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

UAC, UPDC jointly announce recapitalisation and restructuring plans, UACN: Loss from discontinued operations masks improvement in operating performance

UACN grows revenue by 10% to N83.9 billion

In its recently released FY2019 UNAUDITED results, UACN's Revenue grew 10% y/y to N83.9bn, in line with our FY 2019 estimate of N83.8bn.
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, CBN, Bankers Committee move to revive National Theatre with N25 billion , Nigeria’s 3.46 trillion fiscal deficit a source of concern – MPC Member , CBN says Nigerian banks assets and liabilities is now at N41.42 trillion , BVN: CBN to link 100 million banks accounts through proactive means, Foreign reserves drops $4.45 billion, edges closer to $30 billion devaluation benchmark, Payment system framework: CBN provides guidelines to address systemic risk, others, CBN retains Loan to Deposit Ratio at 65% as against increment to 70% , Federal High Court could jail Emefiele over $53 million judgment debt, CBN strongly denies establishing a poultry farm to support its monetary policies, Analysts explain when, why CBN could devalue naira by 5-10%, Banking: Surprise hike in CRR-Implications for banks, Agriculture: Suing ABP beneficiaries; A wild goose chase? , CBN lists major constraints affecting businesses, as borrowing rates projected to rise, CBN’s N287.8 billion T-bills auction records oversubscription, as rates fall marginally, CBN to give Niger Delta rice farmers single-digit loan 

Hurdles before CBN, as ABP beneficiaries fail to repay loan

Recent media reports suggest the CBN is struggling to recoup the loans disbursed in 2015 from the concerned farmers under its Anchors Borrower's Programme (ABP).
Aviation in Africa

Aviation: A boost to Africa’s development

It comes as no surprise that the aviation industry in Africa has benefitted from technological development over the past few years.
Belgium’s AB InBev to invest about N123 billion as International Breweries seeks funding ,International Breweries Q4 2019 result shows 5.8% revenue drop and a N9.1 billion loss

International Breweries: Poor Q4 caps unimpressive year as losses pile

International Breweries recorded a 9.7% y/y increase in Revenue to N132.4 billion in FY 2019 from N120.6 billion in FY 2018. While Revenue was up on a q/q basis (up 22.6% q/q) due to increased activities during the festive period
Research: Stock recommendations for the week, as ASI drops by 2.65% , Zenith, GTB, UBA lead actively traded stocks on Monday 

GTBank, Dangote Cement, Zenith Bank, make ARM’s hot stocks list  

The stocks of Dangote Cement Plc, Zenith Bank Plc, Nestle Plc, Nigerian Breweries Plc, and Seplat Plc have made the shares of fortune list of ARM securities.
Manufacturing: Momentum in activities slows in January, CBN’s forex intervention has encouraged influx of raw materials - Manufacturers 

Manufacturing: Momentum in activities slows in January 

According to the PMI data for the month of January, the momentum in the level of activities cooled in both the Manufacturing and Non-manufacturing sectors.
United Capital reveals what may happen to exchange rate in 2020

United Capital reveals what may happen to exchange rate in 2020

United Capital has disclosed that the CBN may harmonize the multiple exchange rate systems currently operated in the country. 
Top 10 stockbroking firms trade N1.35 trillion on stocks in 2019

These are best dividend stocks in 2019

NSE data revealed that 29 companies in Nigeria declared and/or paid more dividend per share in 2019 than they did in 2018. While two doubled their dividend, another two paid more than 50%, others did more in 2019 than 2018

Flourmills posts impressive Q3, sustains recovery in 2020 financial year

Flourmills Nigeria Plc released its 9M 2020 financial results and recorded a very much improved Q3 2020 performance.
Cadbury Nigeria Plc appoints new managing director

Cadbury’s revenue, profit beat estimates in 2019

Cadbury published its UNAUDITED FY 2019 results announcing a 9.3% y/y increase in Revenue to N39.3bn in FY 2019 from N36.0bn in FY 2018.
Sterling Bank, Sterling Bank: Impressive growth in profit despite elevated OPEX

