Moody’s Investor Service downgrades Nigeria’s sovereign credit rating
On Friday, 27 January, Moody’s Investors Service (“Moody’s”) downgraded Nigeria’s sovereign credit rating further to ‘Caa1’ from ‘B3’ and changed the outlook to ‘Stable’. We note that obligations rated ‘Caa1’ are judged to be of poor standing and are subject…
Police, Host Communities hail Egbin Power, Sahara Foundation for good security
The Nigeria Police and stakeholders in host communities of Ijede, Egbin and Ipakan, Ikorodu Lagos State have applauded Egbin Power Plc and Sahara Foundation for upgrading the Police Station at the Divisional Headquarters in Ijede, Ikorodu, Lagos State. The project…
MTN Group CEO, Ralph Mupita, lauds NGX for access to financial securities
The Chief Executive Officer of MTN Group, Ralph Mupita, has lauded Nigerian Exchange Limited (NGX) for democratising access to financial securities, thereby empowering more Nigerians. He said this when in recognition of the importance of the partnership between MTN and…
Decline in fuel business contracts revenue for Ardrova Plc in Q4-22
Ardrova Plc (ARDOVA) published its Q4-22 unaudited financials yesterday, reporting a loss per share of NGN2.17 in Q4-22 (vs loss per share of NGN3.90 in Q4-21), bringing the 2022FY loss per share to NGN5.83 (vs LPS of NGN2.95 in 2021FY)….
Importers, exporters to gain from Inland Dry Ports, says FG
The Federal Government has expressed optimism that importers and exporters in Nigeria will benefit immensely from the Inland Dry Ports being established in various parts of the country. The Minister of Transportation, Mu’azu Jaji Sambo stated this at the commissioning…
FMN’s 127.0% y/y expansion in net finance costs underpins EPS drop
Flour Mills of Nigeria Plc (FLOURMILL) published its 9M-23 unaudited results Monday, reporting Q3-22 standalone EPS of NGN0.90 (Q3-22: NGN1.57) and 9M-23 EPS of NGN2.87 (9M-22: NGN4.00). The EPS contraction was underpinned by a 127.0% y/y expansion in net finance…
Over 320m Credit Cards to be Issued Globally by 2027
Just as the Central Bank of Nigeria (CBN) is working on introducing a unified Card Payment System, a new study from Juniper Research has found that the number of credit cards issued via digital card issuance platforms will exceed 321…
Shelter Afrique unveils new five-year strategic plan
Leading continental real estate giant and pan-African housing development financier, Shelter Afrique has unveiled a five-year strategic plan to restore the Institution’s performance, competitiveness, and value creation for the long term. Shelter Afrique unveiled the plan during a Ministerial and…
NCDMB assures Continuous Support to Local Content Development in Africa
The Nigerian Content Development and Monitoring Board (NCDMB) is ever ready to support other African nations in developing and implementing local content policies as a strategy for improving indigenous participation and value optimization from hydrocarbons and mineral resources. The Executive…
New Notes: Shutdown in Lagos, others as banks go off network, standstill
Banking activities on Tuesday, January 31, 2023, across commercial banks in Lagos and other major Nigerian commercial cities were frustrated by hanging network experiences which lead to little or no transactions by many customers who either wish to deposit, withdraw…
