All the latest news from Investing Port https://www.investingport.com Based on an analysis of Meyer Plc's most recent financial statement by BusinessDay, the company's earnings as one of Nigeria's largest paint manufacturers, fell by 40% last year. The company's after-tax profit in 2022 was N393 million; in 2023, it was N235 million. Operating costs rose from N568 million to N707 million, a 24 percent increase.Its financing cost rose significantly during that time, from N1.9 million to N4.1 million, a 114 percent increase.Operating expenses included substantial administrative costs, amounting to N410 million. The main drivers of these costs were performance and management fee expenses, which accounted for 38.7% of the total expenses.The company's selling and distribution expenses increased by 30% to N297 million from N227 million due to employee costs and carriage inward fees.Revenue increased by 64 percent from N1.37 billion in 2022 to N2.26 billion in 2023. The sale of paints brought in N2.25 billion, and services costing N6 million accounted for N6 million of the total revenue of N2.26 billion.Finance income increased from N82 million to N159 million. The company's operating income dropped from N51 million to N13 million, a 160 percent decrease.Meyer's diluted and basic earnings per share decreased from 79 to 47 kobo. The sum of all liabilities and equity rose from N1.44 billion to N1.68 billion.Net cash from operating activities increased modestly to N103 million in 2023 from a loss of N153 million in 2022, primarily due to the company's working capital inflows.Net cash from investing activities increased by N89 million during the reviewed period, as opposed to N73 million. However, net cash from financing activities experienced a loss of N166,000 instead of N11.4 million.At the end of the period, the closing balance of cash and cash equivalents was N1.52 billion, an increase from N1.32 billion.About Meyer PlcMeyer Plc, formerly known as DN Meyer Plc, is a premier entity in Nigeria’s manufacturing landscape, primarily focused on producing and marketing a comprehensive range of paint products, coatings, adhesives, and flooring solutions. With its inception dating back to 1960 and a transformation into a public entity in 1979, the company has established a robust presence in the market, further solidified by its listing on the Nigerian Stock Exchange the same year. Meyer Plc operates under the leadership of a distinguished board of directors. Its corporate headquarters are nestled in the industrious heart of Ikeja, Lagos. The company boasts a significant shareholding structure, predominantly held by Greenwich Capital Limited and Bosworth Investments & Services Limited, alongside substantial Nigerian citizen ownership. In the year ended December 31, 2023, Meyer Plc demonstrated commendable financial stewardship, recommending a dividend of 30k/Share, underscoring its financial health and commitment to shareholder value. Additionally, the company prides itself on a strong focus on research and development, fostering continuous innovation in its product offerings while emphasizing employee welfare and safety, reflecting its corporate ethos of excellence and integrity.]]> Fri, 26 Apr 2024 12:01:02 EST https://www.investingport.com/meyer-plcs-revenue-fell-by-40-in-2023/ https://www.investingport.com/meyer-plcs-revenue-fell-by-40-in-2023/ Yesterday, the Central Bank of Nigeria (CBN) increased the exchange rate for paying customs duties at the nation's seaports by 11.1% following the crash in the value of naira against the dollar in the FX market.According to information from the Nigeria Customs Service's official trade portal, CBN increased the Customs FX duty rate from N1,150.16/$ to N1,329.94/$ on Thursday, April 25.This hike indicates a rate increase of 11.1% over the previous opening Form M rate of N1,150.16/$ and an increase of N1,329.94/$ on the cost per dollar to clear goods at the port.Related News: CBN Adjust Customs Exchange Rate for the Fifth Time This YearFederal Government Increase Exchange Rate for Cargo Clearance From N952/$ to N1356/$Senate Approves Nigerian Customs Service N5.079 Budget for 2024It was also reported that the naira lost 12% of its value this week on the Nigeria Autonomous Foreign Exchange Market (NAFEM). At Thursday's official end of the market, it continued to weaken, closing at N1,309.88 