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QuickTakes

A cursory review of Nigerian businesses and the economy

The Federal Inland Revenue Service (FIRS) earlier this year, announced the introduction of six new electronic tax services (e-services) in furtherance of its efforts to increase financial collection, administration, avail services to the tax payers all the time from anywhere, reduce costs of compliance and improve tax compliance. The available...
The National Bureau of Statistics confirmed on Tuesday, September 5, 2017 that Nigeria was firmly out of recession, following a second quarter GDP growth rate of 0.5%. Nigeria had before now reported 5 consecutive quarters of negative GDP growth rate. As expected the government and a section of the business...
A cursory look at tier one banks christened FUGAZ (First Bank, UBA, Guaranty Trust Bank, Access Bank and Zenith Bank ) shows Zenith Bank, has the lowest number of females on its board for the financial year ended 2016. The bank has just one female board member Ms Adaora...
Data released by the Nigerian Bureau of Statistics today shows that Nigeria’s economy is finally out of a recession. GDP growth for Q2 of 2017 grew by 0.55%, halting five quarters of negative growth. As expected, there have been mixed reactions to this. Some have celebrated what they consider...
Nigeria is out of recession!!! Official report of the Second quarter 2017 GDP from the National Bureau of Statistics (NBS) show the Nigerian economy grew by 0.55%. The real GDP growth of 0.55% in the second quarter of 2017 is the first in about 5 quarters confirming that Nigeria is...
The Nigerian Stock Exchange currently has about 76 companies trading at their year lows. A stock's year low is the lowest price the stock is trading at in a 12 months period. To put this into perspective, the All share index has a total of about 173 active stocks...
Recent moves by China have lead to a drop in cryptocurrency prices. A committee set up by the Chinese Central Bank has placed an immediate ban on Initial Coin Offerings (ICOs). Several governments around the world have also made similar moves. Kim Jung Un the head of South Korea's...
The following stocks will be paying a dividend and closing their shareholders this week. Custodian and Allied Insurance Custodian and Allied Insurance will be paying an interim dividend of 5 kobo per share. Payment date is 5th of September. Custodian shares closed at N3.60 on Friday’s trading session, down 7.46% year...
International Airlines operating in Nigeria have increased their air fares following the instruction from IATA, the global body for airlines in the world. According to reports from the Aviation sector, airfares quoted in Naira will attract an increase of about 18% starting September 1 2017. Why the increase Airfares in Nigeria...
Every August most investors expect a "ghost" to appear and scare everyone away. The ghost in the real sense is the bang on belief that the stock market will turn out bearish in August. For ardent investors in the Nigerian stock market, the month of August is easily one they...
The month of August has come and gone and as expected the stock market ended the week on a negative note. For the first time since April, the All Share Index, closed on a negative note after stocks slipped by 0.98% month to date. In fact, apart from the...
The United States state of Texas has in the past one week faced one of its worst floods in about 50 years, after Hurricane Harvey made landfall. The devastation is expected to cost between $70 billion to $100 billion according to a New York Times article. Included in these costs...
Data from the Central Bank of Nigeria as at August 28, 2017 reveals Nigeria's external reserves stood tentatively at $31.8 billion, the highest since January 2015. Nigeria's external reserve has staged a rebound since early 2017 after hitting a post election low of about $23.6 billion back in October 31,...
Congratulations on closing your funding round. Sure, it was a long and hectic process… Finally, you are here… You are funded for the next 18 months. Some of your fellow “startuppers” are still trying to convince the Angel Network, Accelerators, Incubators, VCs… but you have passed that stage. Maybe...
I am excited to be writing my first post on this platform. I have had this thought in my head for some time now but have just been lazy to put it down… However, just yesterday, while at my office, I stumbled on a CD titled “How to Start...
ABC transport is a company involved in the transportation sub sector. The company is famous among everyday Nigerians for their luxury buses and shuttle services across the nation. The company has a chequered record in terms of profits, recording losses in 2016, and barely making a profit in HY...
The Nigerian Stock Exchange (NSE) has had an impressive performance returning 35.1% year to date. Banking stocks have been at the forefront, with several of them doing returns of over 70%. But FCMB Holdings seems to be lagging price wise. FCMB has had the least price appreciation among tier two...
The following companies listed on the Nigerian Stock Exchange (NSE) will be paying a dividend/closing their register this week. Closure of register is the period within which a company updates its shareholders register before it pays out a dividend or issues a bonus. Investors that purchase shares within this period...
All eyes are on the Central Bank of Nigeria (CBN) for the release of the latest foreign exchange reserve figures. The apex bank is yet to update the most recent figures on its website for over two weeks, the last being August 18 2017. The external reserves data is...
In the thick, densely populated world of real estate management in Nigeria, it’s almost impossible to stand out. With limitations existing at every corner, many are resigned to doing what every other person is doing and getting similar, if not spectacular results. Even social media marketing of real estate is...
Nigeria's inflation rate rose 16.05% year on  year for the month of July 2017. This compares to the 16.10% rise reported in June 2017. It also represents the 6th consecutive  decline in the rate of headline year on year inflation since January 2017. On a month on basis, the Headline index...
The Nigerian economy started the week ended August 26th with a prime-time broadcast from President Muhammadu Buhari, who had just returned from over 100 days away on medical trip abroad.  A lot of Nigerians who expected some commentary on the economy, were left visibly disappointed as he focused mostly...
Data from the National Bureau of Statistics reveal Nigeria has attracted about $2.7 billion in capital importation in the first 6 months of 2017. Nigeria attracts millions of dollars in foreign investments every year most of which pass through commercial banks. Interestingly, out of the about 88 countries where Nigeria...
Information from DAAR Communications Ltd, owners of AIT, reveals the company is owing its employees about N1.1 billion in accrued (unpaid) salaries. The company has been hemorrhaging cash for the last three years as its business model struggles to contain incessant drop in revenues. DAAR reported that its employees are...
Data from the annual report of the Bank of Industry reveal a total of N6.79 billion was spent as staff salary for the period ended December 2016, compared to N5.5 billion the year before. As such, the bank increased its payroll by a whopping 23% even as the country...
Data from the recently released Q2 2017 Capital Importation Report by the National Bureau of Statistics (NBS) shows that foreign investors spent $770.5 million on portfolio investments between April-June 2017. A massive 145% increase from the $313.61 million spent in the first quarter of 2017. The equity market received...
Aliko Dangote is known as Africa’s richest man and a big time business man with operations across the contient. According to Forbes, Dangote has an estimated net worth of $13.5 billion. So how was this net worth arrived at ? Forbes uses holdings in publicly listed companies that are...
When the MD/CEO of Guaranty Trust Bank, Nigeria's largest bank by market capitalization, Segun Agbaje, addressed investors on the back of a blistering 2016 FY results, he explained to them that he had one major strategy for 2017. The bank was going to lend less to the private sector...
Data from the Security and Exchange Commission show Nigerian corporates have only been able to raise a total sum of N319 billion in IPO since 1999, when it ushered in democracy. This is as the country awaits the listing of Africa's largest telecom giant, MTN on the floor of the...
The Central Bank of Nigeria has been attracting much kudos of late especially for its handling of the exchange rate crisis. Since it introduced a flurry of foreign exchange windows earlier in the year, the exchange rate between the naira and the dollar has remained fairly stable leading to a...