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Daily Business News Brief – March 15th, 2023


Investors lose N36bn as stock market slides further – Punch
The Nigerian Exchange Limited on Tuesday continued its downward trend as investors lost N36bn at the close of trading. The All-Share Index lost 65.47 points to settle at 55,722.9 from the 55,788.37 points recorded on Monday. The market capitalisation also dropped by 0. 118 per cent to close the day at N30.355tn………. ……………..……..Read More

DMO To Auction Fresh N360bn Bond – Dailytrust
The Debt Management Office (DMO) has called for subscriptions for four N90bn savings bonds. The DMO, in a statement yesterday, stated that it is receiving the subscription by auction and called for applications of 1,000 per unit subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter. .. ….. …….. …………….……..Read More

Forex Crisis: Banks Slash PTA/BTA To $2000, Review Processing Time To 120 Days – Dailytrust
Nigerian banks have cut the amount of dollars for Personal Travel allowance (PTA) and Business Travel Allowance (BTA) by 50 per cent – from $4000 to $2000 respectively.
The commercial banks have also commenced an upward review of the processing time for accessing Foreign Exchange (FX) for international school fees to 120 days from 48 hours….. ,…. ………………..……..Read More

Vetiva Expects Premiumization to Drive Beer Growth in Nigeria, Other Countries – Thisday
An analyst at Vetiva Capital Management Limited has hinted at premiumization to drive beer growth in Nigeria, among other Sub- Saharan African countries.
In her coverage initiation report for the South African listed entity, Chinma Ukadike, the Sub-Saharan  Africa FMCG analyst at Vetiva Capital Management, shares her expectations for Anheuser Busch InBev and the global beer industry….. . … …………….……..Read More

Nestle SA buys N90bn stake in Nigerian arm – Punch
Food and beverage company, Nestle South Africa, has acquired N90.29bn worth of shares in its Nigerian subsidiary (Nestlé Nigeria Plc). In a corporate notice on insider dealing on Tuesday, signed by its Company Secretary, Bode Ayeku, the acquisition took place in two tranches on Monday and Tuesday on the floor of the Nigerian Exchange Limited in Lagos. In one tranche, 40,000 ordinary shares of Nestle Nigeria were sold at N1,092 per share, amounting to N48.68bn… ’…. … …………….……..Read More

‘CAMA amendment will enhance shareholders’ participation, attract FDIs’ – Guardian
The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has said that the recent amendment of the Companies and Allied Matters Act (CAMA) 2020, which allows Public Limited Companies (PLCs) to conduct yearly general meetings virtually will aid inclusiveness through enhanced shareholders’ participation and engagement, as well as attract foreign investors…. ’…. … …………….……..Read More

Fuel price hike imminent over poor supply, marketers warn – Punch
The disparity in the pump price of Premium Motor Spirit, popularly called petrol, is to further widen due to the incomplete delivery of products to many filling stations, oil marketers stated on Tuesday. .. ’…. … …………….……..Read More
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