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Equities Gain, Oando Share Price Drops by 9.54%

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Nigerian Stock Exchange
  • Equities Gain, Oando Share Price Drops by 9.54%

The Nigerian Stock Exchange market capitalisation appreciated by N14bn at the close of trading on Monday to close at N11.477tn from N11.463tn recorded on Friday last week.

A total of 322.814 million shares valued at N2.734bn were traded in 3,830 deals.

The equities market advanced by 0.12 per cent to bring the year-to-date return to 23.91 per cent. Similarly, volume of transactions advanced by 3.60 per cent, while market turnover declined by 16.40 per cent. The market recorded 23 gainers and 26 losers.

Unilever Nigeria Plc emerged as the top gainer of the day, advancing by 10.24 per cent, to close at N36.38. This was followed by Forte Oil Plc, 7-UP Bottling Company Plc, Champion Breweries Plc and Flour Mills Nigeria Plc, which appreciated by 7.71 per cent, 6.41 per cent, six per cent and five per cent, respectively.

Oando Plc emerged as the top loser with its share price dropping by 9.54 per cent to close at N6.83 from N7.55 after the Securities and Exchange Commission, on Friday, said it was going to investigate the firm.

This was followed by Nascon Allied Industry Plc, Aiico Insurance Plc, Skye Bank Plc and May & Baker Nigeria Plc, which depreciated by 4.95 per cent, 4.92 per cent, 4.92 per cent and 4.78 per cent, accordingly.

Sector performance as measured by the NSE indices showed that the NSE food/beverage and NSE industrial indices gained 1.29 per cent and 0.03 per cent, thus emerging as the only indices to record advancements in the day, while the NSE insurance, NSE oil/gas and NSE banking indices declined.

“We attribute today’s gain to the positive sentiments in the market, specifically in the consumer goods sector. In the remaining trading days of the week, we expect the release of the H1 2017 results to determine the performance of the market,” analysts at Meristem Securities Limited said in a post.

Meanwhile, Nasdaq and the NSE have officially announced that the Exchange has launched a new market surveillance platform powered by SMARTS, Nasdaq’s flagship surveillance solution.

The technology will, among other things, enable NSE to proactively monitor market manipulation (including spoofing and layering), detect and deter manipulative tendencies, gather intelligence, carry out traders’ monitoring and analysis, conduct multi-asset and cross-market surveillance, and execute risk-based supervision of flagged participants.

“As we enter the growth phase of the development of our market, including the introduction of new asset classes such as derivatives, there will be the imperative of processing significant volumes of market information in real-time to detect anomalies,” the General Counsel and Head of Regulation, NSE, Tinuade Awe, said.

“Through SMARTS, the NSE is leveraging the latest in surveillance technology and demonstrating its commitment to fostering a strong marketplace,” said Tony Sio, the Head of Exchange & Regulator Surveillance, Market Technology at Nasdaq.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Banking Sector

UBA Grows Interest Income Jump by 169% to N1.799 Trillion

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UBA Insider dealings

United Bank for Africa, Nigeria’s leading financial institution with operations across the African continent, on Monday reported a 169.9% jump in interest income from N666.291 billion recorded in the first nine months of 2023 to N1.799 trillion in the nine months through September 2024.

In the financial statement obtained by Investors King, the lender’s interest expense inched slightly higher to N695.571 billion, 211.6% from N223.209 billion filed in the corresponding period of 2023.

Growth was broad-based as net interest income rose by 149% from N443.082 billion in 2023 to N1.103 trillion in 2024 while net fee and commission income stood at N233.853 billion, up 105% from N114.286 billion in 2023.

The bank’s total non-interest income moderated slightly to N435.840 billion. However, operating income improved by 51.25% from N1.017 trillion to N1.539 trillion.

Similarly, net operating income after impairment loss on loans and receivables appreciated 62.16% to N1.416 trillion.

Profit before tax rose by N101.392 billion to N603.483 billion in September 2024.

Speaking on the strong performance of the company in the first half (H1) of the year, Oliver Alawuba, the Group Managing Director/CEO said as of H1 2024, which constitutes the majority of the current performance, the economic environment remained challenging across the regions where we operate.

High inflation, rising debt levels, increasing interest rates, and tighter monetary policies have created significant pressure on economies globally. Despite these headwinds, our Bank has demonstrated resilience.

In H1 2024, UBA Group delivered strong double-digit growth across high-quality and sustainable revenue streams. This performance reflects our disciplined execution of strategic goals, focusing on balance sheet expansion, transaction banking, and digital banking businesses across our markets.

