Nigeria | - Part 80

Guinness Nigeria Plc announces 22bn net sales for first quarter of financial year

Lagos, 22 October 2015 – Guinness Nigeria Plc, Nigeria’s leading beverage manufacturer and a subsidiary of Diageo Plc, has announced its financial results for the first quarter ended 30 September 2015. The results showed a 3% increase in revenue year on year. Commenting on the results, Mr. Peter Ndegwa, the company’s Managing Director/Chief Executive Officer, stated: “In the period under review, sales continued to grow despite a challenging trading environment, being 3% ahead of the…

African Stock Market Sept & Q3 2015 Report: Nigeria Local Champ, Uganda Foreign Favourite, BRVM Q3 Winner

Posted on by The Editorial Team

Lagos, Nigeria Capital Markets in Africa — African stock markets performance measured by country equity benchmark index returns ended in negative for the month of September, with eight gainers and ten laggards on the local currency basis. Still on local basis return, the September average return of -0.6 percent was recorded across eighteen African equity indices and September monthly returns ranges from -7.4 percent recorded by the Namibian equity markets (measured by Namibia Overall Index) to +8.1 percent registered…

Nigerian Banks’ Foreign Currency Liquidity Still Tight — Fitch Ratings

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — Cutting reserve requirements will not add liquidity to the Nigerian banking system because it releases no additional foreign currency (FC), says Fitch Ratings. Substantial government-related FC deposits are exempt from reserve requirements and have already been withdrawn from the system after the government ordered all public-sector deposits to be moved from commercial banks into the centralised Treasury Single Account (TSA) earlier this month. Nigeria’s Monetary Committee reduced mandatory…

Meaningful African markets for investment

Posted on by The Editorial Team

Africa is not a single investment destination with a single set of standardised risk factors and homogenous potential for reward. Although some high-level similarities are evident, digging into the specifics of certain regions and countries show that Africa is comprised of a range of distinct investment destinations; each with its own attractions, challenges, cultural differences and business practices. Investors looking at Africa for the first time typically look at the largest economies by GDP or…

Amaechi, Fayemi, Fashola Fail Anti-corruption Test

Posted on by The Editorial Team

As the screening of President Muhammadu Buhari ministers continue, some appointees have reportedly failed to pass anti-corruption test. The Department of State Service (DSS) recently received a much awaited list of 36 ministerial nominees for security screening. While DSS carries on the screening indications appeared that three immediate past governors, Babatunde Fashola, Rotimi Amaechi and Kayode Fayemi, have supposedly failed. Three former governors worked hard for Buhari’s presidential campaign to and were seen as top candidates for…

JP Morgan to remove Nigeria from government bond index

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Markets – JP Morgan will remove Nigeria from its Government Bond Index (GBI-EM) by the end of October, the bank said on Tuesday, after warning the government of Africa’s biggest economy that currency controls were making transactions too complicated. The removal will force funds to sell Nigerian bonds, triggering potentially significant capital outflows and raising borrowing costs for the government. Struggling with a plunge in vital oil revenue, Nigeria had imposed…

Nigeria: Scrutinizing the “Change Agenda”…100 days Appraisal

Posted on by The Editorial Team

LAGOS, Nigeria Capital Markets in Africa — Following the result of the 2015 presidential polls, the new administration was ushered into power amidst groundswell optimism. We attempt an appraisal of the performance of the Buhari led government 100 days after inauguration (since May 29, 2015), having been sworn in amidst high expectations of structural reforms, improvement of government’s fiscal state, tackling of endemic corruption and stamping out insurgency in Northern Nigeria. Although the much awaited…

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