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Daily Business News Brief |  Wednesday, March 2nd,  2022.


Market Value of Airtel, BUA Foods, Stanbic, Others Depreciate by N135.42bn in February – Thisday

On the backdrop of aggressive profit-taking by investors’, the market capitalisation of 10 top losers on the Nigerian Stock Exchange Limited (NGX) depreciated by N135.42billion in the month of February 2022, market data has revealed  Among the top losers on the Exchange in February are; Airtel Africa Plc, Okomu Oil Palm Plc, BUA Foods Plc, Vitafoam Nig Plc and Stanbic IBTC Holdings Plc ……………….. read more

NGX to Implement New Strategy Centered on Digital Transformation, Customer-centric Solutions – Punch

As part of ongoing activities aimed at improving business operations and processes at Nigerian Exchange Limited (NGX), the Board of the Exchange yesterday has approved a new strategy centered on digital transformation, strategic partnerships, and customer-centric solutions.  The Exchange in statement obtained by THISDAY noted that the new strategy will ensure that the bourse becomes a “LEADING” organisation with a focus on deepening the capital market, diversifying our products and services, enhancing retail participation, and delighting our stakeholders across board……………….. read more

NNPC vows to increase production as Brent crosses $105/barrel – Vanguard

BRENT, the crude against which Nigeria’s oil is priced, crossed the $105/barrel price on Tuesday, as it rose to the highest price ever recorded since about 14 years following the ongoing war in Ukraine after it was invaded by neighbouring Russia.  In order to gain from the rising price of crude, the Nigerian National Petroleum Company Limited on Tuesday vowed to increase Nigeria’s oil production, as the country had not been meeting its OPEC crude oil production quota lately…………….. read more

Transport fares rise, fillings stations sell petrol above N200 – Punch

THE cost of transportation is on the increase across the country following the hike in the pump price of Premium Motor Spirit, popularly called petrol, in fillings stations in states.  Motorists still besieged the few filling stations that dispensed PMS in Abuja and neighbouring Nasarawa and Niger states on Tuesday, as many outlets in Nasarawa and other states sold the commodity at N200/litre and above.  This was in contrast to the Federal Government’s approved pump price of N162-N165/litre. In Abuja, black marketers freely sold petrol at N400/litre and above……………… read more

CBN e-valuation: Clearing agents insist on strike despite Customs intervention – Punch

EFFORTS by the management of the Nigeria Customs Service, to get striking clearing agents back to work seem to have failed as the meeting between the two parties has ended in a deadlock.  The freight forwarders operating at both the Tin-Can Island as well as the Ports & Terminal Multipurpose Limited commands of the Customs had last week begun an indefinite strike following the expiration of a 72-hour ultimatum given to the Federal Government to review the electronic valuation system for imported vehicles and cargoes………………. read more

Transcorp Hotels to pay N717m dividend- Thisday.

TRANSCORP Hotels Plc says it will pay its shareholders N717m dividend for the 2021 financial period.  The company said its gross profit increased by 143 per cent, while its revenue grew by 114 per cent to N21.74bn according to the audited financial statements for the full year ended December 31, 2021.  In a statement, it said, “The results published on the Nigerian Group Exchange showed a 114 per cent growth in revenue to N21.74bn from N10.16bn as of December 2020, while gross profit rose by 143 per cent to N16.23bn from N6.67bn…………………. read more


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