Nigeria
Business
Q3 2024: Transcorp Power Reports 198% Increase in Profit to N81.1bn
Transcorp Power Plc, yesterday announced its financial results for the third quarter (Q3) of the year ending September 30, 2024, with profit before tax of N81.1 billion, about 198 per cent increase from N27.3 billion in the previous year. The company also achieved a profit after tax of N58.5 billion in Q3 2024, about 186 per cent growth from N20.4 billion reported in Q3 2023. In its Q3 2024 unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153per cent growth over N88.4 billion in Q3 2023. In addition, Transcorp Power’s net finance cost reduced to N538.3 million in Q3 2024, down by by 95 per cent from N10.4 billion in Q3 2023.
Heirs Insurance Group pays N5.7bn compensation to policyholders
Heirs Insurance Group (HIG), which includes Heirs Life Assurance (HLA), Heirs General Insurance (HGI) and Heirs Insurance Brokers (HIB), has paid out N5.7 billion as compensation to policyholders. It has credited its exceptional growth over the past three years to the retail market, which contributed over 90% of its revenue. The accomplishment flaunts the group’s strong focus on retail-driven insurance, delivering customer-centric products and services that resonate with individuals and businesses alike. In line with its growth trajectory, HIG also revealed plans to extend its operations across West Africa through a series of corporate social responsibility (CSR) initiatives aimed at deepening its footprint and fostering long-term socio-economic impact in the region.
NERC: Number of Fatalities in Electricity-related Cases Rose 47% in Q2
The number of Nigerians that died in electricity-related incidents rose to 47.8 per cent in the second quarter of 2024, hitting 34 from the 23 fatalities recorded in Q2 during the period under review. The latest report from the Nigerian Electricity Regulatory Commission (NERC) stated that during the quarter (2024/Q2), no casualty was recorded among the Generation Companies (Gencos) while NESCO and Yola were the only Distribution Companies (Discos) that did not record casualties. “Relative to 2024/Q1, the number of accidents increased by 14.55 per cent, that is, 55 to 63, while the number of fatalities increased by 47.83 per cent, that is 23 to 34, but the number of injuries decreased by 45.16 per cent, from 31 to 17,” NERC said.
Economy
FG must sustain reforms in spite of hardship on Nigerians – World Bank
The World Bank Vice President and Chief Economist, Mr. Indermit Gill said yesterday that the Federal Government should sustain ongoing reforms despite the hardship on Nigerians. While also commending the Central Bank of Nigeria, CBN for the unification of the exchange rates, Gill called on the federal government to provide cost-effective safety nets to protect the most vulnerable people from the hash impact of the reforms. He spoke at the opening session of the #NES30# in Abuja, yesterday. Mr. Gill admitted that the reforms of the present administration had brought hardship to Nigerians, especially the vulnerable poor but that it was the only way out for the economy.
African Countries Seek $5bn for New Energy Bank
A coalition of oil-producing African countries is seeking $5 billion to launch an “energy bank” that would fund projects on the continent, as frustration grows over the reluctance of western institutions to bankroll fossil fuel initiatives because of environmental concerns, FT has reported. The 18-member African Petroleum Producers’ Organisation (APPO) hopes the lender can begin operating in early 2025, according to the Executive Vice President of global trade at the African Export-Import Bank, Haytham El Maayergi, a partner in the project.
FG plans 25% tax on Nigerians earning above N100m
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that wealthy Nigerians earning N100m and above monthly will face a 25 per cent personal income tax rate if a new tax bill is passed by the National Assembly. He stated that 90 per cent of the current taxpayers are people who should not be taxed while advocating for a more streamlined and equitable tax system in the country. This revelation was made during a breakout session at the ongoing 30th Nigeria Economic Summit organised by the Nigerian Economic Summit Group and the Ministry of Budget and National Planning on Monday in Abuja.
