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Daily Business News Brief | Monday, June 6th, 2022.

6
Jun

SEC introduces measures to tackle fraud, unclaimed dividends – Punch

The Securities and Exchange Commission is planning to provide capital market participants with unique identifiers in order to reduce fraud and the quantum of unclaimed dividends, a statement by the commission on Sunday said.  The Director-General, SEC, Mr. Lamido Yuguda, stated this during a meeting with the Management of Nigeria Data Protection Bureau in Abuja weekend, according to the statement………………read more

Subsidy hits 45% of fuel import bill in Q1 – NBS report – Thisday

The National Bureau of Statistics has disclosed that Nigeria spent N1.51tn on the imports of premium motor spirit, also known as petrol, in the first quarter of 2022. This was 25.54 per cent of the total imports for this quarter, and an increase of 17.05 per cent when compared to the N1.29tn spent on importing fuel in Q1 2021. The PMS import, as usual, tops the list of imported products for this quarter……………read more

20 power plants suffer major problems, blackouts to worsen – Punch

Following the perennial power outages currently being experienced across the country; findings have shown that 20 gas power plants are currently under-performing, leading to power generation dropping below 2000MW.  Nigeria has 23 power generating plants with 11, 165MW capacity connected to the national grid. These plants are managed by generation companies (GenCos), independent power providers, and Niger Delta Holding Company. Out of the 23, two are hydro plants…………..read more

Foreign Reserves Down $2.03bn as Crude Oil Price Appreciates by 67.02% in Five Months – Punch

Despite the 67.02 per cent appreciation in global oil price, Nigeria’s foreign reserves depreciated by $2.03 billion in five months of 2022 on the backdrop of Central Bank of Nigeria (CBN) sustained interventions …………..read more

CBN RT200: Exports Rise by 137.9%, Capital Imports Slow to $1.5bn in Q1, 2022 – Daily Independent

The RT200 policy recently launched by the Central Bank of Nigeria (CBN) to incentivise export earnings has started to yield dividends as Nigeria’s export increased by 137.88 per cent in the first three months of 2022 to N7.1 trillion compared with N2.98 trillion recorded in the first quarter of 2021……………..read more

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