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Category: Business

  • Nigeria, France Sign Pact To Support Young Entrepreneurs, Boost Employment

    The Federal Government on Friday signed an agreement with France on the Digital and Creative Enterprise (I-DISE) programme aimed at promoting employment opportunities in Nigeria.

    Minister of Foreign Affairs, Yusuf Tuggar and the Minister for Europe and Foreign Affairs of the Republic of France, Catherine Colonnade signed the bilateral agreement at the Ministry of Foreign Affairs in Abuja on behalf of both countries.

    The agreement was also witnessed by Bosun Tijani the Minister of Communications who represented the Vice President of Nigeria, Kashim Shettima.

    Tuggar said the I-DICE programme is an initiative of the Federal Government of Nigeria, spearheaded by the Office of the Vice President and aimed at promoting entrepreneurship and innovation in the digital technology and creative industry sectors.

    According to the minister, with a focus on job creation, the programme is set to significantly impact young Nigerians, by assisting them to create sustainable employment opportunities, develop high value-added industries and contribute to the development of the Nigerian economy.

    He said the programme would train two million young people, whilst encouraging them to structure their own ecosystem, through access to financing for the creation of innovative businesses and start-ups.

    Tuggar said the programme is being financed by the French Development Agency (AFD), the African Development Bank (AfDB), the Islamic Development Bank (ISDB) & the Bank of Industry (BOI).

    He said of the 600 million dollar value of I-DICE, the AFD is contributing 100 million euros (equivalent to $116 million).

    He added that the programme would also receive funding and support from the private sector and institutional investors adding that the Bank of Industry, as the Implementing Agency, will coordinate the day-to-day activities of the project.

    Colonnade thanked all the partners and co-financers including the l’Agence Française de Développement, bien sûr.

    She said the purpose of this ambitious programme is to support young entrepreneurs and innovators.

    She added that the programme will promote the employability of Nigerian youth, enable Nigeria to boost the capacities of its very promising digital technology and creative industries and help thousands of young Nigerian entrepreneurs to unleash their talents.

    “Those digital technology and creative industries have indeed enormous potential to create jobs and spur economic growth in Nigeria.

    “We are very pleased that the French Agency for Development is stepping into these sectors, enabling us to scale up significantly our actions through the I-DICE programme,’’ she said.

    According to her, the programme is expected to include nearly two million youth in the training sessions of which 40 per cent would be women.

    “The programme will create more than 65,000 start-ups, 150,000 direct jobs in the technology and creative industries sectors and approximately 1.3 million indirect jobs.’’

    Speaking on behalf of the vice president, Tijani said Shettima champions youth development and the Nigerian government’s efforts to boost the employability of young people by focusing on promising careers in the digital, cultural and creative industries.

    “As part of our efforts to stimulate the growth of the Nigerian economy and mainstream the application of technology in critical sectors, we welcome the support of the French government as they collaborate with us to leapfrog technological advancements for the benefit of our startup ecosystem.

    “This funding from the AFD for the I-DICE programme is a testament to France’s historical commitment to the growth of startups which is evidenced by its position as a leading startup destination in Europe”.

  • Local Equity Market Dips By N296bn

    Local Equity Market Dips By N296bn

    Trading activities on the floor of Nigerian Exchange (NGX) Thursday returned to  bearish run,  shedding N296 billion as depreciation in the share price of MTN Nigeria, and other 27 companies weigh down the market.

    Market capitalisation of listed equities declined by 0.76 per cent to N38.481 trillion from N38.777 trillion reported on Wednesday.

    The NGX All Share Index also depreciated by 539.48 basis points to 70042.28 points from 70581.76 points it closed the previous day.

    The NGX trading result showed that Omatek led gainers table during the day with a gain of 10 per cent to close at N0.55 per share, Academy Press followed with a gain of 9.83 per cent to close at N1.90 per share, Tantalizer and Prestige insurance added 9.76 per cent each to close at N0.45 and N0.45 per share respectively.

    Daar Communication increased by 8.70 per cent to close at N0.25 per share.

    On the contrary, Chams Plc traded 9.84 per cent to close at N2.20 per unit, International Breweries trailed with a loss of 8.79 per cent to close at N4.15 per unit, RTBriscoe traded 8.51 per cent to close at N0.43 per share, Thomas Way declined by 8.42 per cent to close at N3.70 per share, 

    FBNHoldings dipped by 8.14 per cent to close at N18.05 per unit

    Volume of transactions declined by 76.275 million, representing 12.68 per cent as investors  traded 525.457 million shares valued at N6.088 billion in 8396 deals against  601.732 million shares valued at N11.016 billion exchanged hands the previous day in 7444 deals.

