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Daily Business News Brief  Friday October 22nd, 2021.

22
Oct

Investors’ Interests in BUA Cement, MTN Nigeria, Airtel Africa Drive Stock Market by N237bn- Thisday

The Nigerian equities market yesterday closed transactions on a bullish note extending the positive sentiment to two consecutive trading sessions, as market capitalisation grew by N237 billion.  The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Airtel Africa, BUA Cement, Nigerian Breweries, MTN Nigeria Communications (MTNN) and Nigerian Exchange Group. In summary, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) expanded by 454.40 basis points, representing a rise of 1.10 per cent, to close at 41,704.11 basis points. Similarly, the overall market capitalisation value surged by N238 billion to close at N21.764 trillion………………….read more

External reserves gain $3.98bn in three weeks, hit $40.76bn – Punch

Nigeria’s external reserves gained $3.98bn in three weeks, rising above the $40bn mark, according to data obtained from the Central Bank of Nigeria. The CBN data showed that the reserves rose to $40.76bn on October 20 from $36.78bn as of the end of September.  The reserves, which had maintained a growth trajectory in recent weeks, rose by $2.76bn in September from $34.02bn at the end of August.  A professor of economics and Chairman, Goldmark Education Academy, Benin City, Mike Obadan, said the value of a country’s currency is determined by the strength of the economy in terms of its production capacity and productivity, structure, and diversification of the export production base……………………read more

Reps threaten bank with takeover over debt, MD’s arrest – Thisday

The House of Representatives, on Thursday, threatened that it will ask the Central Bank of Nigeria to take over the ownership of Heritage Bank of Nigeria for owing the Federal Government more money than its entire share capital.  The threat was made by its ad hoc committee on the assessment and status of all recovered loots (movable and Immovable assets) from 2002 to 2020 by agencies of the Federal Government for effective efficient management and utilisation.  The committee also threatened to issue an arrest warrant on the Managing Director of Polaris Bank for failing to appear before it to explain why the bank had not remitted over $32m owed to the Nigerian National Petroleum Corporation…………………….read more

Bank customers, PoS operators groan as telcos block 47 LGAs -Punch

Telecommunication service subscribers in 47 local government areas in Zamfara, Katsina, Sokoto and Kaduna states have been affected by the ban on telecom services in the areas by the Federal Government, findings by our correspondent have revealed. This is as bank customers and Point of Sale operators in the affected areas groan over lack of access to banking services as the ban continues in the four states.  The Federal Government had imposed a ban on telecom services in Zamfara and parts of Sokoto, Katsina and Kaduna states, following the spate of insecurity in the region.  In compliance with the directive of the Nigerian Communications Commission, GSM operators on September 3, 2021 shut down their 248 base stations in Zamfara State……………………read more

CSCS reappoints CEO, aims to diversify business – Punch

The board of the Central Securities Clearing System has approved the re-appointment of the Chief Executive Officer, Mr Haruna Jalo-Waziri, for another five-year term.  CSCS disclosed this in a statement on Tuesday, saying the company had seen a major boost in its revenue base and had also built strong strategic alliances with other financial market entities across Africa during Jalo-Waziri’s tenure.  It said Jalo-Waziri led the company’s profit growth by 18 per cent compound annual growth rate and delivered a 20 per cent return on average equity in the 2020 financial year amidst the pandemic.  The Chairman, CSCS, Mr Oscar Onyema, said the board was impressed with the CEO’s performance and that the foundation built by the team had positioned the firm for its next growth phase………………..read more

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