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Daily Business News Brief – August 26th, 2022


Investors Gain N532bn Amid Buying Interest in Airtel Africa, Others – Thisday
The stock market of the Nigerian Exchange Limited (NGX) yesterday sustained an uptrend as investors’ investments rose by N532 billion, following buying interest in Airtel Africa Plc, 17 other stocks.  Investor interest in index heavyweights, Airtel Africa that added 7.06 per cent, Nestle Nigeria that gained 0.34per cent and BUA Foods that appreciated by 3.33per cent drove the broader index’s strong performance………….Read More

Forex, power, taxes hurting manufacturing sector – MAN – Punch
The Manufacturers Association of Nigeria has identified the shortage of foreign exchange, poor electricity supply, high lending interest rates, multiple taxes and levies as some of the challenges confronting the sector.  Chairman, MAN, Edo/Delta branch, Okwara Udensi, said this on Thursday at the 36th annual general meeting of the association, themed, ‘Nigeria’s struggling economy/unstable macroeconomic policies: Lessons and challenges for the manufacturing sector’, in Benin City………..Read More

Insurance industry’s premium rises 10% to N560bn – Punch
Nigerian insurance industry generated N560bn from businesses written in 2021 financial period. The outgoing Chairman, Nigerian Insurers Association, Mr Ganiyu Musa, disclosed this during its 51st annual general meeting in Lagos on Thursday.  At the meeting, the new executives were announced and the Managing Director/ Chief Executive Officer, Old Mutual Nigeria Life Insurance Company Limited, Mr Olusegun Omosehin, emerged the new chairman of NIA………….Read More

To Stay Afloat, Companies Raise N826.64bn CP, Bonds on FMDQ in 7 Months – Thisday
Companies requiring immediate short-term/long-term capital to stay afloat raised a total of N826.64 billion Commercial Paper (CP) and corporate bonds on FMDQ Exchange in seven months of 2022. According to the latest financial markets monthly report released by FMDQ Exchange, a total sum of N524.84 billion and N301.8billion were raised by companies through CP and corporate bonds in the period under review, respectively…………..Read More

NLC Seeks Downward Review of Media Operating Licence – Daily Independent
The Nigeria Labour Congress (NLC) has urged the federal government to urgently review downwards the operating licences of media organisations in the country in response to the prevailing harsh economic condition.  The Nigerian Broadcasting Commission (NBC) recently notified the management of 52 electronic media organisations in the country of its decision to withdraw the licences of 52 media houses for their inability to pay for their license renewal…….…..Read More
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