    Trading  in the shares of  Japaul Gold recorded the highest volume of activities with 92.015 million shares valued at N124.950 million, Fidelity Bank followed with account of 67.032 million shares worth N557.364 million, United Bank for Africa exchanged 46.312 million shares valued at N971.341 million, FCMB traded 42.616 million shares cost N262.589 million while Chams Plc sold 30.951 million shares valued at N728.810 million.

  • Nigeria’s Equity Market Continues Upward Streak, Gains N739bn

    Trading activities on the floor of Nigerian Exchange (NGX) started the month November on a bullish note, appreciating by N739 billion.


    The increase in the shares price of Airtel Africa, FBNHoldings, Cadbury Nigeria Plc, Zenith Bank, Flour Mills Nigeria Plc, Presco, AccessCorp, GTCO Plc, Flour Mills Nigeria Plc and other 28 company lifted market activities pushing NSE index  to cross 70 million mark.


    Specifically, market capitalisation of listed equities appreciated by 1.94 per cent to N38.777 trillion from N38.038 trillion reported the previous day.


    The NGX All Share Index also increased by 1345.57 basis points to 70581.76 points from 69236.16 points traded the previous day.


    An analysis of the investment showed that Airtel Africa led gainers table in percentage terms, gaining 10 per cent to close at N2694.10 per share, Chams Plc and UPL followed with a gain of 9.91 per cent each to close at N2.44 per share and N2.33 per share respectively. NEM Insurance gained 9.90 per cent to close at N5.55 per unit, FBNHoldings added 9.78 per cent to close at N19.65 per share.


    On the contrary, Caverton Business Solutions recorded the highest loss during the day, declining 7.74 per cent to close at N1.43 per share, Champion Breweries trialed with a loss of 6.85 per cent to close at N3.40 per share, C &I Leasing down by 6.41 per cent to N3.36 per unit. UPDC REIT fell by 2.70 per cent to close at 3.60 per share. Unilever Nigeria Plc declined by 2.44 per cent to close at N14.00.


    Volume of trades increased by 118.463 million, representing 24.51 per cent growth as investors traded 601.732 million shares valued at N11.016 billion in 7444 deals against 483.269 million shares worth N6.044 billion exchanged hands the previous day in 8027 deals.


    Transactions in the shares of  United Bank for Africa led market activities with 163.561 million shares valued at N3.472 billion, FBNHoldings followed with 94.654 million shares valued at N1.841 billion, AccessCorp traded 36.693 million shares worth N641.992 million, Universal insurance exchanged 34.716 million shares cost N8.938 million while Japaul Gold exchanged 25.717 million shares valued at N33.114 million.

  • Retain SSB Tax In 2024 Fiscal Policy, CSOs Tell FG

    The national SSB Tax coalition, Gatefield Nigeria, National Action on Sugar Reduction, One Campaign amongst other Civil Society Organisations, have tasked the Federal Government to retain the SSB tax in the 2024 fiscal policy.

    According to the coalition, it will ensure the purpose of the policy is achieved as well as ensure that the government benefits from its implementation. 

    The CSOs, who made the call at a meeting which also had in attendance representatives from the Ministry of Finance, Budget, and National Planning, Ministry of Education, National Orientation Agency and others also called for the establishment of an inter-agency Adhoc committee on SSB Tax that would harmonise the views of all stakeholders.

    The recommendation was made in a communique at the just concluded National conference on Sugar Sweetened Beverages (SSB) Tax orgainsed by Corporate Accountability and Public Participation Africa (CAPPA) in collaboration with the Federal Ministry of Health and Social Welfare Wednesday in Abuja, further called on relevant stakeholders, including traditional and religious institutions, educational institutions, civil society organizations, the media, and healthcare professionals to actively engage in other to curb the SSB menace. 

    According to them, “the proceeds from the SSB tax should be earmarked to the health sector to support and strengthen public health systems in Nigeria. 

    “Stakeholders must commit to engaging central budget agencies to improve public healthcare and influence increased allocation to the healthcare sector. 

    “Need for the establishment of a monitoring, evaluation, and accountability framework to track the implementation and impact of the current SSB tax policy. This must be reviewed periodically. 

    “Need for complementary regulatory instruments like Front-of-Pack Labeling, restricting availability and marketing of SSBs in school environments among others to offer consumers more information about products. 

