in new markets and relentlessly drive the pursuit of digital Banking innovation in order to shake off and completely reverse negative positions.

    She stated that despite the tough operating environment, the deposit position continues to witness steady appreciation, which supports the business as the Bank drives initiatives to ramp up transactions as part of its strategy for the short and medium term.

    “This also means that the Bank enjoys market confidence, which will enable the institution to thrive better in the months ahead with increased business conversion, profitability and growth needed to achieve sustainable returns,” she said.

    Added to the above, Somefun also stated that “the Bank is seeing encouraging uptake in its digital Banking services and with expansion envisaged in the pursuit of enhanced retail franchise, fintech partnership, consumer banking and other innovative retail loans as well as diversification of portfolio investment, the outlook remains one of optimism’’.

    Analysts expressed confidence that re-engaging the market in the short and medium term by deepening the retail end as part of the business strategy will drive more income streams to boost both market share and financial position in the days ahead.

  • Blue Economy Top Agenda As Jamoh, Pauli Meet In Abuja

    The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has met with Professor Gunter Pauli to discuss how Nigeria can advance its Blue Economy. 

    Assistant Director, Public Relations, NIMASA Osagie Edward, in a statement said, the Abuja meeting is a follow up to the session the Minister of Marine and Blue Economy, Adegboyega Oyetola, had with Professor Pauli, where the need for the NIMASA DG to meet with experts like Gunter Pauli, was highlighted.

    Jamoh noted that having Professor Pauli interphase with stakeholders of the new Ministry would definitely help develop viable policies for the smooth take-off of the Marine and Blue Economy Ministry.

    “I had the opportunity to meet the man that formulated the global policies around Blue Economy, and we have discussed various ways to harness the resources in the Nigerian waters in a sustainable manner. He has expressed his willingness to work with the Ministry of Marine and Blue Economy to formulate policies that will help Nigerians begin to enjoy the gains of the establishment of the Ministry,” Jamoh said.

    On his part, Prof Pauli said he is willing to assist the Nigerian government develop policies around the Blue Economy for the benefit of Nigerians.

    Prof. Pauli, an economist and entrepreneur, created models of the Blue Economy, which is now a global concept.

    He has worked with many countries to draw policies for their blue economies.