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Daily Business News Brief Tuesday, September 14th, 2021.

14
Sep

NGX opens week negative, down by N3bn – Punch

Trading at the domestic bourse started the week on Monday still on negative mood, taking the bearish sentiment to six consecutive trading sessions.  The price depreciation was due to profit-taking sentiments in all the major sectors except the consumer goods and banking sectors.  Specifically, the All-Share Index shed 6.16 points or 0.02 per cent to close at 38,915.62 from 38,921.78 posted on Friday  Accordingly, month-to-date and year-to-date losses stood at 0.8 per cent and 3.4 per cent, respectively………………….read more

Oil Marketers Kick, Want 7.5% LPG Tax Scrapped -Thisday

Within a three-year period covering December 2017 to December 2020, Nigeria generated a total sum of N6.5tn from non-oil exports, data from the National Bureau of Statistics have shown.This sum is N5.8tn lower than its N12.3tn ($30bn) target set by the Federal Government under its zero-oil plan.  In the fourth quarter 2016, the Nigerian Promotion Council conceived the Zero Oil Plan (a core component of the Federal Government’s Economic Recovery and Growth Plan) to increase the contribution of non-oil exports to Nigeria’s Gross Domestic Product by 20 per cent.  According the NEPC 2016 annual report, the focus of the plan is to ‘generate at least a minimum of 40 – 50 per cent of Nigeria earnings from non-oil ex  port’…………………read more

Non-oil exports: FG suffers N5.8tn revenue shortfall – Punch

Within a three-year period covering December 2017 to December 2020, Nigeria generated a total sum of N6.5tn from non-oil exports, data from the National Bureau of Statistics have shown. This sum is N5.8tn lower than its N12.3tn ($30bn) target set by the Federal Government under its zero-oil plan. In the fourth quarter 2016, the Nigerian Promotion Council conceived the Zero Oil Plan (a core component of the Federal Government’s Economic Recovery and Growth Plan) to increase the contribution of non-oil exports to Nigeria’s Gross Domestic Product by 20 per cent. According the NEPC 2016 annual report, the focus of the plan is to ‘generate at least a minimum of 40 – 50 per cent of Nigeria earnings from non-oil export’…………………..read more

Flour Mills Shareholders Approve N6.77bn Dividend Pay-out – Punch

Shareholders of Flour Mills of Nigeria (FMN) Plc have approved a dividend pay out of N1.65 per share, amounting to a total of N6.77 billion for the financial year ended March 31, 2021. The shareholders gave their approval at the company 61st Annual General Meeting (AGM) held in Lagos in accordance with COVID-19 protocol.
The chairman of Flour Mills of Nigeria, John Coumantaros speaking to shareholders at the AGM said despite the current COVID-19 severe environment, the group delivered an impressive year-over-year top-line growth with an average revenue rise of 34 per cent across all business categories ……………….read more

Lagos’ll implement VAT law despite Appeal Court’s ‘maintain status quo’ —Lawmake
– Punch

A member of the Lagos State House of Assembly, Setonji David, has said that the state will go ahead with the implementation of its recently assented VAT Law despite a stay of execution by the Appeal Court in Abuja last Friday.  The lawmaker, who represents Badagry II Constituency in the House, stated this on Monday when he appeared as a guest on Channels Television’s ‘Sunrise Daily’ breakfast programme monitored by The PUNCH.  VAT is a consumption tax paid when goods are purchased and services are rendered. It is charged at a rate of 7.5 per cent…………….read more

Access Bank Boss Wins Banker of the Year Award – Thisday

In acknowledgment of his stellar leadership in the market expansion of Sub-Saharan Africa’s largest bank and navigating the challenges posed by the COVID-19 pandemic, the Group Managing Director/CEO of Access Bank PLC, Herbert Wigwe has been recognised as the ‘Banker of the Year’ at the 2020 Leadership Conference and Awards, held in Abuja, on Thursday.  The award follows Wigwe’s recognition as the Banker of the Year at the 2021 African Banker Awards, second consecutive time, and Best Banking CEO at the 2021 Global Brands Magazine Awards…………………………..read more

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