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Daily Business News Brief – February 2nd, 2023


Stock Market Commences February Positive, Gains N142bn – Thisday
The stock market of the Nigerian Exchange Limited (NGX), yesterday extended the bullish run for the fourth consecutive session as the market capitalization appreciated by N142 billion to start February on a positive note………….……..Read More

Cadbury Nigeria Announces 110.22% Increase in Profit for 2022FY – Thisday
Cadbury Nigeria Plc has announced N946million profit after tax for the year ended December 31, 2022 unaudited results, an increase of 110.22 per cent from N450 million reported in the corresponding period of 2021…………………..Read More

MTN becomes first quoted company in Nigeria to post N2 trillion in revenues – Nairametrics
Nigeria’s largest telecommunications company MTN became the first publicly listed company to hit the N2 trillion mark in revenues. MTN first cross one trillion naira in revenues in 2019 meaning it has taken the company just three years to surpass N2 trillion in revenues…………….……..Read More

Geregu, Seplat raise market capitalisation by N142bn – Punch
he stock market began the new month on a bullish run for the fourth consecutive session as the market gained N142bn at the close of activities on the floor of the Nigerian exchange limited on Wednesday. The All Share Index rose by 261.01 absolute points, representing a gain of 0.49 per cent to close at 53,499.68 points………….……..Read More

What section 20 of CBN Act says about redeeming old naira notes – Nairametrics
The central bank governor, Godwin Emefiele, informed the general public in a press release dated January 29, 2023, that it has extended the period for the cash swap of old naira notes to new naira notes from January 31st, 2023 to February 10th, 2023………….……..Read More

Dangote, firm ink deal for Ogun cement plant – Punch
Dangote Industries Limited says it has signed an agreement with China Sinoma International Engineering to build a six million tons per annum cement plant in Itori, Ogun State. According to a statement by the firm, the agreement was signed by the Chairman of Dangote Cement Plc, Aliko Dangote, alongside the company’s Group Executive Director, Strategy, Capital Projects and Portfolio Development, Devakumar Edwin………….……..Read More

Cash scarcity reduces transactions across Nigeria, slows economic activities down – Nairametrics
There is an increasing slowdown in person-to-person and person-to-business transactions across Nigeria due to the scarcity of cash. And if the situation persists, it could potentially depress economic activities across the country………….……..Read More

Purchasing Power Drops as Fuel, Currency Scarcity Take-turns on Consumption – Thisday
Consumers across Nigeria are currently experiencing hardship as a result of fuel and currency scarcity in rural and urban areas, according to a survey carried out by THISDAY in some markets in the South West. The report revealed that the rate of consumption dropped with many consumers going only for essential needs………….……..Read More
fake richard mille
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