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Daily Business News Brief  Friday November 12th, 2021.

12
Nov

Stock market sheds N51bn as investors take profits – Punch

The Nigerian equities market fell for the second consecutive day on Thursday, with the total market value losing  N51.27bn as investors took profits in MTN Nigeria Plc and some other stocks.  The All-Share Index of the Nigerian Exchange Limited dipped by 0.22 per cent at the end of trading to 43,609.06 basis points from 43,730.55bps on Wednesday while the market capitalisation fell to N22.76tn from N22.81tn.  The investor activity was bearish as trading volume fell by 40.41 per cent to 161.31 million units valued at N2.14bn in 3,574 deals from 270.70 million units valued at N5.63bn in 3,861 deals on Wednesday.  The sectoral performance was also negative as three of the major five indices closed lower.  The NGX Banking, Insurance and Industrial Goods indices dropped by 0.95 per cent, 0.93 per cent, and 0.1 per cent respectively, while the NGX Consumer Goods Index gained 0.02 per cent. The oil and gas index closed flat on Thursday at the end of trading……………….read more

FG planning to replace fuel subsidy with transport palliative – Minister – Thisday

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has described fuel subsidy as a major waste and a drain on the Nigerian economy,saying the government plans to replace it with transport subsidy to assuage the effect of its removal on the masses for a short period.  Ahmed said this on Thursday while speaking on the Channels Television’s Politics Today show.  She said, “The Petroleum Industry Act that has been passed has a provision that says petroleum products should be deregulated, which means there should be no subsidy of any petroleum product. In making our plans, we assume that this deregulation would take effect from July 2022. “It is important that we exit the subsidy. It is costing us a significant amount of resources that we could have applied for education, health and critical infrastructure. It is a major waste and drain on the economy.”………………….read more

Lafarge Africa Announces N16.1bn Interim Dividend  – Thisday

Lafarge Africa Plc has announced an interim dividend of N16.1billion with a pay-out of N1 per 50 Kobo ordinary shares for nine months ended September 30th, 2021.  This dividend to be paid out of the pioneer profits, will be made to shareholders whose names appear in the Register of Members as at the close of business on November 10th, 2021.  CEO of Lafarge Africa, Khaled El Dokani, in as statement said: “We are pleased to announce the payment of an interim dividend to our esteemed shareholders. This reiterates our commitment to ensure that we continuously deliver value to all our stakeholders. ………….read more

SEC, Stakeholders Harp on Global Acceptance of Nigeria’s Commodities – Daily Independent

The Securities and Exchange Commission (SEC), among other stakeholders have demanded improved standard of locally produced commodities and take into cognizance internationally accepted standards. Speaking at a commodities standards sensitisation workshop held in Lagos yesterday, the Executive Commissioner Operations SEC, Mr. Dayo Obisan called on the need to reduce the substandard commodities in the market and encourage global acceptance of commodities produced in Nigeria.  The SEC as part of the implementation of the 10-year capital market masterplan, constituted a technical committee in commodities trading ecosystem. The mandate of the committee was to identify challenges with the existing framework and develop a roadmap for a vibrant ecosystem……………….read more

Immigration Blames NIMC for Delay in Issuance of Passport- Thisday

The Nigeria Immigration Service (NIS) has attributed its inability to meet the six weeks target for the issuance of fresh passport or three week re-issuance to challenges posed by National Identity Management Commission (NIMC) in obtaining National Identity Number (NIN).  Immigration has also advised intending applicants to ensure that their details in their passports and those on their National Identity Number (NIN) correspond or they would not get passports until that challenge was resolved.  Passport applicants who spoke to journalists said there were discerning changes since a new administration has taken charge of the Ikoyi Passport office, noting that the cloud of uncertainty, which characterised activities in the office in the past, had disappeared …………..read more

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