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Daily Business News Brief – August 1st, 2022


In Search of Higher Returns, PFAs Dump Stock Market, Increase Exposure in FGN Securities – Thisday
The value of Pension Funds Administrators (PFAs) in the stock market dropped by 3.83 per cent Month-on-Month (MoM) to N965.15billion in June 2022 from N1.01 trillion in May to underlined investors dumping the stock market and investing in FGN Securities.  Investors on Nigeria’s stock market booked approximately N981billion loss in June 30 as sessions of profit-taking outweighed bargains……Read More

Airtel Africa Records Double-digit Revenue Growth as Nigeria Leads with 18% – Thisday
Airtel Africa which operates in 14 African countries, Nigeria inclusive has released its financial results for the quarter ended June 30, 2022, where it recorded double digit revenue growth with progressive margin and earnings. According to the financial statement, Airtel Africa’s revenue grew by 13 per cent in reported currency to $1,257 million.  Total revenues for mobile services and mobile money services combined grew in Nigeria by 18.3 per cent per cent, which was the highest…….Read More

External Reserves Adds $45.3m on Increase in Diaspora Remittances – Punch
Nigeria’s external reserves added $45.3million in July, according to movement in reserves data released by the Central Bank of Nigeria (CBN).   The foreign exchange buffer as of July 28, 2022, moved to $39.22billion from $39.17billion it commenced the month under review.  Analysts have attributed the steady increase in external reserves to CBN’s RT $200billion Foreign Exchange Programme, stressing that the policy unveiled in February 2022 has revived foreign exchange earnings from non-oil proceeds. ……Read More

DMO commemorates Eurobond, sukuk listings on NGX- Punch
The Debt Management Office has leveraged the closing gong ceremony of Nigerian Exchange Limited to commemorate the listing of a triple-tranche $4bn Eurobonds, $1.25bn Eurobonds and the N250bn Sukuk on the Exchange.  The event, which took place on Thursday, featured the management of DMO led by its Director-General, Ms Patience Oniha and other facilitators of the transactions.  The Chief Executive Officer, NGX, Temi Popoola, in his remarks, assured stakeholders of the Exchange’s capacity to be a veritable platform for listings and trading instruments…….Read More

Transcorp records N13.36bn profit – Punch
Transnational Corporation Plc has said it recorded N13.36bn profit before tax in the first six months of 2022.  A statement from the conglomerate with investments in hospitality, power, and oil & gas sectors, on its half-year results for the year ended June 30th, 2022, showed an improved performance across all its major investment lines.…..Read More

Pension assets rise by N842.73bn in six months –  – Daily Independent
Assets under the Contributory Pension Scheme rose by N842.73bn in the first half of 2022 to hit N14.27tn as of the end of June.  Figures obtained from the National Pension Commission on its ‘Unaudited report on pension funds industry portfolio for the period ended 30 June 2022; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (Including unremitted contributions @CBN & legacy funds) have shown..…..Read More
fake richard mille
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