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Daily Business News Brief – March 9th, 2023


Stock market rebounds as investors gain N107bn – Punch
The Nigerian Exchange Limited on Wednesday rebounded as investors gained N107bn. The market had recorded about N1bn loss on Tuesday. The All-Share index and market capitalisation appreciated by 0.35 per cent to 55,801.14 and N30.397tn respectively…… ……………..……..Read More

120,359 investors get MTN incentive shares – Punch
Telecommunication company, MTN Nigeria, has completed the allotment of over 3.9 million incentive shares to 120,359 qualified shareholders. According to a corporate notice signed by the Company Secretary, Ufo Ukpanat, on Wednesday, the incentive offer became effective on January 31, 2023….. …….. …………….……..Read More

FG’s revenue from VAT, CIT up 33% to N4.92trn – Vanguard
Revenue from Value Added Tax, VAT, and Company Income Tax, CIT, rose by 33 per cent, Year-on-Year, YoY, to N4.92 trillion in 2022 from N3.68 trillion in 2021.  Data at the National Bureau of Statistics, NBS, showed that CIT recorded stronger growth at 45 per cent while 24.5 per cent growth was recorded in VAT during the period. ,…. ………………..……..Read More

Financial system entering stronger competition as CBN issues open banking rules – Guardian
•Regulator to create a dedicated registry
Financial system operators are on the cusp of a higher level of competition as the Central Bank of Nigeria (CBN) issues operational and governance rules on open banking (OB). . … …………….……..Read More

CBN Should Rethink Monetary Policy – Economists – Dailytrust
In the changed economic environment marked by a resurgence of inflation and high debts in Nigeria and across the globe, central banks must adopt new approaches in their efforts to attain and maintain macroeconomic stability, economists have said.They must look for alternative measures or combinations of policies rather than relying on monetary policy as an effective tool to fight inflation, they argue… … …………….……..Read More

Seplat CEO’s work permit, visa, residence permit revoked by Nigerian government – Nairametrics
The Chief Executive Officer of Seplat Energy plc, Roger Thompson Brown, has had his work permit, visa, and residence permit revoked by the Nigerian Ministry of Interior. The development follows the allegations of racism and discrimination leveled against the embattled CEO by some Nigerian workers and shareholders of the company… … …………….……..Read More
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