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Daily Business News Brief – December 12th, 2022


Prestige Assurance records N10.3bn Q3 premium – Punch
Prestige Assurance Plc has said it recorded N10.3bn gross premium in the third quarter of 2022.The Managing Director, Rajesh Kamble, disclosed this during the 70th-anniversary celebration of the firm.He said, “We are proud to inform you that during the last five years, our shareholder’s fund has doubled and now stands at N13.7bn. The company is growing at a very good rate within the last five years and at the close of the third quarter of 2022, our gross premium stands at N10.3bn. we are working and hoping to close the year 2022 with N12bn premium at production.”……..……..Read More

Universal Insurance gets recognition for high earnings – Punch
Universal Insurance has been named the company with the Highest Earnings Yield for 2022 among the companies that are listed on the Nigerian Stock Exchange by the organisers of the PEARl Awards at a ceremony recently in Lagos.In a statement, the board of governors of the PEARL Awards Nigeria congratulated Universal Insurance Plc for emerging winner of the prestigious 2022 Listed Company with the Highest Earnings yield..……….Read More

Nigeria’s Debt Service Cost Up 23.4% to N3.04 Trillion – Thisday
With its current N44.06triillion total debt stock as of September 2022, Nigeria has spent N3.04trillion to service external and domestic debts in nine months of 2022, representing an increase of 23.4 per cent Year-on-Year (YoY) from N2.46 trillion reported in nine months of 2021, the Debt Management Office (DMO) data has revealed. A breakdown of the N3.04 trillion debt service payments revealed a total N2.15trillion was used by the federal government to service domestic debts in nine months of 2022…………..Read More

Tier 1 banks gain N207 billion in market value in November 2022  – Niarametrics
The nation’s local bourse closed the month of November on a bullish note as the NGX All-Share Index and Market Capitalization appreciated by 8.72% to close the month at 47,660.04 and N25.959 trillion respectively despite the rising inflation and interest rate hike…………..Read More

The exchange rate must pass a major test this week to avoid the N1000/$1 prediction – Niarametrics
Nigeria’s exchange rate closed the week at about N745/$1 on the black market, thus surviving its first major test critical to avoiding the N1000/$1 mark. Several speculations earlier in October when the exchange rate was witnessing a spiral suggest we could be headed for N1000/$1 by end of December…………..Read More

Nigerian Banks compete for N2.7trn of deposits on banknotes redesigns – Businessday
Nigerian lenders are competing to attract up to 2.7 trillion naira ($6 billion) that’s outside the formal sector, taking advantage of the six-week window citizens have to replace old currency notes. Lenders including Zenith Bank Plc, FBN Holdings Plcand United Bank for Africa Plc…………..Read More
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