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Daily Business News Brief – April 3rd, 2023


Investors gain N2.54tr in Q1 as market damns political risks – Guardian
Despite the tense political environment and lingering macroeconomic challenges, the Nigerian equities market consolidated gains made in the previous year, as investors’ wealth rose by N2.54 trillion in the first quarter.
The all-share index (ASI) of Nigerian Exchange Limited (NGX) rose from 51,251.06 points to 54,232.54, returning 5.81 per cent gain.
Similarly, the market capitalisation of listed equities closed higher at N2.54 trillion to N29.54 trillion…….. …………. ……………..……..Read More

International Breweries, UAC, 12 Others Declare N38.77bn Loss in 2022 – Thisday
Amid a challenging business environment, International Breweries Plc, UAC of Nigeria Plc, Ikeja Hotel Plc and 11 other companies listed on the Nigerian Exchange Limited (NGX) have declared a sum of N38.77billion loss in 2022 financial year as against N16.03billion loss declared in 2021 financial year… .”…. .. ….. …….. …………….……..Read More

Revenue, Other Income Boost BUA Foods’ Profit – Thisday
BUA Foods Plc’s 2022 audited result and accounts showed an impressive performance driven by strong revenue and other income amid challenging operating environment.
The growth in revenue impacted on profit and dividend payout to shareholders.
BUA Foods announced N418.35billion revenue in 2022, an increase of 26 per cent from N333.27billion in 2021 and declared profit after tax of about N91.34billion in 2022 from N69.77billion reported in 2021… … .. …. ….. ,…. ………………..……..Read More

NGX suspends trading in Sterling Bank shares – Punch
Trading in the shares of Sterling Bank has been suspended on the floor of the Nigerian Exchange Limited.
The suspension took effect on Thursday. According to a notice issued by the NGX in its weekly report of activities, the suspension was in preparation for a restructuring of the bank……… . ….. . … …………….……..Read More

11 Plc plans fresh investment in downstream sector – Punch
11Plc formerly Mobil Oil Plc has said it is considering huge investments in its operations in 2023 to shore up its performance in the downstream sector.
The Managing Director of 11Plc, Adetunji Oyebanji, disclosed this during a facility tour of the company. .. …… . ….. . … …………….……..Read More

External reserves fall by $1.46bn in two months- CBN – Punch
The country’s external reserves fell by $1.46bn between January and March, figures obtained from the Central Bank of Nigeria have revealed.
The reserves ended February 27, 2023 at $36.67bn.
Figures obtained from the CBN’s data on movement of external reserves on Sunday showed that the reserves, which stood at $36.99bn as of the end of January, 1, 2023, fell to $35.53bn as of the end of March, 30, 2023. .. …… . ….. . … …………….……..Read More

Oseni takes over as Wema Bank substantive MD – Punch
Wema Bank Plc has appointed Moruf Oseni as the substantive managing director and chief executive officer effective April 1, 2023.
A statement said after serving in acting capacity since January 1, 2023, Oseni will succeed Ademola Adebise, following approval by the Central Bank of Nigeria.
It stated that Oseni’s journey with Wema Bank began in 2012 when he joined as an executive director…. …… . ….. . … …………….……..Read More
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