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Economy

22 Stocks Rise, 49 Equities Fall in One Week on NGX

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Cross Deals

By Dipo Olowookere

Last week on the floor of the Nigerian Exchange (NGX) Limited, a total of 22 stocks appreciated in price, lower than 44 stocks in the previous week, while 49 equities depreciated in price, higher than 22 equities in the preceding week, with 85 equities closing flat, lower than 90 equities of the earlier week.

According to data from the exchange, Seplat recorded the highest price increment as its value moved up by 20.25 per cent to N1034.00.

Linkage Assurance appreciated by 1600 per cent to 58 kobo, FCMB rose by 11.80 per cent to N3.41, Courteville improved by 11.11 per cent to 60 kobo, while ABC Transport went up by 9.37 per cent to 35 kobo.

In the five-day trading week, RT Briscoe finished as the heaviest price decliner as its value shrank by 32.98 per cent to 63 kobo.

Learn Africa declined by 24.14 per cent to N1.98, NGX Group lost 18.43 per cent to trade at N20.80, Niger Insurance fell by 17.86 per cent to 23 kobo, while Cutix dropped 14.81 per cent to N2.30.

At the close of transactions for the week, the All-Share Index (ASI) and market capitalisation depreciated by 0.13 per cent to 47,268.61 points and N25,475 trillion respectively.

Similarly, all other indices finished lower with the exception of the premium, AseM, Meri Growth, oil/gas and sovereign bond indices.

Investors traded 1.4 billion shares worth N23.8 billion in 28,809 deals in contrast to the 1.7 billion shares worth N19.5 billion transacted in 25,979 deals a week earlier.

The financial services sector led the activity chart with 889.5 million units valued at N8.0 billion traded in 14,034 deals, contributing 64.74 per cent and 33.78 per cent to the total trading volume and value respectively.

The conglomerates industry followed with 131.2 million units worth N199.272 million in 1,259 deals, while the third place was the ICT sector with 89.8 million units worth N10.6 billion in 2,119 deals.

FCMB, Transcorp and Zenith Bank were the busiest equities with a turnover of 416.7 million units valued at N3.0 traded in 3,321 deals, contributing 30.32 per cent and 12.57 per cent to the total equity turnover volume and value respectively.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Economy

Financial Industry Players Must Collaborate to Satisfy Customers Needs

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financial industry players

By Aduragbemi Omiyale

The Managing Director of Interswitch Purepay, Mr Akeem Lawal, has called on critical players in the Nigerian financial service industry to put heads together to provide innovative solutions and unique offerings to customers.

According to him, customers deserve the best from financial industry players like banks, telecommunications companies and financial technology (fintech) firms in order to meet the 95 per cent financial inclusion target by 2024.

Mr Lawal, who delivered a presentation at the recently-concluded Nigerian Fintech Forum at the Civic Centre, Lagos, stated that the partnership will accelerate growth and deepen financial inclusion in the country.

He said despite the growth of the financial sector, customers are yearning for more innovative and seamless payment solutions, which must be designed to meet their needs strengthen the financial industry.

The tech expert said at the event themed Building Partnership for Growth, Exploring the Intersection of Banks, Telcos and Fintech Companies that the Nigeria financial industry has evolved tremendously over the years with customers transitioning from banking halls transactions to adopting digital payment services.

“As headline platinum sponsor, we are delighted to be sponsoring the Nigeria Fintech Forum because we believe that a platform like this will provide the opportunity for critical stakeholders in the financial industry to engage and proffer solutions that will consequently drive the growth of the financial Industry.

“At Interswitch, we will continue to design tailor-made solutions that speak to the need of every customer. Therefore, it is important for players in the financial industry, including the banks, telcos and fintechs to leverage collaboration to provide innovative and seamless solutions to customers. This is the only way we can meet the 95% financial inclusion target by 2024,” Mr Lawal stated.

Speaking during the panel session tagged Regulating Nigeria’s Fintech Industry, Building Investors Confidence Without Stifling Growth, another speaker, Mr Tyoyila Aga, who is Group Head, Financial Services Business at Interswitch, said it was important that players in the industry collaborate with regulators, keep abreast of new regulations and help strengthen compliance levels to grow the financial industry.

