Nigeria

Business

BUA Cement nets N460bn revenue

BUA Cement plc, yesterday, released its 2023 audited financial statements and accounts showing a total revenue of N460billion in the year under review. Despite taking a huge $70 billion haircut due to devaluation of the local currency and the nation’s challenging economic conditions triggered by the naira redesign policy, the company posted a strong revenue growth of 27.4% to N460 billion as against N361 billion in 2022, resulting to an increasing market share. However, with the devaluation of the Naira last June and its continued depreciation, as well as rising inflation, the Company faced increasing price pressures which impacted production costs, which increased by 39.5 per cent to N276 billion (2022: N197.9 billion).

Official FX rate exceeds parallel marketas Naira appreciates to N1,595/$

The naira yesterday appreciated to N1,595.11 per dollar in the official Nigerian Foreign Exchange Market (NAFEM). Meanwhile the NAFEM exchange rate rose above the parallel market exchange rate which closed at N1,490 per dollar yesterday. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,595.11 per dollar from N1,609.51 per dollar on Wednesday, indicating N14.4 appreciation for the naira. Similarly, the naira yesterday appreciated to N1,490 per dollar in the parallel market from N1,610 per dollar on Wednesday. As a result, the gap between the official and parallel market exchange rates narrowed to N135.11 per dollar yesterday from 49 kobo per dollar on Wednesday.

Seplat Energy declares N696.9bn revenue in 2023 …Makes fresh appointments

Seplat Energy PLC, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announces its audited results for the twelve months ended 31 December 2023, recording a growth 12 per cent in revenue from N403.9bn to N696.9bn. This is as the company announced the appointment of Mr. Udoma Udo Udoma as the Company’s new. Independent Non-Executive Chairman to succeed Mr. Basil Omiyi who will retire on March 31, 2024. Mr. Udoma’s appointment was approved after a unanimous vote by Directors of Seplat Energy, in compliance with the Nigerian Companies and Allied Matters Act (“CAMA”) 2020 and is effective April 1, 2024.

Economy

FG pays $120m from gas debts as blackout spreads

The Federal Government has paid $120m out of the $1.3bn indebtedness to gas companies for the supply of gas to run gas-fired power plants across the country. Nigeria is currently suffering from low power supply because many gas suppliers have reduced, while others stopped supplying the commodity to power-generating companies due to the indebtedness of the Gencos to gas-producing firms. The Minister of Power, Chief Adebayo Adelabu, recently revealed that the crash in power generation and attendant poor supply since January was because gas suppliers stopped supplying gas for the generation of electricity due to the indebtedness of the sector to gas producers.

CBN to increase surveillance on BDC operations

The Central Bank of Nigeria (CBN) has stated that it will increase surveillance of Bureau De Change Operators (BDCs) operations to ensure compliance with regulations and to detect any potential abuses or irregularities in the Nigerian FX market. The CBN Governor, Olayemi Cardoso, stated this at the recently concluded Monetary Policy Committee (MPC) which held in Abuja. Speaking on the proposed guidelines for the operation of BDC businesses in Nigeria, Cardoso said that the CBN is concerned with the rising proliferation of BDCs, with thousands of them operating, each with varying interests. He noted that some individuals may have obtained BDC licenses with the intention of exploiting loopholes in the foreign exchange market.

FG set to tap into $350bn global outsource market

The Federal Government has expressed the willingness to key into the thriving global outsourcing market, which has grossed almost $350 billion for seven top countries that engaged in it, with a view to tapping into its huge job opportunities for the nation’s teeming youths. In its efforts to benefit from it, the Vice President, Senator Kashim Shettima, will on Monday, March 4, 2024, in Gombe State, launch the Outsource to Nigeria Initiative, OTNI, a private sector-led, government-enabled programme anchored by the Office of the Vice President. It is designed to create jobs in the business process and technology-enabled outsourcing sector. The Initiative is part of efforts and determination to actualize the agenda of President Tinubu’s administration on job creation.

