My Blog

Category: Business

  • 7 years after, CBN publishes consolidated financial statements

    The financial statement comes two weeks after ex-CEO of Financial Reporting Council of Nigeria’s Jim Obazee was appointed by President Bola Tinubu as special investigator to look into the books of the Apex Bank.Godwin Emefiele was suspended by President Tinubu with Folashodun Shonubi appointed as acting Governor.  After a seven-year hiatus, the Central Bank of Nigeria (CBN) has published its financial report for the year ended December 31, 2022.

    After a seven-year hiatus, the Central Bank of Nigeria (CBN) has broken its silence, revealing consolidated financial statements for the fiscal year ending on December 31, 2022. This marks the first financial report published by the CBN since 2015.

    The long-awaited financial statement emerges in the wake of recent developments, which is notably as former CEO of the Financial Reporting Council of Nigeria, Jim Obazee’s assumption of the role of special investigator, appointed by President Bola Tinubu.

    Obazee’s task is to meticulously examine the financial records of the CBN. This move follows the suspension of Godwin Emefiele, with Folashodun Shonubi stepping in as the acting Governor.

    Spanning the years 2016 to 2022, the Consolidated Financial Statements have finally seen the light of day.

    These statements disclose a net profit of N65.63 billion for this period. Furthermore, the CBN extended a substantial N23.18 trillion loan to the Federal Government through the Ways and Means mechanism.

    Within the same timeframe, the bank’s group performance has been impressive, showcasing a commendable profit of N103.85 billion during the identical period.

    “The financial results for the year demonstrate a substantial achievement. Both the group and the bank independently reported profits of N103,854 million and N65,626 million, respectively. (Comparatively, the figures for 2021 were N75,125 million and N31,044 million),” the official report articulates. The stipulations of the Fiscal Responsibility Act 2011 dictate that 20 percent of the bank’s net income will be allocated to retained earnings. The remaining balance will be disbursed to the federal government of Nigeria.

    In compliance with the CBN Act 2007, the bank’s annual report should be released within a span of two months following the closure of each fiscal year. “The mandate states that the Bank shall provide a certified copy of its annual accounts, audited by a qualified Auditor, to both the National Assembly and the President within this stipulated time frame,” the report highlights.

    Delving into the expenses, the CBN incurred a total of N888.3 billion in operating costs. A meticulous breakdown discloses that N346.2 billion resulted from foreign exchange revaluation losses. Additionally, N155.5 billion was expended on rebate allowances from the RT 200 and Naira4Dollar initiatives. These policies were strategically crafted to attract foreign exchange inflows.

    “Rebate expenses encompass the financial outlay associated with the RT200 and Naira 4 Dollar schemes. These initiatives were introduced by the Bank to amplify foreign currency inflow, diversify the channels of FX inflow, elevate non-oil exports, ensure the stability and longevity of FX inflows, and provide support for companies oriented towards exports, facilitating their expansion of export activities and capabilities,” elucidates the comprehensive report.

  • CBN approves Zenith, First Bank, 11 others as Cheque Printers, Personalisers

    CBN approves Zenith, First Bank, 11 others as Cheque Printers, Personalisers

    The Central bank of Nigeria (CBN) has accredited 13 firms as Cheque Printers and Cheque Personalisers in Nigeria.

    According to a circular titled: Circular to Deposit Money Banks, Cheque Printers/Personalisers and other stakeholders on the accreditation of cheque printers and signed by Director, Banking Services Department of the CBN, Sam O. Okojere, out of the 13, 7 are Deposit Money Banks (DMBs) while the other 6 are printing companies.

     Zenith Bank, First Bank, Ecobank, Wema Bank, Stanbic IBTC, Keystone Bank, and Providus Bank were approved as Cheque Personalisers as well as Superflux International Limited, Tripple Gee and Company Limited, Yaliam Press Limited, Marvelous Mike Press Limited, Kas Arts Services Limited, and Papi Printing Company Limited.

    “In furtherance of its mandate to ensure an efficient payment and settlement system, the Central Bank of Nigeria, in collaboration with the MICR Technical Implementation Committee (MTIC) conducted the accreditation of Cheque Printers and Cheque Personalisers, in line with the NICPAS qualification criteria,” the Apex Bank said.