“At Interswitch, our approach to regulators is to work in harmonious ways with them and that is what we have been doing for two decades. This has helped us to understand regulations better and we urge other players to do same to grow the industry,” Mr Aga said.

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Economy

Airtel Africa Gets $125m Credit Facility from Citibank

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airtel africa

By Adedapo Adesanya

Top telecommunications company, Airtel Africa Plc, has announced the signing of a $125 million revolving credit facility with Citibank’s subsidiaries in Sub-Saharan Africa.

This was contained in a disclosure sent to the Nigerian Exchange (NGX) Limited.

It was stated that the credit facility will provide Airtel Africa with the opportunity to save interest rates in exchange for achieving social impact milestones in such areas as digital inclusion and gender diversity.

The social impact projects will focus mainly on rural areas and women and are aligned with Airtel Africa’s recently launched sustainability strategy.

Airtel Africa’s newly secured $125 million credit facility is part of the telco’s corporate strategy to raise debt in its local operating companies. To this effect, the facility will come in both local currencies and US dollars. It will also have a 1-year tenor.

“This facility is in line with our strategy to raise debt in our local operating companies and will include both local currency and US dollar-denominated debt. The facility has a tenor up to September 2024 and will be used to support Airtel Africa’s operations and investments in four of its subsidiaries,” the statement said.

This is a big boost to the telco which operates in 14 African markets and has ongoing projects across several of these markets, including the recent acquisition of an additional 60 MHz spectrum for $40 million in Kenya and the Democratic Republic of Congo (DRC).

Airtel Africa’s business offerings range from telecommunications to mobile money services. It has a combined user base of about 131.6 million.

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Economy

DisCos Reduce Number of Estimated Billing Customers by 16.3%

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estimated billing customers

By Adedapo Adesanya

The National Bureau of Statistics (NBS) has said that the number of Electricity Distribution Companies (DisCos) customers in Nigeria increased by 1.4 per cent from 10.37 million in 2020 to 10.51 million in 2021.

The report, Nigeria Electricity Report 2021, focuses on energy billed, revenue generated, and customers by DISCOS under the reviewed period.

The report said the number of metered customers rose by 36.2 per cent from 3.51 million in 2020 to 4.77 million in 2021, causing the number of estimated billing customers to decrease by 16.3 per cent from 6.86 million in 2020 to 5.74 million in 2021.

It was disclosed that in total, the value of electricity billed in 2021 grew by 5.9 per cent from 22,042.28 Gigawatts (Gwh) in 2020 to 23,360.59 (Gwh) in 2021, while the total revenue collected by the discos stood at N761.17 billion, 44.5 per cent higher than the N526.77 billion achieved in 2020.

A breakdown showed that the Abuja Electricity Distribution Company (AEDC) recorded the highest number of metered customers in 2021 at 701,781, while Yola Electricity Distribution Company (YEDC) recorded the least with 65,098.

In terms of electricity supplied, Ikeja Electricity Distribution Company (IKEDC) recorded the highest in 2021 with 4,088.62 Gwh, while YEDC recorded the lowest at 422.00 Gwh.

Similarly, the highest revenue collected was by IKEDC with 155,012.01 million while the least collection was recorded in YEDC with 9,804.00m million.

More than 83 million Nigerians do not have access to grid electricity. This represents 43 per cent of the country’s population and makes Nigeria the country with the largest energy access deficit in the world.

The lack of reliable power is a significant constraint for citizens and businesses, resulting on annual economic losses estimated at N10.1 trillion, which is equivalent to about 2 per cent of GDP.

According to the now-discontinued World Bank Doing Business report for 2020, Nigeria ranked 171 out of 190 countries in getting electricity and electricity access is seen as one of the major constraints for the private sector.

To assist in mitigating this, the World Bank approved $500 million to support the government of Nigeria in improving its electricity distribution sector last year.

According to the global lender, the project will help boost electricity access by improving the performance of the DisCos through a large-scale metering programme.

In addition, the World Bank said financial support would be provided to private distribution companies only on achievement of results in terms of access connections, improved financial management and network expansion.

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