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Daily Business News Brief | Tuesday, July 19th, 2022


Traders, buyers groan as food inflation hits 20.60% – Thisday

Traders and buyers in Lagos markets have expressed dismay over soaring prices of food items as Nigeria’s food inflation figures again recorded an upward tick, moving from 19.50 per cent recorded in May to 20.60 per cent in June.  According to figures by the National Bureau of Statistics, the composite food index rose to 20.60 per cent in June 2022 on a year-on-year basis; the rate of changes in average price level declined by 1.23 per cent compared to 21.83 per cent in June 2021…………..read more

Power supply to drop again, TCN alerts Nigerians- Punch

Power supply will drop by 50 megawatts on Wednesday, The PUNCH has learnt. The Transmission Company of Nigeria, in a statement on Monday, said the drop would be as a result of planned annual “preventive maintenance” on the line bay at Lekki Transmission Substation in Lagos. During the maintenance period, about 50MW will be interrupted, affecting power supply to Lekki phase 1, Oniru, Elegushi, Waterfront, Igbo Efon and Twenty-first Century Estate in Lagos state…………..read more

FBN notifies NGX on court order over AGM – Daily Independent

FBN Holdings Plc has notified the Nigerian Exchange Limited that its attention has been drawn to an online publication dated July 17, stating that the Federal High Court sitting in Lagos, Nigeria, has granted an ex-parte order against FBN Holdings Plc and some other respondents.  It said this in a statement on the NGX on Monday titled ‘Statement to the NGX on recent publication on FBN Holdings Plc on court order against the AGM on June 20, 2022’, which was signed by the acting Company Secretary, Adewale Arogundade…………read more

Crude oil price hits over $100 again – Thisday

The price of crude oil climbed above the $100 mark on Sunday hitting $101.16/barrel after trading around $98/barrel since Tuesday, as oil marketers in Nigeria maintained an increased pump price for Premium Motor Spirit, popularly called petrol, higher than the approved rate.  Industry figures seen on Sunday showed that Brent, the international benchmark for crude, moved up by $2.06 or 2.08 per cent to close at $101.16/barrel as at 6.36pm Nigerian time…………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

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

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