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Daily Business News Brief  Thursday October 21st, 2021.


Price Appreciation in MTN Nigeria, FBN Holdings Drive Stock Market By N54bn – Thisday

The stock market of the Nigerian Exchange Limited (NGX) yesterday closed trading activities on a positive note to reverse the previous trading session bearish sentiment, as market capitalisation increased by N54 billion.  The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; MTN Nigeria Communications (MTNN), FBN Holdings (FBNH), Nigerian Exchange Group and GlaxoSmithKline Consumer Nigeria.  In summary, the NGX All-Share Index (ASI) increased by 105.04 basis points, representing a rise of 0.26 per cent, to close at 41,249.71 points. Similarly, the overall market capitalisation value surged by N54 billion to close at N21.526 trillion………………….read more

CBN introduces N500m grant for undergraduates, graduates – Punch

The Central Bank of Nigeria has said it will support youths in tertiary institutions with grants to promote entrepreneurship and reduce unemployment.  The CBN disclosed this on Wednesday in a report, titled ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme’.  “Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150m; second place – N120m; third place – N100m; fourth place – N80m; and fifth place – N50m,” it said.  It added that activities to be covered under the scheme would include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in areas such as agribusiness, information technology, creative industry, as well as science and technology…………………..read more

Discos lose N97bn to energy theft, others in three months- Thisday

Electricity distribution companies have said a total of N97bn was lost in the first quarter of this year to energy theft, capping of estimated billing and other factors. The Association of Nigerian Electricity Distributors, the umbrella body for 10 of the 11 Discos in the country, said the amount lost by the power firms rose by 12.79 per cent in Q1 2021 from N86bn in Q4 2020.  It said 23.24 per cent (1,831 gigawatt-hours) of the 7,880 GWh received by the Discos were lost to energy theft and others.  The PUNCH had reported on Monday that the revenue collected by power distribution companies rose by 42.3 per cent in the first quarter of this year, compared to the same period of 2020, buoyed by the hike in electricity tariff.  The revenue collection increased to N181bn in Q1 2021 from N127bn in Q1 2020, according to data from ANED……………………..read more

Insurance firms put #EndSARS claims at N20bn, probe delays payment-Thisday

Insured individuals and firms that suffered losses from last year’s public protests against police brutality, popularly known as #EndSARS, have filed for over N20bn claims with insurance companies, it has been learnt.  The development came as memorial protests of last October’s #EndSARS crisis rocked Lagos and other parts of the country on Wednesday.  The Chairman, Nigerian Insurers Association, Mr Ganiyu Musa, told our correspondent in an exclusive interview on Wednesday that investigations and documentations involved in the processing of the claims filed by the victims and their families were delaying the payment of some parts of the claims.  On Monday, insurance companies under the aegis of the NIA disclosed that they had paid N9bn in claims to customers who suffered losses during last year’s #EndSARS protest, The PUNCH had reported exclusively…………………….read more

Cryptos may appear as safer store of value, says IM -Thisday

THE International Monetary Fund has said that weak central bank credibility and a vulnerable banking system in emerging economies can make cryptocurrencies appear as a safer store of value to residents. The IMF disclosed this in a report, titled ‘COVID-19, crypto, and climate: Navigating challenging transitions’.  The IMF said crypto adoption in some emerging markets and developing economies was outpacing that of advanced economies, driving a wave of “cryptoisation”. It said, “Unsound macroeconomic policies combined with inefficient payment systems in some emerging markets and developing economies boost crypto adoption. “Some potential pull factors for crypto adoption, such as speculative retail investing, may be common across countries, but some of the recent drivers are likely more specific to a subset of emerging markets and developing economies. For example, weak central bank credibility and a vulnerable banking system can trigger asset substitution as domestic residents seek a safer store of value.”……………….read more

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