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Daily Business News Brief | Wednesday, April  6th, 2022.


At 6.03% Decline, Insurance Sector Emerges Worst NGX Performing Sector in 3 Months – Thisday

As the Nigerian Exchange Limited (NGX) gained 9.95 per cent or N3.02trillion in first three months of 2022, indicator revealed that the NGX insurance index depreciated by 6.03per cent or N9.06 billion to emerged as one of the worst performing indices on the bourse  ………………read more

SIM-NIN: Deactivated subscribers storm telecom outlets, queues mount – Punch

Some telecommunication subscribers were left stranded on Tuesday after telecom companies barred their lines from making calls following a directive from the Federal Government.  The Federal Government had on Monday directed telecom companies to enforce compliance with its National Identification Number-Subscriber Identity Module policy by blocking outgoing calls on all unlinked lines after the deadline for the SIM-NIN verification expired on March 31…………….. read more

Nigeria’s imports rise by N12.11tn despite forex shortage – Thisday

Between 2016 and 2021 Nigeria’s import bill rose from N8.73tn to of N20.84tn, according to the Central Bank of Nigeria and the National Bureau of Statistics data. This implies that within the five-year period, imports into the country rose by N12.11tn or 129.10 per cent. The CBN data show that the nation’s imports have been rapidly increasing since 1980.  The CBN stated that Nigeria’s import bill rose from $16.65bn in 1980 to $67.05bn in 2014, a development that has had negative impact on the country’s exchange rate…………………read more

Presco Issues N34.5 billion Series 1 Bond -Vanguard

Market leader in the supply of specialty fat and oils, Presco Plc has announced successful issuance of  N34.5billion Series 1 seven-year Fixed Rate Bonds under its N50 billion Bond Issuance Programme.   Speaking on Tuesday at the signing ceremony held at the Company’s Obaretin Estate, Benin,  Edo State, Managing Director of Presco Plc, Mr Felix Nwabuko commended institutional investor community for supporting the transaction. …………………read more

Banks Borrowing from CBN Decline by 0.45% in Q1 – Daily Independent

Banks borrowing from the Central Bank of Nigeria (CBN) dropped marginally by 0.45 per cent to N1.35 trillion in the first quarter of 2022 compared to N1.36 trillion reported by the apex banking regulating body in the prior first quarter of 2021 ……………………read more

Total assets of 882 microfinance banks hit N1.35tn – Thisday

The total assets of Nigeria’s microfinance banks increased to N1.35tn by the end of September 2021, from N856.3bn recorded in September 2020.  This was contained in a report by the Central Bank of Nigeria on ‘Microfinance Banks’ Account Assets’ quarterly bulletin obtained by our correspondent.  Also, figures obtained from the CBN on ‘List of Licensed Microfinance Banks’ showed that the number of microfinance banks rose from 876 as of June 30, 2021 to 882 as of December 31, 2021……………………..read more

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