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Daily Business News Brief |  Thursday, January 27th,  2022.

27
Jan

Stock Market Crosses N25trn Mark Amid Demand for Airtel Africa, Others – Thisday

The stock market capitalisation of the Nigerian Exchange Limited (NGX) crossed the N25 trillion mark yesterday, supported by foreign investors’ demand for Airtel Africa stock that gained 10 per cent.  In summary, the NGX All-Share Index (ASI) grew by 590.48 basis points or 1.29 per cent to close at 46,529.99 basis points from 45,939.51 basis points it opened for trading, while the overall market capitalisation value gained N318 billion to close at N25.073 trillion from N24.755trillion it closed the previous day………………. read more

Petrol landing cost rises to N282/litre, oil hits $90 – Punch

The upturn in global crude oil prices has pushed the landing cost of Premium Motor Spirit (petrol) imported into Nigeria to over N282 per litre. The further rise in the landing cost of petrol means increased subsidy as the pump price of the product remains steady at N162-N165 per litre.  The landing cost of the product rose to N282.29 per litre on January 20 as the international oil benchmark, Brent crude, jumped to $89.75 per barrel that day from $77.24 per barrel on December 31, 2021.  Brent rose further on Wednesday to $90.22 per barrel as of 5.19 pm Nigerian time, its highest level since 2014………………. read more

DMO lists $4bn Eurobond on FMDQ Securities Exchange – Punch

The Debt Management Office has listed the $4bn borrowed through Eurobond in September 2021 on the FMDQ Securities Exchange.  The listing was announced by the DMO through a statement published on its website on Wednesday.  “The Debt Management Office listed the $4bn Eurobond issued by the Federal Government of Nigeria on the FMDQ Securities Exchange on January 25, 2022,” it said.  The Eurobond was issued on September 28, 2021, as part of the fundraising for the implementation of the 2021 Appropriation Act……………. read more

Prepare for unstable loan markets, IMF tells Nigeria, others – Vanguard

The International Monetary Fund has advised Nigeria and other developing economies with large foreign currency borrowings and external financing need to prepare for turbulence in financial markets.  The Washington-based lender also said countries such as Nigeria should consider extending their debt maturities as a means to contain foreign exchange fluctuations.  In a blogpost titled ‘A Disrupted Global Recovery’ discussing its World Economic Outlook Update report, the IMF said, “As the monetary policy stance tightens more broadly this year, economies will need to adapt to a global environment of higher interest rates……………… read more

Reps probe banks over dividends, unremitted govt funds- Daily Independent.

The House of Representatives, on Wednesday, resolved to set up an ad hoc committee to investigate the “suspicious and unclaimed funds” in various accounts in commercial banks in Nigeria.  The House mandated the committee to also investigate the unremitted funds collected on behalf of Ministries, Departments and Agencies of the Federal Government by the banks.  The House further mandated the committee to look into the alleged “several infractions by the Central Bank of Nigeria against the provisions of the enabling Act and Laws of the Federal Republic of Nigeria and the good people of Nigeria, especially in the area of intervention projects and programs.”………….read more

How Pressure from Telecoms Operators Forced FG to Shift NIN-SIM Verification Deadline to March 31 – Punch

The recent shift in the deadline for the National Identification Number (NIN)-Subscriber Identity Module (SIM) data verification, from December 31, 2021 to March 31, 2022, was as a result of persistent pressure on the federal government by the telecoms operators, THISDAY has learnt.  The Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami, had on December 30, 2021, conveyed the approval of the federal government to further extend the deadline for the NIN-SIM data verification, from December 31, 2021 to March 31, 2022…………….read more

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