    The regulator further said all the accredited printers and personalisers have been duly notified and certificates issued.

  • NGX urges FG to create enabling policies to attract listings

    The Nigerian Exchange Limited (NGX) has said that it is working with the Central Securities Clearing System (CSCS) Plc and Euroclear to create a dollar settlement platform that will enable tech startups to rise in dollars.


    The Exchange said that this would create opportunities for domestic investors to have access to their shares and at the same time, contribute to the growth of the Nigerian economy through democratization of capital formation.


    Speaking during the Annual A&O Fintech webinar themed; Fueling Fintech: The Power of Capital, the Role of Regulation, the Divisional Head, Capital Markets, NGX, Jude Chiemeka, said although public markets are viable options for raising capital, fintechs have preferably opted for private markets because of the regulatory rule of disclosure and stricter governance requirements that is necessary for listing publicly.

    He explained that to address this issue, NGX received approval from the Securities and Exchange Commission (SEC) to launch a technology board for fintechs and tech companies to raise capital. 

    Chiemeka stressed that the tech board is geared at encouraging tech firms to come to the market and raise capital in local currency, which would prove beneficial amid the high interest rate environment that had made foreign investors hawkish.


    While stating that the issue of settlements may discourage fintechs from accessing capital in US dollars on the public market, Chiemeka revealed that the Exchange was working on a partnership that is directed at fixing that problem.

    He said, “NGX is working with CSCS and Euroclear to create a dollar settlement platform that allows tech companies (start-ups or existing ones) to raise capital in dollars. We have reviewed listing procedures for tech companies who want to list. Requirements around the number of shareholders, years of operation among others have been relaxed to catalyse these listings.”


    Owing to the high-interestb rate environment, Chiemeka said that domestic investors had been allocating their Assets under Management (AuM) to majorly FGN bonds.

    He further revealed that there had been more outflows than inflows from FPIs and that had impacted the performance of equities in recent times, especially as regards volume and value of transactions. He called on the present administration to eke out deliberate and enabling policies to drive listings on the exchange’s platform.

  • Telcos rake in N3.33trn revenue from data, other services —NCC

    MTN Nigeria, Airtel, Glo, and other telecom operators made a whopping N3.33 trillion as revenue from calls, data, SMS, and other telecom services in 2022, the Nigerian Communications Commission (NCC) has said in its 2022 Subscriber/Network Data Annual Report.

    According to the commission, the total number of active subscribers increased from 195,463,898 subscriptions in 2021 to 222,571,568 active voice subscriptions as of December 2022, a 13.86 percent year-on-year increase.

    “The increase in the Operators’ subscriber base was attributed to a number of reasons which includes subscriber loyalty, promos, seasonal effects, aggressive consumer acquisition drive, and competitive product offerings across all the networks,” the commission said.

    It noted that the growth in active subscriptions impacted positively on other derived telecom indicators such as teledensity, Internet penetration as well as broadband penetration.

    Data usage also continued its surge in 2022. It increased by 46.77 per cent to 518,381.78TB as of the end of the year.

    The NCC stated, “There was an increase in the volume of data consumed at the year-end December 2022 when compared with the year-end December 2021.

    The total volume of data consumed by subscribers increased to 518,381.78TB as of December 2022 from 353,118.89TB as of December 2021, representing an increase of 46.77 per cent in data consumption within the period,” the report said.

  • NGX moves northward, gains N565bn

    Trading activities on the floor of the Nigerian Exchange on Thursday closed northward, gaining N565 billion following gains recorded by Dangote Cement, Unilever, Cadbury Nigeria Plc, FBNHoldings among others.

    The market capitalisation of equities on Thursday appreciated by 1.62 per cent to close at N35.483 trillion from N34.918 trillion reported the previous day.

    The NGX All Share Index also appreciated by 1037.43 basis points to 65204.82 points from 64167.39 points traded on Wednesday.

    A reviews of the investment during the day showed that Chellaram Plc led gainers table in percentage terms, gaining 10 per cent to close at N4.40 per share, SCOA Plc followed with a gain of 9.35 per cent to close at N1.17 per share, Dangote Cement gained 9.34 per cent to close at N349.90 per share, Thomas Way added 9.32 per cent to close at N1.29 per unit, Cornerstone Insurance increased by 9.09 per cent to close at N1.08 per share.