Sterling Bank: Impressive growth in profit despite elevated OPEX

Sterling Bank released its FY 2019 UNAUDITED report, with Gross Earnings coming in flat at N149.5bn, in line with our estimate of N149.5bn.
Fidelity Bank customers went on Twitter rampage to demand better service, Fidelity Bank: Write-back Supports Earnings Growth, Fidelity Bank: Earnings beat estimates; Pre-tax Profit soars 29% y/y

Fidelity Bank: Earnings beat estimates; Pre-tax Profit soars by 29% y/y

Fidelity Bank (Fidelity) in its recently released FY 2019 UNAUDITED numbers posted double-digit growth across key income lines.
Rice: Nigeria to attain self-sufficiency in two years?

Rice: Can Nigeria attain self-sufficiency in two years?

Mr Sabo Nanono, was quoted in a news report as saying Nigeria would hopefully begin to export rice to other countries in the next two years.
Guinness Nigeria Plc, Guinness Nigeria: Revenue recovers but operating performance remains weak

Guinness Nigeria: Revenue recovers but operating performance remains weak

Guinness Nigeria Plc released its H1 2020 financial report announcing 0.8% y/y increase in Revenue to N68.3bn in H1 2020 from N67.8bn in H1 2019.
NEC Inauguration: Buhari tells Governors "no more bail-outs", Bailout Fund: FG begins deduction of N614 billion from states’ allocation in 2 weeks , Ekiti, Enugu, Bayelsa, 12 others attract no investment in 1H , States’ debt stock, States receive N2.53 trillion allocation in 2019 , IGR: States generate N986.2 billion in 9-month, up by 16.8% [full-list], FG share N8.15 trillion with states, others in 2019 

IGR: States generate N986.2 billion in 9-month, up by 16.8% 

States in Nigeria generated the total sum of N986.2 billion Internally Generated Revenue (IGR) between January and September 2019.
Stanbic FY 2019: Modest earnings despite frail Q4 performance

Stanbic FY 2019: Modest earnings despite frail Q4 performance

Stanbic recently released its FY 2019 UNAUDITED results wherein Gross Earnings grew 5% y/y growth to N233.8 billion.

Is the pension asset just another cookie jar?

Around 2013/2014, Nigeria’s pension fund asset was at about 4.21 trillion naira.
NSE in 2019, events & outlook, Foreign portfolio transactions drop by N280 billion as foreign investors remain net sellers of Nigerian equities , 2020 Nigerian Equities Outlook: Breaking the Jinx?, Equities: Foreign investors remain net sellers for second consecutive year , Investors part with N152.1 billion as bearish trade extends 

Equities: Foreign investors remain net sellers for second consecutive year 

NSE data on domestic and foreign investor participation for December 2019 has stated that foreign investor participation in the local bourse remained poor
Quality of local rice improves as food prices drop across major markets 

Food items’ stock pile-up across major markets, as prices continue to drop 

The latest Household survey carried by Nairametrics Research Team showed that prices of major food items in Lagos dropped significantly.
Should Gokada and Max.ng be afraid of ORide?, OPay reacts to office shutdown, N25 million license fee, OPay management denies payment issue as ORide riders protest against road transport workers union, Transportation: Lagos bans okadas and tricycles…including Gokada & Oride 

Transportation: Lagos bans okadas and tricycles…including Gokada & Oride 

Lagos is becoming increasingly unsafe for its citizens due to the increasing rate of robbery perpetrated mainly by robbers using motorcycles to aid quick escape from robbery scenes.
Mobile money loan CBN Governor, CBN, Three PSBs get Apex Bank’s provisional to commence operations, Milk Import: Experts advise CBN on FX restriction , CBN automates trading system, introduces electronic form to facilitate exports , CBN campaigns for Made-in-Nigeria products 

CBN says banks create N2 trillion new loans in 6 months

Central Bank of Nigeria's monetary policy committee has disclosed that banks have created about new N2 trillion loans in the last six months. The apex bank made this claim in its monetary policy communique.
Disruptive Opportunities: Can developing AI and robotics stabilise the Naira?

