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Daily Business News Brief  Wednesday November 3rd, 2021.


Stock market gains N19bn, 31 firms record losses  – Punch

Stock investors in the Nigerian Exchange Limited gained N19.11bn at the end of trading on Tuesday, despite negative sentiment in the market as 31 firms recorded losses as against 10 gainers.  The NGX All-Share Index appreciated by 0.09 per cent to close at 42,013.39 basis points from 41,976.79bps on Monday, while the market capitalisation of stocks rose to N21.93tn from N21.91tn.  Investor activity was bearish as trading volume fell by 15.65 per cent from 378.15 million shares valued at N3.24bn in 6,384 deals on Monday to 318.97 million units worth N3.28bn in 5,492 deals on Tuesday.  Analysing by sectors, the NGX Banking and Insurance indices declined by 1.5 per cent each while the NGX Industrial Goods, Oil and Gas, and Consumer Goods indices rose by 1.1 per cent, 0.7 per cent and 0.6 per cent, respectively…………………….read more

DMO to issue N250bn sukuk for road projects – Thisday

The Debt Management Office says it is set to issue another sovereign sukuk this year for an expected amount of N200bn to N250bn to finance critical road projects across the country.  It disclosed this in a statement on its website on Tuesday with the title ‘Towards financing infrastructure: Debt Management Office to issue another sovereign sukuk.’  The DMO said it had already appointed transaction parties through the open competitive bidding process for the issuance of this fourth sovereign sukuk.  The DMO stated that it commenced the issuance of sukuk in September 2017 as a strategic initiative to support the development of infrastructure, promote financial inclusion and deepen the domestic securities market……………………read more

NNPC admits hitches in depots, dismisses price hike rumour –Thisday

The Nigerian National Petroleum Corporation has admitted that there are pricing issues at some petrol depots in the country but ruled out any hike in the pump price of the product. The PUNCH had reported on Tuesday that fuel queues resurfaces on Monday in the Federal Capital Territory, and some parts of Nasarawa and Niger states. Retailers had claimed that the ex-depot price of the product had been increased by private tank farm owners from the recommended N148-N149.5/litre to between N153 and N155/litre. The Group Managing Director, NNPC, Mele Kyari, while delivering a presentation at a conference organised by energy correspondents in Lagos on Tuesday, said the corporation had adequate stock of Premium Motor Spirit (petrol)……………………read more

CBN, SEC sanction five banks over forex offence, money laundering- Punch

The Central Bank of Nigeria and the Securities and Exchange Commission have sanctioned five major banks for committing over 20 various infractions, including the violation of foreign exchange market and anti-money laundering regulations. The banks are Guaranty Trust Holding Company Plc, United Bank for Africa Plc, Access Bank Plc, Stanbic IBTC Holdings Plc and Fidelity Bank Plc. The five lenders reported a combined fine of N1.46bn, according to the half-year 2021 financial results filed with the Securities and Exchange Commission.  In line with regulatory rules, banks are required to include sanctions and fine imposed on them by regulatory agencies in their audited financial reports……………..read more

Commercial, Merchant Banks’ Borrowing from CBN Drops by 33.2% to N505.36bn in October- Daily Independent

Following the improvement in business activity in the country, commercial and merchant banks’ borrowing from the Central Bank of Nigeria (CBN) dropped by 33.2 per cent to N505.3billion in October as against N756.37billion in September 2021. Commercial and merchant banks often depend on the central bank bank for short-term liquidity needs to support their lending to the real sector in the event of scarcity of liquidity in the interbank money market……………..read more

Reps to invite CBN as Accountant-General pegs exchange rate at N425 – Punch

The House of Representatives’ Committee on Finance has resolved to invite the Central Bank of Nigeria over an allegation by the Office of the Accountant-General of the Federation that the apex bank collects charges on foreign exchange meant to be paid to Nigerian diplomats across the world.The Accountant-General of the Federation, Ahmed Idris, made the allegation in Abuja on Tuesday while appearing before the committee to defend his office’s estimates in the 2022 Appropriation Bill.  Idris said, “We also have another leg of personnel costs, which, for the first time, is being introduced in the budget of our office, which is the foreign service personnel in all the Nigerian missions and embassies abroad, which is also N4.747bn. In total, we have N9.089bn as personnel costs budget………………..read more

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