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Daily Business News Brief -December 13th, 2022

13
Dec


Nigerian Breweries shareholders approve 2.1 billion bonus shares – Punch
Shareholders of Nigerian Breweries Plc have unanimously approved the issuance of 2.1 billion bonus shares valued at N84 billion, to qualifying shareholders. This approval was made known in a press release signed by the Head of the Corporate Affairs Unit, Sade Morgan, following the conclusion of its Extraordinary General Meeting held at the Oriental Hotel, Lagos……..……..Read More

SUNU Assurances grows Q3 profit by 577% – Punch
SUNU Assurances Nigeria Plc said its profit before tax rose to N374.73m in the third quarter of 2022 from N55.38m in Q3, 2021.It said in a statement that the profit grew by N319.35m, representing 577 per cent growth. The statement said, “SUNU Assurances Nigeria Plc’s performance has improved tremendously in the third quarter compared with third quarter 2021 in spite of the harsh operating environment in the country..……….Read More

Ecobank is undervalued but its Nigerian business is also under performing – Nairametrics
The Pan African lender, Ecobank Transnational Incorporated, on December 1, 2022, released its Q3 2022 results; reporting a 2.37% year-on-year rise in profit before tax on the back of growth across its income lines. It also recorded the highest quarterly interest income of N168.619 billion, more than it did in Q1 and Q2…………...Read More

FDI drops by 59% in 11 years – W’Bank  – Punch
The Foreign Direct Investment in Nigeria has plunged by 58.98 per cent in 11 years, data from the World Bank have revealed. According to the Washington-based lender’s annual report tagged, ‘International Debt Report’, the country’s FDI depreciated from $5.966bn in 2010 to $2.447bn in 2021. The FDI refers to an investment in the form of controlling ownership in a business in one country by an entity based in another country…………..Read More
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