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Daily Business News Brief | Monday, July 18th, 2022

18
Jul

Gain in Airtel Africa, Others Lift Stock Market by N355bn – Thisday

Despite the shortened trading week due to two-day public holidays, the stock market of the Nigerian Exchange Limited (NGX) halted its profit-taking streak by investors as Airtel Africa Plc added 10 per cent or N173.20 to close at N1905.40 per share. With about N650.9billion gain in Airtel Africa market capitalisation, the overall market capitalisation added N355billion to close at N28.185trillion the market opened for trading on Wednesday from N27.803trillion it closed for trading on Friday……………read more

Marketers finally hike petrol price to N170-N190/litre – Thisday

Premium Motor Spirit popularly known as petrol will now be sold between N170/litre and N190/litre in filling stations across the country, following what is believed to be a subtle agreement between Federal Government officials and oil marketers. Findings by The PUNCH on Sunday revealed that the development was the outcome of a meeting between the Nigerian Midstream and Downstream Petroleum Regulatory Authority and oil marketers on Thursday.  Sources privy to the meeting said it was agreed that the pump price of petrol should be increased by N10 per litre…………….read more

Nigeria’s inflation overshoots World Bank projection by 20% – Daily Independent

DESPITE raising its Monetary Policy Rate (interest rate), Nigeria’s inflation rate is now 20 per cent above the World Bank’s projection of 15.5 per cent.  In its recent ‘Nigeria Development Update (June 2022): The Continuing Urgency of Business Unusual,’ the global bank projected that Nigeria’s inflation rate was going to be higher than it had anticipated and would hit 15.5 per cent.  The latest inflation figure from the National Bureau of Statistics, released on Friday, showed that the nation’s inflation rose to 18.60 per cent in June, the highest since January 2017 when it was 18.72 per cent………….read more

At 12.29%, Prime Lending Rate Hits 17-months High – Punch

Following the recent increase in Monetary Policy Rate (MPR) to 13 per cent, the prime lending rate in the banking sector reached 12.29 per cent in June, highest in 17-month. Prime lending rates are the interest rate that commercial banks charge their most creditworthy customers, generally large corporations…………read more

Bank Customers with BVN Rises to 54.77m, Records 700,000 New Enrolments – Punch

Data released by the Nigeria Inter-Bank Settlement System (NIBSS) has revealed that enrolments for the Biometric Verification Number (BVN) by bank customers’ in the country has reached 54.77million as at last month.  The NIBSS data also showed that a total of 700,000 bank customers in three months between April 10, 2022, and July 10, 2022, enrolled in the initiative introduced by the Central Bank of Nigeria (CBN) to tackle identity challenges in the banking sector………….read more
 

Under-40 workers in contributory pensions hit 86% – PenCom – Thisday

Workers below 40 years under the Contributory Pension Scheme rose from 73 per cent at the end of 2021 to 86.4 per cent by end of the first quarter of 2022. The National Pension Commission disclosed this in its quarterly report on ‘Age and Gender Distribution’ report for Q1, 2022. According to PenCom, this showed that the CPS had an increasing sustainability level. The report also showed that male contributors dominated the Retirement Savings Account holders’ list…………..read more

Unilever Announces N1.91bn Profit in H1 2022- Punch

With the sharp increase in revenue and non-core operating income, Unilever Nigeria Plc has reported N1.91billion profit in its half year unaudited financial statement for period ended June 30, 2022.  This is an increase of 167per cent from N714.78million reported in H1 2021. The multinational household company also grew profit before tax by 586.17per cent to N2.99 billion in H1 2022 from N434million reported in H1 2021…………….read more

UBA boosts foreign expansion, begins operations in Dubai – Punch

The United Bank for Africa has extended its operations to the United Arab Emirates with the official launch of its new branch at the Dubai International Financial Centre.  According to a statement, the lender has a presence currently in 20 African countries, the United Kingdom, the United States of America and France.  “United Bank for Africa Plc (DIFC branch) will operate under the Category 4 licence and will be regulated by the Dubai Financial Services Authority, the financial regulatory agency of the special economic zone, the Dubai International Financial Centre,” it stated……………….read more

fake richard mille
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