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Daily Business News Brief | Wednesday, May 11th, 2022.

11
May

24 NGX Listed Coys Remits N215.9bn Tax to FIRS, Others in Q1 2022 – Punch

Following their expansion in Nigeria and other African countries, the likes of Dangote Cement Plc, MTN Nigeria Communication, Seplat Energy Plc, Guaranty Trust Holding Company Plc (GTCO) and 20 other companies remitted a total of N215.9 billion tax to the Federal Inland Revenue Services (FIRS), among other revenue generating agencies in first quarter of 2022………………..read more

Nigeria gains as WAPCo sells 258mcf of gas in 24hrs –  Thisday

The West African Gas Pipeline Company, WAPCo, sold 258 million standard cubic feet of gas in 24 hours in March due to increased demand caused by Russia’s invasion of Ukraine.  WAPCo is owned by companies in Nigeria, Ghana, Togo and the Benin Republic, including the Nigerian National Petroleum Corporation Limited, which has a 24.9 per cent stake in it.  Managing Director of WAPCo, Gregory Germani, said the gas company saw the highest one-day peak of 258 million standard cubic feet of gas per day in March, noting that the company set a new monthly average record of 215 million standard cubic feet per day of natural gas for itself…………….read more

Bank loans to govt rise to N16.32tn – CBN – Thisday

The total net credit by the Nigerian banking sector to the government rose by N2.2tn in the first quarter ended March 2022 to N16.32tn.  Figures obtained from the Central Bank of Nigeria’s data on ‘Money and credit statistics’ have shown.  According to the data, the net credit to the government rose from N14.12tn as of the end of January 2022 to N14.72tn as of the end of February 2022.  The figure showed that this was an increase from the first quarter figure of 2021………..read more

CBN to deepen payment system via eNaira  – Daily Independent

The Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele, has said central banks across Africa and other parts of the world are trying to study Nigeria’s eNaira project.  Emefiele said this on Monday during an experience sharing tour of the CBN’s CBDC (eNaira) by officials of the Bank of Uganda in Abuja.  Emefiele said, “We feel delighted on what we are doing in the area of the Central Bank Digital Currency, CBDC. What we are doing in the area of eNaira is attracting the interest of different countries in the world.”……………. read more

International Breweries Migrates from N3.56bn Loss to N1.86bn PBT in Q1– Thisday

International Breweries Plc has migrated from N3.56billion loss reported in first quarter ended March 31, 2021 to N1.86billion reported in the first quarter ended March 31, 2022 over its resilient consumer demand drives volume growth ahead of industry, with significant revenue and profit growth …………..read more

Transcorp’s quarterly profit rises by 624.4%- Punch

THE profit before tax of Transcorp Hotels Plc, a hospitality company and subsidiary of Transnational Corporation Plc, rose by 624.4 per cent to N1.067bn as of the end of first quarter ended March 31, 2022, from a loss of N203.7m in the same period of last year.  The statement said the result was contained in the company’s unaudited financial statements for the period ended 31 March 2022, published on the Nigerian Exchange Group…. …………..read more

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