By Onome Amuge

President Muhammadu Buhari took over as head of government of Nigeria with inflation at 9.01 percent, but with the March inflation data recently released by the National Bureau of Statistics (NBS) showing no signs of a let up, it is now all but certain that this must be one of the ways the president will leave on a “high”, a clear sign of leaving the people more impoverished than they were when he assumed the presidency about eight years ago. Already in the third month of the sign off year for President Buhari, Nigeria’s inflation rate rose for the third consecutive month to 22.04 percent in March 2023, representing an increase of 0.13 percent from 21.91 percent posted in February 2023, latest data released by the National Bureau of Statistics (NBS) show. The rise partly captured the negative impact of the cash scarcity witnessed across the country during the period in review before the decision by the Central Bank of Nigeria to keep the old N200, N500 and N1,000 notes back in circulation until December 2023.

The report, which measured the rate of changes in prices of goods and services, noted that on a year-on-year basis, the headline inflation rate was 6.13 per cent points higher compared to 15.92 per cent recorded in the corresponding period of February 2023.

NBS disclosed that the contributions of items on the divisional level to the increase in the headline index include food & non-alcoholic beverages which rose 11.42 per cent; housing, water, electricity, gas & other fuel which increased 3.69 per cent; clothing & footwear which were up 1.69 per cent; transport which increased 1.43 per cent; 1.11 per cent increase in the cost of furnishings, household equipment & maintenance; and 0.87 per cent rise in the education index.

Other increases included health (0.66 per cent); miscellaneous goods & services (0.37 per cent); restaurant & hotels (0.27 per cent); alcoholic beverage, tobacco & kola (0.24 per cent); recreation & culture (0.15 per cent), and communication (0.15 per cent).

On a month-on-month basis, the percentage change in the All-Items Index in March 2023 stood at 1.86 per cent, 0.15 percentage points higher than the 1.71 per cent rate recorded in February 2023. This, according to the report, means that on average, the general price level was 0.15 per cent higher in March relative to February 2023.

The report further showed that the percentage change in the average CPI for the twelve months period ending March 2023 over the average of the CPI for the previous twelve months period was  20.37 per cent, indicating a 3.83 percentage increase compared to 16.54 per cent recorded in March 2022.

The urban inflation rate in March 2023 rose to 23.07 per cent, 6.63 percentage points higher year-on-year, compared to the 16.44 per cent recorded in March 2022.

On a month-on-month basis, the urban inflation rate stood at 2.00 per cent, 0.15 percentage points higher  compared to 1.85 per cent recorded in February  2023. Meanwhile, the corresponding twelve-months average for the urban inflation rate was 21.00 per cent in March 2023,3.90 percentage points higher compared to the 17.10 per cent recorded in March 2022.

In a similar trend, the rural inflation rate was higher in March at 21.09 per cent, rising 5.67 percentage points on a year-on-year basis,compared to the 15.42 per cent recorded in March 2022. On a month-on-month basis, the rural inflation rate in March stood at 1.72 per cent,up by 0.14 percentage points compared to 1.58 per cent recorded in February 2023. The report also noted that the corresponding twelve-months average for the rural inflation rate in March 2023 was 19.79 per cent, 3.79 percentage points above the 16.00 per cent recorded in March 2022.

The food inflation rate in  March 2023 was 24.45 per cent on a year-on-year basis, which was 7.25 percentage  points higher compared to the 17.20 per cent recorded in the corresponding period of March 2022.

The NBS attributed the increase in food inflation to rise in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetable, and spirits.

On a month-on-month basis, the food inflation rate in March 2023 was 2.07 per cent, which was 0.16 per cent higher  compared to 2.08 per cent  reported in February 2023. The average annual rate of food inflation for the twelve-months ending March 2023 over the previous twelve-months average was 22.72 per cent, which was a 3.50 percentage points increase from 19.21 per cent,the average annual rate of change recorded in March 2022.

By Onome Amuge

Pig production also known as ‘piggery’ or ‘pig farming’ involves the raising and management of pigs for consumption and commercial value. Analysts familiar with the production process consider pig farming a buoyant sector with strong potential to contribute over N265 billion to the Nigerian economy by 2029, if given the required attention and investment.

