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Daily Business News Brief – March 20th, 2023


Investors lose N479b as economy struggles against elections burden – Guardian
Uncertainty in the political space has triggered panic sell off of the equities at the Nigerian Exchange Limited (NGX) causing investors to lose N479 billion in one week.
The volume of shares traded also dropped by 16.6 percent as a turnover of 853.7 million shares worth N11.8 billion was recorded in 18,543 deals by investors on the floor of the Exchange, down from a total of one billion units valued at N20.2 billion that changed hands in 18,650 deals on March 10, 2023),………… ……………..……..Read More

NGX strategies to reduce N180 billion unclaimed dividends – Guardian 
Efforts by the Securities and Exchange Commission (SEC) to tackle rising unclaimed dividends in the nation’s capital market have continued to hit the wall, necessitating the Nigerian Exchange Limited (NGX) to deploy measures to check the trend…. .. ….. …….. …………….……..Read More

CBN may retain lending rate as MPC meets today – Punch
The Monetary Policy Committee is due to begin its two-day meeting on the economy on Monday (today) amid the economic crisis fuelled by the naira redesign policy and fuel scarcity.
Analysts in the country have said the Central Bank of Nigeria and the MPC may not raise the lending rates at the end of the Monetary Policy Committee… ….. ,…. ………………..……..Read More

FG rakes in N10tn VAT under Buhari – NBS – Punch
The Federal Government has raked in N10.1tn from the collection of Value Added Tax under the regime of the President, Major General Muhammadu Buhari (retd.). This comes against the backdrop of the advice by the Minister of Finance, Zainab Ahmed, that the incoming government should increase the VAT from the current 7.5 per cent to 10 per cent . ….. . … …………….……..Read More

Traders in agony as naira scarcity grounds businesses – Punch
The shortage of the newly introduced N200, N500, and N1000 currency notes has left millions of Nigerians struggling to survive. The worst hit were petty traders, artisans and labourers, who relied heavily on cash for their daily business. Most of them who do not have bank accounts have seen a significant drop in patronage. …. ’…. … …………….……..Read More

With New Business Act: Coys Share Capital To Rise, CBN May Cancel Idle Forex Licence, Others – Dailytrust
First and foremost, one of the major disruptions of the Business Facilitation Law on CAMA is the increase in share capital. The Act has amended the provisions of sections 127(1) and 149(1) of CAMA as a company may now have to increase its issued share capital by the allotment of new shares, either in a general meeting or by a resolution of the board of directors, subject to the condition or direction that may be imposed in the articles or the company in general meeting.. …. ’…. … …………….……..Read More

Unity Bank Appoints Chairman, 2 Non EDs – Dailytrust
Unity Bank Plc has announced the appointments of an acting Chairman of its board, Hafiz Mohammed Bashir and two non-executive directors.
The two non-eds are Prof. Iyabo Obasanjo and Ms Halima Babangida. The appointments are subject to the approval of the Central Bank of Nigeria (CBN).. …. ’…. … …………….……..Read More
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