to the dollar.Over the last four days, the naira has declined by 12% to trade at N139.89 compared to its closing price of N1,169.99 last week. On Monday, it closed weaker at N1,234.49.Click the link to see a full view of other foreign exchange rates.This was despite a $510 million increase in turnover from $89 million. By Tuesday, the naira's value depreciated further to N1,300.15 to the dollar, with intraday trading seeing deals consummated between N1,317 and N1000, as reported.At the end of Tuesday's trading, a turnover of $133.65 million had been recorded. The naira closed at N1,308.52 to the dollar on Wednesday, with trades done between N1,367 and N1,098 to the dollar, demonstrating the ongoing depreciation of value. Turnover in the market continued to rise, standing at $197.54 million.READ ALSO: Here are 6 Ways You Can Use an Excel Sheet to Increase Your ProductivityOn Thursday, the naira was worth N1,309.88 to the dollar, a slight depreciation. While turnover increased significantly to $318.08 million, intraday deals were completed between N1,439 and N1,000.Due to the ongoing supply shortage, traders point out that market forces caused the dollar's depreciation. On Monday, the Central Bank of Nigeria gave Bureau de Change operators dollars.WIN N50,000 GIVEAWAY EVERY WEEK HERE!It follows that, compared to importers who opened Form M earlier in the week, importers opening Form M today will need to pay more in import duties.Back StoryAs the naira continues its battle against the dollar, the Central Bank of Nigeria (CBN) adjusted the exchange rate for computing customs duties at the nation’s seaports. This has caused Apex Bank to change the exchange rate for the fifth time this year.According to information obtained from the official trade portal of the Nigeria Customs Service, the exchange rate was reviewed upward on Wednesday morning, February 14, 2024, from N1 444.56/$ to N1 481.482/$.This increase shows that importers of any commodity will pay more to clear their goods as import duties are benchmarked against the dollar.The present review by the Central Bank of Nigeria (CBN) represents a 2.6% increase in the Customs duty rate and an increase of N36.922 per dollar compared to the previous rate of N1, 444.56/$.]]> Fri, 26 Apr 2024 10:32:47 EST https://www.investingport.com/cbn-increases-the-exchange-rate-for-paying-customs-duties-by-111/ https://www.investingport.com/cbn-increases-the-exchange-rate-for-paying-customs-duties-by-111/ Dangote Cement Plc released its first quarter (Q1) report yesterday. The quarter ended March 31, 2024, and was unaudited. The cement company reported that profit before taxes was N166.4 billion, up 13.3% from the N146.8 billion recorded in the first quarter of 2023. On the Nigerian Exchange Limited (NGX), Dangote Cement Plc reported a Q1 2024 profit after tax of N112.67 billion, a 3% rise from Q1 2023's N109.5 billion.Dangote Cement reported N817.35 billion in revenue for the Q1 2024 under review, a notable 101% increase from N406.72 billion in 2023. This increase was attributed to strong volume growth and price increases in line with rising inflation.Related News:Dangote Refinery Reduces Diesel and Aviation Fuel AgainDangote Cement to Pay N30 Dividend Per Share to ShareholdersDangote Refinery Slashes Diesel Price From N1200 to N1000According to the company, sales volumes from its primary operations in Nigeria increased by 26.1% to 4.6 million tonnes in Q1 2024 from 3.6 million tonnes in Q1 2023."The strong rebound in Nigeria volumes is due to an uptick in economic activities in comparison to last year when the combined effect of election uncertainties and currency crunch caused a slowdown of infrastructural projects and impacted the retail end of the market."As a result, Nigeria's revenue rose 61.6% to N452.9 billion in Q1 2024 from N280.3 billion in Q1 2023. Meanwhile, pan-African volumes continued upward in the first quarter, increasing by 3.1% to 2.7Mt from 2.6Mt in Q1 2023, on the back of improved sales, especially coming from Congo, Zambia, and Ghana."Consequently, pan-Africa revenue was up by 201.6% to N381.3 billion, owing to robust demand from the region in addition to price increases.," the company added in a statement obtained by THISDAY.Dangote Cement Plc's operating profit was N255.3 billion in Q1 2024, representing a 62.7% increase from N156.9 billion in Q1 2023. This