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Daily Business News Brief |  Monday, February 8th,  2022.


GTCO completes acquisition of funds management, pension firms – Thisday

Guaranty Trust Holding Company Plc said on Monday that it had completed the acquisition of 100 per cent equity stakes in Investment One Pensions Managers Limited and Investment One Funds Management Limited from Investment One Financial Services Limited.  A statement from the company said it had notified the Nigerian Exchange Limited and the investing public of the completion of the acquisition……………. read more

Remove fuel subsidy, official exchange rate, IMF urges FG – Punch

Two weeks after the Federal Government suspended the removal of petrol subsidy, the International Monetary Fund has again urged the Nigerian government to stop subsidising fuel.  The Washington-based lender also asked the Federal Government to remove the official exchange rate  The Federal Government had on January 24 suspended its plan to remove fuel subsidy this year. It also proposed to extend the subsidy removal implementation period by 18 months, saying it would engage the legislature for the amendment of the Petroleum Industry Act……………. read more

Investors commit N3.36tn to FG bonds in 12 months – Daily Independent.

Investors committed about N3.36tn to Federal Government bonds between January and December 2021, according to an analysis of the FGN Bond Auction results available on the website of the Debt Management Office.  Bond oversubscriptions hit N1.61tn within the period under review, indicating the investors’ strong appetite for FGN bonds……………read more

CRR: CBN Debits Zenith Bank, Providus, FCMB, 11 Others N356.1bn  –  Punch

For the first time in 2022, the Central Bank of Nigeria (CBN) has wielded the big stick and debited Zenith Bank Plc, Providu Bank, First City Monument Bank (FCMB) Limited and 11 other banks N356.1billion for failing to meet its 27.5 per cent Cash Reserve Requirement (CRR) obligation. ……………..read more

External reserves slides to four months low at $39.98bn – Punch

The external reserves have fallen below the $40bn mark to the lowest point in over three months, figures from the Central Bank of Nigeria have revealed.  The reserves dropped to $39.82bn on February 2, 2022 from $40.53bn as of December 30, 2021.  The country’s external reserves had jumped from $39.82bn on October 15, 2021, to a high of $41.83bn on October 29, on the back of Eurobond inflow and the International Monetary Fund’s Special Drawing Right………….. read more

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