    On the contrary, Cap Plc topped losers chart, shedding 10 per cent to close at N19.80 per share, Academy Press trailed with a loss of 9.36 per cent to close at N2.13 per unit, Dangote Sugar Refinery dipped by 6.63 per cent to close at N32.40 per unit, Glaxo Smithkline fell by 6.60 per cent to close at N9.20 per share, Chams Plc down by 5.05 per cent to close at N0.94 per share.

    Volume of trades increased by 123.16 million, representing 51.73 per cent as investors traded 361.197 million shares valued at N5.743 billion in 5531 deals against 238.039 million shares worth N2.616 billion in 6001 deals.

    Transactions in the shares of FBNHoldings Ltd market activities with 140.179 million shares valued at N2.608 billion in 280 deals, Fidelity Bank followed with account of 21.559 million shares worth N165.186 million in 170 deals, Universal insurance traded 18.706 million shares valued at N4.211 million in 62 deals.

    Transnational Corporation of Nigeria exchanged 17.307 million shares valued at N62.606 million in 176 deals while United Bank for Africa exchanged 13.081 million shares costing N188.990 million in 249 deals.

  • Nigerian airlines to smile as FG assures of BASA implementation  

    The Federal Government has assured that it would strive to implement policies that ensure Nigeria’s airlines benefit from the Bilateral Air Services Agreement (BASA) it signed with other countries.

    Permanent Secretary, Ministry of Aviation and Aerospace, Dr Emmanuel Meribole made this statement at a reception recently organised by the Government of Antigua and Barbuda to celebrate the commencement of direct flights between Nigeria and the Caribbean country by Air Peace Airline recently.

    Represented by Director Air Transport Management of the Ministry, Mr. Hassan Ejibunu, Meribole said the journey would further strengthen the relationship of both countries in the areas of commerce, trade, and tourism while acknowledged the Federal Government of Nigeria and the Antiguan/Barbudan authorities for approving the designation of Air Peace by the Nigerian Aeronautical Authorities to fly the Nigerian-Antiguan route.

    In his remarks, Prime Minister of Antigua and Barbuda, Mr. Gatson Browne said “It is a new dawn for the relationship between Nigeria and Antigua”.

    He emphasized on the ancestral linkage between the Caribbean nations and Africa, which he referred to as the Motherland saying Antigua and Barbuda was home to every African and his government is desirous to promote economic and bilateral ties with African nations within the context of the South-South cooperation.

    He urged members of the business community from Nigeria and potential investors to take advantage of the favorable economic policy of his government to invest in the country.

    The Prime Minister further revealed that the country was in a collaboration with Air Peace Airline to float an airline known as LIAT 2020 which would commence flight operations soon. The airline, he said , on commencement of operations would operate in the entire Caribbean countries thus making air connectivity between Africa, the entire Caribbean countries, and America stress-free.

    Speaking earlier, Director for Economic, Trade and Investment, in the Foreign Affairs Ministry Amb. Bolaji Akinremi, said the development signposts the beginning of a newfound relationship between Antigua and Barbuda as well as the entire Caribbean countries.

    He said the air connectivity was in sync with the Foreign policy of President Ahmed Bola Tinubu of integrating the economy of Africa nations.

    Akinremi further said, Caribbean countries were considered as an integral part of Africa as the fifth bloc.

    He added that the Ministry of Foreign Affairs would continue to foster the new fond relationship by promoting Bilateral meetings between the business communities of both counties.

  • Various prizes up for grabs in BUA Cement’s #WinWithTheKing promo

    As part of efforts to promote sales and reward brand loyalty, BUA Cement has launched its #WinWithTheKing promo.

    The #WinWithTheKing promo is the first of its kind by BUA since it was established.

    The promo which is expected to run for 83 days will see users of BUA Cement winning the company’s branded T-shirts, rechargeable lamps, TV sets, Generator sets, tricycles for carrying cement, and Android phones.

    Also, there is N16 million for 16 end users to win while the grand prize is a MG executive saloon car. 

