BUSINESS ROUNDUP: Nigeria’s capital importation drops to $1.13bn; Country records $1.41bn forex inflow; Other stories

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

• Access Bank completes acquisition of Finibanco Angola
• Nigeria records $1.41bn forex inflow in June, up by 24%
• Nigeria to renegotiate crude oil quota, after OPEC cuts country’s output by 440,000
• Nigeria’s capital importation drops to $1.13bn, Lagos tops destination list
• Nigerian stock market attracts N145.40bn investments from FBN Holding, others

 

Summary:

Access Holdings has disclosed that its banking subsidiary, Access Bank, has completed the acquisition of a majority equity stake in Finibanco Angola S.A.

Access Bank is expanding its business portfolio and depositor base in Southern Africa through the acquisition of a majority stake in Finibanco Angola.

Ripples Nigeria had reported two months ago that the Central Bank of Angola, Banco Nacional de Angola, approved Access Bank’s plan to acquire a 51 per cent majority stake in Finibanco Angola.

 

FMDQ Exchange has revealed that the total foreign exchange inflow into the Investors’ and Exporters’ window increased to $1.41 billion in June.

During the previous month, data showed that the total foreign exchange inflow was $1.14 billion, indicating two months consecutive increase.

The increase is on the back of the unification of the multiple exchange rates, which was meant to attract liquidity into the Investors’ and Exporters’ window.

READ ALSO:BUSINESS ROUNDUP: Nigeria’s inflation rate to hit 25%; Tinubu signs Executive Orders on tax; Other stories

 

Nigeria’s crude oil production quota will be renegotiated in November, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has revealed.

The country doesn’t intend to cut its crude production output, instead, Kyari said Nigeria is looking to increase its crude levels by 200,000 to 300,000 barrels per day.

Kyari said the ramp-up of production output is expected by October, before another increase will be requested by the Nigerian government in November at the meeting of OPEC+, which makes up members of the Organisation of the Petroleum Exporting Countries and its non-OPEC partner, Russia.

 

Lagos State attracted the highest capital importation by states in the first quarter (Q1) 2023, as Nigeria’s total capital importation stood at $1.13 billion in the same quarter.

The total capital importation depreciated by 28 per cent year-on-year compared to the $1.57 billion reported in Q1 last year.

Although, on a month-on-month basis, the total capital importation increased by 6.78 per cent, against the $1.06 billion recorded in the fourth quarter of 2022.

 

After five days of trading, the Nigerian stock market saw investors exchange 9.831 billion shares in 54,478 deals, worth N145.408 billion, between Monday to Friday.

Investments into the Nigerian bourse significantly topped that of the week before, when 3.369 billion shares were traded by investors in 39,764 deals, valued at N41.986 billion.

The Financial Services Industry topped the list by volume of shares traded, after recording 8.349 billion shares, valued at N127.944 billion, traded in 27,291 deals.

 

On NSE ROUNDUP: NGX bearish run continues with N97.57 billion loss

 

Nascon led the gainers’ list on Friday, with UAC Nigeria topping the losers’ table, as the stock market valuation depreciated by 0.28 per cent, extending its bearish run, which started on Wednesday.

According to stock market data released by the Nigerian Exchange Limited (NGX), the market capitalisation sheds N97.57 billion to settle at N34.06 trillion, from N34.16 trillion.

The All-Share Index fell to 62,569.73 ASI, from 62,748.94 ASI, as it lost 179.21 basis points.

At the end of today’s session, over 600.48 billion shares were traded in 9,554 deals, valued at N8.82 billion, falling short of the N10.44 billion spent on Thursday for 798.46 million shares in 10,296 deals.

 

On the tech scene, Tamwilcom, Rabbit, ABAN, Alibaba, Mascotte Health, Alma Health, AMEA Power, Agthia Group PJSC, YouTube, were some of the names that made the headlines this week.

Twitter, the Elon Musk-owned social media platform, has unveiled its Creator Ads Revenue Sharing program, as it seeks to expand its range of creator monetization options.

Also, Unipal, a startup originally from Bahrain, has announced securing a follow-on investment of US$500,000 from prominent investors Tenmou and Flat6labs, with participation from GTS and angel investors.

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