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Daily Business News Brief |  Thursday, February 3rd,  2022.

3
Feb

Stock Market Down N98bn onSell-off in MTN, Zenith Bank, 31 Others – Thisday

Investors’ profit-taking in MTN Nigeria, Zenith Bank Plc, 31 other stocks down the Nigerian Exchange Limited (NGX) by N98billion.  The overall market capitalisation value yesterday lost N98 billion to close at N25.289 trillion from N25.387trillion it opened for trading…………….. read more

Conoil, three other marketers post N622.42bn revenue – Punch

our of the major oil marketing companies in Nigeria saw their combined revenue surged by 46.96 per cent last year as fuel demand recovers from the impact of the COVID-19 pandemic. The companies, namely Conoil Plc, TotalEnergies Marketing Nigeria Plc, MRS Oil Nigeria Plc and Eterna Plc, grew their total revenue by N198.9bn in 2021 to N622.42bn.  Their financial statements, obtained from the Nigerian Exchange Limited on Wednesday, showed that two of them recorded profit growth, one returned to profitability while the remaining one posted a loss…………… read more

CITN, others oppose bill to make ICAN regulate tax practice – Daily Independent.

The House of Representatives’ Committee on Finance held a public hearing on the Institute of Chartered Accountants of Nigeria (Amendment) Bill on Wednesday, parts of which several professional bodies described as injurious to the regulation of accounting and tax professionals in the country.  The legislation is titled ‘A bill for an Act to amend the Institute of Chartered Accountants of Nigeria Act 1965, CAP. 111 LFN, 2004 is to address emerging trends in the Nigerian economic environment and for related matters (HB 1178).’  Major stakeholders in the accounting profession and finance sector criticised some clauses in the bill at the hearing, especially Clauses 21 and 28, which seek to define tax practitioners as accountants and confer the power of regulating tax practice in the country on ICAN……………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

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

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