This is not far-fetched, given that statistics from the United Nations Food and Agriculture organisation (FAO) rate pig meat (pork) as the most widely consumed meat in the world, accounting for 36 percent of global consumption followed by poultry (33 per cent), beef (24 per cent) and goats/sheep (five per cent).

A 2023 report by Research and Markets, the world’s largest market research store, observed that the worldwide pork market was valued $ 254.53 Billion in 2022 and is projected to reach $ 418.37 billion by 2028.

So valuable is the pork industry that the FAO described it as an asset of wealth or safety net in times of crisis when viewed from the economic perspective serving as a source of protein nutritionally. A 2021 report by the FAO database, FAOSTAT, also rated investment in pork production as one of the most profitable livestock businesses, underpinned by its relatively low cost of production compared to other major livestock farming businesses.

On a global scale, China, with a fifth of the world’s population, is both the largest producer and net importer of pig products globally. A January 2023 report by news agency Reuters, disclosed that pork output in the world’s top producer hit 55.41 million tonnes in 2022, the highest since 56.71 million tonnes recorded in 2014.

According to Statista, as of April 2023, China was home to the largest number of pigs of any country with over 450 million heads,meaning that the world’s most populous country also accounts for over half of the global pig population, estimated at about 778.64 million in April 2022.

 

Meanwhile, Nigeria is ranked by the FAO as the largest producer and consumer of pork in Africa, accounting for 18.52 per cent  of the total pork produced in the last ten years, despite the disruption caused by African Swine Fever (ASF) and the effects of the COVID19 pandemic. The organisation also projected that the production of pork in Nigeria will grow by 22.6 per cent within a decade, from 278,000 Metric tonnes in 2020 to 341,000 Metric tonnes in 2029.

 

Despite having an immense potential in pork production, Nigeria is yet to boast of a significant percentage of the economic fat generated in the pig farming sector.

 

Infact, a study by the African Union Interafrican Bureau for Animal Resources (AU-IBAR) indicated that 80 per cent of the pork consumed in Nigeria is imported at an estimated annual cost of approximately $3 billion.

 

Akinyele Adesehinwa, a professor of Animal Science and Production Systems  at the Institute of Agricultural Research and Training (IAR&T), Obafemi Awolowo University (OAU),Ile-Ife,  described piggery as an underexploited livestock specie in Nigeria as domestic production still falls short of demand with dependence on importation to meet the demand for pork and other products.

This was the centre focus and aggregate of his academic findings which he presented during the 370th inaugural lecture of the University titled: “The Fox and the Piglets; A Paradox for Untapped Resource in Nigeria”.

 

Adesehinwa recalled that  in 1943, Nigeria had the largest pig farm in the world located in Kano, established by the United African Company (UAC).

 

“The farm grew into a very large-scale farm in the ‘50s and ‘60s during which time the pig meat was transported by rail to Lagos, at that time, the commercial city and political capital of Nigeria. It is unfortunate that the pig farm  eventually folded up in the late ‘70s due to religious prejudice. If this farm had been allowed to continue, Nigeria would probably have become one of the leading pig-producing countries in the world,” he stated.

 

Adesehinwa, who is currently the national president of Pig Farmers Association of Nigeria (PFAN), and continental general secretary of the All Africa Society of Animal Production (AASAP), pointed out that the pig can be compared to the palm tree as every part is beneficial to humans.

“So, apart from the pig’s muscle, which is for pork and bacon, the skin is for soft leather, the hair for brush, the fat (lard) is used for cooking and for cosmetics, the blood and bones for animal feed, the intestine for surgical suture material and for sausage casing, the heart as organ transplant for humans, the manure for maggot production for fish feeding, cooking gas production and soil enrichment and, the live pig for medical research,” he noted.

 

According to Adesehinwa, pig rearing is popular in many parts of Nigeria, with  commercial production under semi-intensive conditions becoming more popular because of the favourable rate of return on investments.

