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Daily Business News Brief |  Friday, February 18th,  2022.

18
Feb

Dangote, Flour Mills slam BUA over alleged sugar sale suspension- Punch

Dangote Sugar Refinery Plc and Flour Mills of Nigeria Plc have berated BUA Foods Plc for accusing them of suspending the sale of sugar.  BUA Foods had in an advertorial published on Monday said Flour Mills suspended sugar sales because the 2022 raw sugar allocation had been declined by the government.  It also accused Dangote Sugar of halting sales of the product in a bid to create scarcity and force prices to go up.  But in a press release published on the Nigerian Exchange Limited on Thursday, Dangote Sugar described the claim by BUA as false…………………. read more

Nigeria recorded 3.4% GDP growth in 2021 -NBS – Thisday

Nigeria’s Gross Domestic Product grew by 3.98 per cent in the fourth quarter of 2021.  This is the strongest growth since 2014, according to the second-quarter GDP report released on Thursday, by the National Bureau of Statistics.  The report showed that the fourth-quarter growth accounted for annual growth of 3.40% in 2021.  Part of the report read, “Nigeria Gross Domestic Product grew by 3.98 per cent (year-on-year) in real terms in the fourth quarter of 2021, showing a sustained positive growth for the fifth quarter since the recession witnessed in 2020 when output contracted by -6.10 per cent and -3.62 per cent in Q2 and Q3 of 2020 under the Covid pandemic………………. read more

Stations run out of petrol, scarcity paralyses states – Vanguard

Many filling stations in Nigeria are still not dispensing Premium Motor Spirit, popularly called petrol,  a development that worsened the nationwide PMS scarcity and paralysed activities across the country on Wednesday.  In Abuja, Lagos, Rivers, Bayelsa, Kwara, Nasarawa, Niger, Kano, Ogun states, among others, queues by motorists for petrol greeted the very limited number of filling stations that dispensed the commodity.  The crisis caused by the adulterated petrol imported into Nigeria about two weeks had led to a hike in the cost of the commodity in many states, as black marketers of the PMS also cashed in on the development.  In Abuja and parts of Niger and Nasarawa, for instance, black marketers sold petrol for as high as N6,000 for 10 litres, translating to N600 per litre……………… read more

SEC Committed to Proper Regulation Aimed at Capital Market Growth- Yuguda- Daily Independent.

The Securities and Exchange Commission (SEC) has reiterated that it is committed to sound and proper regulation that would engender growth and development in the Nigerian capital market.  The Director General of SEC, Mr. Lamido Yuguda stated this at a meeting with market stakeholders organised by the Debt Management Office (DMO) in Lagos………………read more

Stations run out of petrol, scarcity paralyses states- Thisday

Many filling stations in Nigeria are still not dispensing Premium Motor Spirit, popularly called petrol,  a development that worsened the nationwide PMS scarcity and paralysed activities across the country on Wednesday.  In Abuja, Lagos, Rivers, Bayelsa, Kwara, Nasarawa, Niger, Kano, Ogun states, among others, queues by motorists for petrol greeted the very limited number of filling stations that dispensed the commodity.  The crisis caused by the adulterated petrol imported into Nigeria about two weeks had led to a hike in the cost of the commodity in many states, as black marketers of the PMS also cashed in on the development……………….read more

How we rejected five cargoes of adulterated petrol – NNPC – Thisday

The Nigerian National Petroleum Company Limited, on Wednesday, disclosed how five cargoes containing ethanol-laden Premium Motor Spirit (petrol) were rejected after discovering that the first was substandard.  The Group Managing Director of the NNPC, Melee Kyari, also disclosed that the company was filing damages against suppliers of the substandard PMS, while alleging that Duke Oil, one of the company’s subsidiaries, shared in the blame………………. read more

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