    “State authorities must strive to bring Nigerians into its social health insurance scheme to achieve universal healthcare coverage and the Federal Government and regulatory authorities must design and enforce penalties for companies that default on SSB tax obligations.”

  • Traders Count Losses As Fire Rages Ladipo Plank Market

    Tragedy struck the Ladipo Plank Market in Orile, Lagos on Wednesday as an inferno erupted, leaving traders counting their losses.

    The flames consumed goods valued at millions of Naira, marking a devastating blow to the local business community.

    The fire broke out in the early hours of Wednesday, at around 12 am, catching traders and shop owners off-guard.

    The swift and destructive nature of the fire prompted an immediate response from the Lagos State Fire and Rescue Service and the Lagos State Emergency Management Agency (LASEMA).

    These first responders worked tirelessly to combat the raging inferno and prevent its further spread. Their timely intervention played a crucial role in minimizing the extent of the damage.

    The cause of the fire remains shrouded in mystery, and investigations are underway to determine its origin.

    However, the Ladipo Plank Market’s association, with highly combustible materials, such as sawmill products and building materials, along with the presence of inflammable wood polish, created a conducive environment for the rapid propagation of the flames, as well as dry weather conditions prevailing in the area which exacerbated the situation.

    In the midst of this chaotic and devastating event, the silver lining is that no casualties were reported.

  • Zenith Bank Records 114% Growth, 1.33trn In Q3 2023

    Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2023, recording a remarkable triple-digit growth of 114% from N620.6 billion reported in Q3 2022 to N1.33 trillion in Q3 2023.

    According to the bank, the performance demonstrates the Group’s resilience and strong market share despite a very challenging macroeconomic environment.

    According to the bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX),the triple-digit growth in the topline also enhanced the bottom line, as the Group recorded a 149% Year on Year (YoY) increase in profit before tax, growing from N202.5 billion in Q3 2022 to N505 billion in Q3 2023.  Profit after tax also grew by 149% from N174.3 billion to N434.2 billion in the same period.

    The growth in the topline arose from both interest income and non-interest income.  Interest income grew in the current period by 72% to N670.9 billion from N390.8 billion in Q3 2022, while non-interest income grew by 186% from N212 billion to N607.2 billion.

    The growth in profit is similarly attributable to the twin effects of the improvement in interest and non-interest income. Interest income increased because of the growth in risk assets as well as the effective pricing thereon. The non-interest income growth is largely driven by the revaluation gain due to the unification of exchange rates during the year.

    The cost-to-income ratio reduced from 55.8% in Q3 2022 to 37.8% in the current period.  Impairment levels increased due to the deliberate incremental provisions necessitated by the conservative approach towards the heightened risk environment and the creation of a counter-cyclical buffer needed to deal with any impending volatility of exchange rates.  This caused the cost of risk to deteriorate from 1.3% in Q3 2022 to 5.5% in Q3 2023, however this is an improvement from Q2 2023 where cost of risk printed at 8.8% because of prudent management of risk assets.

    Total assets grew by 48% from N12.3 trillion to N18.2 trillion in the period ended 30 September 2023, mainly driven by growth in customers’ deposits. Customers’ deposits grew by 49% from N8.98 trillion in December 2022 to N13.38 trillion in September 2023.  The growth in customers’ deposits cuts across both corporate and retail segments with the savings portfolio (all currencies) growing from N2.7 trillion in December 2022 to N4.6 trillion in September 2023.

    The Group is optimistic of finishing the year 2023 strong, with focus on sustainable quick wins that would boost growth across all business segments and enhance stakeholder value.

  • Equity Market Sustains Growth, Gains N618bn

    The local equity market Tuesday crossed the N38 trillion mark, sustaining a bullish run to gain N618 billion.


    The trading result showed that gains recorded in the shares of Airtel Africa, Cadbury Nigeria Plc, UBA, FBNHoldings, FTNCocoa and others impacted positively on the market activities.


    Market capitalisation of listed equities appreciated by 1.65 per cent to N38.038 trillion from N37.420 trillion reported the previous day.


    The NGX All Share Index also appreciated by 1124.48 basis points to 69236.19 points from 68111.71 traded yesterday.


    An analysis of the investment showed that Airtel Africa led gainers table in percentage terms, increasing by 10 per cent to close at N1540.10 per unit, Cadbury Nigeria Plc followed with a gain of 9.92 per cent to close at N13.85 per share. Northern Nigeria Flour Mills also appreciated by 9.92 per cent to close at N19.95 per share, Chams Plc added 9.90 per cent to close at N2.22 per unit, ABC Transport added 9.92 per cent to close at N0.79 per share.


