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Analysis of companies, stocks, investments, products and services, economy, budgets, business decisions in the Nigerian economic space.

New FIRS boss, Nigerians react following the end of Fowler’s reign as FIRS boss 

Tax: Buhari appoints Muhammad Nami as FIRS boss

President Buhari decided against extending the tenure of Babatunde Fowler as the chairman Federal Inland Revenue Service (FIRS).
FG owing road contractors N306 billion as public transport owners back toll gate

FG owing road contractors N306 billion as public transport owners back toll gate 

Contractors working on the federal road projects are being owed N306 billion by the Federal Government. 
OPINION: Development policies should focus on producers, not consumers

New brands of local rice flood major markets, as prices of major items drop 

Latest Nairametrics Food Price Survey reveals more brands of local rice have now flooded major markets in the country helping to drive down prices of local rice.  
Over 100 million Nigerians earn less N700 daily - UK’s EFInA  

Over 100 million Nigerians earn less N700 daily – UK’s EFInA  

The United Kingdom’s Enhancing Financial Innovation and Access (EFInA) has disclosed that over 100 million Nigerians earn less than N700 per day. 
PMI: Nigeria’s manufacturing sector gains momentum in November 

PMI: Nigeria’s manufacturing sector gains momentum in November 

Nigeria’s manufacturing sector has continued to gain momentum as it rallied to build on the growth recorded in the third quarter of 2019.
Analysis: FCMB is running out of time

Analysis: FCMB is running out of time

Despite some of the transformations currently being recorded in the bank, success and consistency seem to be eluding it.
Internet World Stats, Nigerian Communications Commission remittance, Network operators in Nigeria, Telecoms companies in Nigeria, MTN Nigeria, Airtel Africa, Globacom data, 9mobile court case, Top 10 states in Nigeria with the highest Internet subscribers , Telecommunications: The bright spot in a fragile economy

Telecommunications: The bright spot in a fragile economy

The positive momentum in Nigeria’s telecommunications sector continued into the month of October.
Buhari presenting the budget to NASS, 2020 Budget: An end to Nigeria’s budget cycle conundrum?

2020 Budget: An end to Nigeria’s budget cycle conundrum?

The Senate and the House of Representatives in a joint session passed the 2020 Appropriation Bill that was presented by the President on 8 October.
The Afrocentric Sounds are revitalizing the British Music industry and the Economy, Nigeria’s Entertainment & Media to hit $10 billion by 2023 – PwC 

Nigeria’s Entertainment & Media industry to hit $10 billion by 2023 – PwC 

Nigeria’s Entertainment and Media industry is expected to rise from $4.46 billion in 2018 to $10.5 billion by the end of 2023.
Insurance, Genuine motor insurance drops by 41.8% in 3 years 

Genuine motor insurance drops by 41.8% in 3 years 

The number of motorists with genuine motor insurance covers in Nigeria has reduced by 41.86% from 4.3 million to 2.5 million by September 2019.
Why more African countries need to offer dual citizenship opportunities to African-Americans

Why more African countries need to offer dual citizenship opportunities to African-Americans

For many years, black people in the diaspora, particularly black Americans always found the African continent very intriguing.
stock, shares, Equity Market down by 0.6% on Monday, Quoted Companies post N4.2 trillion combined profits since 2015, Stockbrokers in Lagos are shifting focus to commodities as stocks underperform, Stock Market gains N204 billion, as effects of OMO restriction kicks in , Penalties: NSE makes over N143.6 million from banks, real sector in 2019 , These companies could soon be delisted from the Nigerian Stock Exchange , C&I Leasing, Oando, UBA, two others top gainers chart on Wednesday 

Penalties: NSE makes over N143.6 million from banks, others in 2019 

NSE boosted its revenue with N143.6 million fines imposed on listed companies across banks, manufacturing, insurance sectors, among others.
Data War: MTN edges our Airtel for first time in 5 months as 493,556 subscribers dump Glo, 9mobile 

Data War: MTN edges out Airtel, first time in 5 months as more subscribers...

Competition for internet subscribers in Nigeria took a different turn as Nigeria’s largest mobile telecommunication company, MTN, led the way.
President Muhammadu Buhari, loans, Oil price, FG, Solar vehicles, P&ID firm, Nigeria's GDP, Debt Servicing: Nigeria pays $1.12 billion to World Bank, others in 10-month 

Debt Servicing: Nigeria pays $1.12 billion to World Bank, others in 10-month 

Nigeria’s public debt stock rose to N25.7 trillion in June 2019 and the payment for servicing the debt continues to be a major source of concern.
Disrupting Nigerian banks, Evolution of Nigerian banks in 59-years , GTB, UBA, Zenith, Access Banks’ salary advance loans, Can a company operate without a website in 2019? , Banks refund N3.09 billion to customers over claims on excess charges, fraud, others  , Bank CEOs applaud NCC’s decision to suspend USSD charges, GTBank, Zenith, Access, FBN, 10 others spend over N8 billion on CSR, Banking: Evolving trends in the bankers’ market, GTBank, Access, FBNH, Standard Chartered wrestle over women entrepreneurs , GTBank, Access Bank, Zenith, FBN, 16 others disburse CBN’s N610.4 billion to farmers , Credit to government declines, as Credit to private sector hits N25.8 trillion, Banking sector NPLs down, loans up

Banking sector NPLs down, loans up

NPL ratio for the Nigerian banking sector was down 2.6ppts q/q to 6.7% in Q3 2019 from 9.3% in Q2 2019.
Mobile money war: Telecoms threaten banks' future in Nigeria

