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Daily Business News Brief – August 11th, 2022


Stock Market Rebound, Gains N391bn on Investors Renewed Interest In Dangote Cement – Thisday
In contrast to the past two-day trading sessions investors were taking profit, the stock market of the Nigerian Exchange Limited (NNGX) was positive after gaining N391billionn yesterday aimed renewed interest in top cement player— Dangote Cement Plc that added 10 per cent in stock price.  In summary, the overall market capitalisation value gained N391 billion to close at N27.009 trillion from N26.618 trillion it opened for trading, while the NGX All-Share Index (ASI) grew by 724.76 basis points, representing a rise of 1.47 per cent, to close at 50,075.47 basis points from 49,350.71 basis points……..Read More

Tizeti Eyes Pan-Africa Internet Connectivity Expansion, Moves to List on NGX – Thisday
West Africa’s pioneer solar-based internet service provider, Tizeti, last week, played host to technology innovators and tech startups in Lagos at the Tizeti NeXTGEN 2.0 Tech Conference, where it unveiled plans to cover Africa with unlimited high speed internet connectivity and to explore an Initial Public Offer (IPO), through the listing on the Nigerian Exchange Limited (NGX) before the end of next year……...Read More

Nigeria Losing 6.132bn Gallons of Crude Oil to Theft Annually – Thisday
Latest analysis has revealed that with a barrel of oil containing 42 gallons, Nigeria is losing a whopping 6.132 billion gallons of crude annually to oil thieves.  In addition, the country is also losing to oil thieves, about 16.8 million gallons of crude oil, which is equivalent to 67 million litres of refined petroleum products……….Read More

Buhari makes U-turn on Seplat, ExxonMobil deal – Punch
The President, Major General Muhammadu Buhari (retd.), on Wednesday, reversed his authorisation of the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited.  The move puts the Presidency on the side of the Nigerian National Petroleum Company Limited which had earlier declined the $1.3bn transaction……..Read More

VIN: Nigerians can’t afford second-hand vehicles, say agents – Daily Independent
Importation of used vehicles into Nigeria has declined since the introduction of the Vehicle Identification Number, VIN, by the Nigeria Customs Service.  A member of the National Association of Government Approved Freight Forwarders, Ugochukwu Nnadi, disclosed this to our correspondent in a telephone call on Tuesday, claiming that the policy had made it difficult for Nigerians to afford second-hand or used vehicles………..Read More

Nigeria’s Broadband Penetration Hits 44.5% as NCC Reviews Short Code Services – Punch
Nigeria’s broadband usage has continued on the rise, moving up from 40.9 per cent in February 2022 to 44.5 per cent in July 2022, a figure considered hopeful for achieving the national broadband target of 70 per cent in 2025.  Executive Vice Chairman of the Commission, Prof. Umar Garba Danbatta, who disclosed this at the beginning of the ongoing three-day public inquiry on five telecom regulations and guidelines in Abuja, said emerging technologies and advancements in the sector, would trigger the commission to match these developments with appropriate regulations and guidelines….…..Read More
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