    On the contrary, Betaglass topped losers chart dropping by 9.93 per cent to close at N60.30 per share, UPL followed with a drop of 9.74 per cent to close at N2.12 per unit, EllahLakes fell by 5.56 per cent to close at N3.50 per share, Sovereign Insurance declined by 8.82 per cent to close at N0.31 per unit, Learn Africa down by 8.79 per cent to close at N3.01 per share.


    Volume of trades increased by 52.876 million, representing 12.29 per cent as investors traded traded 483.269 million shares valued at N6.044 billion in 8027 deals against 430.393 million shares valued at N8.257 billion exchanged hands the previous day in 7656 deals.


    Transactions in the shares of Japaul Gold led market activities with 155.594 million shares valued at N181.858 million, United Bank for Africa followed with account of 33.932 million shares worth N688.200 million, Zenith Bank traded 29.899 million shares cost N996.447 million, AccessCorp traded 27.435 million shares valued at N468.662 million while Chams Plc exchanged 22.516 million shares cost N4.806 million.

  • Airtel Africa Records $2.623bn Revenue, Posts $13m Loss In 1H 2023


    Airtel Africa Plc has reported a revenue of $2.623 billion at the end of first half financial year results ended September 30, 2023.

    The company revenue increased by 2.3 per cent against $2.565 billion reported in the same period of 2022.

    The company recorded a loss after tax of $13 million against profit of $330 million posted in the corresponding period of last year.

    According to a statement from the company “Loss after tax was $13 million driven largely by a foreign exchange loss of $471million recorded in finance cost before tax and $317million after tax because of the devaluation of the Nigerian naira in June 2023.

    Total customer base grew by 9.7 per cent to 147.7 million, as the penetration of mobile data and mobile money services continued to rise, driving a 23.0 per cent increase in data customers to 59.8 million and a 23.1 per cent increase in mobile money customers to 36.5 million.

    Mobile money transaction value increased by 45.3 per cent in constant currency, with second quarter 2024 annualised transaction value of  $116 billion in reported currency.

    Across the Group mobile services, revenue grew by 18.3 per cent in constant currency,
    driven by voice revenue growth of 11.5 per cent and data revenue growth of 28.1 per cent while Mobile money revenue grew by 30.9 per cent in constant currency.

    The Board declared an interim dividend of 2.38 cents per share, an increase of 9 per cent, in-line with the company progressive dividend policy.

    Group chief executive officer, Olusegun Ogunsanya on the trading update said “I am pleased to report a strong operating performance for the Group despite foreign exchange headwinds in many of our markets and specifically in Nigeria. The resilient growth in voice, data and mobile money usage levels reflects the inherent demand for these essential services across our footprint, and our six-pillar ‘win-with’ strategy continues to ensure we capture this growth opportunity by expanding our customer base and providing the platform to enable increased usage across the network. This strong momentum is supported by continued cost efficiencies which enabled further EBITDA margin expansion.


    As reported in July 2023, our results for the first quarter were significantly impacted by the changes to the Forex market in Nigeria, introduced by the Central Bank. Whilst the changes are required for the long-term benefit of the Nigerian economy, the immediate impact of the naira devaluation continues to weigh on our reported financial performance in the period.

    Our focus remains to enhance long term value by continuing to drive sustained and efficient growth. Over the last five years we have delivered constant currency revenue and EBITDA CAGR of 17.1 per cent  and 20.7 per cent respectively, allowing us to further derisk the balance sheet and improve profitability across the Group.

    Looking forward, he said “the delivery of affordable and reliable telecom and mobile money services across our markets remains our key focus. Our strong operating performance continues to make us a stronger and bigger company, which is well positioned to deliver against the growth opportunities these markets offer. Despite the challenges of rising diesel prices in Nigeria, we aim to limit the impact with continued operational leverage and further cost efficiency to deliver on improved EBITDA margin in the financial 2024 versus financial year 2023.”

  • Nigeria’s Equity Market Rakes In N564bn

    Nigeria’s Equity Market Rakes In N564bn

    Domestic equity market on Monday opened in bullish note, gaining N564 billion as gain recorded in the shares of Dangote Cement, Nigerian Breweries, Stanbic IBTC, Geregu Power, Flour Mills Nigeria Plc, FBNHoldings impacted positively on the trading activities.

    Investors’ rekindled interest in stocks led to the appreciation of NGX All Share by 975.13 basis points to 68111.71 points from 67136.58 points traded the previous day.

