Connect with us

Banking & Finance

CBN confirms ‘minor fire’ outbreak at its Makurdi Branch

Published

on

The Central Bank of Nigeria (CBN), said that the minor fire which occurred at its Makurdi Branch early Thursday morning had been put out and no damage was done.

Director, Corporate Communications, Mr Osita Nwanisobi, said this in a statement posted on the apex bank’s website on Thursday.

Also read: RT200 FX repatriation: CBN releases N3.5bn incentive to exporters

The statement said, “A minor fire occurred at our Makurdi Branch at about 7.00 a.m. Thursday, April 21, 2022, and was swiftly checked moments after it was detected.

“The prompt response of the Bank’s security and facility management units as well as support from the Benue State Fire Service helped to extinguish the fire and prevented any damage from being done at the main office building.

“Reports indicate that the fire started from the fuel dump behind the branch building, sending smoke into the atmosphere. Fortunately, there were no fatalities and the affected site has since been cordoned off for further investigation.

“Normal work has also continued at the branch,’’ it said.

 

Banking & Finance

Nigeria’s debt sustainable, says DMO, as Stock Debts Soars

Published

on

Nigeria’s debt sustainable, says DMO, as Stock Debts Soars

Against the backdrop of verbal attacks on the soaring Government stock-debts profile, the Debt Management Office (DMO) has declared that Nigeria’s debt remains sustainable.

The Director-General of DMO, Patience Oniha, said this on Monday in Abuja, noting that Nigeria’s total debt stock as of June was N103 billion.

Oniha, however, insisted that there was an urgent need to boost the country’s revenue to further ameliorate the debt burden.

She suggested an efficient tax administration that would ensure greater compliance with remittances, and be devoid of all forms of evasions in the system.

According to her, most countries place more emphasis on taxation as a principal source of funding for the government.

She advised that new borrowings should be tied to projects that would generate commensurate revenues to service loans used to finance them.

She also said that physical assets such as idle or under-utilised properties could be redeveloped for commercialisation to generate revenue.

According to Oniha, the current revenue problem is compounded by leakages like oil theft and petrol subsidy.

“These have significantly reduced the revenue from crude oil sales that used to account for the bulk of government revenue,” she said.

She said that the outlooks of both the local and international markets were becoming tighter with rising interest rates.

She called for moderation in new borrowings and accelerated revenue growth to shore up non-oil revenue.

She, however, said that the country’s total public debt-to-Gross Domestic Product (GDP) ratio was still within reasonable limits.

“At 23.06 percent, the debt-to-GDP ratio is still within Nigeria’s self-imposed limit of 40 percent.

“It is also within the World Bank/International Monetary Fund (IMF) recommended limit of 55 percent for countries within Nigeria’s peer group and 70 percent for ECOWAS countries,” she said.

She said that debt service-to-revenue was high, adding that urgent steps needed to be taken to boost revenue and further enhance public debt sustainability.

“Nigeria’s public debt stock has grown consistently over the past decades and even faster in recent years, and debt service has continued to grow.

“The country’s low revenue base compounded by dependence on crude oil receipts resulted in budget deficits over the past decades.

“Efforts at increasing non-oil revenue are, however, yielding positive results,” she said.

According to her, with a low debt-to-GDP ratio, the debt service-to-revenue ratio would have been low if revenue were strong.

She said that Nigeria was deploying debt management tools of the World Bank and IMF to ensure debt sustainability.

“These tools include an annual Debt Sustainability Analysis (DSA) and a Medium Term Debt Management Strategy (MTDS) every four years,” she said.

Oniha listed other initiatives to ensure debt sustainability as the Presidential Infrastructure Development Fund (PIDF), Infrastructure for Tax Credit, Infrastructure Corporation of Nigeria Limited (InfraCorp) and Off-Balance Sheet Financing.

“The PIDF is managed by the Nigeria Sovereign Investment Authority (NSIA). The fund is to be invested in critical road and power projects across the country.

“The Infrastructure for Tax Credit initiative encourages companies to commit their resources to the construction of new roads or rehabilitating old ones with the assurance that such expended resources would be recouped from company tax.

“InfraCorp is a Public Private Partnership promoted by the Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC) and NSIA, to catalyse and accelerate investment in Nigeria’s Infrastructure sector.

