No Going Back On IPPIS, Says Finance Minister

The Federal Government on Tuesday said there was no going back on the October 31 deadline President Muhammadu Buhari gave public servants to register for the Integrated Payroll and Personnel Information System. Click here for more.

NASS Summons 17 Oil Firms Over NDDC Debts

The Joint National Assembly Committee on Niger Delta Development Commission on Tuesday summoned 17 oil companies over their alleged N72bn and $273m indebtedness to the agency. Click here for more.

Nigeria Earned N240bn from Solid Minerals in Five Years

The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that the total financial inflows to Nigeria from solid minerals extraction between 2013 and 2017 amounted to N240 billion. Click here for more.

Nigeria’s Dangote Refinery to Start Operating in Early 2021

Nigeria’s Dangote refinery, which is being built privately by Africa’s richest man, is scheduled to be at full capacity in the middle of 2021. The refinery in Lagos will be ready for commissioning at the beginning of 2021, with full capacity reached by the end of the first half of the year. Click here for more.

NSEASI Erases Previous Day Gain; Dips By -0.53% Amid Positive Breadth

Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.53% to close at 26,244.39 points as against +0.14% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.50%. Click here for more.

NAICOM Approves Recapitalisation Plans Of 44 Insurance Companies, Rejects 6

The National Insurance Commission (NAICOM) has approved the recapitalisation plans of 44 out of the 54 Insurance companies in Nigeria. Mr Agboola Pius, Director, Policy and Regulation, NAICOM. Click here for more.

28 Million Bank Customers Have No Credit History – CBN

Deputy Governor, Financial System Stability Directorate, CBN, Aisha Ahmad, said this while speaking at the 4th National Fintech Conference, in Lagos.Lamenting the huge financial access gap in the country especially in terms of access to credit. Click here for more.

Conoil posts N1.7bn in Q3

Conoil Plc has posted a seven per cent growth in its profit after tax, which stood at N1.7bn in the third quarter of the year, compared with the N1.59bn recorded in the same period of 2018. The company’s financial statement, which was made available to the Nigerian Stock Exchange on Monday, showed a 49 per cent increase in revenue. Click here for more.

9M 2019: Seplat doubles profit on tax credit despite slump in oil & gas sales

Investors and shareholders will be puzzled on how Nigeria’s largest listed oil and gas firm by market value, Seplat, was able to deliver more than double growth in net profit despite weaker oil sales in the first nine months of 2019. According to the financials it presented to the Nigerian Stock Exchange (NSE), Click here for more.

Transcorp records N6.7billion Profit After Tax in Q3; maintains a positive revenue outlook

Transnational Corporation of Nigeria Plc (“Transcorp”) today announced its financial results for the third quarter ended 30 September 2019. Highlights of the result show the Group recorded a Gross revenue of N58.28 billion and posted a Profit Before Tax (PBT) of N7.36bn for the period under review. Click here for more.

Macro weakness: Justification for cheap Nigerian stocks

Following close of yesterday’s trading session, the Nigerian equities market traded at a P/E ratio of 6.88x, a steep discount to African peers such as South Africa (14.74x, YTD; +6.1%), Egypt (12.26x, YTD; +9.7%) and Morrocco (19.77x, YTD; +1.3%). Ordinarily, this should spook investors’ interest in Nigerian equities. Click here for more.

In U.S.-China Talks, Beijing’s Refusal To Spell Out Farm Buys Is Big Sticking Point

U.S. President Donald Trump’s demand that Beijing commit to big purchases of American farm products has become a major sticking point in talks to end the Sino-U.S. trade war, according to several people briefed on the negotiations. Click here for more.