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Daily Business News Brief |  Tuesday, February 15th,  2022.

15
Feb

Stock Market Begins Week With Profit-taking in Airtel, BUA Foods

Trading activities in the Nigerian Exchange Limited (NGX) stock market yesterday kicked off the week with negative sentiments as investors’ profit taking in Airtel Africa Plc, BUA Foods, Guaranty Trust Holdings Plc (GTCO) and 20 others down market capitalization by N75 billion.

The overall market capitalisation value lost N75 billion to close at N25.361 trillion from N25.436 trillion it opened for trading, while the NGX All-Share Index declined by 139.02 basis points or 0.30 per cent to close at 47,063.28 basis points from 47,202.30 basis points it opened for trading……………… read more

Regulatory requirements: 27 firms forced to exit Nigerian stock exchange in five years – Thisday

A total of 27 companies were forced to delist from the Nigerian Stock Exchange between 2016 and 2021, according to data from the Nigerian Exchange Limited.  The data showed that 14 firms underwent regulatory delisting in 2016, four in 2017, two in 2018, two in 2019, one in 2020, and four in 2021.  A regulatory delisting happens when a company is forced to delist itself from an exchange because it fails to meet the listing requirements mandated by the exchange, while a voluntary delisting occurs when a company decides to remove all its shares from the exchange and make it unavailable for trading…………… read more

Despite CBN interventions, rice records 92% price hike in six years  – Punch

The price of a 50kg bag of locally produced rice rose by about 92 per cent between January 2016 and December 2021 despite the various measures taken by the Federal Government to drive down the cost of the staple, findings have shown.  A survey of markets across Abuja and Lagos states reveals that the current average cost of a 50kg bag of rice is N25,000, against N13,000, the price in 2016.  This means that within a six-year period, the price of rice rose by about N12,000 or 92.3 per cent……………… read more

FG gross debt to grow by 92%, hits N136tn in 2026, says IMF- Daily Independent.

The Federal Government’s gross debt profile is projected to grow by 92.11 per cent from N70.85tn in 2022 to N136.11tn in 2026, according to the International Monetary Fund. The Washington based lender made this projection in a report titled ‘Nigeria Staff Report for the 2021 Article IV Consultation.” According to the Fund, the gross debt figures of the Federal Government and the public sector include overdrafts from the Central Bank of Nigeria, promissory notes and AMCON debt. This means debt including Ways and Means have been factored into the total debt profile of the government……………..read more

Insurance firms earned N630.36bn, paid N238.05bn claims – NAICOM – Punch

Insurance companies in the country earned N630.36bn premium in 2021 and paid N238.05bn as claims, the National Insurance Commission said on Monday.  The Head, Corporate Communications and Market Development, National Insurance Commission, Rasaaq Salami, disclosed this in the commission’s unaudited result for 2021.  According to the commission, the total gross premium income earned by the insurance companies in 2020 was N520bn.  NAICOM said the total asset of the underwriting companies in 2021 was N2.14tn while net claims paid was N238.05bn……………… read more

Report: Retention of N3trn Fuel Subsidy to Raise Nigeria’s Budget Deficit from 3.4% to 4.7% in 2022 -Vanguard

A new report by Renaissance Capital, a frontiers market investment bank, has projected an increase in Nigeria’s budget deficit in relation to Gross Domestic Product (GDP) from 3.4 per cent to 4.7 per cent on the back of the recent announcement of the retention of a N3 trillion fuel subsidy this year. Nigeria’s President, Muhammadu Buhari while presenting the 2022 Budget on October 7, 2021, to the Joint Session of the National Assembly, had announced that the budget will have a deficit of about N6.25 trillion, approximately 3.39 per cent of GDP………………. read more

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