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Daily Business News Brief – October 4th, 2022

4
Oct

Despite Global Volatility, Nigeria’s Stock Market Appreciated by N4.15trn in Nine Months – Thisday
The stock market of the Nigerian Exchange Limited (NGX) maintained its positive momentum in the first nine months of 2022, gaining N4.15 trillion to outshine global markets that have witnessed severe volatility.  The market capitalisation of the NGX had opened in 2022 at N22.297 trillion, gaining N4.15 trillion or 18.63 per cent to close at N26.451trillion as of September 30, 2022…………..Read More
NGX Group Shareholders Approve Resolutions at Ist Annual General Meeting – Punch
The Nigerian Exchange Group Plc. (NGX Group) held its 61st Annual General Meeting (AGM) last Friday where shareholders approved resolutions by the company’s Board of Directors. Mr. Apollos Ikpobe and Dr. Okechukwu Itanyi retired by rotation and were re-elected as non-executive directors. Professor Enase Okonedo’s resignation was earlier approved by the board and as such she was not presented for re-election. Other resolutions adopted at the AGM include the appointment of Ernst & Young as NGX Group’s external auditors; the Board’s authority to fix the Audit Company’s remuneration; the disclosure of NGX Group’s executive remuneration; and the re-election of the Statutory Audit Committee. ………….Read More
N120bn CBN Intervention: Experts Seek Focus on Local Meter Manufacturing – Punch
Various stakeholders in the Nigerian power sector have lauded the intervention of the Central Bank of Nigeria (CBN) over its recent N120 billion intervention to close the wide electricity metering gap in the country.  The CBN had begun the disbursement of the fund for the procurement and installation of the electricity meters across the country under the National Mass Metering Programme (NMMP) in the phase zero of the scheme………….Read More
Nigeria’s crude oil revenue jumps to N11tn – Punch  
Nigeria’s crude oil revenue jumped to N11tn in the first six months of 2022, according to the latest data from the National Bureau of Statistics’ Foreign Trade Statistics for the second quarter of 2022. According to the report, this was a 83 per cent increase in crude oil earnings from N6tn recorded in the first half of 2021. A breakdown of crude oil exports in the first half of 2022 showed that in the first quarter of the year, crude oil valued at N5.6tn was exported by the country, increasing to N5.9tn in the second quarter………….Read More
Debt servicing on Nigeria’s Eurobonds rises by 86% – Punch
The amount spent by Nigeria on servicing Eurobonds and Diaspora bonds has risen by 85.67 per cent between the first and the second quarter of 2022.  An analysis of data on actual external debt service payments from the Debt Management Office showed that Nigeria spent a total of $246.16m on servicing its foreign bonds in the first quarter of 2022………..…..Read More
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