 

He, however, noted that the religious bias against pork has hindered the production and distribution of pork in some major states, especially, in the northern part of Nigeria. He also identified traditional stigmitisation, conflicting government policies, and lack of participation of critical stakeholders in policy formulations as factors hindering the growth of pork production in the country.

 

Having garnered an experience spanning three decades in livestock research,Adesehinwa observed that Nigeria has all it takes for self sustenance, in terms of her need for increased production of pigs and its products, using available and local feed resources and improved technologies by relevant trained professionals.

 

Adesehinwa called for the encouragement and support of smallholder farmers for improved productivity. He noted that smallholder pig production has great potential in bridging the animal protein supply gap and also mitigating the unemployment status of the farmers and the rural economy in general.

 

“The implications of higher animal productivity at the farmers’ level can be seen in enhanced income and improved living standards of the farmers and their households as well as increased animal protein sources for Nigerians,” he said.

 

He also suggested carefully planned and executed disease control, noting that adequate feeding programmes resulting in mortality reduction will improve the overall productivity of pigs. He added that the quality of feed given to pigs by farmers should be improved upon. Hence, the resuscitation of the use of extension workers in the education of farmers on feeding methods, using agro-industrial by-products fortified with protein and the essential minerals and vitamin sources will enhance the growth and performance of the pigs.

 

Adesehinwa advised pig farmers on the need to beef up their biosecurity measures now more than ever before as more cases of African Swine Fever (ASF) are being reported in various parts of Nigeria. He also encouraged stakeholders to make concerted efforts at developing virile disease surveillance, monitoring programmes and compensation systems against virulent diseases plaguing the swine industry. This,he stated, should include the active participation of the farmers’ associations, NGOs, private and public institutions across the three tiers of government.

 

Adesehinwa underscored the provision of low-interest loans with adequate moratorium as a source of required funding by farmers to finance the enterprise and upscale their production.

 

He also enjoined  regulatory agencies such as Nigerian Institute of Animal Science (NIAS), Veterinary Council of Nigeria (VCN) etc. to constantly review regulatory frameworks to address unfolding realities before implementation.

 

According to the Animal Science professor, the stock of indigenous breeds of pig appears to have been largely eroded. Therefore, he emphasised the need for initiatives to drive the conservation of the seemingly endangered indigenous breed through institutionalised interventions. He added that efforts should be geared towards the development of a framework for the importation, preservation, and use of 87 imported genetic materials for the improvement of the existing stock.

 

He called on the  government  to as a matter of urgency and in line with global best practices, revisit the recommendation, as contained in the Vision 20-20-20 document and pleas from several other quarters to unbundle the legal framework establishing NAPRI to bring about specie or commodity based animal husbandry research institutes.

 

Adesehinwa also suggested that appropriate policies should be put in place to favour the establishment of private pig meat processing companies/plants. He added that such efforts should consider instituting aggregator schemes to ensure efficient production, collection, aggregation, and transport of pigs to processing factories.

 

“This may not necessarily require direct funding support from the government, rather, the creation of an enabling environment for access to credit and infrastructures for the growth of this segment of the pig value chain,” he stated.

 

The livestock expert maintained that the pig industry, if properly exploited, possesses the required attributes to become a huge contributor towards Nigeria’s GDP, means of job creation, sustainable source of income, provision of poverty reduction businesses, and source of nutrition and food security arising from pork and its by-products.

By Business A.M. 

United Bank for Africa Plc, with the proud pay-off line, Africa’s Global Bank, has made an impressive start to the 2023 financial earnings season after it reported a 47.5 percent jump in first quarter earnings and a profit before tax of N61.4 billion.

The bank’s Q1 performance was released to the Nigerian Exchange Limited (NGX)  showing gross earnings rose from N183.9 billion last year to N271.2 billion, with interest income printing N191.9 billion N125.9 billion for the period ended March 31, 2023 up by 53.4 percent from N125.9 billion recorded in the same period last year.

According to the stock exchange filing, operating income rose 39.6 percent to N175.7 billion compared to N125.9 billion posted in 2022.

