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Daily Business News Brief |  Monday, January 17th,  2022.

17
Jan

Nigeria’s debt stock hits N39.6tn in 11 months – Reports – Thidsay

The Nigeria’s total debt stock rose from N32.9tn as of December 2020 to N39.6tn in November 2021, The PUNCH has learnt.The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in her presentation of the 2022 approved budget, disclosed that the government borrowed N6.7tn between January and November 2021, according to a copy of the presentation obtained by our correspondent.  The new borrowing in the period under review consists of N5.1tn domestic debt and N1.6tn. The domestic debt, however, includes borrowing from the Central Bank of Nigeria, according to the presentation document………………. read more

Recapitalisation Deadline: PFAs Consummate Mergers, Acquisition Deals as Stakeholders Differ on Adequacy of New Capital Regime- Punch

The price of Automotive Gas Oil, also known as diesel, has increased further to N350 per litre in some filling stations in Lagos.  The PUNCH had reported on October 7, 2021 that fuel marketers had increased diesel price to N320 per litre as the further rise in global crude oil prices and naira depreciation pushed up the cost of importing fuel into the country.  The price of diesel, which is not regulated by the government, has surged by over 40 per cent so far this year from an average price of N225 per litre in January……………….. read more

Insurance firms’ assets hit N2.09tn amidst recapitalisation suspension – Punch

The second and final phases of the Nigerian insurance industry’s recapitalisation exercise which should have ended in September 2021 was halted by litigation from aggrieved stakeholders. However, latest figures obtained by The PUNCH on Sunday showed that the sector’s total assets rose by N228.24bn from N1.8tn in June 2020 to N2.09tn as of September 2021. The industry regulator, the National Insurance Commission, had introduced new and segmented minimum paid up share capital requirements for insurance companies in Nigeria in June 2020…………… read more

Foreign inflows fall by 32%, UK, South Africa, others slash Nigeria investments – Vanguard

The Central Bank of Nigeria has disclosed that capital importation into the country fell by 32 per cent to $500m in October 2021, from $660m recorded in September.  The CBN disclosed these figures in its latest monthly economic report (October) recently released on the bank’s official website.  The decline is a negative turnaround from the increase recorded in September when capital inflow rose by $220m from $440m in August.  The report also shows that there is a corresponding decline in investment inflows from the United Kingdom, South Africa and other countries leading the pack in capital importation into Nigeria……………read more

Total Turnover of FGN Bonds, Eurobonds, Others on FMDQ Drops by 26.24% to N20.13trn – Daily Independent.

Following foreign investors’ exit and low yield environment, the total turnover of
FGN Bonds, Eurobond, among other bonds on the FMDQ Exchange market dropped by 26.24 per cent in 2021, data gathered by THISDAY has revealed.  According to THISDAY findings, a total turnover of N20.31trillion worth of FGN Bonds, Eurobonds, Agency, Sub-national, Corporate, Supranational Bonds & Promissory Notes were traded in 2021 as against N27.53trillion traded in 2020……………read more

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