brought its margin to 31.2% from 38.6% in Q1 2023.In a statement, Dangote Cement's CEO, Mr. Arvind Pathak, said, "Our Nigerian operations witnessed a strong rebound, with volumes up 26.1% to 4.6Mt in the quarter, driven by an uptick in economic activities."Similarly, our pan-Africa operations continued upward, with volumes up 3.1% to 2.7Mt, buoyed by increased sales in Zambia and Congo.Despite elevated cost pressures, increased borrowing costs, and further currency weakening, our first-quarter results reflect our commitment to navigating challenges effectively. Group revenue more than doubled to N817.4 Billion, while Group EBITDA rose 66.6 percent to N309.5 Billion."PAT was up 2.9% at N112.7 billion. These results underscore our ability to adapt and thrive in a dynamic business environment while delivering value to our stakeholders.During the quarter, we intensified our emphasis on exports, dispatching seven ships from Nigeria to Ghana and Cameroon. As a result, our Nigerian exports surged by 87.2%, reflecting our commitment to expanding our presence in regional markets and capitalising on our export-to-import strategy."We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future."Back StoryOn Tuesday, the Dangote refinery announced that aviation fuel and diesel prices would now sell for N980 and N940 per litre, respectively.This follows the company's announcement last week that it would reduce the diesel price from N1,200 to N1,000 per litre.In a statement on Tuesday, its Group Head, Corporate Communications, Anthony Chiejina, explained that the company is committed to ensuring that Nigerians have better welfare.According to the statement, customers purchasing five million litres or more from the refinery will pay N940, while those purchasing one million litres or more will pay N970.]]> Fri, 26 Apr 2024 07:45:53 EST https://www.investingport.com/dangote-cement-plc-releases-q1-report-with-n11267-billion-pat/ https://www.investingport.com/dangote-cement-plc-releases-q1-report-with-n11267-billion-pat/ On Thursday, the naira experienced a major decline against the US dollar, trading at N1,309/$ at the official market and N1,420 at the parallel market. This depreciation can be attributed to the high demand for the dollar.The new rate shows a 6.8% decline from how the naira traded against the dollar for N1,330 on Wednesday, following fresh pressure on the dollar's demand in the FX market.PUNCH reported that currency dealers at the Wuse Zone 4 market claimed that operators made a profit margin of N80 by purchasing the dollar at N1,340 and selling it at N1,420.Related News:Naira Falls to N1,234 Against the Dollar on Monday According to The FMDQ DataNaira Traded for N1,072 Against the Dollar at the Official Market on WednesdayNaira Is Expected to Appreciate More Following CBN MeasuresIn a telephone conversation with the news network, Malam Yahu Abubakar said “We are selling at N1,420 per dollar today, and we bought at N1,340. The only reason the naira is dropping is an increased demand for the greenback. The CBN is trying to address the situation, but it has not affected the market.”With the current exchange rate, the naira has lost 26.2% in just two weeks compared to the N1,125 per dollar quoted on April 12, 2023, on the parallel market, also known as the black market.On Monday, the Nigerian Central Bank authorised the distribution of $15.83 million to 1,583 BDC operators, aiming to improve unofficial market liquidity. The CBN announced the allocation of $10,000 to operators nationwide in a letter to BDCs. The allocation, which is only made available to those who qualify at a rate of N1,021 per US dollar, aims to stabilise the foreign exchange market.In a letter to the Association of Bureau De Change Operators of Nigeria, the CBN stated that, as of Monday, April 22, 2024, all qualified BDCs must begin making Naira deposit payments to the designated CBN Naira Deposit Account Numbers. The CBN will release foreign exchange at the appropriate CBN branches upon receipt of the required documentation and confirmation of payment.At the close of Thursday's trading at the official market, the value of the naira against the dollar had declined to N1,309.88 when compared to the previous rate of N1,308.52 on Wednesday, which represents a 0.10% decline.According to a summary of the forex trade, the intraday high declined by N68 to close