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Daily Business News Brief  Wednesday October 27th, 2021.


FBN Holdings share price drops as investors take profits – Punch

The share price of FBN Holdings Plc fell by 1.2 per cent on Tuesday, after rising by 2.45 per cent on Monday, the first trading day after it announced that Mr Femi Otedola, a billionaire businessman, had acquired a 5.07 per cent shareholding in the company. Analysts in the Nigerian capital market said short-term investors and some high net-worth individuals might be taking profits. FBN Holdings share price closed lower at N12.4 per share at the end of trading on the floor of the Nigerian Exchange Limited from N12.55 on Monday. Although its trading volume was lower than Monday’s 350.54 million shares, FBN Holdings accounted for 20.7 per cent of total trading volume as 73.06 million of its shares were traded…………………read more

Fuel demand to hit 17.3 million MT by 2025 – NNPC – Thisday

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said Nigeria’s demand for petroleum products is expected to grow from 15.1 million metric tonnes in 2020 to 17.3 million MT by 2025. Kyari said this on Tuesday at the 15th OTL Africa Downstream Week 2021 in Lagos. He said, “The country needs a refining capacity of about 1.52 million barrels per stream day, to meet its PMS requirement in the next four years. “The NNPC Refineries’ 445,000 BPSD and Dangote Refinery’s 650,000 BPSD running at 60 per cent and nameplate capacity respectively would supply 76 per cent of that requirement, leaving a shortfall of about 17 million litres of PMS daily. “NNPC is adding 215,000bpsd of refining capacity through private sector driven co-location at the existing facilities in PHRC and WRPC respectively. Modular refineries are also adding capacities such as the 5,000 BPSD Walter smith refinery which will be upgraded to 50,000 BPSD…………………….read more

NNPC, marketers inflated imported petrol figures under Buhari, Jonathan – Sanusi – Thisday

A former Governor of Central Bank of Nigeria, Lamido Sanusi, said on Tuesday that petrol imports figures were inflated when global oil prices went up during the administration of President Goodluck Jonathan and the regime of the current President, Major General Muhammadu Buhari (retd.) Sanusi, who spoke on Tuesday at a panel session during the 27th National Economic Summit in Abuja, said the subsidy on petrol was responsible for the inflated figures. Until May 2016, when the Federal Government announced a new petrol price band of N135 to N145 per litre of petrol, private marketers imported petrol into the country and were paid subsidy claims by the government in order to keep the pump price lower than the expected open market price of the product…………………..read more

NDIC: Bank Depositors’ Funds Fully Covered, Calls for Amendments to Aide Faster Recovery – Thisday

The Nigeria Deposit Insurance Corporation (NDIC) has assured that under the current insurance coverage of bank account holders in the country, more than 97 per cent of account holders as are fully covered and would be able to recoup their deposits in the event of the closure of a bank.  According to the Managing Director and Chief Executive of the NDIC, Mr Bello Hassan, 97.6 per cent of accounts are fully covered under the N500,000 current coverage limit of the corporation, even as he added that the limit is subject to periodic reviews………………..read more

FBN Holdings Tops Stock Market Activity Chart with 73.06m Shares – Daily Independent

Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 73.062 million shares valued at N906.755 million on the Nigerian Exchange Limited (NGX) yesterday.

Followed was Guaranty Trust Holding Company with 25.039 million shares worth N715.263 million, while Universal Insurance traded 22.771 million shares valued at N4.919 million. United Bank for Africa (UBA) traded 20.331 million shares valued at N171.208 million, while Transnational Corporation of Nigeria (Transcorp) transacted 18.437 million shares worth N18.864 million. ………………read more

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