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Daily Business News Brief |  Monday, February 21st,  2022.

21
Feb

Stock market capitalisation falls to N25.41tn – Punch

The market capitalisation of equities listed on the Nigerian Exchange Limited fell by 0.12 per cent to close at N25.41tn last week. The NGX All-Share Index also declined by 0.13 per cent to close at 47,140.48 basis points.  However, all other indices finished higher, with the exception of NGX Premium, NGX Banking, NGX AFR Bank value, NGX Oil & Gas and NGX Industrial Goods which depreciated by 0.29 per cent, 0.74 per cent, 0.86 per cent, 3.45 per cent, and 0.32 per cent respectively while the NGX Main Board, NGX Asem, NGX Growth and NGX Sovereign Bond indices closed flat…………………. read more

Fuel scarcity: Private depots hike rates, more filling stations may sell above N180/litre – Thisday

The cost of Premium Motor Spirit, popularly called petrol, may hit or exceed N180/litre in most filling stations in coming weeks if nothing is done about a recent hike in its ex-depot price by private depot owners.  It was gathered that most private depot owners recently raised the cost of petrol from the approved N142-N145/litre price to between N162-N170/litre. This, oil marketers said, had already made some filling stations owned by independent marketers to start dispensing petrol at N180/litre, above the approved and regulated pump price of N165/litre………………. read more

Flour Mill, Dangote Kick over Artificial Sugar Scarcity Allegation by BUA Foods- Vanguard

Two major sugar producers, Flour Mills Of Nigeria Plc (FMN) and Dangote Sugar Refinery Plc have debunked allegations by BUA Foods Plc of creating artificial scarcity of sugar amid decision to suspend sales. BUA Foods had published a disclosure distancing the company from every arrangement to create artificial scarcity of sugar in the country……………… read more

eNaira cross-border use may fuel money-laundering, terrorism financing – IMF- Daily Independent.

The International Monetary Fund says the prospective expansion of eNaira use to cross-border fund transfers and agency bank networks may lead to new money-laundering and financing of terrorism risks. The IMF disclosed this in its ‘Nigeria Staff Report for the 2021 Article IV Consultation’ report.According to the  report, although there are some benefits, such as promoting financial inclusion, there are also some risks around the eNaira, which the Central Bank of Nigeria needs to address……………….read more

United Capital Record 50% Increase in PBT, Proposes N1.50 Dividend -Thisday

United Capital Plc has announced its audited financial statements for the year ended December 31, 2021 with profit before tax increasing by 50 per cent to N11.92billion as against N7.95billion reported in 2020. The audited result and accounts on the Nigerian Exchange Limited (NGX) revealed 44.14 per cent increase in profit after tax to N11.26billion in 2021 as against N7.8billion in 2020…………………read more

Nigerian insurance sector rebounds, records 8.01% annual growth – Punch

The Nigerian insurance industry grew by 8.01 per cent in 2021, compared to a negative growth rate of 13.29 per cent in 2020, figures obtained from the National Bureau of Statistics have shown.  The NBS, in its Gross Domestic Product report for the fourth quarter of 2021, said the insurance industry also accounted for 7.82 per cent of the finance sector.  According to the report, the underwriting industry recorded negative growth of 2.08 per cent in the first quarter of 2021………………. read more

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