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Daily Business News Brief |  Wednesday, February 2nd,  2022.


Investors in Nestle, NB, Stanbic IBTC, 7 Others Lose N122.2bn in January- Thisday

The Chairman of Heirs Holdings, Tony Elumelu, has lamented that his company, Heirs Oil and Gas, loses 50,000 barrels of crude oil to thieves daily.  Elumelu lamented in Abuja on Tuesday during his lecture to members of Course 30 of the National Defence College on the theme, Strategic Leadership: My Business Experience.  According to him, the oil theft in the Niger Delta has been a national issue for those looking to invest in the oil and gas sector……………… read more

We lose 50,000 barrels to oil thieves daily, says Elumelu – Punch

As a result of slow business activities and uncertainty surrounding the nation’s economy, banks and merchant banks borrowing from the Central Bank of Nigeria (CBN) dropped by 26.5 per cent Year-on-Year (YoY) to N313.43billion from N426.7billion in January of 2021.  Banks and merchant banks often access the CBN’s Standing Lending Facility (SLF) window to borrow funds, subject to certain eligibility requirements, in order to temporarily address their short-term liquidity obligations…………… read more

Nigeria’s eight per cent tax-to-GDP ratio among world’s lowest – Osinbajo  – Punch

The Vice President, Prof. Yemi Osinbajo, on Tuesday, declared that Nigeria’s eight per cent tax-to-Gross Domestic Product ratio was among the lowest globally and that efforts were on to increase this figure.  He also stated that the Federal Inland Revenue Service exceeded its tax collection target last year, as it was able to collect N6.405tn from taxpayers nationwide.  Osinbajo spoke at the public lecture organised by the Chartered Institute of Taxation of Nigeria in Abuja to commemorate the institute’s 40th anniversary.  “Today, lessons from countries that are dependent solely on revenue from oil have proven to be quite instructive,” the Vice President, who was represented by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Aliyu Ahmed, said……………. read more

Oil revenue plunges as Nigeria misses January OPEC quota – Daily Independent.

Nigeria missed its crude oil output target for January 2022, pumping 1.46 million barrels per day against a target of 1.683 million bpd as approved by the Organisation of Petroleum Exporting Countries.  Officials of the Federal Ministry of Petroleum Resources and the Nigerian National Petroleum Company Limited said the country’s continued inability to meet its output target had caused the repeated plunge in oil earnings, leading to the monthly drop in the NNPC’s remittances to the Federation Account……………read more

6.6 million Nigerians become MTN shareholders, telco rakes in N111.75bn –  Punch

MTN Nigeria Communication Plc has said it now has 6.6 million Nigerians as direct or indirect shareholders as it made N111.75bn from its share offer to Nigerians.  The telecommunications company said this in a statement titled ‘Results of the series 1 offer for sale of MTN Nigeria Communications Plc ordinary shares, first public offer via digital platform in Nigeria’.  The Chief Executive Officer, MTN Group, Ralph Mupita, said, “We are pleased that this offer has given so many Nigerians the opportunity to become owners of MTN Nigeria……………..read more


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