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Daily Business News Brief | Monday, May 9th, 2022.


Naira slumps to N595/dollar, forex shortage lingers – Punch

THE naira slumped further and exchanged to the dollar at 595 on Friday at the parallel market. Some Bureau de Change operators who spoke with our correspondent said the dollar was bought and sold at 585 and 595 on Friday.  On Monday, the naira was exchanged at N590 to a dollar.  At the Investor & Exporter forex window, the naira fell by 0.20 per cent to close at N419 after reaching a high of N444 on Thursday………………read more

Shareholders approve CSCS’s N3.7bn dividend –  Thisday

SHAREHOLDERS of the Central Securities Clearing System Plc on Friday approved the proposed total dividend of N3.7bn by the board of the company.  They gave their nod during the company’s 28th annual general meeting in Lagos.  The company said it was reinforcing the value accretion to its equity owners, which had seen a notable rise in share price of the company over the past year…………..read more

Dangote, BUA, Lafarge Cement Rake N156.55bn Profit in Q1 2022- Thisday

Three cement producers listed on the Nigerian Exchange Limited (NGX), Dangote Cement Plc, BUA Cement Plc and Lafarge Cement Plc made a combined profit of N156.55 billion in first quarter (Q1) of 2022, representing an increase of 29 per cent from N121.2 billion reported in first quarter of 2021.  ……….read more

Nigeria loses N1.22tn to deficit oil production – Reports – Daily Independent

Nigeria was unable to produce about 22.658 million barrels of crude oil valued at N1.22tn in the first quarter of this year due to its persistent inability to meet the crude oil production quota approved for the country by the Organisation of Petroleum Exporting Countries.  An analysis of data contained in various OPEC reports released in different months this year, showed that Nigeria failed to meet its oil production quotas in January, February and March 2022……………… read more

Shareholders Approve Fidelity Bank’s N0.35kobo Dividend, Capital Raising – Thisday

Shareholders of Fidelity Bank Plc have unanimously endorsed the payment of a cash dividend of 35 kobo per share to all shareholders. The shareholders who commended the bank’s sterling performance at the 34th Annual General Meeting (AGM) of the bank held in Lagos also among other things authorised the board of directors, “to undertake as it deems appropriate and in accordance with applicable laws, any actions, business combinations or transactions, including but not limited to investment, acquisition, restructuring, capital raising, expansion or business arrangement required to secure a competitive advantage for the Company.” …………..read more

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