  • Profit before Tax: We achieved a robust Profit Before Tax of N401.6 billion, reflecting our ability to manage risks effectively amidst macroeconomic volatility.
  • Customer Deposits: Our deposits grew by 34%, from N17.4 trillion at year-end 2023 to 2 trillion in H1 2024, demonstrating the trust and loyalty of our customers.
  • Total Assets: We saw a 37% growth in total assets, reaching N28.3 trillion, up from N20.7 trillion at FYE 2023. This growth was driven by strong customer relationships and our ability to capitalize on opportunities across geographies.
  • Net Interest Income: Our intermediation business posted impressive growth, with net interest income expanding by 143% year-on-year to N675 billion, further underlining the strength of our core banking operations.
  • Digital Banking & Payments: Digital Banking income surged by 107.8% YoY to N106 billion, while funds transfer and remittance fees rose 188.7% and 228%, respectively. We continue to lead in digital banking and payment solutions, helping drive financial inclusion across Africa.
  • Trade Facilitation: Income from trade transactions grew 83% to N18 billion as we strengthened our role in facilitating intra-regional and international trade.

Our strategy of investing in technology, innovation, and data analytics continues to yield significant returns, positioning us as a leader in digital transformation.

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Finance

FAAC Distributes N1.298trn to FG, States, LGCs

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FAAC

The Federal Accounts Allocation Committee (FAAC) has shared N1.298 trillion among the Federal Government, states, and Local Government Councils (LGCs) from the revenue of September 2024.

A communique issued at the end of FAAC meeting for October held on Thursday in Abuja said N1.298 trillion total distributable revenue comprised distributable statutory revenue of N124.716 billion, and distributable Value Added Tax (VAT) revenue of N543.518 billion.

It also comprised Electronic Money Transfer Levy (EMTL) revenue of N18. 445 billion, Exchange Difference revenue of N462.191 billion and Augmentation of N150.000 billion.

It said that a total revenue of N2.258 trillion was available in the month of September.

“Total deduction for cost of collection was N80.993 billion, while total transfers, interventions and refunds was N878.946 billion,” it said.

According to the communiqué, gross statutory revenue of N1.043 trillion was received in September 2024, which was lower than the sum of N1.221 trillion received in August by N177.426 billion.

It said that gross revenue of N583.675 billion was available from VAT in September, higher than the N573.341 billion available in the month of August by N10.334 billion.

“From the N1.298 trillion total distributable revenue, the Federal Government received a total sum of N424.867 billion, and the state governments received a total sum of N453.724 billion.

“The LGCs received a total sum of N329.864 billion and a total sum of N90.415 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

On the N124.716 billion statutory revenue, the communiqué said that the Federal Government received N43.037 billion and the state governments received N21.829 billion, while the LGCs received N16.829 billion.

It said that the sum of N43.021 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“From the N543.518 billion VAT revenue, the Federal Government received N81.528 billion, the state governments received N271.759 billion and the LGCs received N190.231 billion,” it said.

It said that in September, Oil and Gas Royalty, Excise Duty, EMTL and CET Levies increased considerably while VAT and Import Duty increased marginally.

It added that Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and others recorded significant decreases.

 

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Finance

Former AGF, EFCC Opt For Plea Bargain Settlement in Alleged N1.6bn Fraud Case

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Anamekwe-Nwabuoku

The Economic and Financial Crimes Commission (EFCC) has informed a Federal High Court sitting in Abuja of its plan to settle out of court in a subsisting N1.6 billion fraud matter against a former acting Accountant-General of the Federation (AGF), Anamekwe Nwabuoku, pending before the court.

Counsel to the anti-graft body, Ogechi Ujam, informed the presiding judge, Justice James Omotosho upon resumed hearing on Monday of its resolve to opt for plea bargain agreement with the defendant.

When the matter was called, Ujam told the court that on the last adjourned date, Nwabuoku and his co-defendant, Felix Nweke, had submitted proposal for settlement out of court.

She said the parties in the charge had agreed and that the agreement had been submitted to the EFCC’s Chairman, Ola Olukoyede, for approval.

The lawyer to the EFCC then asked the court for a date to file the agency’s plea bargain agreement and amend the charge of the defendants.

In the same vein, Nwabuoku’s lawyer, Isidal Udenko, and Emeka Onyeaka, who represented Nweke, also admitted opting for a plea bargain.

Justice Omotosho subsequently adjourned the matter till December 2 for the adoption of a plea bargain agreement.

Recall that the anti-graft agency had preferred an 11-count money laundering charge against the duo.

Nwabuoku and Nweke, a former Deputy Director in the Ministry of Defence, are being prosecuted for alleged money laundering offences to the tune of N1.6 billion.

While Nwabuoku is the 1st defendant in the charge marked: FHC/ABJ/CR/240/24 dated May 20 and filed May 27 by Ekele Iheanacho, Nweke is the 2nd defendant.

 

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