    Also, Market capitalisation of listed equities increased by N564 billion or 1.52 per cent to N37.420 trillion from N36.885 trillion it closed on Friday.

    An analysis of the investment showed that Northern Nigeria Flour Mills led gainers table in percentage terms, gaining 10 per cent to close at N18.15 per unit, Chellaram followed with a gain of 9.77 per cent to close at N3.82 per share, UACN added 9.84 per cent to N14.35 per share, Nahco gained 9.42 per cent to N26.05 per unit, TIP increased by 9.43 per cent to close at N1.16 per unit.

    On the contrary, Meryer paint recorded the highest loss, declining by 9.87 per cent to close at N2.74 per unit, Abbey Building trailed with a loss of 9.71 per cent to close at N1.86 per share, Regal insurance dropped by 8.33 per cent to N0.33 per share, RTBriscoe dipped by 6.00 per cent to N0.47 per share, Jaiz Bank down by 5.95 per cent to close at N1.58 per unit.

    Volume of trades during the day increased by 216.247 million, representing 100.98 per cent as investors traded 430.393 million shares valued at N8.257 billion in 7656 deals against 214.146 million shares valued at N5.178 billion in 5325 deals.

    Transactions in the shares of Universal insurance led market activities with 94.753 million shares valued at N23.105 million, United Bank for Africa followed with account of 51.263 million shares valued at N1.002 billion, Transnational Corporation of Nigeria traded 32.476 million shares cost N200.849 million, Zenith Bank exchanged 24.421 million shares cost N818.460 million while Chams traded 19.243 million shares cost N37.506 million.

  • FG Moves To Establish Building Material Hubs

    The Federal government has disclosed its plans to establish building materials manufacturing hubs nationwide to actualize the Action Plan for housing and urban development.

    The establishment of the hub, which the FG said was in line with the ministry’s housing reform initiatives, was aimed at delivering decent, affordable, and quality housing to Nigerians across all income segments.  

    The Minister of Housing and Urban Development, Mr. Ahmed Dangiwa, disclosed this recently during a courtesy visit by a delegation from the International Financial Corporation (IFC), led by Dr. Dahlia Khalifa – Regional Director, Central Africa, and Anglophone West Africa, in Abuja.

    Represented by the Minister of State, Alhaji Abdullahi Gwarzo,  Dangiwa said: “Establishing Building Materials Manufacturing Hubs across the country, implementing a Nationwide Urban Renewal and Slum Upgrading programme is one of the actionable strategies to achieve the renewed hope agenda in housing development.

    “Also, the development of New Cities that are integrated and inclusive, using a demand-driven strategy that will ensure prompt offtake of units built,” he said.

    The minister further listed other strategies put in place to achieve the renewed hope agenda including strengthening the institutional capacity of agencies under its supervision including the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Housing Authority (FHA).

    Dangiwa added that plans to increase the risk of supply of decent and affordable housing, establishing a National Social Housing Fund (NSHF), and implementing land reforms to enhance easy and cost-effective access to land were also in place.

    He commended the work of the IFC in providing funding for developmental projects across Africa.

    Dangiwa further assured the corporation of the ministry’s commitment to transparency and accountability in their collaborations.

    “Our sole goal is to deliver on Mr. President’s objective of providing decent and quality accommodation to all Nigerians, especially the 80 percent falling within the medium and low segments.  We aim to build livable communities and leverage the housing sector to lift 100 million Nigerians out of poverty”, he said.

    Earlier, the Senior Country Manager of the IFC, Mr Kalim Shah, had noted that housing was a major focus of the IFC across Africa where they service both the supply and demand sides of the industry.

    He said the purpose of the visit was to understand what the ministry was doing and see how the group could partner and support their efforts to enhance the delivery of affordable housing to Nigerians.

    “We see some honest desire on the part of the new government to provide affordable housing to the people, and we’ve come as partners to see how we can support what you’re doing. As an arm of the World Bank, our focus is primarily on private sector investment, so we are looking for areas where we can work with the ministry in line with your vision for decent and affordable housing solutions to Nigerians, “he said.

    Also speaking,  the Senior Investment Officer, Public-Private Partnership of IFC, Alexander Leigh, said the corporation wished to engage the ministry in a bid to identify the specific areas of need and know how to provide solutions.

    He added that the IFC considers factors like access to land and its administration, construction costs, the situation of beneficiaries to occupy the houses, and affordability in its dealings with countries, and expressed excitement at the ministry’s efforts to address such issues.