In line with the bank’s strong performance in the full year 2022 financials the bank’s profit before tax (PBT), at N61.4 billion was a significant 38.2 percent rise from N44.5 billion recorded in the first quarter of 2022. After making provision for tax UBA’s profit (PAT) rose by 29.1 percent from N41.5 billion to N53.6 billion.

Oliver Alawuba, group managing director and chief executive officer, explained that despite the high inflationary and challenging global environment, UBA was able to leverage the uptick in interest rates and improved digital offerings, in growing funded and non-funded income, adding that he is particularly excited at the growth in PBT, which has helped to drive increased returns to shareholders, with a 22.6 percent Return on Average Equity (ROAE) compared to 19.7 percent recorded in December 2022.

“We have continued to record improved gains in our customer acquisition and retention strategies across our countries of presence, evident in the 10.5 percent growth in customer deposits to N8.6 trillion from N7.8 trillion at the end of 2022FY. This has enabled the Group [to] drive increased loan growth and interest income, with loans to customers at N3.6 trillion, representing a year-to-date(YTD) increase of 5%. For 2023, we remain committed to improving the Group’s performance as we strategically position our entities to take advantage of emerging developments within their jurisdictions and across the globe. We will continue to deliver excellent rewards to our stakeholders,” Alawuba said.

Also speaking on the performance, Ugo Nwaghodoh, executive director, finance and risk, said that the performance demonstrates the group’s resilience and commitment towards delivering value and enhancing the confidence of its customers, stakeholders and the wider public notwithstanding the competitive landscape and current global trend in the industry.

“The impressive performance of UBA Group in first quarter 2023 is hinged on its continuous improvement and growth in gross earnings and balance sheet size as gross earnings grew by 47.5% year-on-year to N271.2 billion and total assets up by 4.6% to N11.4 trillion from N10.9 trillion as at December 2022,” Nwaghodoh stated.

He added that, “The growth in gross earnings is on the strength of increase in both interest income and non-interest income while growth in total assets is attributable to increased deposits due to aggressive deposit mobilisation drive that resulted in a 10.5% growth in customer deposit in the first quarter.”

By Onome Amuge  

Shareholders of financial holding company, Guaranty Trust Holding Company Plc (GTCO), will be taking home N3.10 per share as full year dividend after it announced N214.2 billion as profit before tax (PBT) for the 2022 financial year.

The PBT for the year was down just 3.3 percent from the N221.5 billion reported for the year ended December 31, 2021, but this was due to the institution taking an impairment of N35. 6 billion on Ghanaian sovereign securities. Ghana had run into financial troubles in recent times and holders of its bonds like GTCO, which has a full fledged subsidiary in Ghana, have had to take some haircuts on those securities.

The leading financial services group made the disclosure in  its audited consolidated and separate financial statements for the year ended December 31, 2022, presented to the Nigerian Exchange Group(NGX) and London Stock Exchange (LSE).

A breakdown of GTCO’s financials showed that the group’s loan book (net) increased by 4.6 percent from N1.80 trillion as at December 2021 to N1.89 trillion in December 2022, while deposit liabilities grew by 11.6 percent from N4.13 trillion to N4.61 trillion during the same period.

The group stated that its balance sheet remains well-structured and resilient with total assets and shareholders’ funds closing at N6.45 trillion and N931.1 billion, respectively. Capital Adequacy Ratio (CAR) also remained very strong, closing at 24.1 percent.

Similarly, asset quality was sustained as IFRS 9 Stage 3 Loans ratio (NPLs) improved to 5.2 per cent in December 2022 from 6.0 per cent in December 2021, while cost of risk (COR) inched up marginally to 0.6 per cent in FY-2022 from 0.5 per cent in December 2021 due to impact of worsened macros on probability of defaults (PDs).

Overall, the group continues to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios, including Pre-Tax Return on Equity (ROAE) of 23.6 percent, Pre-Tax Return on Assets (ROAA) of 3.6 percent, Full Impact Capital Adequacy Ratio (CAR) of 24.1 percent and Cost to Income ratio of 48.0 percent.

