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Daily Business News Brief – August 5th, 2022


Again, SEC Warns Investors against Illegal Crowdfunding Platforms – Punch
The Securities and Exchange Commission (SEC) has renewed its warning to investors patronising unregistered investments crowdfunding platforms.  Crowdfunding is the process of raising funds to finance a project or business from the public through online platform.  Crowdfunding portal is a website, portal, intermediary portal, application, or other similar module that facilitates interaction between fundraisers and the investing public ……..Read More

NNPC Records Marginal Increase in Domestic Gas Supply to Power – Thisday
The Organisation of Petroleum Exporting Countries on Wednesday raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per day, as Brent, the global benchmark for crude, dropped in price the same day.  Data obtained from OPEC showed that the 13-member organisation increased Nigeria’s oil production quota marginally from 1.826mbpd in August to 1.83mbpd in September. This came as industry figures seen in Abuja indicated a drop in the cost of crude oil, as Brent fell by 2.36 per cent, shedding $2.37 to close at $98.17/barrel as at 5.10pm Nigerian time……...Read More

W’Bank commits $8.5bn to Nigeria, faults N6.7tn subsidy- Thisday
As uncertainty continued to mount over general elections and global economic unrest, foreign investment outflow on the Nigerian Exchange Limited (NGX) increased to N122.97billion in first half (H1) of 2022, representing an increase of 5.4 per cent from N116.72billion reported in the first half of 2021.  According to capital market analysts, foreign portfolio investors have largely exited Nigeria due to issues with foreign exchange liquidity, which has led to a backlog of delayed external payments………Read More

BUA Foods Shareholders Approve N63bn Dividend, Commend Performance – Punch
The shareholders of BUA Foods, yesterday approved N63billion dividend, the highest payout in the Food and Fast-Moving Consumer Goods sector of listed companies on the Nigeria Exchange Limited (NGX).  The shareholders gave the nod at the company’s inaugural Annual General Meeting (AGM) for the financial year ended December 31, 2021 held in Abuja. The company had proposed a N3.50k per 1 ordinary share of 50kobo dividend payout, a sum of N63billiion…….Read More

Pension Asset Hits N14.27tn as Number of Contributors Approaches 10m Mark – Daily Independent
The National Pension Commission (PenCom) has said that the total pension assets in the country reached N14.27 trillion as at the first half of this year, representing a growth of approximately N843billion whencompared with N13.88 trillion recorded at the end of March this year. This is contained in the unaudited monthly report of the commission for the first half of the year 2022 released by the commission in its official website….…..Read More

Airlines record 103.6% rise in passengers demand – IATA  – Punch
The International Air Transport Association’s passenger data for June 2022 shows that the recovery in air travel remains strong with a 103.6 per cent rise.  According to the IATA, total traffic in June 2022 which was measured in revenue passenger kilometers was up 76.2 per cent compared to June 2021.  The report states that the increase was primarily propelled by the ongoing strong recovery in international traffic….…..Read More
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