    Unveiling of the promo on Thursday in Abuja, the Managing Director of BUA Cement, Engr. Yusuf Haliru Binji, said it was time that the company rewarded its loyal customers, launch sales and build brand awareness.

    Binji, who was represented by the Chief Financial Officer, Jacques Piekarski, said the promo is a way of showing its customers that they are important stakeholders to the giant stride the company is recording.

    He said: “With this promo, we want to reward our loyal customers, launch sales and build brand awareness.

    “We take a lot of courage to deal with our customers, nd distributors, they are very important to us and we take them seriously and we work hard to satisfy them and also to support them.

    “It’s important to have them loyal to us and also in line with the expansion of the company we need to ensure that our customers are going to continue with us and we need to reward them for that. We need also to use this to sustain our sales and continue to build our brand.”

    While stressing that the BUA brand has over time been proven to be the best, Binji said with the two new production lines starting operation by the first quarter of 2024, the company would be adding an additional 6 million to its daily production capacity.  

    “Currently, we are building two factories in Sokoto and Okpella, this will add 6 million from the beginning of next year, and we will have a total production capacity of 17 million a day. This is thanks to you customers for without you there will be no expansion,” he added.

    On his part, Director Marketing and Sales Nasir Ladan, reiterated that the promo is part of efforts to sustain sales and improve its market visibility.

    According to him, the #WinWithTheKing, is the frst in a series of promos that the company has lined up for the benefit of its customers.

    The objective of the promo is actually to reward our loyal customers and also sustain our sales, and our brand visibility, that is basically the objective of the promo.

    All the end users are eligible; those that are exempted are BUA cement staff, their relatives, and all those that have a role to play in the organisation of this sales promo. Every other use, every other stakeholder is eligible to play.

    “The target is actually the end users and all those who have one thing or the other to do with BUA cement.

    “The users of our cement are going to benefit from it,” he explained.

  • FG unveils AGRA-funded NASC upgraded lab

    The $100,000 Alliance for Green Revolution in Africa (AGRA) funded National Agricultural Seeds Council (NASC) upgraded Central Seed Testing Laboratory (CSTL), has been commissioned by the Federal Government.

    Speaking during the unveiling of lab equipment donated to NASC by AGRA on Wednesday in Abuja, the Permanent Secretary in the Ministry of Agriculture and Rural Development, Dr. Ernest Afolabi Umakhihe, said the ministry would strive to ensure that it drives President Bola Ahmed Tinubu’s vision of food security for Nigeria. 

    He said, “To achieve this laudable objective, we are repositioning our strengths and opportunities with collaborating partners as the job for food sufficiency involves the participation of partners along the various value chains from crop to animal health and husbandry, fisheries, agribusiness, processing, storage and inputs.

    “In terms of inputs we are all aware that in the crop production sphere seeds are a major determinant of productivity as all other inputs complement the potentials of the seeds planted. This is why the administration has put the availability of quality seeds in the right quantity and right time as a very prominent position in the strategic plans for the food security program in Nigeria.”

    Umakhihe, who was represented by the Director, Strategic Grains Reserve, Dr Haruna Sule, said with the accession of Nigeria as the 62nd country in the OECD seed schemes, it would ensure Nigeria produces top quality seeds. He noted that the commissioning of this upgraded lab will up the game in seed production and ensure the country carves a niche for itself in the international seed market.

    AGRA country Manager, Dr. Kehinde Makinde, said his organisation is spending so much on the agricultural sector because of the country’s smallholder farmers. 

    He said AGRA supports smallholder farmers through a series of investment programmes and it is the organisation’s delight to work with the government to touch the lives of the small-time farmers.

    “The government has given us priority of supporting the population on food security and we are happy that we are doing this together. As part of our strategy, we launch what we called ‘AGRA 3.0 Strategy’ which is targeted toward Nigeria, that is strengthening the resilient of the small holder farmers, enhancing their competitiveness of small holder farmers to be able to enhance food system transformation in the country for the next five years.

    “And if that is going to work, one of the strategic aspects we need to take seriously is the seeds system work which we have started together for more than 15 years now.. Sustainable farming, market and trade and the last thing is quality and test capability and if that would work, seed is very basic. That explains the strong partnership we have with Seed Council,” he said.

