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

18
Mar

Banks refunded over N95bn to customers in 2021- CBN-   Thisday

The Central Bank of Nigeria on Thursday said cumulative refund by banks to customers as at December ending 2021 stood at N95.2 billion.  This is contained in data released by the bank at the opening ceremony of the bank’s 2022 fair held in Jalingo, Taraba State.  While urging the public to always lodge complaints with banks over service-related issues, the apex bank said cumulative complaints from customers as of December 2021 was 27,080, noting that 25,483 complaints were successfully resolved………………..read more

NUPENG cries out as cooking gas price rises again – Vanguard

The Liquefied Petroleum Gas Retailers Branch of the Nigeria Union of Petroleum and Natural Gas workers on Wednesday raised the alarm over the recent rise in price of Liquefied Petroleum Gas, popularly called cooking gas.  It said the cost of the commodity had been on the increase in the last two weeks and urged the government to intervene considering the current energy crisis in Nigeria as seen in the drop in power supply and petrol scarcity.  The NUPENG LPG retailers’ branch Chairman, Chika Umudu, said, “The branch union decries the return of LPG price rise which has led to an increment of up to N1,000 for 12.5kg size or N80 for 1kg within the last two weeks throughout the country……………… read more

Nigeria borrowed N6.64tn, serviced debt with N2.93tn in 2021, says DMO  – Punch

The World Bank says Nigeria could have saved about $342.1m from January to December 2021 through the debt service suspension initiative.  It disclosed this in a brief on Debt Service Suspension Initiative updated this month by the bank on its website.  Under the DSSI, official creditors commit to suspending payments of all principal and interest within a stipulated period of time……………. read more

Custodian Investment Reports 14% Revenue Growth, Declares N0.50 Kobo Dividend – Thisday

Custodian Investment Plc has said it recorded revenue growth of 14 per cent in its audited financial performance for the financial year ended December 31, 2021 The audited accounts of the group, released recently in Lagos, indicated that gross revenue increased by 14 per cent to N85.7 billion and, after adjusting for non-recurring one-time gain from prior year’s result, profits from continuing ordinary operations recorded 18 per cent growth while net asset per share grew by 16 per cent to 937 kobo. ……………. read more

‘CBN RT200 FX Policy to Reshape Exporters’ Mindsets, Infuse Value Addition on their Commodities’ – Daily Independent

Head of Export and Agric Businesses at Fidelity Bank, Isaiah Ndukwe has suggested that the recent RT200 FX Policy by the Central Bank of Nigeria (CBN) would encourage more businesses to go into export as well as prompt exporters to add value to the commodities they export.  ……………………read more

Nigeria Raises $1.25bn through Eurobonds as Public Debt Hits N41.026trn – Thisday

Nigeria has issued $1.250 (N520 billion) billion seven-year Eurobond in the International Capital Market (ICM), being the first African country to access the ICM in 2022.  This is just as the Debt Management Office (DMO) has revealed that Nigeria’s total public debt stock, comprising the federal government, Federal Capital Territory (FCT), states and local governments stood at N39.556 trillion as at December 31, 2021……….read more

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