at N1,435 per dollar, compared to N1,367. From N1,098 on Wednesday, the intraday low declined to N1,100.READ ALSO: How to Professionally Introduce Yourself as a New Hire in a CompanyThis Wednesday at the Nigerian Autonomous Foreign Exchange Market, the volume of forex trading between a willing seller and a willing buyer increased significantly by 61% to $318.08 million, surpassing the previous record of $197.54 million. Back StoryOn Monday, data from the FMDQ securities exchange indicated that the naira's value at the official foreign exchange market declined to N1,234 against the US dollar.According to the exchange rate, the naira dropped from N1,169.99/$1 on Friday by N65 or 5.26%.On Wednesday last week, the naira appreciated about N1,072.74, as traders predicted it would fall below N1,000/$1 for the first time.]]> Fri, 26 Apr 2024 03:13:38 EST https://www.investingport.com/naira-trade-against-the-dollar-at-n1309-at-the-official-market/ https://www.investingport.com/naira-trade-against-the-dollar-at-n1309-at-the-official-market/ Mr Akinwumi Adesina, the president of the African Development Bank, stated yesterday that non-transparent resource-backed loans threaten Africa's economic prospects because they make debt resolution more difficult and risk the countries' future growth.He said this at the Semafor Africa Summit, which was held on the sidelines of the International Monetary Fund and World Bank 2024 Spring Meetings."I think it is time for us to have debt transparency accountability and make sure that this whole thing of these opaque natural resource-backed loans ends because it complicates the debt issue and the debt resolution issue," Adesina told Semafor Africa.Adesina highlighted the challenges of Africa's increasing external debt, which reached $824 billion in 2021. He also stated that this year, Africa would pay $74 billion in debt service payments, a significant rise from $17 billion in 2010.Adesina emphasised the need to address the structural problems in Africa's debt landscape while realising that the continent's countries were under fiscal pressure due to the COVID-19 pandemic, infrastructure needs, and rising inflation.He highlighted the shift from low-cost financing to high-cost, short-term commercial debt, with Eurobond debt now making up 44% of Africa's total debt, up from 14% to 17% previously.The head of the AfDB also criticised the "Africa premium" that nations must pay to access capital markets, even though statistics indicated that Africa had lower default rates than other regions.He demanded that the idea of risk be changed, as it has increased borrowing costs for African countries.Adesina also stressed the importance of implementing an efficient and secure approach to dealing with Africa's debt, urging faster implementation of the G20 Common Framework."What is particularly interesting in Africa is that the level of concessional financing itself has gone down, (it) has shrunk significantly," he said.He claims the 37 most vulnerable nations receive long-term financing at low-interest rates from the African Development Fund, the bank group's concessional lending arm to low-income nations. Adesina discussed the different tools and programs the African Development Bank uses, such as partial credit guarantees, hybrid capital, and synthetic securitisation, to lower project risks and attract institutional investors.Regarding the future, he expressed confidence about the opportunities in Africa, particularly in renewable energy, given the continent's vast solar potential.He also emphasised the Africa Investment Forum, established by the bank and its associates to unite global investors and promote significant investments in vital areas such as digital, renewable energy, and infrastructure."Africa is the best investment destination in the world," Adesina concluded, emphasising the African Development Bank's commitment to creating an enabling environment for investments to thrive.The Semafor Summit session, "Rising Global Middle Class: Is Rising Developing Nation Debt a Blessing or a Curse?", brought together a range of participants to discuss the increasing debt burden developing countries face as borrowing costs have risen.]]