Nairametrics| The Federal Government’s media team has learnt to use various social media tools to directly pass on their message to the public. They have been accused for not revealing a lot of the work that they are doing thus creating an impression that we have people in power who just go to work Read More
Nairametrics| Here is my roundup and commentary of all the major company related news in Nigeria last week. This week we have news from NNPC, Arik, AMCON, Access Bank, Zenith Bank, Wakanow, Dangote etc. You can subscribe to Nairametrics Newsletter on the bottom of this post.
Nairametrics| The exchange rate between the naira and the dollar hit an all time low last week dropping to N516 at the black market. The disparity between the official interbank rate and the parallel market rate is now as high as N216. The spread signifies one thing, SCARCITY. Spare a thought and look at the Read More
It’s been a disastrous six months.
United Capital Plc released its 2016 result for the year ended 31 December 2016 ; See below Revenue N’million 2016 FY| N9,001 2015 FY| N6,154 %age Change| 46% Pre-Tax Profit N’million 2016 FY| N6,367 2015 9 Months| N3,264 %age Change| 98% EPS (kobo) 2016 FY| 115k 2015 FY| 43k %age Change| 167% This Read More
Pharma-Deko Plc has asked a Federal High Court in Lagos to wind-up Guinness Nigeria Plc over a debt of N175,699, 317.99 it claims it is being owed. Why the request to liquidate Guinness? It appears Pharmadeko entered into a canning agreement with Guinness Nigeria Plc which the latter eventually breached. They did not provide reasons Read More
Nairametrics| UACN Properties Plc aka UPDC issued a profit warning to its shareholders and investors at large on Thursday. A profit warning in layman’s English refers to when companies inform investors that they are expecting to report poor earnings. Poor earnings could be a profit that is significantly lower than the year before or at Read More
PWC has released its 2016 Africa Capital Markets Watch publication analysing equity and debt capital markets transactions that took place between 2012 and 2016 on exchanges throughout Africa, as well as transactions by African companies on international exchanges. Here are highlights of the report; Since 2012, there have been 450 African Equity Capital Market (ECM) transactions raising Read More
Nairametrics| The Nigerian government has revealed its economic growth and recovery plan, which it hopes will help the country’s economy achieve 7% annual GDP growth by 2020. CNBC Africa’s Esther Awoniyi spoke to Kalu Idika Kalu, former Minister of Finance and acclaimed economist to hear his thoughts on the plan. Here are excerpts of the interview; Read More
Nairametrics| Nigeria’s main tax collection agency,The Federal Inland Revenue Service (FIRS) has confirmed that it collected “a record” N3.303 trillion in 2016. This was confirmed by the Chairman of the Revenue Service Babatunde Fowler in Lagos. Thought the report, according to NAN debunks earlier reports of the revenue made by the FIRS, it wasn’t clear if this Read More
Last week Nairametrics founder @ugodre held an insightful tweet chat with Jumoke Oduwole. Jumoke is the Senior Special assistant to the President on Trade and Investment in the office of the Vice President. The chat focused on government’s effort to ease doing business in Nigeria. Here are the full excerpts of the tweet chat.
Nairametrics| Prices of refill packs for milk and cocoa beverages spiked in the last two weeks according to data collated by Nairametrics. We track prices of household food items every two weeks from some of the major markets in Lagos. According to data gathered from various markets the price of Dano and Three Crowns refill now Read More
Nairametrics| Facts are beginning to emerge about Nigeria’s successful $1 billion Eurobond sale. Nairametrics will publish them on this website as they become available. Here is the latest we now know about the sale; About 370 investors showed interest in Nigeria’s Eurobond sale Investors in the United State showed more interest buying about 48% of Read More
Here is hoping 2017 will be much better.
Nairametrics| On Wednesday, Nigeria closed out on its long-awaited Eurobond programme, raising $1 billion via a 15-year bullet bond. The issue, which was over-subscribed with bid-cover of nearly 8x was priced at a yield of 7.875%, extends Nigeria’s dollar yield curve by an extra 5-years. Relative to indicative 8% pricing on the offer prospectus, the Read More
Nairametrics| Nigerian successfuly sold its much talked about $1 billion Eurobond on Thursday. The bond sale was said to be oversubscribed by as much as 8:1 with about $7.9 billion orders for a sale that was just $1 billion. The Notes represent the Republic’s third Eurobond issuance, following issuances in 2011 and 2013. READ MORE- Read More
Nairametrics| The Federal Government has provided an explanation for its nationalisation of Arik Air. The Government provided the following rationale for the takeover of the embattled airline operators. Rationale for the Intervention: To enable Arik return to regular, undisrupted operations To avoid job losses To protect investors and stakeholder funds To rebuild the credibility of Read More
Final Update: The deal is now closed Subscriptions was about $7.9 billion (about 8 times what was on offer) Nigeria only got approval from the National Assembly to take $1 billion Rates closed 7.875% There will be bullet repayment of principal on the 16th of February 2032. Nairametrics| Nigerian government officials have successfully wrapped up Read More
That interest rates are high in Nigeria is no news. Even before the current economic recession, prime lending rates were as high as 18%. Today it is over 20% and it’s unlikely to come down anytime soon. If it’s maximum lending rate, then we may be looking at 24%. While some of us understand why Read More
Nairametrics| The Minister for Trade Okey Enelamah has revealed that Nigeria will increase custom duties for tomato imports and waive tariffs for some farming equipment to stimulate local production and investment in the agriculture sector. He made this remark on Wednesday when discussing with reporters. “We are going to go up. We will be announcing Read More