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Daily Business News Brief | Tuesday December 21st, 2021.  


Stock Market Commences Week on Positive Note on Gains in Dangote Cement, 20 Others – Thisday

The stock market of the Nigerian Exchange Limited (NGX) yesterday commenced the week with a positive performance driven by bargain hunting in Dangote Cement Plc and 20 others. In summary, the NGX All-Share Index (ASI) grew by 41.40 basis points, representing an increase of 0.10 per cent to close at 42,394.71 basis points, while the overall market capitalisation value gained N22 billion to close at N22.129 trillion……………… read more

Lagos issues N137bn bond for Lekki road projects, healthcare, others – Punch

The Lagos State Government has said all statutory instruments that will facilitate the raising of N137.328bn from the capital market to deliver key infrastructure in critical sectors of the economy have been met. Governor Babajide Sanwo-Olu, on Monday, presided over the ceremony where necessary documents required by the Securities and Exchange Commission to facilitate the issuance of 13 per cent fixed rate bond were signed by the state’s Attorney General, issuing parties and trustees of the funds, according to a statement.  It said the event marked the third time Lagos Government would be issuing a long-tenure bond of 10 years (2021-2031), bringing to a total value of N377.715bn bond issued from the Lagos State’s Series IV N500bn Debt Issuance Programme…………….read more

PFAs recapitalisation: Four firms begin merger talks, GTCO acquires player – Thisday

No fewer than four Pension Fund Administrators may go into merger and acquisition ahead of the April 2022 deadline stipulated for pension companies to raise their minimum capital from N1bn to N5bn, findings by The PUNCH have shown. The National Pension Commission had in a circular last year directed PFAs to raise their shareholders’ fund, giving them a 12-month transition period. The commission argued then that its oversight function had shown that the required minimum capital was no longer adequate to meet the operational expenses of the PFA business. Earlier, the commission had raised the minimum capital of the PFAs from N150m in 2011 to N1bn in 2012…………….read more

FG to spend N250bn sukuk on Abuja, Niger Delta road projects, says DMO – Vanguard

The Debt Management Office says the proposed N250bn sukuk will be used to finance key economic road projects identified by the Federal Ministry of Works and Housing, Federal Capital Territory Administration, and the Ministry of Niger Delta Affairs. The DMO’s Director-General, Patience Oniha, said this in Abuja, on Monday, at a media sensitisation programme on the debt issuance, while inviting investors within and outside Nigeria to participate in the sovereign sukuk.The offer is a 12.8 per cent, 10-year Ijarah sukuk due 2031, which opened on December 16 and will close on December 22, 2022…………….read more

Oil exploration to increase petroleum reserve to 40 million barrels by 2030 – Punch

The Minister of Science and Technology, Dr Ogbonnaya Onu has said that the Federal Government is making efforts towards increasing the petroleum reserve in the country to 40 million barrels from the current 36 million by 2030. He stated this in his opening remarks at a 2-day national workshop on petroleum research activities in Nigeria’s inland basins, which was held at the Chartwell Hotel, Bauchi on Monday.The workshop was organized by the Energy Commission of Nigeria, through the National Centre for Petroleum Research and Development located at Abubakar Tafawa Balewa University, Bauchi, with the theme: ‘Petroleum Exploration and Environmental Control in the Nigerian Context: Implications for Sustainable Petroleum Exploration in Nigeria’…………………..read more

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