Politics
PDP factional chairmen clash as govs fail to resolve crisis
As the crisis within the Peoples Democratic Party persists, new factional acting National Chairman Yayari Mohammed has challenged the rival National Working Committee led by Umar Damagum to act on their security threats. The acting National Publicity Secretary, Ibrahim Abdullahi of the Damagum-led NWC faction, at a press conference in Abuja on Monday warned of potential security measures against Mohammed’s faction in order to uphold the rule of law during the ongoing internal disputes. The opposition party has been embroiled in an internal crisis since 2022, which has polarised its NWC
Ghana
Business
Moody’s upgrades Ghana’s credit rating… says country’s outlook positive
Global credit ratings agency, Moody’s, has upgraded Ghana’s long-term local and foreign currency issuer ratings to ‘Caa2’ from ‘Caa3’ and ‘Ca.’ Also Moody’s shifted Ghana’s outlook from ‘stable’ to ‘positive,’ in view of the reduction in Ghana’s debt situation. In a statement issued on Friday, Moody’s said the upgrade marked a significant improvement for Ghana, driven by the country’s extensive debt restructuring. “The positive outlook reflects the potential for liquidity risk to ease amid ongoing fiscal consolidation efforts supported by an IMF programme,” Moody’s said.
Economy
Germany reaffirms ‘3G’ focus for Ghana’s development
Green energy, good governance and growth for jobs will continue to be the 3G-focal-areas of the Ghanaian-German Development Cooperation, the German ambassador to Ghana, Daniel Krull, has said. He said it was in support of this priority that Germany agreed to commit additional 150 million euros for projects in Ghana during bilateral development cooperation negotiations in Berlin in November last year. The German ambassador disclosed this at the German National Day celebrations held in Accra on Thursday to commemorate the 34th anniversary of German reunification.
Politics
NDC targets all 11 Upper West seats
The National Democratic Congress (NDC) is targeting all 11 parliamentary seats in the Upper West Region in the December 2024 poll. If achieved, it would be an addition of three seats to the eight it currently holds. The New Patriotic Party (NPP) holds the remaining three. The NDC’s presidential candidate, former President, John Dramani Mahama, made the call at a rally at Nadowli in the Nadowli-Kaleo constituency on day one of his three-day campaign tour of the Upper West Region on Saturday. Mr Mahama underscored the need for the NDC to secure overwhelming majority in the next parliament to execute the party’s reset agenda.
Kenya
Business
KRA to monitor paybills, tills in plan to expand tax bracket
The government has announced a fresh onslaught on businesses and will be looking to ride on paybills and till numbers to nab tax evaders after e-tims failed to solve the issues. A plan disclosed by senior economic adviser to the President, Moses Kuria, revealed that the state is planning to convert mobile money paybill and till numbers into electronic tax registers (ETRs) by December 25, in a bid to catch tax evaders. This is after more than three-quarters of registered companies snubbed Kenya Revenue Authority’s electronic tax invoice management system (eTIMS), in its first year of operation, dealing a blow to efforts to drive compliance and curb tax evasion.
Economy
Risk-based lending rates cut appetite for new credit - CBK
The shift to risk-based pricing by banks has led to a reduced appetite for new loans, resulting in higher non-performing loans (NPLs), a new survey by the Central Bank of Kenya has shown. This has in turn led to an overall drop in loan uptake, which is expected to continue until the end of the last quarter of 2024. CBK's latest perception survey on commercial banks indicates that credit growth is expected to slow down by the end of 2024, compared to the same period in 2023.
Politics
How fuel will retail in five major towns
The Energy and Petroleum Regulatory Authority on Monday reduced fuel prices. In the October-November price review, the fuel price for super petrol was reduced by Sh8.18 per litre, diesel at Sh3.54 per litre and Sh3.54 per litre for kerosene. The new fuel prices will take effect from October 15 to November 14, 2024. In Nairobi, the price for super petrol is Sh180.66, diesel is retailing at Sh168.06 and kerosene at Sh151.39. The difference in fuel prices in Nairobi and Kisumu is slight in that super petrol in the latter is selling at Sh180.68, diesel at Sh168.44 and kerosene at Sh151.82