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Daily Business News Brief – April 6th, 2023


Fresh promissory notes raising national debt – DMO – Punch
The Director-General of the Debt Management Office, Ms Patience Oniha, has said promissory notes, budget deficit and constant borrowing have led to an increase in public debt.
She said this while speaking on Wednesday on Sunrise Daily, a Channels Television programme.
While expressing her concern about the rising debt, she stressed the need for higher revenue in order to cut down the high debt-service-to-revenue ratio. ………. …………. ……………..……..Read More

UBA grows loan portfolio by N605bn – Punch
The United Bank for Africa on Wednesday said that it grew its loan portfolio by N605bn in the 2022 financial period.
The bank disclosed this on Tuesday during its audited 2022 results conference call (Strategic review and outlook), which was addressed by the Group Managing Director/Chief Executive Officer, Oliver Alawuba. .. .. ….. .. ….. …….. …………….……..Read More

AM Best Affirms B+ Credit Ratings of AXA Mansard Insurance – Thisday
AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) to AXA Mansard Insurance Plc. According to the agency, the ratings reflect AXA Mansard’s balance sheet strength, which it assesses as strong.
 “The ratings also reflect rating enhancement, in the form of lift, from AXA Mansard’s ultimate parent, AXA S.A, AXA Mansard’s balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR).,…. … .. …. ….. ,…. ………………..……..Read More

Flour Mills Quotes N65bn CP On FMDQ Market – Dailytrust
The Flour Mills of Nigeria (FMN) Plc has quoted N64.97 billion Commercial Paper (CP) on the FMDQ platform in a bid to support its working capital requirements.
FMDQ announced the listing of FMN Plc’s N13.33 billion Series 1 and N51.64 billion Series 2 Commercial Papers under its N200 billion CP Issuance Programme on the exchange’s platform on March 13, 2023, according to a statement from the exchange on Wednesday………….. . ….. . … …………….……..Read More

Again, manufacturing activities shrink over cash scarcity – Punch
Manufacturing activities in the country contracted for a second consecutive month in a row in March as cash scarcity in Africa’s biggest economy hampered private sector activity.
The drop in production consequently led to reduced sales as manufacturers navigated through headwinds occasioned by a shortage of cash…. .. …… . ….. . … …………….……..Read More

Mutual Benefit Assurance Appoints New Directors – Thisday 
MMutual Benefits Assurance has announced new appointments in its board with Lateef Akande Bakare topping the list of the new appointees.
The underwriting firm said the appointment was subject to the required regulatory approvals.
According to the company, Bakare is a chartered accountant with over 45 years post qualification experience. He retired in 1991 as the Quality Assurance Partner at Deloitte. … .. …… . ….. . … …………….……..Read More
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