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Daily Business News Brief |  Thursday, January 13th,  2022.


Dangote Cement Stock Price Hits 2022 High over Proposed 170m Shares Buyback – Thisday

The stock price of Dangote Cement Plc hits 2022 high yesterday amid the management proposed plans to repurchase 170,003,074 ordinary fully paid-up ordinary shares of 50kobo each from shareholders in the second tranche of its share buyback programme. The buyback presents one per cent of the currently issued shares………………. read more

8 elite companies control nearly half of stock market with N11trn – Punch

Eight companies listed on the Premium Board of the Nigerian Exchange Limited (NGX), otherwise known as elite issuers, account for 49.2 percent of the total equities market capitalization at the end of 2021.  The companies, which also comprise some of the most capitalized stocks in the Exchange, recorded 20.1 percent returns during the year………………… read more

Crypto currencies’ volatility poses financial stability risks for Nigeria, others – IMF – Punch

The International Monetary Fund says crypto currencies’ high volatility and valuation, as well as their increasing co-movement with equity markets will soon pose risks to financial stability in countries with widespread crypto adoption.  The IMF disclosed this in a blogpost titled, ‘Crypto Prices Move More in Sync With Stocks, Posing New Risks’, on Tuesday.’  According to the Chainalysis’ 2021 Global Crypto Adoption Index, Nigeria is the sixth leading country in the world in terms of cryptocurrency adoption. Vietnam, India, and Pakistan are the top three countries. …………… read more

Oil price surges above $85 amid Omicron impact- Vanguard

The international oil benchmark, Brent crude, climbed above $84 per barrel on Wednesday on tight supply and easing concerns about the potential impact of Omicron coronavirus variant on demand.  Brent, against which Nigeria’s crude oil is priced, rose by $1.42 to $85.14 per barrel as of 7.00pm Nigerian time on Wednesday.  The Senior Market Analyst, Asia Pacific at OANDA, Jeffrey Halley, said in a note that Bent could move towards $100 per barrel this quarter……………..read more

Buhari lifts Twitter ban after 222 days’ suspension-Thisday

The President, Major General Muhammadu Buhari (retd.), has lifted the ban imposed on the operations of Twitter in Nigeria, effective from 12am, January 13, 2022.  This was disclosed in a press statement on Wednesday signed by the Director-General of the National Information Technology Development Agency and Chairman Technical Committee Nigeria-Twitter Engagement, Kashifu Abdullahi.  The statement read in part “The Federal Government of Nigeria directs me to inform the public that President Muhammadu Buhari, has approved the lifting of the suspension of Twitter operation in Nigeria effective from 12am tonight, January 13, 2022……………read more

Stanbic, Standard Chartered, Citi lead as banks record $38.2bn foreign inflows  – Daily Independent

Stanbic IBTC Bank, Standard Chartered Bank Nigeria, and Citibank Nigeria Limited lead as capital importation from banks hit $38.18bn in almost three years.  Between January 2019 and September 2021 (33 months), the total capital importation by banks amounted to $38.18bn.  According to a National Bureau of Statistics report, banks imported the most capital in 2019 at $23.99bn, which reduced to $9.68bn in 2020. However, in the first nine months of 2021, banks recorded only $4.51bn capital importation, indicating their worst run in the 33-month period under review………….read more.

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