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Daily Business News Brief Tuesday, August 24, 2021.

24
Aug

Investors’ Lose N25bn as Stock Market Open Week Negative- Thisday

Trading at the Nigerian equities market extended last week’s negative performance to the beginning of business for the week yesterday, as investor’ profit-taking in Lafarge Africa Plc, PZ Cussons Nigeria Plc and, nine others triggered the market’s loss. The negative performance was buoyed by investors’ profit-taking sentiment in all the major market sectors excluding the Insurance sector. …………read more

Oil price jumps to $68 after days of losses – Punch

The international oil benchmark, Brent crude, jumped on Monday, snapping a seven-day losing streak that was crude’s worst since 2019, as the dollar pulled back and traders bet the recent selling was overdone. Brent, against which Nigeria’s crude oil is priced, rose by $3.58 to $68.76 per barrel as of 8:05pm Nigerian time on Monday, after posting its worst week since October 2020………………read more

Coronation MB lists N25bn bond on FMDQ Exchange – Punch

FMDQ Securities Exchange Limited says it has approved the listing of the Coronation MB Funding SPV Plc N25bn Series 1 Fixed Rate Bond and quotation of its N1.29bn Series 19 and N23.71bn Series 20 Commercial Papers on the Exchange. In a statement on Monday, FMDQ said, “Commendably, the Board Listings and Markets Committee of FMDQ Exchange approved the listing of the Coronation MB Funding SPV Plc N25bn Series 1 Fixed Rate Bond under its N100bn bond issuance programme on the Exchange……………….read more

All eyes on fintech firms as CBN tightens control – The Nation

The need to serve the undeserved majority in the financial sector has brought more financial technology firms into limelight. But the operators face new challenges in compliance with the Central Bank of Nigeria (CBN)’s guidelines for banks and other financial institutions.  Banking in Nigeria remains an attractive sector, with over N3.7 trillion ($9 billion) in value addition to customers.  McKinsey & Company, a global management firm, reports that despite high levels of competition, the majority of consumers remain underserved……………….read more

United Capital Increases Issuance of CPs to N50bn- Thisday

United Capital Plc has notified the Nigerian Exchange Limited (NGX) that it has secured the approval of FMDQ Securities Exchange Limited to increase in the size of its existing N20 billion Commercial Paper (CP) programme to N50 billion.  The Group Company Secretary, United Capital, Leo Okafor in a statement said the validity period of the CP Programme has also been extended to October 18, 2022……………….read more

Anchor borrowers: CBN incurs N379bn debt, farmers battle insecurity – Punch

The Central bank of Nigeria recorded a shortfall of N378.5bn in loan repayment by beneficiaries under the Anchor Borrower’s programme in six years, data obtained from the findings apex bank have shown. Between November 2015, when the ABP scheme was introduced and November 2020, the CBN executed a total of 2.3m projects under the programme and disbursed N497.2bn to farmers………………..read more

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