> Thu, 25 Apr 2024 12:28:58 EST https://www.investingport.com/824-billion-resource-backed-loans-slowing-africas-growth-akinwumi-adesina/ https://www.investingport.com/824-billion-resource-backed-loans-slowing-africas-growth-akinwumi-adesina/ British International Investment, an impact investor and development finance institution based in the United Kingdom, has reported that it has entered into a risk-sharing agreement worth $100 million with Citi to assist African corporations and small and medium-sized businesses with their trade finance requirements.The facility is expected to assist high-potential companies hindered by a lack of funding. This was presented during a signing ceremony in Washington during the World Bank's Spring Meetings.According to a statement released by the impact investor on Wednesday, the facility will help solve the currency shortage in the region by supplying trade funding to Citi's wide network of commercial banks. This will enable financial institutions to assist African businesses by allowing the importation of essential commodities like rice, wheat, sugar, and fertiliser.Related News: British International Investment Invests $15 Million Into Nigeria’s Agricultural SectorBII is an investment partner to companies in the Caribbean, Asia, and Africa that help eligible markets develop inclusive, sustainable, and productive economies while also supporting the UK government's clean green initiative.The funding is provided when local companies find it difficult to obtain necessary imports due to difficulties brought on by the COVID-19 pandemic and the conflict between Russia and Ukraine. As a result, interest rates, high inflation, and commodity prices have surged. According to BII, as a result, the trade finance gap in Africa has increased by approximately a third since the onset of the pandemic, climbing from $81 billion in 2019 to $120 billion in 2023.The report stated that the BII and Citi facilities will help local businesses in underserved markets finance the import of economically productive goods, transport, essential equipment, and machinery, supporting the emergence of manufacturing industries in Benin, Cameroon, Côte d'Ivoire, Rwanda, Tanzania, Uganda, and Zambia.The UK's Minister for Development and Africa, Andrew Mitchell, said, "This investment underlines BII's commitment to supporting fragile economies across Africa in accessing vital goods to support food production, including fertiliser and agricultural machinery. By investing in countries where support is most needed, BII continues to lead the fight against food insecurity."The Chief Executive Officer of British International Investment, Nick O'Donohoe, asserted, "Our investment with Citi deepens BII's footprint across the continent and supports local businesses struggling to maintain and expand operations due to a lack of capital."The facility is a testament to our commitment to tackling complex issues such as food security in Africa by extending liquidity solutions to strategic sectors. This empowers local businesses to strengthen supply chains and accelerate the flow of essential trade."The Head of DFI Strategic Partnerships at Citi, Stephanie von Friedeburg, added, "Citi is proud to work with BII to strengthen trade and food security in frontier and emerging African economies. Today's announcement combines BII's long history of support in the region with Citi's unique cross-border vantage point."At Citi, we understand the transformative potential of global trade and are committed to bringing solutions that facilitate critical investments to enable economic growth."READ ALSO: How to Effectively Use Cold Mail to Land Your Next JobBack StoryIn December last year, British International Investment (BII) announced its plan to sign a $15 million contract with Valency International, a Singapore-headquartered agricultural commodities trading house. This was announced in a statement on Tuesday, where British International Investment (BII) said that the fund was for expanding processing and warehouse infrastructure in Nigeria.In addition to the $15 million funding, the UK’s development finance institution (DFI) and impact investor said it could invest $35 million in equity in Valency within two years of completing its initial investment.British International Investment (BII) stated that even though agriculture continues to be a top contributor to the Nigerian economy, contributing to a quarter of the total gross domestic product and creating more jobs for one out of three Nigerians, the manufacturing sector remains underdeveloped in the local agricultural industry.]]