NPL: Banks recover N738.15 billion from oil and gas sector in Nigeria

The Central Bank of Nigeria’s drive to solve liquidity challenges in Nigeria’s financial sectors is already paying off as banks recovered N738.15 billion
Nigeria's Bluechips spend N114 billion on advertising, marketing in 2019

Nigeria’s Bluechips spend N114 billion on advertising, marketing in 2019

According to the data, ABMP spend annualized for 2019 is about N114 billion compared to N116.394 billion spent in 2018 and N101.8 billion in 2017.
Just copy Saudi Aramco

Lessons for Nigeria from Saudi Aramco

The Saudi Aramco (the Saudi NNPC) is, in my mind, the best example of how a state-owned energy company should be run.
Buharinomics, Buhari, metric, FG okays N100 billion for the completion of Kano Free Trade Zone , Nigeria saved N670 billion from Petrol Importation in half year 2019  , The Chicago Boys of Nigeria, Buhari signs Production Sharing Contract (PSC) Amendment Bill into law , Nigeria generates N876.09 billion in 9-month, as revenue shortfall poses threat 

Nigeria generates N876.09 billion VAT in 9-month, as revenue shortfall poses threat 

The latest report released by the National Bureau of Statistics disclosed that Nigeria generated a total sum of N876.09 billion as VAT in 9 months.  
PFAs make N1.69 trillion ROI , Pension Contributions in Nigeria rose by N169.9 billion in 3-month , PenCom calls for thorough scrutiny of dead RSA holders’ benefits, PenCom discontinues Employee Death Benefit Account  , PFAs boost investment in infrastructure by N17.77 billion in one year , Pension: Low RSA balances - a subtly growing concern, PENCOM boss queried for spending unapproved funds, N5 billion on 360 staff in 8-month 

Pension: Low RSA balances – a subtly growing concern

Not less than 109,284 workers within the Nigerian labour force have quit the Contributory Pension Scheme (CPS) as of the end of June 2019.
CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty 

Why you should be worried about the latest drop in external reserves

The CBN confirmed the external reserves stood at $39.8 billion, the first time it has dropped below $40 billion in almost two years.  
Dangote Sugar Plc, Dangote Sugar’s 9 months results show slight decline in profit , Dangote Sugar Refinery: Revenue recovers but cost pressures remain

Dangote Sugar Refinery: Revenue recovers but cost pressures remain

Dangote Sugar in its recently released 9M 2019 financials reported a marginal y/y growth in revenue to N117.4 billion in 9M 2019.
PoS agents, operators kick against N50 charge, seek policy reversal, Bank’s agent loses N160,000 to alleged fraudster , Merchants upgrade POS machines to automatically charge N50 tax duty , Government reviews stamp duty charge, Instant payments hit over 3.3 million on Black Friday 

Government reviews stamp duty charge

Federal Government has reviewed the N50 stamp duty charge on electronic payments in the country following public outcry.
The diaspora holds the key to improvement in Africa

The diaspora holds the key to improvement in Africa

The staggering revenues and the Human Capital bring to the table the value of the Diaspora to Nigeria.
House of Rep, Budget: Bill to compulsory 40% allocation to capex passes second reading

Budget: Bill to compulsory 40% allocation to capex passes second reading

Yesterday, at the lower chamber of the National Assembly, legislation a Bill to compulsory 40% allocation to capex passes second reading.
How the Chinese are taking over Nigeria’s economy 

How the Chinese are taking over Nigeria’s economy 

The investments of Chinese companies in Nigeria worth over $20 billion because the country is a competitive destination for the establishment of industries.
Disrupting Nigerian banks, Evolution of Nigerian banks in 59-years , GTB, UBA, Zenith, Access Banks’ salary advance loans, Can a company operate without a website in 2019? , Banks refund N3.09 billion to customers over claims on excess charges, fraud, others  , Bank CEOs applaud NCC’s decision to suspend USSD charges, GTBank, Zenith, Access, FBN, 10 others spend over N8 billion on CSR, Banking: Evolving trends in the bankers’ market, GTBank, Access, FBNH, Standard Chartered wrestle over women entrepreneurs , GTBank, Access Bank, Zenith, FBN, 16 others disburse CBN’s N610.4 billion to farmers , Credit to government declines, as Credit to private sector hits N25.8 trillion, Banking sector NPLs down, loans up

Banks’ credit to government decline by N1.4 trillion

Credit to the private sector hit N25.8 trillion in October 2019, as credit to governments declined by N1.4 trillion to N9.05 trillion.
No surprise as MPC retains policy rates, balancing effects between rising inflation and tepid growth, Financial Inclusion: Fintech firms got $400 million investment in 2019 - Emefiele 

No surprise as MPC retains policy rates, balancing effects between rising inflation and tepid...

The Monetary Policy Committee (MPC) of the CBN maintained status quo on all policy rates at the meeting which ended the 26th November 2019.
capital importation, Nigeria spends N1.9 trillion on goods from China in H1, up by 88% , Capital importation jacks by 5.7% (YoY) as banks attract $4.74 billion , Capital flows to Nigeria down for the second consecutive quarter by 7.8% q/q 

Capital flows to Nigeria down for the second consecutive quarter by 7.8% q/q 

The publication from the NBS disclosed that capital imported into the Nigerian economy declined in the third quarter by 7.8%.
Ten States in Nigeria, Foreign Investors abandoned 27 States, as Lagos and Abuja attracted $5.8 billion, tax revenue, Foreign investors dump 29 states in Nigeria, as Lagos attracts $4.97 billion in 3-month 

Foreign investors dump 29 states in Q3

Foreign investment into Nigeria in the third quarter of 2019 dropped to $5.36 billion compared to $5.82 billion recorded in the second quarter.