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Daily Business News Brief- October 28th, 2022

28
Oct

Zenith Bank’s Q3 earnings rise to N620.6bn – Punch
Zenith Bank Plc said its gross earnings rose by 20 per cent from N518.7bn as of the end of third quarter of 2021 to N620.6bn in Q3, 2022.  It disclosed this in a statement on its unaudited results for the third quarter ended 30 September 2022 titled ‘Zenith Bank surmounts macroeconomic headwinds with double-digit growth in gross earnings in q3 2022’..………..Read More

Insecurity, flood to reduce Nigeria’s rice production – Punch
Rice production has been predicted to fall by seven per cent within the marketing year, starting from October to September 2023 following insecurity and recent flooding that has eroded rice-growing areas.  This is according to the United States Agriculture Department in its latest ‘Nigeria grain and feed update’.  According to USDA, households have started to see a substantial increase in the average price of bags of rice, rising to about 50 per cent, in some cases to N45,000 from N31,000.………..Read More

Airfares May Rise to N200, 000 for One-Hour Flight in December – Thisday
There is no sign that airfares in domestic flights may come down as many hoped when the base far rose to N50, 000 for one hour flight about seven months ago; rather, the base fare has risen to N70, 000.  Booking a flight for middle of November from different domestic airline sites last week indicated that the minimum fares for one-hour flight was N74, 000………..Read More

GTCO Declares N169.7bn Profit Before Tax in 9 Months – Thisday
Guaranty Trust Holding Company Plc (GTCO) has released its unaudited result and accounts for nine months ended September 30, 2022 with N169.7billion profit before tax, an increase of 12 per cent from N151.9billion recorded in the corresponding nine months ended September 2021.  The financial institution in its announcement on the Nigerian Exchange Limited (NGX) reported N130.35billion profit after tax in nine months of 2022, representing an increase of 0.73per cent from N129.4billion reported in nine months of 2021…………Read More

Elon Musk completes Twitter acquisition, set to become CEO – Nairametrics
Elon Musk has completed the $44 billion Twitter acquisition deal.  The Tesla CEO, who earlier said he was acquiring Twitter for humanity’s sake, announced the completion on his Twitter page tweeting “The bird is freed.”  Reports say Musk also plans to assume the role of Twitter CEO as he already sacked Parag Agrawal and other company top executives………..Read More
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