> Thu, 25 Apr 2024 09:40:03 EST https://www.investingport.com/british-international-investment-and-citi-invest-100-million-in-smes/ https://www.investingport.com/british-international-investment-and-citi-invest-100-million-in-smes/ The Nigerian stock market finished the mid-week session yesterday with a bearish run, as its overall capitalization lost N673 billion.The NGX All-Share Index (ASI) lost 1,190.24 points, representing a decline of 1.20%, to close at 9,121.30 points. This led to market capitalisation declining by N673 billion to close at N55.494 trillion.The decline was attributed to price depreciation in large and medium-capitalised stocks, which included MTN Nigeria Communications (MTNN), Transcorp Hotels, FBN Holdings (FBNH), Fidson Healthcare, and Transnational Corporation (Transcorp).However, market breadth closed positive, as 22 stocks gained relative to 19 losers. Top Gainers: SUNU Assurance, Neimeth International Pharmaceuticals, and The Initiates Plc (TIP) led the chart with 10% each to close at N1.21, N1.98, and N1.98 per share. This was followed by CAP, which gained 9.90% to close at N28.85, while UPDC rose by 9.76% to close at N1.35 per share.Top Losers: Transcorp Hotels and MTNN led the chart with 10% each to close at N87.93 and N201.60, respectively, while Oando followed with a decline of 9.90% to close at N9.10 per share. It was followed by FBNH with a decline of 9.82% to close at N19.75, while Fidson Healthcare was down by 9.75% to close at N14.35 per share.The total volume traded declined by 31.10% to 395.751 million units, valued at N9.576 billion, and exchanged in 7,907 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) led the activity with 81.407 million shares worth N2.931 billion. Zenith Bank followed with account of 46.156 million shares valued at N1.691 billion, while United Bank for Africa (UBA) traded 41.600 million shares valued at N953.518 million.FBNH traded 23.44 million shares worth N480.999 million, while Access Holdings traded 22.301 million shares worth N361.895 million.]]> Thu, 25 Apr 2024 06:49:51 EST https://www.investingport.com/ngx-lost-n673-billion-in-mid-week-trading-session/ https://www.investingport.com/ngx-lost-n673-billion-in-mid-week-trading-session/ In its recent report, Stanbic IBTC Holdings Plc announced that the firm plans to raise over N550 billion through a debt issuance program and a rights issue.The bank, in a notice filed with the Nigerian Exchange Limited on Wednesday.However, there have been many reports from different banking sectors as they announced their plans to raise additional capital to meet the new capital requirements issued by the CBN weeks back.In March last month, the apex bank instructed all commercial banks in Nigeria with international authorisation to increase their capital base to N500bn and national banks to N200bn.Related News:What Banking Sector Recapitalisation Means for the Nation’s EconomyCBN Reduce Commercial Bank's Loan-to-Deposit Ratio to 50%Access Holdings Shareholders Approve $1.5 Billion Capital Raise in AGMThe CBN also said that non-interest banks with national and regional authorisation must increase their capital to N20bn and N10bn, respectively.At the AGM scheduled for next month, the shareholders of Stanbic IBTC Holdings will discuss and give insight on how they plan to go with the planned fundraising.The directors of the holding company are seeking shareholder's approval for a special Resolution: (a) "That subject to receipt of any required regulatory approvals and pursuant to Article One of the Company's Articles of Association, the Directors be and are hereby authorised to establish a Debt Issuance Programme in an amount of up to N400,000,000,000 or such foreign currency equivalent thereof as the directors may consider appropriate, for the purpose of issuing debt securities (to include senior unsecured or secured, subordinated, convertible, preferred, equity-linked or such other forms of debt obligations) by way of public offering, private placement, additional tier one or tier two capital raising, investments, book building process or any other method, in tranches of such amounts and at such dates, coupon or interest rates and upon such terms and conditions as may be determined by the directors."The board of Stanbic IBTC Holdings is also seeking