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Daily Business News Brief |  Thursday, January 28th,  2022.

28
Jan

Stock Market Drop N280bn on Profit-taking in Dangote Cement, 17 Others – Thisday

The stock market of the Nigerian Exchange Limited (NGX) yesterday dropped by N280billion on investors’ profit taking in Dangote Cement and 17 others.  The NGX All-Share Index declined by 520.76 basis points or 1.12 per cent, to close at 46,009.23 points. Similarly, the overall market capitalisation value lost N280 billion to close at N24.793 trillion…………….. read more

NNPC to deduct N127bn from FAAC, plans $5bn AfrieximBank loan – Punch

The Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, on Thursday announced that the NNPC was working with AfrieximBank to raise $5bn financing for the oil firm.  Kyari announcement came as the national oil firm told the Federation Accounts Allocation Committee that it would deduct N127bn from FAAC allocation in February 2022 being fund spent on petrol subsidy.  In a tweet via his official Twitter handle, the NNPC boss stated that the $5bn financing would be used to boost the company’s upstream ventures……………… 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

Olubi: 2023 Elections Will Increase Foreign Portfolio Outflows In Stock Market – Vanguard

The Managing Director, Morgan Capital Securities Limited, Mr. Rotimi Olubi, has said that electioneering for 2023 general elections in Nigeria will further increase foreign portfolio outflows n the stock market, stressing that the election will also cause Foreign Portfolio Investors (FPIs) to remain on the sidelines. 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

AFEX: Inflationary Pressures Will Drive Agro Commodities Prices in 2022 – Punch

A report by one of Nigeria’s leading commodities players, AFEX, has predicted that high food prices, which have been caused by inflationary pressure, would continue to spike in 2022.  AFEX in its annual commodities outlook report 2022 said a combination of rising inflationary pressure, a possible naira devaluation in the parallel market, and increased demand pressure on commodities in the country, would increase the price of grains during the new 2021/2022 trading season……………read more

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