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Daily Business News Brief | Wednesday, April  27th, 2022.

27
Apr

Investors Demand for Seplat 27 Others Lift Market Cap by N14bn – Thisday

Investors surge demand for Seplat Energy Plc, 27 others lifted market capitalisation of the Nigerian Exchange Limited by N14billion yesterday to maintained its bullish momentum for this week. Precisely, the overall market capitalisation value gained N14 billion to close at N26.184 trillion from N26.170trillion, as the NGX  All-Share Index inched higher by 25.21 basis points or 0.05 per cent  to close at 48,568.57 points  from 48,543.36 basis points it opened for trading …………………read more

Oil production: Nigeria leads Q1 shortfall, World Bank cites sabotage – Thisday

The World Bank has said Nigeria has the largest shortfall among oil-producing countries due to sabotage within the oil production system and other factors, such as low investments and the COVID-19 pandemic. According to the bank, Nigeria has a shortfall of 500,000 barrels per day, while Angola and Russia both have a shortfall of 300,000 barrels per day. The Washington-based bank said this in its latest Commodity Markets Outlook report.  The financial institution said that although global oil production rose just under one per cent in the first quarter of 2022 based on a quarter-by-quarter analysis, it was around three per cent below pre-pandemi……………..read more

Currency in Circulation Drops by N4.59bn to N3.24trn in March- Thisday

The Central Bank of Nigeria (CBN) has disclosed that currency in circulation dropped Month-on-Month (MoM) by N4.59 billion or 0.14 per cent in March 2022 to N3.24 trillion from N3.25 trillion in February 2022. The apex bank in its Money and Credit Statistics had reported N3.29 trillion money in circulation in January 2022. …………………read more

10 banks raked in N1.57tn interest income in 2021- Daily Independent

Ten Deposit Money Banks in Nigeria earned a total of N1.57tn in net interest income last year, up from N1.49tn as of December 31, 2020. They are Union Bank Plc, Stanbic IBTC, Fidelity Bank Plc, Sterling Bank, Wema Bank, First City Monument Bank, Access Bank Plc, Guaranty Trust Bank, United Bank of Africa and Zenith Bank Plc.  An analysis of data from their audited financial statements for the period ended December 31, 2021 showed that seven of the banks boosted their net interest income, their main source of revenue, while the rest witnessed a decline……………… read more

Foreign Exchange Turnover at FMDQ Hits N8.29trn on Demand, Increased Business Activities – The Punch

Following consistent demand fuelled by increased business activity, investors and exporters traded N8.29trillion worth of foreign exchange at the FMDQ market in the first two months of 2022, the FMDQ Exchange has disclosed. This is an increase of 9.7 per cent when compared to N7.55 trillion total foreign exchange turnover traded in the first two months of 2021. …………..read more

SIM-NIN: 22 days after ban, Telcos lose N76bn, subscribers stranded – Daily Independent

Telecommunication companies have lost about N75.78bn as subscribers struggle to link their National Identification Number to the Subscriber Identity Module, about 22 days after the Federal Government directed telecom companies to bar defaulting consumers from making outgoing calls.

On April 4, the Federal Government directed telcos to restrict outgoing calls on all lines that had not linked their SIMs to NINs after the deadline for the verification exercise expired on March 31.

As a result, about 72.77 million active telecom subscribers were barred from making calls on their SIMs. Voice revenue is a major source of revenue for telecom companies. In 2021, MTN made N819.74bn from voice revenue, while Airtel made N397.91bn from voice………………read more

CBN grants Airtel approval to operate mobile money banking – The Punch

Airtel Africa has confirmed that the Central Bank of Nigeria has awarded its subsidiary, Airtel Mobile Commerce Nigeria Ltd, with a full super-agent licence.

According to the firm, this licence will allow it to create an agency network that can service customers of licenced banks, payment service banks, and licenced mobile money operators in Nigeria.

In a statement, the firm said, “Further to our announcement of 15 November 2021, Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today confirms that the CBN has awarded its subsidiary, Airtel Mobile Commerce Nigeria Ltd, with a full super-agent licence…………………read more

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