21st to 27th December 2015

December 21, 2015
Power alone gulps 40% of production cost – MAN

The Manufacturers Association of Nigeria (MAN) has said that because of insufficient power supply, over 40 per cent of production cost in Nigeria goes into electricity generation by manufacturers. Mr Regard Odiah, a member of MAN and Chairman, Technical Committee on Operationalisation of Micro-Grid for Industrial Initiative, made the statement in Abuja when he presented the report of the committee to NERC. Odiah said the combined power generation capacity of MAN nationwide was 15,000mw while the maximum generation from the central/national grid was less than 5,000mw and unreliable. Read More

FBN Holdings loses profit on rising credit losses

FBN Holdings still towers above the rest of the banks in the industry by revenue but rising credit losses have robbed it of significant profit capacity this year. Impairment charges for credit losses made an upsurge of about 250% year-on-year at the end of the third quarter to stand at N46.64 billion. That has far exceeded the total impairment charges of N25.94 billion the bank made in the whole of 2014.The ability to convert revenue into profit has therefore weakened for the bank this year. At the end of the third quarter, net profit margin dropped from 17.2% at the end of 2014 to 12.8% – the lowest among the leading banks. The bank’s profit margin hasn’t come this low in many years. Read More

Nigerian stock market loses N2.354tn in one year

The market capitalisation (equities only) of the Nigerian stock market has shed a total of N2.354tn in the past year. The Nigerian Stock Exchange, in its fourth quarter 2014 Fact Sheet, put the market capitalisation at N11.478tn; but at the end of trading on Friday, it stood at N9.124tn.This, therefore, represents a 20.5 per cent drop in the stock market value. The market had been on a decline for the greater part of this year due to various factors. Read More

December 26, 2015
Costly petrol, scarcity spoil Christmas fun

It was indeed a bleak Christmas in many states across the country as an acute shortage of fuel kept many families at home throughout Friday. The fuel scarcity, which began two months ago in the country, became worsened during the Yuletide season as many filling stations were shut. As a result of this, many people could not go to church because there were only few commercial vehicles on the roads. Read More