FBN Capital: Manufacturing PMI Rises to 55.9

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya The federal government, through the Ministry of Agriculture and Rural Development, has tasked research institutes, agencies and development partners in the sector to create solutions to the numerous challenges besetting the country’s potato value chain. The Minister of Agriculture and Rural Development, Mr Sabo Nanono, gave this charge in his address during a workshop with potato value chain stakeholders in Osogbo, Osun State. The event was on the adoption and utilisation of Orange Fleshed Sweet Potato (OFSP) and he said new technologies and innovations should be developed to further improve production. Mr Nanono, who was represented by

By Dipo Olowookere One of the leading pharmaceutical companies in the world, Pfizer, is celebrating its 60th year in Nigeria and to mark this milestone, the firm has rolled out several exciting initiatives and programmes. As part of the activities to mark this anniversary, Pfizer in Nigeria said it has moved to a new, ultra-modern office to accommodate its growing business operations base. The new office is located at Heritage Place, 7th Floor, 21 Lugard Avenue, Off Alfred Rewanne Road, Ikoyi, Lagos State. According to the Corporate Affairs Director of the healthcare firm, Margaret Olele, “The (new) office has been

By Adedapo Adesanya The Manufacturers Association of Nigeria (MAN) has called on the federal government to regulate the fluctuating pump price of petrol in the country and provide a uniform price, rather than the different prices the commodity is been sold across the country. This call was made by the Acting Director-General of MAN, Mr Ambrose Oruche, on Thursday. He also called for quick passage of the Petroleum Industry Bill (PIB) and the revamping of the nation’s refineries. He said that the fluctuations and lack of uniformity in prices of petrol would adversely affect the cost of doing business, competitiveness

By Dipo Olowookere Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has assured stakeholders that her agency will continue to work towards making the Nigerian capital market very robust and world class. Ms Uduk gave this assurance last Friday when she met with members and executives of the Association of Stockbroking Houses of Nigeria (ASHON) in Abuja. However, she said to achieve this goal, various stakeholders in the Nigerian market must be ready to work together with SEC, which is the apex regulatory agency in the capital market in the country. According to her, SEC

By Aduragbemi Omiyale One of the leading integrated agro-industrial companies, Presco Plc, is looking to borrow N30 billion from investors through the issuance of bonds. Subscription for the bond issuance commenced on Monday, February 28, 2022, and will close on Monday, March 7, 2022, according to details of the exercise obtained by Business Post. The debt instrument, which has a tenor of seven years, would be sold at a coupon rate between 12.25 per cent and 12.75 per cent, with the principal repayments to be amortised following a 36-month moratorium. The fixed-rate senior unsecured bonds are callable either in part

By Dipo Olowookere Leading fintech lending company, Renmoney, capped its activities for 2018 by hosting its staff to a memorable end of the year party. CEO of the firm, Tobi Boshoro, speaking at the event, described 2018 as splendid, saying, “It’s been an amazing year. We have learnt a lot about our customers and served them much better than we did in the past. We hope that in 2019, we’ll be able to provide our services to even more people and deliver a stronger impact on the economy.” During the ceremony, awards were issued to outstanding employees in different categories

By Dipo Olowookere Investment in equities in Nigeria shrank last week following the public holiday declared by the federal government last Monday to mark June 12 Democracy Day. Data from the Nigerian Exchange (NGX) Limited showed that in the four-day trading week, investors only traded 981.2 million shares worth N10.4 billion in 15,001 deals as against the 1.1 billion shares worth N12.8 billion transacted in 17,854 deals the preceding week. If not for the holiday, the turnover would have increased in the week as market participants traded an average of 245.3 million stocks worth N2.6 billion in 3,750 deals. Business

By Dipo Olowookere One of the founders of Vetiva Capital, a prominent investment company in Nigeria, Mr Olaolu Mudashiru, has died. Mr Mudashiru, a co-founder of the leading player in the capital market in the country with Mr Chuka Eseka, was said to have died in a freak accident in Lagos. It was reported that the capital market expert was hit by a hit-and-run driver in Ikoyi, a highbrow area of Lagos State. According to reports, the deceased was riding a bicycle on Gerrard Road in Ikoyi with two other persons when the driver of the run-away vehicle hit them,