“InfraCorp has a seed funding of One trillion Naira as equity from the promoters,” she said.

Continue Reading

Banking & Finance

Equity Market Extends Gains by N63bn; Geregu, SCOA Lead Laggards’ Table

Published

on

Equity Market Extends Gains by N63bn; Geregu, SCOA Lead Laggards’ Table

The equity market opened the week on a positive note, gaining N63 billion, 0.24 percent, as market capitalisation closed at N26.291 trillion on Monday, compared with N26.228 trillion recorded on Friday.

Also, the All-Share Index rose by 115.58 points or 0.24 percent to close at 48,270.23 from 48,154.65 on Friday.

The market’s performance was primarily driven by gains in stocks of Nigerian Breweries and BUA Cement.

Consequently, the year-to-date (YTD) return rose to 12.96 percent.

Market breadth closed positive as 15 stocks were on the leaders’ table, with 13 on the laggards’ log.

Guinness led the gainers’ table with 10 percent to close at N69.30 per share.

Eternal oil followed with a gain of 8.75 percent to close at N6.44, while Royal Exchange grew by percent to close at 78k per share.

Linkage Assurance advanced by 7.50 percent to close a 43k per share Presco gained by 6.64 percent to close at N120.50 per share.

Conversely, Geregu led the laggards’ table, depreciating by 9.85 percent to close at N110.70 per share.

Scoa Nigeria followed with a loss of 9.43 percent to close at 96k, while Thomas Wyatt Nigeria declined by 9.09 percent to close at 40k.

Also, LASSACO depreciated by 7.41 percent to close at 25k per share. Chams fell by 4.49 percent to close at 85k.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 18.69 percent.

A total of 633.74 million units of shares valued at N4.10 billion were exchanged in 3,398 deals.

Continue Reading

Banking & Finance

NGX: Market Slides, sheds N2bn; Naira Slumps, exchanges N445.83 to Dollar 

Published

on

NGX: Market Slides, sheds N2bn; Naira Slumps, exchanges N445.83 to Dollar 

…Honeywell Flour Mill, RT Briscoe lead Losers’ Chart*** 

Key performance indicators of the Nigerian Exchange Ltd. (NGX) declined marginally on Thursday as market capitalisation which open with N25.959 trillion, lost N2 billion or 0.01 percent to close at N25.957 trillion.

Also, the All-Share Index (ASI) closed lower by 3.4 points or 0.01 percent to settle at 47,656.64 points compared with 47,660.04 recorded on Wednesday.

Consequently, the year-to-date (YTD) return stood at 11.57 percent.

Sell-offs in MTN Nigeria Stock led to a downturn in the performance of the market.

However, market sentiment, as measured by market breadth, was positive, as 11 stocks gained relative to nine losers.

UPDC Real Estate Investment Trust recorded the highest price gain of 9.09 percent to close at N3 per share.

McNichols followed with a gain of 8.93 percent to close at 61k, while Japual Gold and Ventures appreciated by 7.41 percent to close at 29k per share.

Nigerian Breweries went up by 7.14 percent to close at 45k per share.

Also, Royal Exchange Assurance rose by 4.76 percent to close at 66k per share.

On the other hand, Honeywell Flour Mill led the losers’ chart by 7.89 percent to close at N2.10, RT Briscoe followed with a decline of 7.41 percent to close at 25k and Wema Bank shed 5.45 percent to close at N3.12 per share.

FCMB Group lost 4.18 percent to close at N3.21, while Cutix Plc shed 3.46 percent to close at N2.5 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 115.63 percent.

A total of 172.90 million shares valued at N2.84 billion were exchanged in 3,073 

In another development, the Naira on Thursday exchanged at 445.83 to the dollar at the Investors and Exporters window, a depreciation of 0.12 percent, compared with the 445.30 it exchanged on Wednesday.

The open indicative rate closed at N444.60 to the dollar on Thursday.

An exchange rate of N447 to the dollar was the highest rate recorded within the day’s trading before it settled at N445.83.

The Naira sold for as low as 422 to the dollar within the day’s trading.

A total of N99.50 million was traded at the official Investors and Exporters window on Thursday

Continue Reading

Editor’s Pick

Politics

Simply Easy Learning
Simply Easy Learning