Mike 'Uzor

    For Nigeria, the internal pain of rising oil price

For Nigeria, the internal pain of rising oil price

Crude oil prices have reached the highest mark the global market has seen since 2014. Oil exporting countries are counting profit from the long desired oil price recovery. In Nigeria however, the profit is coming with internal pain.When crude oil prices approached the $60 per barrel mark towards the end of last year, the business of importation and sales of [...]

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    FCMB: Defending profit under tight earnings

FCMB: Defending profit under tight earnings

First City Monument Bank (FCMB) faced a tight earnings situation in the first quarter of the current financial year but management appears determined to keep profit from dropping for the second year. The bank had lost 34% of its prior year’s profit in 2017 after losing more than one-half of other operating income. A continuing drop in that income line [...]

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    Trump could shoot down oil price with tariff war

Trump could shoot down oil price with tariff war

US president, Donald Trump’s description of crude oil prices as artificially high, is indicating that the market isn’t yet taking a strong downside risk factor into consideration. That is the prospects that US’ aggressive trade policy could hurt global economic growth and reintroduce a demand side problem to the global glut challenges the oil market has faced since the beginning [...]

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    Oando trims operations to build profit

Oando trims operations to build profit

Oando’s resolve to discontinue some lines of operations has enabled the company to shape up to a profitable structure. Profit from discontinued operations stood in excess of N29 billion in 2016 and provided the strength that turned a loss of N25.4 billion into an after tax profit of nearly N4 billion in that year.Further discontinuation of operations happened in 2017, [...]

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    Stanbic IBTC: Recovery and growth accomplished

Stanbic IBTC: Recovery and growth accomplished

Stanbic IBTC Bank has successfully picked its way up from a 47% drop in profit in 2015 and returned to the path of growth in 2017. Profit has crossed the 2014 mark and climbed to a new peak in line with forecast. A massive growth in loan loss expenses had caused the profit fall in 2015 and a slowdown for [...]

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    Access Bank: Profit drops on loss of trading income, rising credit losses

Access Bank: Profit drops on loss of trading income, rising credit losses

After three years of sustained profit improvements, Access Bank closed the 2017 operations with a profit drop, as loss on investment securities and rising credit losses hurt profit performance. The bank’s profit had slowdown sharply in 2016, which extended into a drop in 2017.Net gains on investment securities collapsed from N55 billion into a net loss of over N33 billion [...]

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    Spend or save: CBN’s confusing policy signals

Spend or save: CBN’s confusing policy signals

The Central Bank’s monetary policy committee ended its meeting in June last year blaming the fiscal authorities for not spending enough to propel economic recovery. The committee’s next meeting since then has just ended on 4th April 2018 with a call on the fiscal authorities to freeze growth in aggregate expenditure and revenue distributions and start saving. This is [...]

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    Unilever Nigeria: Another triple digit leap in profit

Unilever Nigeria: Another triple digit leap in profit

Unilever Nigeria lifted after tax profit by over 142% to N7.45 billion in 2017, maintaining triple digit profit leap for the second year after a 158% rebound gave the conglomerate a new growth momentum in 2016. This is a new profit high for the company since it lost nearly one-half of after tax profit in 2014.For the first time in [...]

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    Guaranty Trust Bank lifts profit with drop in loan losses

Guaranty Trust Bank lifts profit with drop in loan losses

Guaranty Trust Bank lifted after tax profit by 29% to N170.47 billion at the end of 2017, just on target with our full year projection of N170 billion for the bank. The profit growth came largely from a drop of 81% in loan impairment charges, as revenue ended flat also as anticipated. The drop in credit losses saved over N53 [...]

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    Trading income lifts Zenith Bank from loan impairment hit

Trading income lifts Zenith Bank from loan impairment hit

Loan impairment charges more than tripled to N98.23 billion for Zenith Bank in 2017 but management used a 456% advance in trading gains to level up the impact of credit losses on the income statement and still achieved an accelerated growth in profit. The galloping growth in loan loss expenses for the second year and the phenomenal rise in gains [...]

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    NNPC closes 2017 with N82b deficit

NNPC closes 2017 with N82b deficit

NNPC Group closed the 2017 full year operations with a budget deficit of N82 billion against its budgeted surplus of N601.16 billion for the year. [...]

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    Nigeria’s crude oil earnings at 5-month peak in December

Nigeria’s crude oil earnings at 5-month peak in December

Crude oil sales proceeds by Nigerian National Petroleum Corporation (NNPC) surged 132% to $342.18 million last December – the second highest monthly earnings record in 2017.  NNPC’s financial report for December 2017, which contains this information, shows a strong recovery in total crude oil and gas sales proceeds – which rose from $273 million in November to $447.7 million in December [...]

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    Total Nigeria: Profit drops from 2016 peak

Total Nigeria: Profit drops from 2016 peak

Total Nigeria has reported a drop of 46% in after tax profit in the 2017 full year from the record profit high it registered in 2016. At N8.02 billion, after tax profit is down to the second highest figure in the operating history of the oil marketing company. Total Nigeria had multiplied after tax profit more than three and half [...]

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    Oil revenue going up but government borrowing on the rise too

Oil revenue going up but government borrowing on the rise too

Both federal and state governments have continued to pile up new debts even as crude oil price and revenue maintained a general uptrend since 2017. Within the first nine months of the year, total public debts rose by more than N3 trillion to stand at N20.37 trillion, according to the figures issued by Debt Management Office (DMO). [...]

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    Seplat Petroleum reaps tax credit windfall

Seplat Petroleum reaps tax credit windfall

Seplat Petroleum Development Company, the oil producing firm, has returned to profit, ending three years of rapidly falling profits that hit a big loss at the end of 2016. A strong final quarter saw the company advance from near break-even at the end of the third quarter to a pre-tax profit of N13.45 billion at full year.Profit performance was reinforced [...]

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    Food/beverages sector: Springing back to life

Food/beverages sector: Springing back to life

Food and beverage companies recorded considerable progress towards recovery in 2017 from the foreign exchange crisis of 2016, the associated exchange losses and the drop in consumer spending power due to economic recession. Stability in the foreign exchange market last year strengthened output and consumers gradually adjusted to price increases. The operators here however still faced a highly competitive market [...]

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Exchange Rates

May 09, 2018USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS360495436
KANO360494435
PH361494430
ABUJA360495430
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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