    Welcoming the participants, NASC Acting Director General, Dr. Ishiaku Khalid, said AGRA has contributed significantly to the development of the Seed sector in Nigeria.

    He said the NASC Central Seed Testing laboratory underwent its final audit towards becoming an accredited laboratory of the International Seed Testing Association (ISTA), saying this was a result of the upgrading of the laboratory to an international standard with state-of-the-art equipment and that stakeholders are now awaiting the preliminary report of the 2-man team from the ISTA HQ Geneva.

  • Profit-taking leaves equity market with N622bn loss

    The nation’s equity market on Wednesday continued on a negative trend, declining by N622 billion on renewed profit-taking activities embarked on by investors.
    The market capitalisation of listed equities declined by 1.75 percent to N34.918 trillion from N35.540 trillion reported the previous day.
    Similarly, the NGX All Share Index also depreciated by 1142.26 basis points to 64167.39 points from 65309.65 points it closed on Tuesday, with the market recording a year-to-date gain of 26.20 percent at the close of trading yesterday.

    An analysis of the investment showed that Omatek and Guinea Insurance led the gainers table during the day in percentage terms, gaining 10 percent each to close at N3.15 and N36.90 per share respectively.

    Tantalizer followed with a gain of 9.09 percent to close at N0.36 per unit, Abbey Building Society added 8.90 percent to close at N1.59 per unit, TIP also appreciated by 8.86 percent to close at N0.86 per share.

    On the contrary, Multiverse and Nascon recorded the highest loss, declining by 10 percent to close at N3.15 and N36.90 per share respectively. JohnHolt trailed with a drop of 9.77 percent to close at N1.20 per share, Dangote Cement declined 9.09 percent to close at N320.00 while Universal Insurance was down by 8.33 percent to close at N0.22 per share.

    The volume of transactions during the day went down by 79.78 million, representing 25.09 percent as Investors traded 238.039 million shares valued at N2.616 billion in 6001 deals against 317.808 million shares valued at N4.471 billion exchanged hands the previous day in 6376 deals.

    The trading result showed that Sterling Bank led market activities with 32.673 million shares valued at N113.802 million in 91 deals, Fidelity Bank followed with account of 21.124 million shares valued at N161.326 million in 168 deals, Universal Insurance traded 159.151 million shares cost N3.763 million in 31 deals, United Bank for Africa traded 12.278 million shares worth N176.557 million in 251 deals while Transnational Corporation of Nigeria exchanged 9.773 million shares cost N35.931 million in 194 deals.

  • Global oil, gas capital expenditure to hit $797.6bn -Report

    Global oil, gas capital expenditure to hit $797.6bn -Report

    Global Capital Expenditure (Capex) in the oil and gas markets is expected to hit $797.58 billion before the end of this year, an industry report has said.

    The Oil and Gas CAPEX Market Report (2023-2028 says oil majors including Shell, TotalEnergies and ExxonMobil are key drivers of the market.

    The report estimates the market at $797.58 billion in 2023 and is expected to register a Compound Annual Growth Rate of 4.27 per cent during the forecast period.

    Capital expenditure (CAPEX) refers to the funds utilized by a company/organization to acquire, upgrade, and maintain physical assets, such as property, plants, buildings, technology, or equipment. 
    It is often used to undertake new projects or investments by a company. The global oil and gas CAPEX market considers the entire capital expenditure of international oil and gas operators annually.

    The report said the Chadian oil and gas market is expected to register a CAGR of more than 0.54 per cent during the forecast period, while the Chinese oil and gas midstream market is expected to witness a CAGR of more than 3.04 per cent during the forecast period.

    Investment in the upstream oil and gas industry grew after the rise in oil and gas demand amid the opening of the COVID-19 lockdowns.

    An expansion in demand recovered crude oil prices in 2022, while in 2020, crude oil prices were about $41.96 per barrel, and in 2022, the prices reached more than $110 per barrel, resulting in a surge in investment in the oil & gas industry.
    The CAPEX market is expected to witness noteworthy growth owing to factors such as strong profitability due to a trend toward reducing project costs and optimizing portfolios, leading to divesting of low-margin fields, as well as a greater emphasis on investments in higher-margin growth opportunities.