Connect with us

Finance

Nigerian Stock Exchange’s Turnover Rises by N192bn

Published

on

capitalisation

Nigerian Stock Exchange (NSE) on Wednesday rose to seven week high after 21 stocks closed with gains.

The NSE market capitalization rose from N8.544tn to N8.736tn, while All Share Index tracked by Bloomberg grew to 25,396.83 basis points from 24,838.31 recorded on Tuesday. A total of 275.087 shares worth N1.638bn was traded in 3,344 deals.

The highest index point recorded in the course of trading was 25,396.83 basis points, while the lowest and average index points were 24,042.73 and 24,615.48 basis points, respectively.

The gain in the market was largely boosted by Dangote Cement Plc after the company proposed to increase its full-year dividend by 33 per cent to N8 per share.

The other four top gainers were Tiger Branded Consumer Goods Plc, Oando Plc, Dangote Sugar Refinery Plc and Eterna Plc.

Shares in Dangote Cement, which accounts for a third of the total market capitalisation of the bourse’s constituents, rose by seven per cent to 162 naira after its two per cent rise in pretax profit for 2015 and dividend increase.

Nigeria’s all-share index, which has the second-biggest weighting behind Kuwait on the MSCI frontier market index, was up 2.5 percent at 25,448 points, its highest level since January 13.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary

Published

on

stanbic IBTC Insurance

Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).

In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.

“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”

 

Continue Reading

Finance

World Bank to Discuss New $1.5 Billion Loan Request From Nigeria

Published

on

Zainab Ahmed

The Finance Minister, Budget and National Planning, Mrs. Zainab Ahmed, on Friday said the Federal Government has met all the conditions for a fresh loan of $1.5 billion from the World Bank.

The minister disclosed this on Bloomberg TV.

She said the multilateral financial institution is in the final stage of approving the loan. The minister explained that the loan will be discussed in the bank’s next meeting and possibly be approved in the same meeting.

In June, the Senate approved the borrowing plans but the World Bank pushed back demanding Nigeria fulfill the conditions attached to the $3.4 billion loan received from the International Monetary Fund (IMF) in May.

Some of the conditions were to increase revenue generation by upping VAT, the introduction of tariff reflective electricity bill, the removal of subsidy and the unification of the nation’s foreign exchange.

Most of which the Federal Government has done despite protests from most Nigerians who called the new policies anti-people given their current situation.

Continue Reading

Finance

Nigeria Realises Over N400 Billion from Company Income Tax in the Third Quarter of 2020

Published

on

tax relief

The Federal Government realised N416.01 billion from Company Income Tax (CIT) in the third quarter of the year, according to the latest report from the National Bureau of Statistics (NBS).

This was 3.48 percent higher than the N402.03 billion generated in the second quarter of the year and represents a decline of 20.13 percent year-on-year from N520.89 billion realised in the third quarter of 2019.

A breakdown of the report showed the professional services sector including the telecoms generated the highest amount of CIT at N55.52 billion during the quarter, while the manufacturing sector followed with N42.03 billion.

The banking and financial institutions realised N24.05 billion while the mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N120.93 million, N167.51 million and N321.72 million generated, respectively.

The report added that out of the total amount realised during the quarter under review, a sum of N244.70 billion was generated as CIT locally. The federal government collected N70.34 billion as foreign CIT payment and the remain N100.97 billion was received as CIT from other payments.

Continue Reading

Trending