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CBN Increases Interest Rates to 14%

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The Central Bank of Nigeria on Tuesday raised interest rates to lure investors to the economy.

The Monetary policy rate (MPR) was increased from 12 percent to 14 percent, the highest in a decade. Cash reserve ratio (CRR) and liquidity ratio were left at 22.5 percent and 30 percent respectively. Godwin Emefiele, the governor of the central bank said the committee voted to increase interest rates because of rising inflation. Currently, Nigeria’s inflation is at 11-year high of 16.5 percent.

“The committee noted that the negative real interest rates did not support the recent flexible foreign-exchange market as foreign investors’ attitude had remained lukewarm, showing unwillingness in bringing in new capital,” Emefiele said.

“The MPC was further concerned that while the situation called for obvious tightening of the monetary policy stance, the technical recession confronting the economy and the prospects of negative growth to year-end needed to be factored into the policy parameters.”

Analysts have said the apex bank raised rates to attract foreign investors in order to curb the present dollar scarcity in the nation.

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.

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Banking Sector

Wema Bank Changes Date of Board Meeting to October 26, 2021

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Wema Bank Plc, one of Nigeria’s banks, on Monday announced it has changed the date of its board meeting from October 26, 2021 to October 28, 2021.

The lender disclosed in a statement signed by Johnson Lebile, Company Secretary and Legal Adviser.

The statement reads, “Further to the previous notice of September 30, 2021, in line with the Rules of the Nigerian Exchange Limited (the Exchange), we hereby inform the investing public that the meeting of the Board of Directors of Wema Bank Plc (the Bank or Company), earlier scheduled for October 26, 2021 to consider and approve the Company’s third quarter performance and Unaudited Financial Statements for the period ended 30 September 2021 (2021 Q3 UFS) along with other corporate actions, has been rescheduled to hold on October 28, 2021 at 10.00 a.m. in Lagos.

“The Company’s Closed Period which commenced on 1 st October 2021 will continue until 24 hours after the Bank’s 2021 Q3 UFS and other corporate actions have been made public in line with the Rulebook of the Exchange.”

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Finance

Nestle Nigeria Posts N11.852 Billion Profit in Q3 2021

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Nestle Nigeria Plc, a publicly listed food and beverage specialty company headquartered in Lagos, has reported N90.151 billion in revenue for the third quarter (Q3) ended September 30, 2021. This represents an increase of 25.72 percent from N71.707 billion recorded in the third quarter of 2020.

In the company’s unaudited financial statements released on Monday, the cost of sales responded to the increase in revenue, rising by 30.04 percent from N42.52 billion filed in the corresponding period of 2020 to N55.29 billion in the quarter under review.

Accordingly, Gross profit inched higher from N29.187 billion in the same period of 2020 to N34.857 billion in Q3, 2021. While marketing and distribution and administrative expenses stood at N12.123 billion and N2.94 billion in Q3 2021 from N10.931 billion and N2.398 billion in the same quarter of 2020, respectively.

Results from operating activities grew from N15.857 billion in the corresponding period of 2020 to N15.857 billion in the third quarter of 2021.

Nestle Nigeria’s finance income jumped by 228.4 percent from N229.253 million in Q3 2020 to N752.943 million in Q3 2021. However, finance costs escalated by 240.35 percent to N2.34 billion in Q3 2021, up from N687.581 billion recorded in Q3 2020.

Profit before tax rose from N15.399 billion achieved in the third quarter of 2020 to N18.205 billion in the same period of 2021.

Nestle Nigeria paid N6.352 billion in income tax to post N11.853 billion profit after tax in the third quarter of 2021, a 17.2 percent increase from N10.113 billion filed in Q3 2021.

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Banking Sector

Stanbic IBTC Reiterates Strategic Youth Agenda

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Determined to further strengthen the strategic position young Nigerians occupy in the country, Stanbic IBTC, a member of Standard Bank Group, has continued to promote various programmes to get Nigerian youths engaged and empowered for better productivity and participation in the development of the nation.

The Group aimed one of its initiatives, the ‘Youth Leadership Series’ (YLS), at deepening financial and entrepreneurial knowledge among Nigeria’s younger generations. The initiative, which was launched in 2018, is held in institutions of higher learning across the nation and brings together mentors from across various sectors of the economy to encourage and inspire the next generation. 

Dr. Demola Sogunle, Chief Executive of Stanbic IBTC Holdings, spoke of the initiative. He stated that through one of the organisation’s CSI pillars, ‘economic empowerment’, the YLS was birthed as an avenue to get young Nigerians engaged and empowered to become future business leaders.

He said that Nigerian youths required support, guidance, and empowerment to propel them to the pinnacle of their various fields, and added that innovative projects and tech disruptions championed by youths in virtually every sector have proved their ingenuity, skill, brilliance, and resourcefulness.

Sogunle further stated that since youths easily get distracted by different challenges, the organisation wanted to ensure that they were aptly and constantly guided, mentored, inspired, and motivated, not just to attain their goals but to actualise their full potentials.

This year’s event which held virtually attracted youths from across Nigeria and various parts of the world including the UK, USA and UAE. It featured an array of speakers – Debo Adebayo, better known as Mr. Macaroni and  Ms. Ifedayo Agoro, the founder of Diary of a Naija Girl (DANG), an online lifestyle website, who spoke on ‘Winning with Social Media’; the duo of Olumide Soyombo, co-Founder, Bluechip Technologies and Tracy Batta, co-Founder, Smoothie Express who spoke on ‘Winning with Entrepreneurship’; while Akin Bamidele Akintola, Head of Equity Sales, Stanbic IBTC Stockbrokers and Yanmo Omorogbe, co-founder of Bamboo Invest, an investment platform that allows Nigerians to invest in United States stocks, both spoke on ‘Winning with Investments’.

All speakers shared their entrepreneurial experiences, challenges, and success stories in these areas.

Speakers at previous editions of the YLS included Kechi Okwuchi, a survivor of the ill-fated Sosoliso plane crash of December 2005, who later went on to bag a First Class Degree from the University of Thomas Houston, Texas and emerged a finalist at America’s Got Talent; Member Feese, survivor of the United Nations Building bomb blast in Abuja and Cobhams Asuquo, renowned music producer, who was born blind.

Also, Stanbic IBTC Bank, in collaboration with Creative Youth Community Development Initiative (CYCDI), and Covenant University, Ota and in alignment with the 73rd session of the United Nations General Assembly (UNGA) in New York City, engaged Nigerian youths on better understanding of the United Nations (UN) Sustainable Development Goals (SDGs) and their role in its attainment.

The organisation also said that some needs of youths have been catered to with the Stanbic IBTC BluEdge Youth Account, targeted to help students and youths cultivate a savings culture very early in life.

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