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Wednesday, 5 December 2018

December 05, 2018

Lafarge plans Right Issue, awaits Regulatory Approval

One of Nigeria Industrial goods manufacturer Lafarge Africa Plc has provides a notice to the Nigerian Stock Exchange for its proposed right issue to existing shareholders

One of Nigeria Industrial goods manufacturer Lafarge Africa Plc has provides a notice to the Nigerian Stock Exchange for its proposed right issue to existing shareholders. The decision was made after an extraordinary meeting of the company's Board of Directors on December 3rd as per the newsletter.

The right issue is a 10.45 percent discount base on Lafarge's share price as at 3rd of December, 2018. It intend to raise a lump sum of N89.21 billion by making available to existing investors. a Right Issue of N12.00 per share by issuing 6 new shares for every 7 shares held by an investor of the company.

The date of he Right Issue is yet to be known. Lafarge promises to announced the date as soon as it is possible. However, the company awaits regulators to give approval for its Right Issue. Lafarge shares falls by 0.6 to close at 12.8 per share on the flour of the NSE yesterday. The company sold a total of 2.8 million shares on that day. Its total market capitalization is 111 billion naira. 


December 05, 2018

CBN gives Approval for Diamond Bank to Operate only as National Bank


The Central Bank of Nigeria has given approval to Diamond bank to operate as a national bank. The approval was granted on 30th of November, 2018 and was made available by the bank on 4th of December. Diamond bank is facing a non performing loan crisis which may affect investors' fund if reactive actions is not taken.



The approval will enables the bank dispose off its branches in the international scene. According to the press release, Diamond bank is already at the final stage to sale of its United Kingdom subsidiary and in 2017 had sold its West Africa subsidiary. It is likely that the proceed from the sales will be used to set-off the non-performing loan challenges.

Though, Diamond bank will not operate branches at the international scene, it does not stop the bank from offering services to international clients. Also, the bank can use its digital channels such as International banking and Diamond Mobile to provide services to customers in the international market and work with the network of correspondence banks.

Maintaining a national status will give Diamond bank the opportunity to lower the minimum capital requirement of the CBN and improves stronger its business in the local scene. Customers should also not that the approval do not affect their deposit and therefore, there is no need to panicked. Diamond bank shares went up the 0.07 to 0.78 Naira per share and its market capitalization is 18 Billion Naira.

Friday, 31 August 2018

August 31, 2018

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Nairawired is the best source for latest news in Nigeria with special focus on quoted and unquoted companies. The aim of Nairawired is to be an advocate of Nigeria's companies to the rest of the world.

Nairawired can be contacted via contact@nairawired.com.ng

Tuesday, 17 July 2018

July 17, 2018

Nigeria Technology sector contributes 9 percent to GDP


A statement front the Nigeria Minister of Industry, Trade and Investment, Mr Okey Enelamah has revealed that Nigeria’s technology sector contributes 9 percent to the total GDP. He made this statement in the on going visit of the Minister as part of the delegate along with vice president Osibanjo in Silicon Valley, California, USA.



The visit is to encourage the investors from US technology center to increase investment and funding to the country. He also said that the Nigerian digital economy will generate 88 billion dollars and provides three million jobs before the end of 2021. All this was said in the Invest in Nigeria Summit in California. He encourage investors in the Valley to partner with Nigeria technology space. So far, several seeds and angel investments have been received by Nigeria tech disruptors startups. With the likes of Andela, Flutterwave, Piggybank and more bringing in  tons of funds into the country.

Source: VIA
July 17, 2018

IMF predicts 2.3 percent GDP growth for Nigeria in 2019


With an earlier prediction of 2.1 percent growth rate for 2018, the International Monetary Fund, IMF, has predicts a 2.3 percent growth for Nigeria in 2019. This is a 0.2 percent increase Year-on-Year. The prediction comes up on IMF World Economic Outlook Update for 2018. The theme is, Less Even Expansion, and Raising Trade Tensions.



The 2.3 percent growth rate is higher than April forecast of 1.9 percent. The reason for the increase of Nigeria GDP by IMF was improvement in crude oil price. For sub Sahara Africa, IMF retains its April forecast of 3.4 percent. Its said that growth was expected as a result of increase in commodity prices. However, the GDP rate is a rise from 2017 percentage of 3.4 percent. For the Global Economy, IMF predicts 3.9 percent for 2018 as well as 2019.

The body urged fiscal authorities to avoid policies that encourage protectionist. Rather, its should use polities that ensures cooperation and growth.
July 17, 2018

NSE report shows a fall in ASI, 13 trillion Market Cap.


The Nigerian Stock Market, NSE, Table for Monday, 16th of January has revealed a market Capitalization of 13 trillion Naira and a fall in All Share Index, ASI, to 37,266.86 basis point. The fall has been recurring overtime in more than three months. However, the market still records an impressive amount of deals, volume and value of shares for the day.



Investors makes 3,402 deals on the day in question. The volume of trade was approximately 303.5  million shares while the value of shares traded in the Exchange was 2.04 billion Naira. The Market makes an impressive gains on Monday.

The top five gainers were Flourmill, UAC Nigeria, NAHCO, ETI and Transcorp in that order. Flourmill made a market gains of 0.9 Naira, followed by UACN of 0.7 Naira, the other three quoted companies on the table have N0.37, N0.35, N0.03 as gains. Transcorp has the highest trade deals of 301 out of the seven gainers on the flour of the Exchange yesterday. The company also has a volume of shares of 40,553,942 at 51,479,197.77 Naira.

A total of 32 quoted companies made losses on the NSE table yesterday. The top five losser are CAP, PZ, FO, UPDCREIT, and CUSTODIAN. CAP makes a capital loss on its shares for N2.5, PZ and FO N1.9, UPDCREIT N1 and CUSTODIAN N0.61. MEDVIEWAIR, FBNH,TRANSCORP, MULTIVERSE, ZENITH are the top five listed companies with the highest trades in the NSE yesterday. Only One of the top five gainers made it to the top of this table as explained above. MEDVIEWAIR has a volume and value of 100,011,380 and N198,379,058 respectively. FBNH was 42,872,700 and N445,843,781.05. MULTIVERSE 20,894,920 and N4,178,984 while ZENITHBANK was 16,614,440 and N398,488,517.65 in that order.

The market will resume today with an ASI of 37,266.86 basis point and 13 trillion Naira Market CAP.
July 17, 2018

IrokoTV has grown now has over 500 staffs in five countries


Its was amazing to me when I read it on social media that Nigeria first video streaming platform, Iroko TV has staffs of over 500 persons in five countries. The infomation was made viral by the founder of the iconic streaming platform, Jason Njoku.



He said this, after reading an internal document of his company, he noticed the growth of Iroko TV to 502 team members across five countries. Lagos, New York, Accra, Nairobi and London.

According to his statement on twitter, he proclaimed a further growth of platform this year. Iroko TV will make it way to Cote d'ivoire, Lusaka and Johannesburg. The platform has competes favorably with Netflix as well as the Linda Ikeji TV.