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Daily Business News Brief |  Monday, March 7th,  2022.

7
Mar

Stock Market Begins First Trading Week with N32bn Decline –  Punch

The stock market of the Nigerian Exchange Limited (NGX) commenced March dropping by N32billion on investors’ profit-taking in large-mid capitalised stocks. The domestic market had opened the week on a strong footing, the positive momentum lost steam as investors took a breather later in the week to digest corporate earnings released so far by listed companies…………….. read more

Despite Economic Headwinds, Dangote Cement, MTN, 6 Others’ Dividend Up 29% to N827.05bn- Vanguard

Despite economic challenges, investors’ in the Nigerian capital market has continued to enjoy mouthwatering return on investment as most highly capitalised declares improved dividends. For instance, Dangote Cement Plc, MTN Nigeria, Zenith Bank Plc, among five other companies listed on the Nigerian Exchange Limited (NGX) have proposed a total dividend of N827.05billion for 2021 financial year. …………….. read more

NNPC releases additional 381.8 million litres of fuel, queues lessen – Punch

The scarcity of Premium Motor Spirit, popularly called petrol, has refused to abate despite claims by the Nigerian National Petroleum Company Limited that it has been releasing hundreds of millions of litres of petrol to address the situation.  In its latest weekly national PMS evacuation report for February 21 to 26, 2022, seen on Sunday, NNPC said it evacuated an additional 381.88 million litres of petrol during the period. About a week ago, the oil firm stated that it distributed a total of 387.59 million litres of PMS from February 14 to 20, 2022, in its bid to bridge the petrol supply gap……………….. read more

Banks’ NPLs Fall Below 5% First Time in 10 Years as Total Credit Increase by N4.09trn- Punch

The Central Bank of Nigeria (CBN) has stated that for the first time in about a decade, the non-performing loans (NPLs) levels of commercial banks in Nigeria has fallen below the regulatory benchmark of five per cent to 4.94 per cent as at the end of December 2021.  This was highlighted in the personal statements of the members of the Monetary Policy Committee (MPC) released by CBN on its official website over weekend…………….. read more

World Bank projects N4tn 2022 fuel subsidy, experts predict more loans – Thisday.

The Country Director, World Bank, Shubham Chaudhuri, says Nigeria’s decision to postpone the full deregulation of the downstream sector of the petroleum industry by 18 months may cost the country over N4tn in subsidy payments on petrol in 2022. He said this when he led some executives of the bank on a courtesy visit to the head office of The PUNCH in Magboro, Ogun State on Thursday……………. read more

Pension assets rose by N190bn in January, hit N13.61tn

The total assets under the Contributory Pension Scheme rose by N190bn in January, figures from the National Pension Commission have revealed. PenCom disclosed this in its report titled, ‘Unaudited Report on Pension Funds Industry Portfolio; Approved Existing Schemes, Closed Pension Fund Administrators and RSA Funds.’  The report said the funds rose from N13.42tn as of the end of December 31, 2021 to N13.61tn as of December 31, 2022……………. read more

 

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