authorisation."To raise additional equity capital of up to N150,000,000,000 by way of a Rights Issue or offer for subscription on such terms, tranches, conditions, and dates as may be determined by the Directors."The report stated that shareholders would also vote on increasing the company's issued and paid-up share capital from N6,478,498,581.50 divided into 12,956,997,163 ordinary shares of 50 Kobo each to a maximum of up to N8,250,000,000.00 by creating up to 3,543,002,837 ordinary shares of 50 Kobo each.READ ALSO: 2024 UNESCO Internship Program. Apply Now!Looking at its audited report for 2023, profit before tax grew to N172.91bn from N100.27bn the previous year, as revenue rose by 48% to N355.17bn.Also, according to the report, Gross loans and advances granted to customers grew by 69% to N2.09 trillion during the year, with assets under management appreciating by 28% to over N7.2 trillion due to the vibrant returns on assets generated by the fund managers and the acquisition of new assets.Projecting into the current financial year, the Chief Executive of Stanbic IBTC Holdings, Demola Sogunle, said, "The year 2024 is expected to be an improvement on the previous year due to the continuous implementation of the monetary and fiscal policies of the current administration, which is expected to lead to the improvement of the economy."Some of these policies have already been implemented in 2023, and the resultant effect should also impact the macro-economic conditions in 2024. Our key focus is to enhance client experience, execute with excellence, and drive sustainable growth and value in the four business segments through partnerships and value creation."WIN N50,000 GIVEAWAY EVERY WEEK HERE!Back StoryThe Central Bank of Nigeria (CBN) has recently modified the minimum capital requirements for Nigerian banks, a crucial step towards improving the strength and stability of the country's banking industry.This recapitalisation program is expected to impact Nigeria's financial sector significantly. It is designed to address the challenges caused by currency devaluation and bring Nigeria into compliance with international regulatory standards.The directive by the apex bank required commercial banks with international authorisation to maintain a minimum capital base of N500 billion, as revealed in a statement by Mrs. Hakama Sidi Ali, the acting director of corporate communications at the CBN. Also, banks holding national authorisation must maintain a minimum capital threshold of N200 billion, and banks holding regional licences must maintain a capital base of N50 billion.What Is Stanbic IBTC Holdings Plc Share Price Today?Stanbic IBTC Holdings Plc share price as of this reporting today is N42.35]]> Thu, 25 Apr 2024 04:54:05 EST https://www.investingport.com/stanbic-ibtc-holdings-plc-seeks-to-raise-n550-billion-to-meet-cbns-requirements/ https://www.investingport.com/stanbic-ibtc-holdings-plc-seeks-to-raise-n550-billion-to-meet-cbns-requirements/ MRS Oil Plc has announced that it will seek shareholders' permission to remove itself from the Nigerian Exchange Limited.The company filed a notice to the NGX after Tuesday's extraordinary general meeting (EGM), during which it disclosed its plan for delisting.According to the notice attached to the EGM notice, MRS Oil Plc's Board of Directors concluded a strategic review of its status. The assessment considered the company's anticipated long-term financial and operational growth trajectory, regulatory obligations, administrative and compliance costs, emerging opportunities, and changing market conditions.It has also been reported that the company issued 342,884,706 common shares."Amongst other benefits, it is expected that the Voluntary Delisting will allow the Company to more efficiently strategise for the improved performance of its operations, provide the flexibility to nimbly engage in transactions and alliances which could bolster its earnings and add significant value to the Company while curtailing its costs and staying competitive within its industry," the notes affirmed.It is expected that a share buyback and share capital reduction will be used to carry out the deal.It was also disclosed that the board would ask shareholders for permission to list the company's shares on the NASD OTC Securities Exchange following the voluntary delisting from the NGX.According to MRS Oil's unaudited