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Daily Business News Brief |  Thursday December 30th, 2021.

30
Dec

Market Capitalisation Drops by N238bn after Two-day Christmas Holidays – Thisday

The market capitalization of the Nigerian Exchange Limited (NGX) commenced trading yesterday after a two-day Christmas holiday, dropping by N238billion on the heels of investors’ profit-taking.  The market resumed trading activities yesterday after the public holidays, Monday and Tuesday December 27th and 28th, 2021 declared by the federal government to mark Christmas and Boxing Day celebration…………….. read more

FG borrows N13.6tn via bonds in six months amid rising deficit financing – Punch

The Federal Government’s bond offer and allotment rose by N1.99tn in the first six months of this year to N13.66tn, from the N11.67tn recorded in the corresponding period of last year.  The Financial Markets Department of the Central Bank of Nigeria disclosed this in its half-year activity report for 2021.  It attributed the rise to government’s drive to fund fiscal deficit from the domestic market.  The report stated that, “In the review period, FGN bonds worth N900bn was offered, while public subscription and sale stood at N1.73tn and N1.42tn, respectively. The amount offered comprised new issues and re-openings of FGN bonds…………….read more

Asset sales to dominate Nigeria’s oil sector, says analyst – Experts

Nigeria is likely to contend with a gale of divestments by international oil companies to reduce operating, security challenges and the huge costs of battling with the COVID-19 pandemic, industry officials and analysts told S&P Global Platts.  According to the global provider of energy information, 2022 poses to be a very challenging year for Nigeria, Africa’s largest oil producer, with the country facing a race against time to implement reforms needed to bolster exploration and check declining oil production as it fights a wave of divestments from IOCs.m……………read more

Neimeth Pharmaceuticals Reports N365.5m Profit on Growing Revenue – Vanguard

Neimeth International Pharmaceuticals Plc has announced a profit before tax of N365.5million for the year ended September 30, 2021, an increase of 22.8per cent over N297.4million reported in full year ended September 30, 2020.  The pharmaceutical company in the results released at the Nigerian Exchange Limited (NGX) yesterday reported profit after tax of N270.6 million from N212.5 million, with the earnings per share (EPS) at 14 kobo compared with 11 kobo of the preceding year……………read more

Money lenders warn Nigerians against patronising illegal operators -Thisday

Money Lenders Association has urged Nigerians to be careful and carry out due diligence on lenders before deciding to apply for loans from any moneylender online or via mobile applications.  The President of the association, Mr Gbemi Adelekan, said the association saw the need to enlighten the public after a report exposing the operations of unethical and unprofessional activities of some lenders in the industry who are causing misery and pain to customers with their mode of operations…………….read more

 

FG raises N1.77tn Sukuk fund for Ibadan-Ilorin, Enugu-Port Harcourt, 95 other roads – Report –

The Federal Government earned N1.77tn from sukuk bonds over a period of four years, according to a report obtained by our correspondent. The N1.77tn sukuk was raised between 2017 and 2021, the report stated.  The sukuk bonds, which are sharia-compliant bond-like instruments used in Islamic finance, were issued to finance over 97 road projects across the country.  In 2017, the Federal Government raised a N100bn seven-year debut sukuk bond for the financing of 25 road projects across the six geo-political zones of the country……………….read more

 

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