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Daily Business News Brief – August 2nd, 2022


NNPC remits $2.7bn to CBN in six months – Punch
The Nigerian National Petroleum Company Limited remitted a total of N2.7bn into its accounts with the Central Bank of Nigeria from January to June this year, a document on NNPC remittances to CBN seen in Abuja on Sunday showed.  Contradicting the claims of CBN that the weakening value of the naira was caused by the non-remittance of funds into Nigeria’s foreign reverses by NNPC, the document stated that out of the $2.7bn the oil firm remitted into its CBN accounts, $645m was for dividend paid by the Nigerian Liquefied Natural Gas company Limited……Read More
World Bank Pledges $315m for Food Security in West Africa – Thisday
The World Bank has scaled up its financing for food security with an additional $315 million to strengthen the resilience of food systems in West Africa.  According to a statement obtained from its website, some additional two million people will benefit from a second phase of the West Africa regional Food Systems Resilience Program (FSRP-2) approved in International Development Association (IDA) financing……..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
Union Bank Announces 6.7% Increase in Profit to N12.3bn – 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
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