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Marked and accelerated expansions in output and new orders helped drive a pick-up in growth in the Nigerian private sector during April. However, private sector performance was once again impacted by elevated rates of inflation, uncertainty and unfavourable exchange rate movements. Nevertheless, strong demand encouraged firms to add to their inventories and raise their headcounts at an accelerated pace.

 

The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI®). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. According to Stanbic IBTC Bank, at 55.8 in April, up from 54.1 in March, the headline PMI signalled a sharp improvement in business conditions in Nigeria’s private sector. Growth has now been seen in each of the last 22 months with the latest uptick quicker than the long-run series average. Central to the improvement was an accelerated uptick in new orders.

 

The overall rate of expansion was marked and the third-quickest in the current 22-month sequence of growth. Panellists indicated that stronger demand and greater client requirements had been behind the latest increase in new business, with growth signalled across each of the four broad sectors covered by the survey. Strong inflows of new work resulted in a further uplift in output.

 

The rate of growth was robust and quickened from that in March. Sub-sector data revealed expansions across the board, though agriculture recorded the quickest expansion. Wholesale & retail, manufacturing and services followed, respectively. With workloads increasing, and demand expanding over the last 22 months, firms sought to boost headcounts in a bid to ramp up activity. Subsequently, backlogs fell at the quickest pace for four months.

 

To cater for higher output volumes, firms increased their buying activity in April. Stocks of purchases also rose, and at a quicker pace than in March. Turning to prices, Russia’s invasion of Ukraine exacerbated costs for a wide range of raw materials as well as fuel. Firms also indicated higher transportation fees. The overall rate of input price inflation was substantial and the fourth-quickest in the survey’s eight-year history. Firms chose to pass on a large part of the burden to clients, with selling price inflation among the quickest in the series history. Finally, firms were optimistic about growth in the year ahead, but sentiment dipped to a four-month low.

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BUA Chairman, Abdul Samad Rabiu Donates 10bn Naira Security Support Fund For Various Interventions Through ASR Africa

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Leading Nigerian Businessman, Industrialist and Philanthropist, Abdul Samad Rabiu, paid a visit to President Muhammadu Buhari today in Abuja, to update him and to thank him for creating an enabling environment for business to thrive, and also brief him on the strides BUA Group has made in the past few years.

 

Thereafter, Rabiu briefed the President on the activities of his foundation, The Abdul Samad Rabiu Africa Initiative (ASR Africa) during which he also announced the donation of a N10billion Nigeria Security Support Fund from ASR Africa towards the provision of some security equipment, medical and other supplies, upgrade of health facilities and other infrastructure for families of those on the frontlines.

 

According to Rabiu, the visit was in order to identify with President Muhammadu Buhari, during whose tenure BUA has built over 10 factories with two of the Group’s subsidiaries now amongst the top 10 largest publicly listed companies in Africa, and to further support the efforts of his administration in business as well as in the security space.

 

In his response, President Buhari said it was heartwarming to see and hear of Nigerian companies doing so much within Nigeria, and Africa especially in the area of production using locally available raw materials. He also expressed his elation at the achievements of BUA which had led to phenomenal growth within such a short time. “As a Government, we know we have done a lot in this regard, and we will continue to do more to support the aspirations of serious businesses, big and small, by providing an enabling environment as well as supporting value creation within Nigeria.

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ECOBANK Staff Connives With Fraudsters To Steal Customer”s N3.2m

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A staff of Ecobank PLC, by name Joshua has been reminded in prison custody following the alleged fraudulent role he played in withdrawing a customer’s N3.2million from the vaults of the bank in connivance with some persons now at large.

 

The arrest of Joshua followed the eagle eye of the Bank’s management that discovered that the customer’s money was missing from the account and when Joshua, who had direct access to the account was asked to explain the circumstances that led to the missing money, he feigned ignorance and denied knowledge of it.

 

Not satisfied with his explanation, the bank situated at the Ile-ewe, Ejigbo branch quickly moved and reported the matter to the Ejigbo Division of the Nigeria Police which immediately dispatched its detectives from the Division of the Command in Lagos State to the bank.

 

 

The police after carrying out preliminary investigation into the case, arrested 28years old Joshua, a staff of the bank alleged to have connived with criminals and withdrew the customer’s N3.2m lodged with the bank.

 

It was gathered that the alleged fraud took place in May this year at Ejigbo branch of the bank where the suspect, Joshua, was employed and served as a staff.

 

The police after its investigation, alleged that sometime in May 2022, the suspect, Joshua, conspired with others now at large to steal by fraudulently diverting the customer’s money kept in the bank with the intention that it will not be discovered by the bank management.

 

 

Joshua was accordingly charged before the Ejigbo Magistrate Court for the alleged conspiracy and theft.

 

Joshua however pleaded not guilty to the charges brought against him by the police when he appeared before the Chief Magistrate O.A. Dosumu.

 

Following his not guilty submission, the police prosecutor, Inspector Simeon Njue, asked the Court to give a date for hearing to enable the prosecution to prove that he actually committed the alleged offence.

 

 

Magistrate Dosumu however, granted Joshua bail in the sum of N500,000 with two sureties in like sum, who the court ruled must show evidence of means of livelihood.

 

Joshua was however remanded at the Kirikiri Correctional Centre, Lagos, pending when he will be able to perfect his bail conditions.

 

The matter was adjourned till October 6, 2022, for mention.

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