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Daily Business News Brief  Friday, August 27, 2021.

27
Aug

Stock Market Appreciates by 0.07% Amid Expansion in GDP- Thisday

The Nigerian equities market yesterday closed trading activities positive, as the market bounced back from the previous day trading session loss with a gain of 0.07 per cent. Yesterday’s positive out turn was due to investors increased buying interest in recently depreciated stock prices across the major market sectors and the news that the nation’s Gross Domestic Product (GDP) expanded by 5.01 per cent in second quarter of 2021…………….read more

We don’t have petrol consumption records, says PPPRA – Punch

The Petroleum Product Pricing and Regulatory Agency said on Thursday it did not have records of the volume of Premium Motor Spirit, otherwise known as petrol, being consumed daily in Nigeria.  The agency said the only record available to it was that of the PMS being discharged at the various depots nationwide and the volume trucked out of the depots.  The Director, Finance and Administration of PPPRA, J.T Peters, said these while appearing before the House of Representatives Committee on Finance………………read more

Fintech, Capital Market Collaboration Will Develop Digital Economy – NGX – Thisday

The Nigerian Exchange Limited (NGX) has stated that the collaboration between fintech companies and the capital market will effectively create a digital economy in the country. Temi Popoola, the chief executive officer of NGX, made this known during the 2021 Chartered Institute of Stockbrokers (CIS) national workshop held in Abuja.  Speaking on the theme, ‘Roadmap to a Digital Nigeria: Harnessing Fintech, Cryptocurrencies and Artificial Intelligence to Create Stronger Financial Markets,’ Popoola said fintechs have a huge potential to transform the capital markets and effectively build a digital economy. ………………..read more

Shareholders okay Total’s new identity, sue for increased dividend – Thisday

The Shareholders of Total Plc have unanimously endorsed the firm’s resolution to change its identity to TotalEnegies, even as the company moves to anchor its business on a broad energy company strategy.  At the company’s extraordinary yearly general meeting held in Lagos, the shareholders expressed optimism that the name change would boost the firm’s profitability and increase shareholders’ value……………….read more

Troubles ahead, experts warn as debt servicing gulps 91% of revenue – Punch

The Federal Government spent N2.02tn on debt servicing in the first six months of this year.  This figure represents 90.58 per cent of the total revenue of N2.23tn generated by the FG within the period, a development which experts said signified a dangerous trend for the economy.  Technical Adviser to the Director General of the Budget Office, Alfred Okon, disclosed the figure while presenting the “Overview of FGN 2022 Budget Call Circular” report………………..read more

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