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Daily Business News Brief – March 31st, 2023


Investors recover N441b amid gains in MTNN, 22 stocks – Guardian
The Nigerian Exchange Limited (NGX) sustained gains at the close of transactions yesterday, as price appreciation in MTN Nigeria and 22 stocks lifted market capitalisation further by N441 billion.
At the close of trading, market capitalisation of listed equities increased by 1.51 per cent to close at N29.642 trillion from N29.201 trillion reported the previous day. Also, the All Share Index increased by 808.40 basis points to 54413.20 points from 53603.80 points reported on Wednesday……. …………. ……………..……..Read More

NGX Records N318.5bn Of Listings In Q1 2023 – Dailytrust
The Nigerian Exchange Limited has disclosed that the Exchange recorded N318.52bn of listings across its equities, fixed income, mutual funds and derivatives categories. According to  the X-Compliance report, a transparency initiative of NGX designed to maintain market integrity and protect the investors by providing compliance-related information on all listed companies, NGX saw N11.23bn in Federal Government of Nigeria bond listings, which constituted FGN Savings Bonds with maturities ranging between 2024 and 2026… .”…. .. ….. …….. …………….……..Read More

Dangote Industries lists N300bn bond on NGX, FMDQ – Punch
Dangote Industries Limited has completed the listing of the firm’s N300bn series 1 and 2 bonds on Nigerian Exchange Limited and the FMDQ in Lagos.
The Group Managing Director of DIL, Olakunle Alake, during the listing ceremony, told investors that the bonds were primarily for part-financing the Group’s 650,000 bpd refinery project.
He explained that the decision of the company to issue bonds to raise the required capital for part-financing of the refinery project was to encourage the participation of Nigerians in the financing of the project… … .. …. ….. ,…. ………………..……..Read More

Lagos Free Zone issues N17.5bn bond – Punch
The Lagos Free Zone Company has announced the issuance of N17.5bn 20-year corporate infrastructure bond which is the third issuance under an upsized N61bn bond issuance programme.
In a statement issued on Thursday, the LFZ stated that the Series 3 Senior Guaranteed Fixed Rate infrastructure bond was due in 2043…….. . ….. . … …………….……..Read More

Nigeria’s public debt rises by 17% last year, hits N46.25 trillion – Guardian 
Federal and state government debt stock climbed by 17 per cent or N6.69 trillion last year to reach N46.25 trillion, setting a new all-time high.
The new figure is N2.19 trillion (or five per cent) higher than what was on record as at the end of September 2022 when the debt profile was N44.06 trillion.
The amount discounts the net debt accumulation of most of the states, whose records were last updated on June 30, September 30, 2022, or as far back as 2021.. …… . ….. . … …………….……..Read More

Shareholders Petition SEC, FRCN, CAC, Ask Aso Savings To Account For N12bn – Dailytrust
Shareholders have petitioned the Securities and Exchange Commission (SEC), Financial Reporting Council of Nigeria (FRCN) and Corporate Affairs Commission (CAC) to investigate Aso Savings and Loans over alleged breach of corporate governance rules and asset stripping in its management of Union Homes which it acquired in 2013.. …… . ….. . … …………….……..Read More

Forgery: Delinquent debtor frustrating loan recovery says FirstBank – Punch
First Bank of Nigeria Limited says its attention has been drawn to a report by some online publications over a court case involving the bank.
The bank’s managing director and three others have been reportedly charged with allegations bordering on forgery.
Reacting to the development, First Bank said it would amount to court sub-judice to comment on the details of the matter… …… . ….. . … …………….……..Read More
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