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Daily Business News Brief | Monday, March 28th, 2022.


Stock investors lose N172bn as 44 firms suffer decline – Punch

Investors lost N172bn at the end of trading on the floor of the Nigerian Exchange Limited. The market capitalisation of equities listed on the NGX depreciated by 0.67 per cent to close at N25.311tn at the end of the week.  The NGX All-Share Index also declined by 0.67 per cent to close at 46,964.23 basis points.  Similarly, all other indices finished lower with the exception of NGX AFR Div Yield and NGX Meri Growth indices, which appreciated by 1.81 per cent and 0.01 per cent respectively, while NGX ASeM and NGX Growth indices closed flat……………….read more

Dangote Cement, Seplat, NB, 10 Others OPEX Up 17% on Inflationary Pressure, Unstable FX- Vanguard

On the back of hike in inflation rate, unstable foreign exchange market, among others factors, Dangote Cement, Seplat Energy Plc, Nigerian Breweries and 10 others most valued companies on the Nigerian Exchange Limited (NGX) reported 17 per cent increase in Operating Expenses (OPEX), analysis of their 2021 results has revealed. ……………… read more

Bread prices may go up, bakers blame forex, energy crises – Thisday

Bakers under the aegis of the Premium Bread-Makers Association of Nigeria have said a harsh business environment triggered by rising energy costs and increasing forex rates has caused some of its members across the country to shut down their business operations. Speaking in an exclusive interview with The PUNCH, PBAN President, Emmanuel Onuorah, described the present situation as worrisome and imminently crippling for operators in the bread-making businesses segment.  He expressed concerns over what he called the lacklustre attitude of the government towards addressing the harsh operating environment faced by businesses……………… read more

FG’s borrowing from CBN rises by 96.54%, hits N18.16tn – Punch

The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances has risen by 96.54 per cent or 8.92tn in two years, data collated from the CBN have shown.  It rose from N9.24tn as of January 2020 to N18.16tn as of January 2022, according to a year-on-year analysis. The N18.16tn owed by the Federal Government to the apex bank is not part of the country’s total public debt stock, which stood at N39.56tn as of December 2021, according to the Debt Management Office……………..read more

Africa Prudential records N2bn profit- Daily Independent

Africa Prudential said it recorded significant success in its diversification into the digital technology solutions space in 2021 while reinventing its traditional registrar business. A statement from the firm on its 9th annual general meeting in Abuja said the company also recorded N2bn profit in the period under review. It said, “Overall, gross revenues increased by 0.4 per cent to N3.5bn despite the 12 per cent decline in interest income as the non-interest income lines strengthened, while profit before tax was up 1.3 per cent to N2bn. The firm maintained its dividend payout at 50 kobo per share for the year 2021, the same payment as in the year 2020.”………………….read more

116.46 million litres fuel lost in 2021, say NNPC reports- Punch

A total of 116.46 million litres of Premium Motor Spirit, popularly called petrol, valued at N18.88bn was stolen in 2021, data from different reports obtained from the Nigerian National Petroleum Company Limited showed. mFigures contained in various NNPC reports on Product Pipeline Performance for PMS showed that from January 2021 till December last year, huge volumes of petrol imported into Nigeria by the national oil company did not get to their targeted destinations…………………..read more

Take advantage of Personal Income Tax, IMF tells Nigeria, others – Punch

THE International Monetary Fund has advised Nigeria and other developing countries to explore the revenue potential of personal income tax. According to the IMF, personal income tax is a viable source of revenue that has the potential of boosting the local economy. It disclosed this in a report titled, ‘Personal Income Tax Has Untapped Potential in Poorer Countries.’……………………read more

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