Economy
CNBC Africa Clocks 10 in Grand Style
By Dipo Olowookere
When on June 1, 2007 CNBC Africa launched its first studio in Johannesburg, South Africa, not many thought it would stand the test of time let alone becoming an authority in the financial reporting arm of journalism.
But a decade after, it is all glaring even for the blind to see the success the organisation has made on the continent of Africa since its inception.
Even founder of the ABN Group, the parent body of CNBC Africa, Mr Rakesh Wahi, attested to the fact that the beginning was never rosy when he came up with the idea.
Mr Wahi made his journey to South Africa in 2004, armed with the vision of a Pan-African business and finance network that would be set up in the economic hub of Africa. And so, the vision of CNBC Africa was realised with the inception of the Johannesburg bureau.
“Selling the dream was never easy when you had nothing to show and no comparable project to correlate to,” he explained.
On Thursday, June 1, 2017, the baby of yesterday clocked 10 and this was marked with a special broadcast and markets opening from the JSE in South Africa.
The special anniversary broadcast brought together key stakeholders, supporters, regular analysts, shareholders, senior management and media, to look back on the past decade of bringing the African economic story to a continent-wide and international audience.
CNBC Africa’s success has not been achieved overnight. The network has survived periods of political and financial turbulence, including the recession of 2008, and has continued to prosper despite the volatile environment of the African continent. CNBC Africa operates studios in Lagos, Nairobi, Johannesburg and Kigali, making it the only financial network to of its size to broadcast live to a pan-African audience daily.
The network has played an important role in the changing the perception of Africa’s economies, by attracting investors, showcasing opportunities and cultivating interest in African markets.
“Investors follow information. In the past, economies had been defined by the differences in access to information; in economics we call it information asymmetry. Those who have better information tend to go for opportunities for investment. The channel has given Africans a profile, because we have capital that is not well mobilized in Africa.
“Because we are exposing and talking about the business opportunities and economic opportunities that are provided by the continent, we have seen mobilization of capital with Africans themselves. When we profile a country or a region, the investments prospects are now known to those who are directing capital,” comments founding non-executive director, Mr Sam Bhembe.
Analysts, entrepreneurs and business men and women from across Africa continue to make CNBC Africa their primary source of information as the channel provides 24-hour coverage of the day’s markets trading, from the open of each stock exchange in East, South and West Africa, to the closing of the day’s activities.
“Today, when I see a simultaneous conversation between our anchors in East, West and Southern Africa, I realise that the channel has come so far,” says executive director, Bronwyn Nielsen.
The next ten years will be no less a challenge than the last, but one can be certain that CNBC Africa will continue to grow and thrive on the African continent.
“As CNBC Africa turns 10, we need to understand the direction of the industry. In the past years, the future of TV has been questioned. Television news has changed – consumers are no longer silent viewers, they are informed contributors. Never has it been easier to create expression; social media has made creating, expressing and accessing information so much easier. As a brand we are ready for the challenge, our niche being not just to quantify pan-African content we bring our viewers, but the sheer quality of financial and business news we offer. My faith in the brand we represent, and the people we have, has never been stronger,” says managing director, Roberta Naicker.
“In October we renewed our franchise agreement with CNBC International for another 15 years; our 10th anniversary is but a milestone in greater things to come. We have built meaningful structures of succession and the next phase will see the baton of leadership change to the younger leaders who will be responsible to build the legacy of the Founders until the next milestone – our silver jubilee in 2032,” concludes Mr Wahi.
By Modupe Gbadeyanka
The federal government, the 36 states of the federation and the 774 local government areas have received N1.727 trillion from the Federal Accounts Allocation Committee (FAAC) for December 2024.
The funds were disbursed to the three tiers of government from the revenue generated by the nation in November 2024.
At the December meeting of FAAC held in Abuja, it was stated that the amount distributed comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
According to a statement signed on Friday by the Director of Press and Public Relations for FAAC, Mr Bawa Mokwa, the money generated last month was about N3.143 trillion, with N103.307 billion used for cost of collection and N1.312 trillion for transfers, interventions and refunds.
It was disclosed that gross statutory revenue of N1.827 trillion was received compared with the N1.336 trillion recorded a month earlier.
The statement said gross revenue of N628.972 billion was available from VAT versus N668.291 billion in the preceding month.
The organisation stated that last month, oil and gas royalty and CET levies recorded significant increases, while excise duty, VAT, import duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and EMTL decreased considerably.
As for the sharing, FAAC disclosed that from the N1.727 trillion, the central government got N581.856 billion, the states received N549.792 billion, the councils took N402.553 billion, while the benefiting states got N193.291 billion as 13 per cent derivation revenue.
From the N585.700 billion VAT earnings, the national government got N87.855 billion, the states received N292.850 billion and the local councils were given N204.995 billion.
Also, from the N455.354 billion distributable statutory revenue, the federal government was given N175.690 billion, the states got N89.113 billion, the local governments had N68.702 billion, and the benefiting states received N121.849 billion as 13 per cent derivation revenue.
In addition, from the N15.046 billion EMTL revenue, FAAC shared N2.257 billion to the federal government, disbursed N7.523 billion to the states and transferred N5.266 billion to the local councils.
Further, from the N671.392 billion Exchange Difference earnings, it gave central government N316.054 billion, the states N160.306 billion, the local government areas N123.590 billion, and the oil-producing states N71.442 billion as 13 per cent derivation revenue.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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