financial statements for the year that ended in December 2023, the company's profit increased by 272% to N4.89 billion, while revenue increased by 80.90% to N182.31 billion from N100.78 billion in 2022 due to a spike in fuel prices and rising global demand. About MRS Oil Nigeria Plc (Website)MRS Oil Nigeria Plc markets and distributes a range of refined petroleum products and lubricants in Nigeria for the automotive, industrial, and aviation sectors. Fuel products include petroleum motor spirit, automotive gas oil, dual-purpose kerosene, aviation kerosene, and low-pour fuel oil. The company also sells a range of high-quality lubricants for petrol and diesel engines and greases manufactured and distributed out of a state-of-the-art proprietary blending facility located at Apapa. The Aviation division sells aviation turbine kerosene. MRS Oil Nigeria Plc operates through 138 company-owned retail outlets and about 255 third-party-owned outlets. Formerly known as Chevron Oil Nigeria Plc, the company changed its name to MRS Oil Nigeria in 2009. MRS Oil Nigeria Plc is a subsidiary of MRS Africa Holdings Limited. The company's head office is in Lagos, Nigeria.MRS Oil Nigeria Plc is listed on the Nigerian Stock Exchange]]> Wed, 24 Apr 2024 12:04:07 EST https://www.investingport.com/mrs-oil-plc-plans-to-take-a-bow-as-it-moves-to-delisting-from-ngx/ https://www.investingport.com/mrs-oil-plc-plans-to-take-a-bow-as-it-moves-to-delisting-from-ngx/ The Central Bank of Nigeria (CBN) announced it has started selling $10,000 to Bureau De Change (BDC) operators, offering them direct access to US dollars at a discounted rate of N1,021 per dollar.This is the fourth time the apex bank is selling this year and the second this month. The CBN's goal is to support the foreign exchange market and maintain the value of the naira relative to the dollar.Related News:CBN Orders BDCs to Sell Dollar at N1,269/$Naira Falls to N1,234 Against the Dollar on Monday According to The FMDQ DataCBN Reduce Commercial Bank's Loan-to-Deposit Ratio to 50%This shows a strategic approach to controlling currency fluctuations and meeting necessary foreign exchange requirements.The policy calls for $10,000 to be sold to qualified BDCs to meet the needs of the retail-end market. A report stated that this is especially important for invisible transactions such as travel allowances, tuition fees, and medical expenses.Then, the BDCs are required to mark up their sales to end users by no more than 1.5 percent above the purchase price."We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1," stated the circular issued on Monday by the bank's Director, Trade & Exchange Department, Hassan Mahmud.BDC operators are directed to sell the greenback exclusively to eligible end users at a spread "not more than 1.5 percent above the purchase price."Financial analysts have also stated that the CBN's constant attempts to strengthen the local currency could harm foreign exchange, which has declined significantly as the naira gains value."All eligible BDCs are therefore directed to commence payment of the Naira deposit to the under listed CBN Naira Deposit Account Numbers from today, Monday, April 22, 2024, and submit confirmation of payment, with other necessary documentation, for disbursement of FX at the respective CBN Branches," the circular further specified.READ ALSO: 2024 UNESCO Internship Program. Apply Now!On Monday, data from the FMDQ securities exchange revealed that the naira's value at the official foreign exchange market declined to N1,234 against the US dollar.According to the exchange rate, the naira dropped from N1,169.99/$1 on Friday by N65 or 5.26%.WIN N50,000 GIVEAWAY EVERY WEEK HERE!On Wednesday last week, the naira appreciated about N1,072.74, as traders predicted it would fall below N1,000/$1 for the first time.It was reported in February/March that Nigeria's foreign exchange reserves would decline, which, however, happened. The Central Bank of Nigeria's most recent data shows that on April 18, 2024, the external reserves reached an all-time low of $32.1 billion. The reserves fell from $34.45 billion on March 18, 2024, to $2.35 billion in just 31 days.]]> Wed, 24 Apr 2024 10:38:06 EST https://www.investingport.com/cbn-sells-dollars-to-bdc-in-a-bid-to-strengthen-the-naira/ https://www.investingport.com/cbn-sells-dollars-to-bdc-in-a-bid-to-strengthen-the-naira/