Nigeria’s stock investors book over N380bn gain in one week

Nigeria’s stock market continued on its upward route throughout the trading days in the week ended Friday September 25, 2020. The record positives made equity investors in Africa’s largest economy witness investments growth of about N389billion. Investors took advantage of cheap valuations of fundamentally sound stocks. In the review trading week, the gains were largely……

Nigeria to celebrate 60th independence anniversary low-key

Nigeria will keep its 60th independence anniversary celebration low-key on account of the Covid-19 global pandemic, which has forced some safety protocols globally, minister of Information and Culture, Lai Mohammed reiterated on Thursday. However, government has scheduled a Public Lecture, Special Jumat Prayers Inter-denominational Church Service ahead of the formal celebrations on October1, 2020. According……

In four charts, why Nigeria’s revenues need quick turnaround

Between January and May 2020, total government revenue generated was below total government expenditure by 59.1 percent, a stark reminder of Nigeria’s ailing finances. The Federal government’s retained revenue has continued to perform poorly against total expenditure, with deficits of over 50 percent for three years straight. Revenue generated in the first five months of……

Dangote Cement pays over N1trn dividends in seven years

Africa’s largest cement manufacturer, Dangote Cement, has grown the wealth of its shareholders, paying over N 1 trillion as dividends in the past seven years. According to Guillaume Moyen, group chief financial officer, Dangote Cement is focused on growing the Nigerian economy. A breakdown of the seven-year dividend history gleaned from the company’s financial statements……

Low yields dampen investment returns of Nigeria’s insurers

The sharp decline in yields on risk-free treasury instruments is dampening the investment returns of Nigeria’s insurers who are already struggling with the negative impact of the coronavirus pandemic. Insurers around the world tend to pack policyholders money in investment securities when yields are favourable to compensate for underwriting losses brought on by spiralling claims……

Have stocks gained from Nigeria’s financial repression?

Nigerian stocks saw a short-lived gain from the artificially low interest rate environment until the Covid-19 pandemic struck. The financial repression tactics employed by Nigeria’s monetary authority, which triggered low interest rates on naira assets, peaked in the fourth quarter of 2019 and contributed to a modest rally in stocks. In that period, Nigerian stocks……