Commenting on the results, Segun Agbaje, the group chief executive officer of Guaranty Trust Holding Company Plc, said the group’s ability to successfully navigate the peculiar challenges in the different markets where it operates underscores its strong business fundamentals and unwavering commitment to sound business strategies.

“Despite the varying challenges and headwinds that weighed on growth in 2022, we were determined to deliver a decent performance and scale effectively to strengthen our competitive edge and drive long-term growth,” he said.

Agbaje noted that 2022 was quite significant for the company being the first year after its corporate restructuring into a financial holding company in August 2021.

He further stated; “Today, across our banking, payment, funds management, and pension businesses, we have successfully built a robust ecosystem with immense potential to deepen our addressable market and create more value for all our stakeholders.

The GTCO CEO assured that the group will continue to prioritise innovation, service excellence, and execute seamlessly towards achieving its vision of leading financial services in Africa.

By Onome Amuge

 

Despite the growing tech-sector in the Nigerian economy and significant private funding secured by African tech start-ups over the years, the tech sector is grossly underrepresented in the Nigerian capital market, according to a new report by PricewaterhouseCoopers (PwC).

 

The report, titled “Growing the Nigerian Technology Ecosystem through the Capital Markets,”

Observed that out of the 157 companies listed on the Nigerian Exchange (NGX), only nine companies with a combined market capitalization of circa N11 trillion are technology based companies, excluding traditional banks which have incorporated technology into their operations.

 

According to the report, Nigeria is home to over 400 tech start ups and ranked 61st out of 100 countries worldwide in the startup ecosystem index , and also ranks number one in Africa in terms of venture capital investment destination, leading in both funding and number of equity rounds. It added that Nigeria accounted for 23 per cent of all equity funding and 27 per cent of the total deal count of US$1.2 billion  raised in 2022, portraying the country as the preferred investment destination in Africa.

“Despite these impressive performances, the Nigerian capital market does not optimally reflect the activities of the sector. A healthy ecosystem that creates a balance for all subsectors of the technology ecosystem and ensures the optimal flow of required funding to innovate and grow while strengthening governance for long term sustainability is fundamental to enhancing economic growth,” the report stated.

PwC, however, expressed optimism that the launch of the proposed technology board by the NGX, will promote more listings from African technology companies, create an inclusive environment that would serve as a catalyst for further economic advancements whilst deepening the Nigerian capital market.

 

The report described the proposed creation of a technology board by the NGX as a laudable initiative, noting that  once launched,  will promote more listings from African technology companies, create an inclusive environment that would serve as a catalyst for further economic advancements whilst deepening the Nigerian capital market.

It further noted that the development is expected to increase the attractiveness of the Nigerian capital market to tech based companies and position the NGX as a preferred exchange hub in Africa.

“In addition, the tech ecosystem would benefit from improved governance, transparency, talent retention, funding and long term sustainability amongst others by listing on the Nigerian Exchange whilst addressing concerns of these startups about likely pricing/ risk premiums and ongoing regulatory commitments that would follow,” it added.

 

The report, authored by Omobolanle Adekoya, a PwC partner, and Elizabeth Ekpo, senior manager,PwC, said Nigeria has a fast growing tech sector mainly driven by the financial services and the telcos,while suggesting that holistic and inclusive approach must be adopted for the entire tech ecosystem.

 

PwC also identified agritech, clean-tech, ed-tech, e-health, recruitment & HR, prop-tech, mobility & logistics as equally important and require adequate investments to enhance their capacity to contribute to national and regional development.

 

By Cynthia Ezekwe

 

Johnson Chukwu, founder and chief executive officer of Cowry Asset Management Limited, has described the insurance sector as the “poor cousin of the financial services sector”, after it emerged the worst performing index among other sectoral indices, with a year-to-date performance of 1.81 percent in the first quarter of 2023.

 

Speaking during the company’s presentation of the first quarter report of Nigeria’s economic landscape performance, Chukwu observed that the sector has remained backward by a couple of factors, which includes  confidence of the insurance public, or the willingness of the insurance public to pay claims, poor capitalization, and not very strong regulation.