Politics

Obi flays CBN’s interest rate, CRR hikes …Warns of more economic hardship, job losses

Labour Party presidential candidate, Mr. Peter Obi, has warned that the recent decision of the Monetary Policy Committee to increase the Monetary Policy Rate, MPR, to 22.5 per cent and the Cash Reserve Ratio, CRR, to 45 per cent will further worsen the economic situation of most Nigerian households as it is bound to cause more job losses in the productive sector. In a series of posts made on his verified X handle, the former governor of Anambra State said that this measure would rather be counterproductive as it would not address the intended purpose of managing the money supply. He said the most critical way to manage our high rate of inflation and decline in production is for the government to address the issue of insecurity in the country, which will allow for increased food, and crude oil production, and an overall increase in production, which will make products, especially food, cheaper.

Ghana

Business

EAIS celebrates 22nd Founder’s Day

The East Airport International School (EAIS) in Accra, over the weekend celebrated its 22nd Founders’ Day on the theme “Acquiring the habit of discipline for life and academic success”. The event saw both pupils and students in several performances in arts, science, and sports. In an address to mark the day, Wing Commander Hilda Akuoko Adjei of the Ghana Air Force, said that it was important to make discipline a habit in all spheres of life as it is the bedrock of success. “It is often said that being successful is not about just talent and intelligence, but about consistent effort and focused dedication and discipline is the tool that enables us to remain consistent in our efforts and stay dedicated so that we can harness our potential and turn it into tangible achievements,” she said.

Economy

Allocate 1% GDP to research – Dr Agyenim

The Director of the Institute of Industrial Research (IIR), one of the 13 institutes under the Council for Scientific and Industrial Research (CSIR), Dr Francis Boateng Agyenim, has advocated the allocation of one per cent of Ghana’s Gross Domestic Product (GDP) to research by the government. Such a move, he indicated would help the CSIR to fully undertake various research which would be beneficial to the citizenry as most of its activities were mostly donor funded or driven. Dr Agyenim made this known at the maiden edition of the CSIR-IIR annual research and industry meeting held in Accra earlier this month. The purpose of the meeting was to engage with industry players and other stakeholders to deliberate on ways to bridge the gap between research and industry.

Politics

President appoints Dr Dacosta Aboagye as NHIA CEO

The President, Nana Addo Dankwa Akufo-Addo, has appointed the Director of Health Promotion, Ghana Health Service, Dr Dacosta Aboagye, as the new Chief Executive of the National Health Insurance Authority (NHIA). The Secretary to the President in a letter explained that the appointment is pursuant to Section 14 (1) of the National Health Insurance Act, 2012 (Act 852). According to the letter, Dr Aboagye takes over from Dr Bernard Okoe Boye, Minister of Health-designate and the appointment is “pending receipt of the constitutionally required advice of the governing board of the Authority given in consultation with the Public Services Commission.”

Kenya

Business

Coffee trade hits Sh1.3bn as reforms pick up

Coffee trade at the weekly auction recorded a strong performance this week, as the value of volumes sold hit a new high of $9 million (Sh1.3 billion). This comes as the latest government-led reforms in the sector enter their second year, with good prices signalling better earnings for farmers this year compared to previous years. Nairobi Coffee Exchange data shows the weekly trade recorded an increase in the volumes traded, which jumped 35 per cent to 30,272 bags compared to last week, with a value of Sh1.3 billion. This was a 35 per cent rise compared to the $6.68 million (Sh976.9 million) traded last week.

Economy

EU Parliament clears trade deal with Kenya

Members of the European Parliament have approved the EU’s Economic Partnership Agreement with Kenya, bringing it closer to fruition. On Thursday, the MPs voted by 366 in favour, 86 against and 56 abstentions, to give their consent to the EU-Kenya Economic Partnership Agreement (EPA) that aims to strengthen trade and economic ties with Kenya. It is the first agreement with a developing country in which the EU's new approach to trade and sustainable development is reflected. The agreement includes binding and enforceable provisions on international standards and agreements on labour, gender equality, climate and the environment, and prevents both parties from lowering labour and environmental standards.

Politics

Raila heads to Rwanda as his AU campaign gains momentum

Opposition Chief Raila Odinga will next week fly out of the country to Rwanda as his campaign for the top AU job gains momentum. Raila will be meeting Rwandan President Paul Kagame to seek his vote in the coming Africa Union Commission chairmanship elections early next year. The former Prime Minister has been criss-crossing the continent since he publicly declared his interest in the seat on February 15. The ODM boss, who spoke in Kisii county on Thursday, said Tanzanian President Suluhu Hassan has agreed to support his bid. There have been speculations that Tanzania could rally behind former President Jakaya Kikwete to challenge Raila for the seat.