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Daily Business News Brief | Wednesday December 01, 2021


Stock Market Close Lower on Profit-Taking by Investors-ThisDay
The stock market of the Nigerian Exchange Limited (NGX) closed on a negative note yesterday on the back of profit-taking by investors.
In summary, the NGX All-Share Index (ASI) dropped by 22.89 basis points, representing a decrease of 0.05 per cent, to close at 43,248.05 points. Similarly, the overall market capitalisation declined by N12 billion to close at N22.567 trillion………….read more

Investors earn N629b gains in November-The Nation
Investors in the Nigerian stock market earned about N629 billion as net capital gains in November 2021 as renewed interest across the market drove average returns to its recent high.
Aggregate market capitalisation of all quoted equities at the Nigerian Exchange (NGX) rose by N629 billion to close yesterday at N22.567 trillion, from the N21.938 trillion recorded as the opening value for the month………….read more

Nigeria targets 70% retention of $20.4bn spent on oil, gas projects-Guardian
With the Federal Government able to retain about $8 billion of the $20.4 billion spent on some projects by oil firms between 2016 and 2021 through local content development, it has outlined plans to increase the value that can be retained through the in-country capacity to 70 per cent…………..read more

How Nigeria Will Benefit From Over $4trn Digital Service Exportation Market-Daily Independent
The National Information Technology Development Agency (NITDA) and Ni­gerian Export Promotion Council (NEPC), have said that Nigeria would benefit from the yearly $4.7 trillion exportation of digital service.
The outgoing NEPC Executive Director, Segun Awolowo dis­closed this during a press briefing on the consolidation and partner­ship between the two organisa­tions.
Mallam Kashifu Inuwa, the Director-General of NITDA, who was represented at the event by the Acting Director, Corporate Planning and Strategy (CPS), Dr Aristotle Onumo, said the part­nership was aimed at facilitating the exportation of digital services adding that more partnerships of this nature from the public and private sectors would bring out synergy, exchange of ideas and knowledge sharing among them…………read more

MPC as Enabler for Sustained Recovery-ThisDay
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria rose from its final meeting for the year recently without any change in its decision. The committee by unanimous vote, decided to retain the Monetary Policy Rate (MPR) at 11.5 per cent. Members of the committee also voted to retain the asymmetric corridor of +100/-700 basis points around the MPR, the CRR at 27.5 per cent and the Liquidity Ratio at 30 per cent. These considerations according to the Governor of the CBN, Godwin Emefiele lead the Committee to hold all policy parameters constant to support the enabling environment for sustained recovery…………….read more

Reps retain NIPOST’s powers over stamp duty in new amendment-Punch
The House of Representatives, on Tuesday adopted the report by the Committee on Communications on the Nigerian Postal Service Act (Amendment) Bill, which will create Nigerian Postal Commission and make the already existing Nigerian Postal Service an operator under it.
The proposed amendment will also retain NIPOST’s powers to collect stamp duty on behalf of the Federal Government.
The legislation is titled, ‘A Bill for an Act to Repeal the Nigerian Postal Service Act Cap 6127 LFN 2006 and Establish the Nigeria Postal Commission to Make Comprehensive Provisions for the Development and Regulation of Postal Service; and for Other Related Matters.’
The Federal Inland Revenue Service and NIPOST had clashed over stamp duty collection when the Finance Bill 2020 moved the responsibility from the latter to the former………read more

Stakeholders urge fintechs to explore funding at NGX-Guardain
Vice President Yemi Osinbajo has stated that there is a need for the Nigerian Exchange Limited (NGX) to woo financial technology (Fintech) firms raising capital beyond the shores of the country to the nation’s bourse to deepen the market.
Osinbajo, who spoke at the 2021 Capital Market Conference, held in Abuja yesterday, expressed concern about the inability of Fintech companies and start-ups to access funds from the capital market…………read more

N97bn shares’ sale not to exit Nigeria, says MTN-Punch
MTN Nigeria Communications Plc is set to raise at least N97.18bn from its public offer to retail investors.
This came as the company it had  no plan to exit the Nigerian market though the planned share sale.
In a statement on Tuesday, the company disclosed that it is set to offer 575 million shares held in MTN Nigeria by MTN Group at N169.00 per share (the offer) to retail investors.
The company said, “The Offer will open at 8:00am on December 1, 2021 and close at 5:00 pm on December 14, 2021. The minimum subscription is for 20 shares and lots of 20 shares thereafter.
“The offer includes an incentive in the form of one free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor. The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months, post the allotment date.”……..read more


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