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Daily Business News Brief – August 8th, 2022

8
Aug

Ardova, R.T Briscoe, Japaul Others Report N3.44bn Loss in H1 – Thisday
As most companies listed on the Nigerian Exchange Limited (NGX) announced increase in profit before tax in H1, the likes of Ardova Plc, R.T Briscoe (Nigeria) Plc, Japaul Group Plc, and 8 other companies have reported a sum of N3.44 billion loss before tax in half year (H1) ended June 30, 2022.  This 54 per cent lower when compared to N7.5billion loss before tax declared by these 11 companies in half year ended June 30, 2021 ……..Read More

NGX Group Reports N820.17m Profit in H1 202 – Thisday
The Nigerian Exchange Group (NGX Group) has announced its unaudited results for the half year (H1) ended June 30, 2022 with N820.17million profit, representing an increase of 82.4 per cent from N million reported in the half year ended June 30, 2021.  The group’s H1 2022 results also revealed that profit before income tax grew by 134.4per cent to N1.22 billion in H1 2022 from N521.9 million in the corresponding period in 2021 due to impressive growth in the top line which was more than sufficient to mitigate the impact of the increases in key expense lines……...Read More

CBN Auctions N2.89trn NTBs in 7 Months, Records 39.47% Oversubscription – Thisday
In a bid to help the federal government finance the 2022 budget deficit, the Central Bank of Nigeria (CBN) has auctioned the sum of N2.98trillion through Nigerian Treasury Bills (NTBs) auction in seven months of 2022, compared to N2.28 trillion auctioned in seven months of 2021.   The CBN, who offered to auction N2.05trillion 91-Day, 81-Day, and 364-Day tenor NTBs, according to its “government securities” in the period under review, eventually raised N2.98 trillion as investors’ demand for its long-term NTBs spike over lucrative yield……….Read More

Banks Shun Lending to Real Sector as Deposit With CBN Surge by 12% – Punch
Despite the 65 per cent Loan-to-Deposit (LDR) ratio policy of the Central Bank of Nigeria (CBN) which was aimed at forcing the hands of financial institutions to lend to the real sector of the economy, banks’ deposits with the CBN has continued to witness exponential growth hitting 12 per cent Year-on-Year (YoY) as at end July this year.  According to Standing Deposit Facility (SDF) data by the apex bank, banks’ deposit since the beginning of the year has witnessed a steady increase as uncertainty continued to mount over the 2023 general elections, among other factors…….Read More

Bakers plan fresh hike, cite cost of materials – Daily Independent
Bakers, under the aegis of the Premium BreadMakers Association of Nigeria, have warned of yet another hike in prices of bread due to the skyrocketing cost of baking materials. President of the association, Emmanuel Onuorah, disclosed this to The PUNCH in an exclusive interview, stating that the recent developments in the global marketplace had not translated into a better operating environment for local bakers. The planned hike follows a recent strike action by PBAN, as well as the Association of Master Bakers and Caterers of Nigeria, which culminated in a 15 per cent hike in bread prices barely two weeks ago…..…..Read More

eNaira: CBN Improving Features for Re-launch, Inclusive Adoption – Punch
The Central Bank Digital Currency (CBDC) otherwise known as the eNaira, is undergoing what may be termed ‘cautious adoption’ by users just like the cases of the previous technology- driven payment platforms (Automated Teller Machines, Debit Cards, and Point of Sale- POS) when they were introduced. Despite the pessimism that heralded the introduction of Debit Cards and POS, in the early stages of its introduction, they have become indispensable means of financial transactions in the daily life of Nigerians……..Read More
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