Disruptive Opportunities: Can developing AI and robotics stabilise the Naira?

Currently, big tech players like the UK are outsourcing AI, robotics, and other related jobs to China, where the labour is much cheaper.
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, CBN, Bankers Committee move to revive National Theatre with N25 billion , Nigeria’s 3.46 trillion fiscal deficit a source of concern – MPC Member , CBN says Nigerian banks assets and liabilities is now at N41.42 trillion , BVN: CBN to link 100 million banks accounts through proactive means, Foreign reserves drops $4.45 billion, edges closer to $30 billion devaluation benchmark, Payment system framework: CBN provides guidelines to address systemic risk, others, CBN retains Loan to Deposit Ratio at 65% as against increment to 70% , Federal High Court could jail Emefiele over $53 million judgment debt, CBN strongly denies establishing a poultry farm to support its monetary policies, Analysts explain when, why CBN could devalue naira by 5-10%, Banking: Surprise hike in CRR-Implications for banks, Agriculture: Suing ABP beneficiaries; A wild goose chase? , CBN lists major constraints affecting businesses, as borrowing rates projected to rise, CBN’s N287.8 billion T-bills auction records oversubscription, as rates fall marginally, CBN to give Niger Delta rice farmers single-digit loan 

Banking: Surprise hike in CRR-Implications for banks   

At the end of the first MPC meeting for the year, which was concluded on 24 January, the committee decided to hike the CRR by 5% to 27.5%.
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, Emefiele's silver bullet, CBN Governor, Godwin Emefiele, reacts to devaluation of naira call by analysts 

Why Emefiele’s interest rate policy is ‘great’

In Nigeria, one of the monsters that need to be faced head-on is the regime of high-interest rates and its effects on the growth of the country. 
Census and its import to National growth

Census and its import to National growth

The population determines how much each state and local government gets from the Consolidated Revenue Fund/FAAC. The population is 30% of the horizontal allocation formula for states. The population in an LGA also carries a 30% weighting to share.
Massive losses force management shakeup at Unilever Nigeria

Massive losses force management shakeup at Unilever Nigeria

With losses mounting, Unilever's aggressive revenue growth is coming home to roost.
NSE in 2019, events & outlook, Foreign portfolio transactions drop by N280 billion as foreign investors remain net sellers of Nigerian equities , 2020 Nigerian Equities Outlook: Breaking the Jinx?, Equities: Foreign investors remain net sellers for second consecutive year , Investors part with N152.1 billion as bearish trade extends 

2020 Nigerian Equities Outlook: Breaking the Jinx?

After two consecutive years of a bearish run in the equities market (2018 -17.8% and 2019 -14.6%), we begin 2020 on a positive note.
El-Rufai: How Vodafone recorded its ‘biggest’ investment mistake in Nigeria, FG concludes plan to borrow N2 trillion from Pension Fund, Infrastructure: Tapping into pensions funds - a step in the right direction? 

Infrastructure: Tapping into pension fund – a step in the right direction? 

FG, after the NEC meeting, had resolved to borrow N2 trillion from the current N10 trillion pension funds.
Petrol: Fuel marketers call for increase in margins

Petrol: Fuel marketers call for increase in margins 

Reports state that fuel marketers under the aegis of MOMAN and IPMAN have called on the FG through the PPPRA to raise their margins on petrol prices.
CBN seeks standard practice from fintech operators, GTB, UBA, 8 other DMBs record N135.15 billion earnings from e-transactions , Body of Bank CEOs and telcos to meet over USSD charges, Fintech: Increasing funding rounds affirms growth opportunities 

Fintech: Increasing funding rounds affirms growth opportunities 

Flutterwave, an African focused fintech company disclosed that it secured US$35 million through its Series B funding round.