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Daily Business News Brief | Tuesday November 30, 2021.

30
Nov

NGX reopens negative as capitalisation slumps by N20 billion-Guardian
Transactions on the Nigerian Exchange Limited (NGX) reopened on a downward note yesterday, occasioned by losses in many blue-chip stocks, causing market capitalisation to slump by N20 billion.
Specifically, at the close of trading yesterday, market capitalisation of listed equities declined by 0.08 per cent to N22.578 trillion from N22.598 trillion reported on Friday.
Similarly, the All Share Index (ASI) also plunged by 37.31 basis points to 43270.94 points from 43308.25 traded the previous day………….read more

SEC Cautions Companies, Registrars On Selective Dividend Payment-Daily Independent
The Securities and Exchange Commis­sion (SEC) has warned quoted compa­nies and capital market registrars to desist from selective payments and distribution of dividends.
Mr. Lamido Yuguda, the Direc­tor-General of the SEC, stated this at the 10th annual conference of the In­stitute of Capital Market Registrar’s (ICMR) with the theme ‘Reinvent­ing the Nigerian Capital Market for Growth: The Digital Technology Ap­proach, held in Lagos Saturday.
Yuguda, who said that some reg­istrars are unwilling to release the unclaimed dividends in their custody and have employed several antics to frustrate shareholders from enjoying the benefits of the E-DMMS platform, urged the ICMR to encourage its’ mem­bers to uphold the Code of Ethics of the profession and as contained in the Rules and regulations of the Commis­sion………….read more

 

With 86% Dominance, Nigeria Ramps Up Control of Oil Industry’s Top Management Positions-ThisDay
Although the country’s overall local content in the oil and gas industry still stands at about 43 per cent, Nigerians now occupy up to 86 per cent of top management positions of all the companies operating in the sector, a report by the Nigeria Extractive Industries Transparency Initiative (NEITI), has indicated.
The figure is part of the result of the industry audit carried out by the transparency initiative in its most recent report, which intended to scope employment and gender distribution in the sector…………….read more

FG’s capital market debt servicing gulps N2.18tn in 10 months – Reports-Punch
The World Bank says the Nigerian government’s exchange rate management policies are discouraging investments and fuelling inflation in the country
The bank disclosed this in the November edition of its Nigeria Development Update.
While highlighting the role of the Central Bank of Nigeria in exchange rate stability, the World Bank said there had been intense pressure on the naira, with the CBN constantly raising the nominal official exchange rate.
It added that the CBN’s foreign exchange management system was too rigid, with the system driving inflation in the country……….read more

Which Way for Nigeria’s Flour Milling Industry-ThisDay
The announcement of the proposed acquisition of Honeywell Flour Mills Plc by Flour Mills Nigeria Plc has raised controversy and apprehension that the flour milling industry in Nigeria is moving toward imperfect market competition, writes Dike Onwuamaeze
The announcement of the proposed acquisition of the Honeywell Flour Mills Plc (HFMP) by the Flour Mills of Nigeria Plc (FMN), would have excited stakeholders in the FMN as they look forward to celebrating their 60th anniversary next year……………..read more

‘Why Nigeria’s Oil Refining Sector Recorded Huge Contraction In Q3’-The Nation
The Centre for Promotion of Private Enterprise (CPPE), has revealed that Nigeria’s oil refining sector recorded the biggest sectoral contraction in the third quarter of 2021.
The sector, it said, contracted by 47.83%.
Dr.Muda Yussuf, the Chief Execu­tive Officer of the centre, attributed the contraction to public sector own­ership of refineries and the associat­ed burden of bureaucracy, political interference, poor management and transparency issues as well as petro­leum subsidy regime which practical­ly blocked private investment in the sector………….read more

FG may extend 2021 budget implementation to next year-Punch
The Federal Government may extend the implementation of capital projects components in the 2021 Appropriation Act till next year following the inability of many ministries and agencies to conclude their procurement process until the last quarter of this year.
Many heads of the MDAs who appeared before the various Senate standing committees for their 2021 budget performances, blamed their inability to execute their capital projects to the outright ban placed on procurement process from January to May 31.
Specifically, the Minister of Works and Housing, Babatunde Fashola, told the Senate Committee on the Federal Roads Maintenance Agency that the Federal Government issued a circular to delay the implementation of capital components in the 2021 budget till May 31, this year………read more

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