Latest Brand Spur Nigeria News Headlines For Today, Friday, March 19th, 2021

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Good morning Nigeria, welcome to the latest Brand Spur Nigeria News headlines for today Friday, 19th March 2021.

1. NEC Inaugurates Sub-National Ease Of Doing Business Report

The National Economic Council (NEC) has inaugurated the sub-national ease of doing business report.

The inauguration was performed at the virtual NEC presided over by Vice President Yemi Osinbajo on Thursday in Abuja.

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Mrs Jumoke Oduwole, Special Adviser to the President on Ease of Doing Business, briefed State House correspondents after the virtual NEC anchored from the Presidential Villa.

2. Shell MD Calls For Multilateral Approach In Oil Sector

The Managing Director of Shell Petroleum Development Company (SPDC) of Nigeria, Mr. Osagie Okunbor has called for a multilateral approach towards an efficient oil and gas sector in Nigeria.

Okunbor made the call on Thursday in Abuja, at the “Society of Petroleum Engineers, Oloibiri Lecture Series and Energy Forum” organised by the Society of Petroleum Engineers (SPE).

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The Shell MD represented by Mr Sam Ezugworie, General Manager, Development, Shell, said there was a need for partnership between the government, industry and academia for an efficient oil sector.

3. Bulls Staged A Comeback Today At The Equities Market, ASI Gained 54bps

The Nigerian equities market traded on a bullish note amid renewed interest in Banking shares. At the close of market proceedings today, the All-Share Index advanced by 54bps to close at 38,914.84.

Similarly, the market capitalization added N109.20bn to settle at N20.36tn. Consequently, the year-to-date performance moderated to -3.37%.

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Across sectors, the performance was mixed as 2 indices advanced while 3 declined. The Banking and the Industrial indices went up by 4.40% and 0.16% respectively on the back of bargain hunting in the shares of ZENITH BANK (7.32%), GUARANTY (6.43%) and WAPCO (2.73%).

4. Union Bank Reports 1.2% Rise in Profit After Tax to ₦24.7Bn in 2020

Declares 25 kobo dividend per 50 kobo share Business fundamentals strengthened despite Covid-19 impact

March 18, 2021: Union Bank has released its audited financial statements for the year ended 31st December 2020. The Bank’s results for the period show sustained growth in key income lines and significantly improved fundamentals notwithstanding a constrained operating environment largely due to the impact of the Covid-19 pandemic.

Union Bank’s investments in technology and building a progressive work culture over the past eight years enabled a swift response to the pandemic that allowed our workforce to transition to remote working while maintaining the productivity required to deliver this strong set of results in 2020.

5. DMO Lists N162.56bn 7-Year Sovereign Sukuk on NSE

The FGN Roads Sukuk Company 1 Plc’s N162,557,000,000 7 – Year 11.200%, Ijarah Sukuk Bond due 2027 were listed on The Nigerian Stock Exchange today, Thursday, 18 March 2021.

6. Digital Adoption In Africa Supersedes Other Regions — Report

A new report by Boston Consulting Group called Digital Challenge in Africa, reveals that although Africa currently trails other regions in terms of digital adoption and maturity, the pace of adoption and infrastructure buildout is happening faster on the continent than any other region in the world.

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“The Covid-19 crisis has also focused minds, accelerating digital adoption among consumers and digital transformation among companies,” says Jan Gildemeister, managing director and partner at Boston Consulting Group, Johannesburg.

“For success going forward, we believe that companies and governments need to coordinate on three fronts: creating scale, nurturing and attracting digital talent, and building ecosystems and innovation hubs to improve access to financing options, regulation and technology.”

7. NSE: Bears Return To The Equity Market Dips By 4bps

The equities market returns to the negative region amid a continued bearish trend in the banking sector. At the close of market proceedings today, the All-Share Index declined by 4bps to close at 38,706.13.

Similarly, the market capitalization shed N7.68bn to settle at N20.25tn. Consequently, the year-to-date performance printed at -3.89%

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Bearish performance was witnessed across sectors with 3 of the 5 sectors closing positive. Notably, the Insurance and Banking indices went down by 1.03% and 0.02% following sell pressures witnessed in MANSARD (-5.05%) and GUARANTY (-1.75%). On the flip side, the Oil & Gas index advanced by 1.27% on as a result of buy interest in OANDO (9.67%) and SEPLAT (0.92%).

8. Active Voice Subscribers Declined by -0.32% in Q4 2020 – NBS

A total of 204,601,313 subscribers were active on voice as against 205,252,058 in Q3 2020. This represented a -0.32% decrease in voice subscriptions Quarter-on-Quarter.

The National Bureau of Statistics (NBS) disclosed this in its latest Telecoms data for Q4 2020 report released on Thursday.

Similarly, a total of 154,301,195 subscribers were active on the internet as against 151,512,122 in Q3 2020. This represented a 1.84% growth in internet subscriptions QoQ.

9. GTBank Releases 2020 Full Year Audited Results; Reports PBT of ₦238.1 Billion

Guaranty Trust Bank (GTBank) Plc has released its Audited Financial Results for the year ended December 31, 2020, to the Nigerian and London Stock Exchanges.

A review of the result by Brand Spur Nigeria shows improved performance across all key financial metrics in the face of the unprecedented challenges brought on by the COVID-19 pandemic, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa.

GTBank Releases Q3 2020 Unaudited Results, Reports Profit before Tax of ₦167.4 Billion
The Group reported Profit before tax of ₦238.1billion, representing a growth of 2.8% over ₦231.7billion recorded in the corresponding year ended December 2019.

10. Dangote Cement Appoints Guillaume Moyen As CFO

Dangote Cement Plc has announced the confirmation of Guillaume Moyen’s appointment as Group Chief Financial Officer.

According to a press statement made available to Brand Spur Nigeria, Moyen’s confirmation of appointment took effect on March 18, 2021.

Mr. Moyen joined Dangote Cement in February 2019 as Group CFO (Operations)
and was appointed Acting Group Chief Financial Officer in March 2019.

That’s the latest Brand Spur Nigeria News Headlines for today. Read more business, brand news on Brand Spur Nigeria. See you again next Friday.

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