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Daily Business News Brief  Thursday November 18th, 2021.

18
Nov

Stock market loses N49bn as 24 firms decline – Punch

The equities market of the Nigerian Exchange Limited declined by N49.21bn at the end of trading on Wednesday as 24 firms saw their share prices fall. The NGX All-Share Index dropped by 0.22 per cent to close at 43,349.9 basis points from 43,444.20bps on Tuesday, while the market capitalisation fell to N22.62tn from N22.67tn.  Market activities was negative as the total volume of shares exchanged fell to 264.79 million units valued at N6.08bn in 4,230 deals from 423.83 million units worth N11.65bn in 4,181 deals on Tuesday.  FBN Holdings Plc emerged as the most traded stock by volume as it accounted for 25.91 per cent of the total volume of shares traded, while Nestle Nigeria Plc was the most traded stock by value, accounting for 48.85 per cent of the total value of trades on Wednesday………………read more

Fidelity Bank’s nine-month profit rises by 31.4%- Thisday

Fidelity Bank Plc has reported a 31.4 per cent increase in its profit before tax for the nine months ended September 30, 2021.  The bank said its pretax profit rose to N28.1bn in the period under review from N21.3bn in 2020.  According to its unaudited financial statement obtained from the issuer’s portal of the Nigerian Exchange Limited, its gross earnings grew by 12.5 per cent to N174.4bn from N155bn in the corresponding period of 2020.  The bank’s total assets rose by 15.4 per cent to N3.18tn from N2.76tn…………………read more

FG raises power tariff December, begins free meters purchase- Punch

Power consumers nationwide may start to pay more for electricity, following plans by the Federal Government to carry out a review of power tariff, The PUNCH has learnt. This came as the Federal Government said on Wednesday  it had commenced the procurement of four million meters meant to be distributed free of charge to unmetered power users nationwide. It also put the number of unmetered electricity consumers in Nigeria at about eight million, adding that over 860,000 meters were distributed for free to power users under phase zero of the National Mass Metering Programme.  It was learnt on Wednesday the Nigerian Electricity Regulatory Commission would review the country’s power tariffs by next month, barring any unforeseen circumstance…………..read more

eNaira will reduce tax evasion, says CITN – Daily Independent

The President, Chartered Institute of Taxation of Nigeria, Mr Adesina Adedayo, has said the introduction of eNaira into the Nigerian economy is expected to reduce incidences of tax evasion.  Adedayo spoke during a webinar organised by the CITN, with the theme, ‘Understanding digital currency operation: The eNaira project’.  “With the implementation of the eNaira, it is expected that ultimately, tax evasion will be minimal as it seeks to ensure the traceability of tax assets and enforces transparency in the taxation system, thereby increasing government revenue,” he said.  Describing the CITN as a knowledge-based institute, he said the essence of the programme was to continually enlighten and educating the public and stakeholders via activities geared towards contributing to national development, and to update its members on emerging tax policy and related issues…………….read more

Inflation may push 91 million Nigerians below poverty line – Punch

The World Bank says the general increase in food prices which occurred between June 2020 and June 2021 may have increased the percentage of Nigerians living below the national poverty line from 40.1 per cent to 42.8 per cent. The bank said this in a new report titled, ‘COVID-19 in Nigeria: Frontline Data and Pathways for Policy.’ According to Worldometer, the current population of Nigeria is 213,145,112 as of Wednesday. Forty two per cent of the current population means about 91 million Nigerians may have been pushed below the national poverty line in one year due to inflation. The report read in part, “The rise in prices witnessed between June 2020 and June 2021 alone could push another six million Nigerians into poverty, with urban areas being disproportionately affected; this underscores the need for short-term policies to support welfare…………….read more

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