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Daily Business News Brief – April 11th, 2023


Buhari should suspend fuel subsidy removal, declare marketers – Punch
The Nigeria Union of Petroleum and Natural Gas workers has said that its National Executive Council is going to come out with NUPENG’s position on the ongoing debate over the planned removal of subsidy on Premium Motor Spirit, popularly called petrol, after its NEC meeting.
However, another major union in the sector – Independent Petroleum Marketers Association of Nigeria, kicked against subsidy removal, stressing that the move should be suspended. ………. …………. ……………..……..Read More

SEC to focus on revised capital market master plan – Punch
The implementation of the revised master plan of the capital market, fintech and commodities trading ecosystem roadmap will dominate the agenda of the First Capital Market Committee meeting in 2023.
This was disclosed in a statement issued by the Securities and Exchange Commission on Sunday.. .. .. ….. .. ….. …….. …………….……..Read More

Shareholders demand reversal of virtual yearly general meetings – Guardian
• Say provision only tenable during COVID-19 restriction
Shareholders have called for the review of the provision of an Annual General Meeting (AGM) arrangement that grants listed firms an option to hold meetings virtually in contradiction of the Companies and Allied Matters (CAMA) guidelines..,…. … .. …. ….. ,…. ………………..……..Read More

5G boosted telecoms foreign investment by 325% – NBS – Punch
Increased 5G rollout and 4G expansion improved foreign investments into the telecommunications sector by 325.12 per cent in 2022.
The capital importation data from the National Bureau of Statistics showed that telecoms attracted $456.82m in 2022, compared to $107.46m that was attracted in 2021.
This is as the sector continued to retain its foreign investment appeal despite the country’s challenging economic environment. …………. . ….. . … …………….……..Read More

Berger Paints to pay shareholders N202.88 million dividends in 2022 – Nairametrics
Shareholders of Berger Paints Nigeria Plc will receive a final dividend of N202.88 million for the financial year ending December 2022, representing a total dividend of 70 kobos per share declared by the paint firm.
The Board of Directors of Unilever Plc has pursuant to the powers vested in it by the provisions of section 426 of the Companies and Allied Matters Act (CAMA 2020) of Nigeria proposed a final dividend of 70 kobos per share for the financial year 2022….. .. …… . ….. . … …………….……..Read More

Seplat Energy committed to sustainability, energy transition, says CEO – Guardian
Seplat Energy Plc has reaffirmed its aggressive and unwavering commitment to sustainability and energy transition.
The company explained that its ability to maintain the lead in Nigeria’s gas sector is anchored on a strong Environment, Social and Governance (ESG) framework, which has provided the strong foundation for Seplat Energy’s gas business and its decarbonisation projects…. .. …… . ….. . … …………….……..Read More

Low confidence, apathy as retail investors dump equity market – Punch
Retail investors’ participation in the Nigerian equity market has been on a downward trend, which has been a source of concern to stakeholders.  UTHMAN SALAMI writes about the strategies required to reverse the trend The 2005 bank recapitalisation, which propelled many commercial lenders to list on the Nigerian capital market, catalysed a boom in the local equity market. Consequently, many retail investors thronged the market to take advantage of the elevated growth. …. .. …… . ….. . … …………….……..Read More
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