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Daily Business News Brief |  Wednesday, February 23rd,  2022.


Hike in PMS Prices, Others Jerk Up Petroleum Marketing Companies Revenue by 47% – Thisday

On the heels of increasing prices of Premium Motor Spirit (PMS) and other related products, a total of four listed Petroleum marketing companies on the Nigerian Exchange Limited (NGX) generated an increase of 47 per cent in revenue in 2021.  These four companies, according to THISDAY investigations are Conoil Plc, Eterna Plc, Juli Plc, Totalenergies Marketing Nigeria Plc and MRS Oil Nigeria Plc………………… read more

Analyst Express Optimism in Exchange Rate Stability, Sees I&E/NAFEX Rate Pegged at N434/USD- Punch

Analysts at Coronation Merchant Bank Limited have predicted a stable exchange between now and the end of the year as crude oil prices steadily accelerates.

They noted that with Nigeria’s foreign exchange reserve hovering around $40 billion, a steadily acceleration of oil prices, and external borrowings would place the central Bank of Nigeria (CBN) in a better position to defend the naira from weakening this year………………… read more

NNPC begins trans-shipment charges, depot owners raise fuel price – Vanguard

The Nigerian National Petroleum Company Limited has introduced a N500,000 Ship-to-Ship Coordination Charge for each transshipment operation for Premium Motor Spirit, popularly called petrol, involving the NNPC Marine Logistics.  It was gathered on Monday that this charge on any transshipment operation was part of moves by the NNPC to fully recover its operational cost since the recently passed Petroleum Industry Act had made the national oil firm a limited liability company………………. read more

Stocks plunge, oil prices surge amid Russia-Ukraine tensions- Punch

The stock market fell in volatile trading on Tuesday after Russian President Vladimir Putin ordered troops into two breakaway regions in eastern Ukraine, a move that was met with a new round of sanctions from the West, as some officials warned that ‘the invasion of Ukraine has begun.’  According to Forbes, global stock markets took a hit after Russian President Vladimir Putin decided to recognise the separatist states of Donetsk and Luhansk in eastern Ukraine, ordering Russian troops to move into the region in order to maintain peace…………….. 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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