Finance

Follow the money: Zenith, Guinness results looking good as AfDB plans to feed Africa


Top of the day,

So things are looking good for Zenith Bank and Guinness Nigeria Plc. as they all reported impressive profitability growth in the period under review.

Total Energies joins the bandwagon for IOCs divesting from Nigeria, India imports oil from Russia, AfDB to support Nigeria for food production as economic fallout looms due to the Russia-Ukraine war and more.

Let’s dive right into it.

FINANCIAL RESULTS

  • Profit Increase For Zenith Bank Plc
  • Nigerian leading lender, Zenith Bank Plc, has released its Q1 2022 financial result, reporting a profit of N58.20 billion in Q1 2022, revealing a 9.68% increase year on year. Zenith Bank’s profit performance is on the back of margin growth as income from interest, trading income and fees and commission income all appreciated year on year.

  • Guinness Nigeria Plc Releases Profits Despite Inflation
  • The 9-month financial result released by Guinness in March 2022, has revealed a profit of N15.28 billion representing a 731.23% increase from the prior-year period, as revenue grew by 38.70%.

  • NNPC, FIRS, Others Generated N28Tr For Nigeria In 2017 to 2019
  • Four (4) Federal Government agencies earned N28.02 trillion between 2017 and 2019, NEITI reveals. These are the Nigerian National Petroleum Company Ltd. (NNPC); Federal Inland Revenue Services (FIRS); Department of Petroleum Resources (DPR) now Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the Ministry of Mines and Steel Development (MMSD).

LOCAL NEWS

IPMAN, FG inaugurates task force to check fuel consumption in the country  

  • Subsidy Payments Projected To Increase 
  • Federal government spends N430.17bn in subsidizing petrol consumption for the first two months of the year. Projected to reach N328bn in March 2022, subsidy payments will reach N758.1bn in the first quarter of the year.

  • Total Energies Divestment
  • French Energy giant, TotalEnergies has joined similar IOCs like Shell and ExxonMobil to divest from their Nigerian oil assets. The stakes will be sold in an onshore oil production joint venture in Nigeria.

This was made known by the Chief Executive Officer of Total Energies, Patrick Pouyanne, at an earnings conference call on Thursday, where he said that the French oil firm will put up for sale its 10% interest in a company operating 20 licenses onshore Nigeria.

FOREIGN NEWS

  • Russia Offers India Payment for Oil in Rupees and Rubles
  • Russia plans to offer India a dual-payment method to facilitate more transactions in local currencies as pressure rises on the sanctioned country over its war in Ukraine. Moscow, Russia’s capital would accept payments in dollars or euros  for Indian oil imports from Russia, while the remainder will be settled in rupees and rubles.

  • Gold Set For Worst Drop
  • The yellow metal is bullish at the start of the London session as a result of worrying U.S. GDP data, which drove some investors toward the safe-haven asset. Despite this, gold is set for its biggest monthly drop since September 2021 as the US Federal Reserve is widely expected to aggressively hike interest rates when it hands down its policy decision in the following week.

  • Bullish Black Liquid
  • The black liquid is bullish at the start of the London trading session on Friday but ongoing COVID-19 lockdowns have dampened fuel demand in China ahead of a long holiday. However, supply disruption fears as Western sanctions impact crude and product exports from Russia underpinned prices.

  • Russia-Ukraine War: AfDB’s $1.5 Billion Emergency Food Production Plan for Nigeria, Africa
  • The economic fallout of the Russia-Ukraine war has pushed the African Development Bank (AfDB) to devise a $1.5 billion Africa Emergency Food Production Plan. The plan is set to support the country’s 5 million small farmers during the wet season of 2022. Implementation is set for May 2022.

 

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