“The insurance  industry, which is actually bigger than the banking industry in some countries today, remains the poor cousin of the financial industry, given that they have become smaller than the telecom industry decades after the insurance industry,” the CEO said.

 

The investment banking firm, in its report titled, “Nigerian Economic Landscape: An Overview of Q1 2023”, stated that the best-performing stock in the insurance sector is International Energy Insurance, which recorded a YTD performance of 239 percent  as a result of the buying pressure following news of its acquisition by Norrenberger.

 

“The underwriter firm developed its five-year growth plan on the back of market innovation, value creation for stakeholders and policyholders, strategic business expansion, brand equity, and quality people to drive its return to the industry in great style,” the report stated.

 

On its outlook for the year, the report projected that the rest of 2023 would have more sell-offs if the insurance sector does not work on her policies and delay releasing her financials for investors to peruse.

 

It also noted that the continuous delay in approving the proposed Insurance Amendment Bill into law may have far-reaching consequences for the sector’s prospects, noting that it is only when the bill is passed into law that the insurance industry in Nigeria can be assured of being on the path of transformation.

 

The Cowry Asset CEO called on the incoming  administration to critically examine the factors hindering the growth of the insurance sector, while emphasising on the need to work on the capitalisation of the insurance industry.

 

By Olivia Nnorom

 

Despite the historically strong performance and resilience of the insurance sector, over 50 percent of Property & Casualty (P &C) insurers are not earning their cost of equity, raising questions about the long-term economic sustainability of their business models, Mckinsey & Company stated in its 2023 Global Insurance Report.

 

According to Mckinsey, the P&C sector is primed for growth but that is greatly dependent on the sector’s strength and ability to stifle out obvious threats to the sector’s efficient progression and redefine their current strategy and operating models.

 

The report identified challenges hindering the growth of the P&C sector to include, inflation, changing customer behaviour, mobility disruption, business model, and a stiff competitive market.

 

McKinsey noted that the adverse effects of global inflation have been further compounded by insurers’ inability to improve their expense ratio.

 

“From 2016 to 2021, personal P&C carriers saw a five percent improvement in their operations expenses, which was offset by a seven percent increase in IT spending during the same time, driven mainly by digitization efforts and tech system modernization,” it said.

 

According to the report, these challenges are putting pressure on insurers’ margins, resulting in contracting or even negative underwriting results across the industry, including for some market-leading insurers. It added that building strategies to counter the inflation concern will require a strong understanding of the magnitude and the impact of the inflation on both sides of a  P&C insurers’ balance sheet.

 

While all insurers are feeling the margin pressure, the report noted that not all are equally positioned to thrive. It added that most insurers, despite being businesses built on underwriting and pricing data, are still in the early stages of capturing the full potential of modern analytics and ubiquitous data.

However, Mckinsey stated that the limited number of insurance carriers that have done relatively better have stepped up not just in improving their operational performance but also in reducing latency between exposure and detection and response to weeks rather than months.

 

“The increased agility across functions requires rapid data access and processing to enable the synthesis of multiple trends and loss indicators. Unfortunately, this is not a natural muscle for insurers given that most have historically operated in silos,” the report stated.

 

Going forward, the report said insurance carriers can reignite growth by reclaiming their crucial role in society, covering risk where they are most needed, and enlarging the addressable market. It noted that the path to doing so will vary depending on whether it is in a developed or developing economy.

 

The report said that in developing economies, protection gaps tend to be driven by consumers’ limited purchasing power and a lack of awareness about the benefits of traditional personal P&C products, particularly nonmotor ones. It further noted that in developed economies, current risk frameworks are lagging the proliferation of new and evolving risks, from cyber and natural catastrophes (NatCats) to shifting mobility habits.

 

To regain relevance and fuel growth, McKinsey said personal P&C carriers need to focus on capturing market tailwinds as well as on addressing four key success factors of distinctive capabilities including: Perfecting capabilities within specific distribution channels; enabling cross-functional collaboration and faster feedback loops between claims, actuarial and pricing; modernising claims through advanced analytics and automation; and innovating to address an evolving risk landscape and to fully monetize customer relationships.

