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Daily Business News Brief  Wednesday September 29th, 2021.


Banking, insurance stock sell-off triggers N3bn loss – Punch

Equity investors in the Nigerian Exchange Limited lost N2.78bn at the end of trading on Tuesday as the banking and insurance indices declined.  The NGX All-Share Index depreciated marginally by 0.01 per cent from 38,864.33 basis points to 38,858.99 basis points with the market capitalisation decreasing from N20.249tn to N20.246tn.  The volume of shares traded on the floor of the NGX jumped by 277.41 per cent from 139.45 million shares valued at N1.71bn in 3,539 deals to 526.30 million shares worth N3.04bn in 3,535 deals. The NGX Banking and Insurance indices dropped by 0.30 per cent and 3.39 per cent respectively while the NGX Industrial, Oil & Gas and Consumer Goods Indices appreciated by 0.02 per cent, 0.04 per cent and 0.10 per cent each……………….read more

Petrol landing cost now N278, says MOMAN, crude reaches $80 – Punch

The Major Oil Marketers Association has said that the landing cost of petrol has risen to N278 just as the price of crude oil in the international market reached $80 shortly on Tuesday, with experts worrying that subsidy payments would increase.  The international crude oil benchmark traded at $80.02 per barrel, its highest since October 2018, as of 12:09pm Nigerian time on Tuesday according to Oilprice.com. Brent had fallen to $78.89 per barrel as of 7:14pm on Tuesday, while the United States West Texas Intermediate traded 0.45 per cent lower at $75.11 per barrel.  The executive secretary and chief executive officer of MOMAN, on a phone call with our correspondent, said, “The last time we checked in September, the spot price if we assume an exchange rate of N410 per $, you have a landing cost price of N278 per litre……………………read more

At 68.60%, FBN Holdings Leads Tier-1 Banks in Cost-to-Income- Thisday

On the heels of reporting 9.6 per cent and 5.3 per cent increase in operating expenses and operating income respectively, FBN Holdings leads other Tier-1 banks in Cost-to-income ratio for half year ended June 30, 2021.  Cost-income is a ratio between the costs involved in running a business and the income the business produce.  The ratio is important for determining the profitability of a bank and it gives a clear view of how efficiently the bank is being run- the lower the ratio, the more profitable the bank. The Holdings financial institution recorded 68.60 per cent Cost-income ratio in H1 2021 from 65.80 per cent recorded in H1 2020…………………read more

FG releases fresh debtors’ list Nov, 77 oil firms owe N2.66tn – Punch

The indebtedness of 77 oil and gas companies to the Federal Government is now N2.66tn, the Nigeria Extractive Industries Transparency Initiative said on Tuesday.  NEITI’s Executive Secretary, Orji Ogbonnaya-Orji, who said this in Abuja while speaking on the status of EITI implementation in Nigeria, said the 77 firms carried out their operations across the country.  Our correspondent also gathered that NEITI would publish fresh list of indebted oil firms that would give anti-corruption agencies including the Economic and Financial Crimes Commission to go after the defaulting organisations.  Ogbonnaya-Orji explained that the N2.66tn debt arose from failure to remit petroleum profit tax, company income tax, education tax, value added tax, withholding tax, royalty and concession on rentals…………………….read more

Guinness Nigeria Announces N1.01bn Final Dividend For 2021 FY- Thisday

Guinness Nigeria Plc Monday in Lagos declared a final dividend of N0.46k per 50 kobo ordinary share, translating to N1.01 billion for the financial year ended June 30, 2021.  The company’s secretary, Rotimi Odusola in a statement on Nigerian Exchange Limited (NGX) explained that, “On 20th October 2021, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 28th September 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.”……………read more

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