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Daily Business News Brief | Friday, June 24th, 2022


Marketers notify FG on planned fuel price hike, queues persist – Punch

Oil marketers on Thursday said they had escalated their call for an increase in the pump price of Premium Motor Spirit, popularly called petrol, to the Federal Government, as the current cost of the commodity was no longer sustainable.  Also, PMS transporters confirmed that they had resumed operations in full following last week’s raise in the freight rate being paid by the Federal Government for the transportation of petrol nationwide.  Amidst the call for petrol price hike and the full resumption of operations by transporters, the queues by motorists for PMS in Abuja and neighbouring states grew longer on Thursday………………read more

Forget about workers’ salaries if petrol subsidy continues – Oil suppliers – Punch

The payment of workers’ salaries by the government and other businesses may be impossible if subsidy on Premium Motor Spirit, popularly called petrol, continues, the National President, Natural Oil and Gas Suppliers Association, Bennett Korie, tells Okechukwu Nnodim in this interview, among other industry issues……………..read more

Domestic, Foreign Investors Traded N1.51trn Equites in Five Months – Thisday

The total value of domestic and foreign investors transactions on the equities market of the Nigerian Exchange Limited (NGX) in  five months  of 2022 has increased to N1.51 trillion, representing an increase of  from 61.3 per cent from N933.65 billion total transactions carried out in the corresponding period of 2021.  In a report released by NGX Regulation Limited, the Domestic and Foreign Portfolio Investment (FPI) May 2022 report captured these transactions as well as trading figures from market operators. …………..read more

Firm issues N5.7bn commercial paper – Thisday

Neveah Limited, a commodities export company, has announced the quotation of its Series 3 and Series 4 commercial paper issuances on the FMDQ Exchange.  A statement from the firm said the Series 3 and 4 CP issuances were well received and subscribed to by a wide universe of investors including asset managers and High Networth Individual.  It stated that, ‘The issuance of these series is in line with the company’s strategic objective to evolve as a leading dealer and exporter of world class quality agro-commodities and minerals to its clients, while ensuring a transparent business approach…………read more

Banks record N1.21tn non-performing loans – Punch

The total non-performing loans in the banking sector hit N1.21tn as of the end of February 2022, figures obtained from the Central Bank of Nigeria have revealed.  The CBN stated in reports obtained from the Monetary Policy Committee that the total credit in the sector rose to N25.25tn as of the end of February 2022 from N21.13tn as of the end of February 2021.  It stated that the non-performing loans reflected the case-by-case review of regulatory forbearance, effects of the Global Standing Instruction policy, and sound industry risk management practices…………..read more

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