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Daily Business News Brief | Monday, July 4th, 2022

4
Jul

Value of 14 Banks’ Stocks Tumble by N134bn on Investors’ Apathy – Thisday

As investors’ apathy and divestment around the banking stocks persists at the Nigerian Exchange Limited (NGX), the worth of 14 listed banks have depreciated by N134 billion in first half (H1) of 2022. According to THISDAY findings, the market capitalisation of banking sector heavy-weights such as:  Zenith Bank Plc, Access Holdings Plc, United Bank for Africa Plc (UBA) Plc, Guaranty Trust Holding Plc (GTCO) and Stanbic IBTC Holdings Plc were key contributing factors to the NGX Banking Index decline performance in the period under review…………read more

Analysts Back Suspension of Nine Companies’ Shares on NGX – Thisday

Capital market analysts have expressed satisfaction over Nigerian Exchange Limited (NGX) management’s decision to suspend trading on nine companies’ shares on the bourse.  The Exchange had announced the suspension of trading in shares of African Alliance Insurance Plc, Niger Insurance Plc, Royal Exchange Plc, Ekocorp Plc, C&I Leasing Plc, Mutual Benefits Assurance Plc, Coronation Insurance Plc, Premier Paints Plc and Ardova Plc  for not submitting their audited financial statements for the year ended  December 31, 2021……………..read more

NBS: Aviation Fuel Import Rose by 287% to N293bn in Three Months- Thisday

The National Bureau of Statistics (NBS) has disclosed that Nigeria spent N292.56 billion on the importation of aviation fuel, known as Jet A1 in the first three months of the year – January to March 2022.  Oil and gas industry publication, Sweet Crude Report stated that aviation fuel import featured prominently in Nigeria’s trade data for the stated period.  NBS in its Foreign Trade Statistics Report for First Quarter of 2022, aviation fuel, referred to as, ‘kerosine type jet fuel,’ accounted for 4.96 per cent of Nigeria’s total import of N5.9 trillion, with the commodity ranking the second most imported commodity in the country in the first quarter……………..read more

Food prices’ll continue to rise in Nigeria, other African countries — Ukraine – Daily Independent

The Head of the Ukrainian President’s Office, Andriy Yermak, has said Nigeria and other African countries might face worsening food crisis as a result of the Russian invasion of Ukraine. Already, the war has affected the prices of staple foods, particularly, bread, in the country. Russia and Ukraine are among the top five global suppliers of wheat, barley and maize.  Yermak, in an interview with Legit, said the war is directly affecting most African nations………………..read more

N165/litre fuel: Depot owners shun FG’s directive, marketers give conditions – Punch

Oil marketers on Sunday gave the Federal Government conditions that should be met in order to retain the pump price of Premium Motor Spirit, popularly called petrol, at N165/litre.  According to them, the cost of the commodity must be sold at the approved ex-depot price at various depots, whether private or government-owned, as this would enable filling stations to dispense the product at the regulated N165/litre rate…………..read more

Bank assets rise by 21% to N64.32tn – CBN – Punch

Nigerian banks’ total assets rose by N11.15tn in one year to N64.32tn as of the end of April. Figures obtained from the Central Bank of Nigeria revealed that the assets of the lending institutions had hit N53.17tn in the corresponding period of 2021. The 2022 numbers showed a 21 per cent increase over the period.  According to a personal statement of a member of the Monetary Policy Committee, Kingsley Obiora, which was released by the CBN, the growth was driven by balances with CBN/banks, OMO bills, and credit to the real sector of the economy…………….read more

Lagos seals 137 buildings over standards violation- Punch

The Lagos State Physical Planning Permit Authority has sealed no fewer than 137 properties in different parts of the state due to building irregularities.  A statement by the Authority said the enforcement exercise took place in six district offices of LASPPPA,  which were Alimosho, Mosan Okunola, Egbe- Idimu, Ikotun Igando, Agbado- Oke Odo and Ayobo-Ipaja……………..read more

fake richard mille
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