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Daily Business News Brief – August 12th, 2022


Stock Market Depreciates by N33bn on Selloffs in MTN Nigeria, 14 Others – Thisday
The stock market of the Nigerian Exchange Limited (NGX) yesterday depreciated by N33 billion on selloffs in MTN Nigeria Communications (MTNN) and 14 others.  The telecommunication giant depreciated by 0.5 per cent and Stanbic IBTC Holding dropped by 5.6 per cent to drag market capitalisation to a lost of N33billion to close at N26.976trillion from N27.009trillion it opened for trading………Read More

Bankers, private sector seek increased forex to manufacturers – Thisday
The Association of Corporate Affairs Managers of Banks and the Chartered Institute of Bankers of Nigeria have urged the Central Bank of Nigeria to increase foreign exchange allocation to the real sector This was stated in a communique issued at the end of the first national stakeholders’ conference between the banking industry and Organised Private Sector in Lagos with the theme, ‘Promoting synergy between the Nigerian banking industry and Organised Private Sector’, which was released on Thursday……...Read More

LASG Expenditure Hits N675bn, Targets 100% Budget Performance – Thisday
The Commissioner for Economic Planning and Budget, Lagos State, Sam Egube, has stated that the Lagos State government’s expenditure has hit N675 billion out of a total budget expectation of about N880 billion in the first half of 2022. According to him, the expenditure represents 77 per cent performance with plans to hit 100 per cent by the end of 2022……….Read More

Controversy as Seplat denies ExxonMobil deal cancellation – 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

Nigeria loses N101bn worth of oil, says OPEC – 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
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