 

As personal P&C carriers further develop and refine their approaches to address current industry trends and define their market position, McKinsey admitted that they will continue to face numerous strategic market challenges and considerations in the 2020s, adding that establishing market relevance remains the most effective means of securing stability and growth.

 

“There is no right or wrong strategy. In fact, success may be defined more by how adeptly personal P&C carriers can envision their desired end state and adapt along the journey to reach it,” the report concluded.

By Luther Animashaun 

Nigeria’s cashew nuts exports reached N116 billion ($252m), while it emerged Africa’s 4th highest producer of cashew nuts in 2022, according to the Nigerian Export Promotion Council (NEPC).

Ezra Yakusak, the executive director of NEPC, confirmed the report recently in Abuja, during the launch of an export certification programme for organic cashews.

Yakusak went on to mention that though 19 states are actively involved in the raw cashew production, Nigeria is yet to show its full potential of cashew export which is why the programme was necessary to rally stakeholders and exporters in boosting exports.

He said, “According to statistical data obtained from the various pre-shipment Inspection Agents, raw cashew nuts (RCN) was the 5th leading non-oil exportable product in Nigeria in the 2022 non-oil Performance report. In the period under review, Nigeria exported 315,677 metric tonnes  of RCN worth $252m in 2022, which accounts for 5.24 per cent of Nigeria’s non-oil export portfolio.

Also speaking,  Oloruntoyin Olorunfemi, country representative of PRO-Cashew Nigeria, , said the organisation funded by the United States Department for Agriculture (USDA) decided to partner with NEPC in line with its objectives of supporting cashew-producing countries in West Africa to increase competitiveness.

By Cynthia Ezekwe

Trading activities on the Nigerian Exchange (NGX) closed negative on Friday , as market capitalisation declined by N28 billion to close at N28,267 trillion.

The All-share Index (ASI) depreciated by 0.09 per cent to close at 51,893.94 points.

Meanwhile, a total of 541.9 million units of shares were traded in 3,766 deals, valued at  N2.36 billion.

The market breadth closed negative as MULTIVERSE led 18 gainers, and 21 equities that lost their share prices,  topped by CADBURY.

MULTIVERSE led the gainers chart as it appreciated 9.96 per cent  to close at N2.54; TRANSCORP was  up + 9.74 per cent to close at N1.69; ROYALEX increased by 8.93 per cent to close at N0.61; FTNCOCOA was up  8.00 per cent to close at N0.27; while IKEJAHOTEL gained  7.41 per cent  to close at N1.16.

On the contrary, CADBURY topped the losers chart as it shed 9.73 per cent of its share price  to close at N10.20; WAPIC was down 9.52 per cent  to close at N0.38; RTBRISCOE lost 33 per cent  to close at N0.22; WEMABANK depreciated 5.00 per cent  to close at N3.80; while FBNH lost 4.13 per cent  to close at N10.45.

At the end of the trading activities on Friday, the Year-to-Date (YtD) returns settled at 0.57 per cent, while the stock market advanced by 298.28 basis points.

By Cynthia Ezekwe

TotalEnergies Marketing Nigeria Plc, a multi-energy company has  notified the investing public and the Nigerian Exchange Limited (NGX) of the appointment of  Bunmi Popoola-Mordi as the executive director, human resources & corporate services effective 1 April, 2023.

TotalEnergies made this disclosure in a statement signed by Jean-Phillipe Torres, its company chairman, and published on the NGX platform

Popoola-Mordi is a law graduate, member of the Nigerian Bar Association and fellow of the Institute of Chartered Secretaries and Administrators. She has several post-graduate degrees in law and an MBA in oil and gas management.

Her career spans over legal practice, banking, human resources management, industrial relations, communication, corporate governance, investor relations, public relations amongst others.

 She joined TotalEnergies Marketing Nigeria Plc in 2011 as legal affairs manager / company secretary, and was promoted to general manager human resources & corporate services/company secretary in 2015 and appointed executive general manager, Total country services in 2019.