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Daily Business News Brief – March 28th, 2023

28
Mar

Stock market capitalisation declines by N622bn – Punch
 
Investors lost N622bn at the close of trading on Monday due to sell-offs of some telecoms and banking stocks.
The market which opened with the All-Share Index at 54,892.53 lost 2.08 per cent to close 53, at 750.77. The market capitalisation also depreciated by 2.08 per cent to N29.281tn.
In terms of volume, a total of 100.882 million shares valued at N 4.342bn were traded on the Nigerian Exchange Limited in 3.279 deals…. …………. ……………..……..Read More

Court set to rule on suspended Seplat CEO’s suit – Punch
 
A Federal Court of Appeal, sitting in Lagos, has set March 30, 2023 as the date to rule on the application seeking to set aside the interim ex-parte order previously made by the court, stopping Mr Roger Brown, from parading himself as the Chief Executive Officer of Seplat Energy Plc. .”…. .. ….. …….. …………….……..Read More

Shun Ponzi schemes, SEC warns young Nigerians – Punch
 
The Securities and Exchange Commission has warned young Nigerians to avoid Ponzi schemes and only invest in entities registered with the regulatory body. The commission gave the advice as it marked the ‘Global Money Week’ at the School for the Gifted, Gwagwalada in Abuja… .. …. ….. ,…. ………………..……..Read More

United Capital Shareholders Approve N9bn Dividend Payout – Thisday
 
The shareholders of United Capital Plc, yesterday approved a dividend payout of N9billion at the company’s Annual General Meeting held in Abuja. The approved dividend translates to a dividend of N1.50 for every 50 kobo ordinary share, much to the satisfaction of shareholders…… . ….. . … …………….……..Read More

Nigeria’s distressed fiscal state faces five risks – Businessday
 
With the dust yet to settle more than one month after the presidential election, Nigeria is at risk of deeper crises as it grapples with a deteriorating fiscal position and unsustainable subsidies, experts have warned. President-elect Bola Tinubu is expected to inherit an uphill task of fixing an economy in turmoil…… . ….. . … …………….……..Read More
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