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Daily Business News Brief- November 1st, 2022


Nigerian Equities Market: Investors Lose N2.57trn Amid Rising Global Risks in October – Thisday
Investors in stock market of the Nigerian Exchange Limited (NGX) lost an average N2.57 trillion in the October 2022 as escalated global energy and commodity crises triggered massive portfolio realignments.  The market capitalisation opened trading at N26.451 trillion, dropping N2.57trillion or 9.7per cent to close at N23.878 trillion yesterday, while the NGX All-Share Index depreciated by 10.6 per cent to close at 43,839.08 basis points from 49,024.16 basis points it closed for trading in September 2022. …………Read More
Nigeria’s Domestic Gas Supply Grew by 14% in 12 Months, Says NMDPRA – Punch
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) yesterday said that the performance of Nigeria’s domestic gas supply obligation reached 64.8 per cent between September 2021 and the same period in 2022 compared to 50.66 per cent achieved in 2020, a 14 per cent increment.  The Authority’s Chief Executive, Mr Farouk Ahmed, who spoke in Abuja at the 2023 Domestic Gas Demand Requirements (DGDR) workshop, explained that the 2022 gas demand requirement also marginally increased by 5.9 per cent per day over the determined 2021 national gas requirement..………..Read More
CBN destroys over N6tn banknotes under Buhari – Thisday
The Central Bank of Nigeria is expected to have destroyed over N6tn worth of mutilated and old banknotes when the regime of the President, Major General Muhammadu Buhari, (retd) expires in May 2023, an analysis by The PUNCH has shown.  Already, data obtained from the annual reports of the currency operations department of the CBN between 2016 and 2020 showed that the apex bank destroyed mutilated banknotes worth N4.1tn during the five-year period……….Read More
Marketers protest N185/litre fuel, threaten strike – Thisday
The Independent Petroleum Marketers Association of Nigeria, on Monday, threatened to withdraw its service over incessant increment on the price of the premium motor spirit in the Eastern part of the country. The marketers, in a statement, blamed private depots for the hike in price.  According to them, they were buying from depots at N185 per liter, noting that after adding other expenses, the price would increase to N200 per litre………….Read More
Okomu Oil Palm’s profit declines by 41% in Q3 due to high cost of sales – Nairametrics
Okomu Oil Palm Plc has announced its unaudited financial statements for the third quarter that ended September 30th, 2022, reporting a profit after tax of N1.213 billion. This represents a 41.32% decrease compared to N2.067 billion reported in Q3 2021. The unaudited results show that turnover increased by 27% to N9.421 billion from N7.418 billion as of Q3 2021………..Read More
BUA Foods grows profit by 65% to N30.045 billion in Q3 – Nairametrics
BUA Foods Plc has announced its unaudited financial statements for the third quarter that ended on September 30th, 2022.  The financial report, seen by Nairametrics, showed a profit after tax of N30.045 billion, a 65.18% increase year-on-year compared to N18.189 billion in Q3 2021…………Read More
fake richard mille
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