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Daily Business News Brief – April 13th, 2023


Local bourse closes flat after bearish trend – Punch
After days of bearish trading, the Nigerian Exchange Limited closed flat on Wednesday.
At the end of the trading, the All-Share index settled at 51,953.41 points. Consequently, year-to-date returns came in at 1.37 per cent while market capitalisation stood at N28.300tn.
Market activities showed that trade turnover waned relative to the previous day’s session, with the volume and value of transactions down by 85.19 per cent and 62.68 per cent respectively.. ………. …………. ……………..……..Read More

IMF Urges Nigeria To Increase Tax To Cut Borrowing – Dailytrust
The fund in its latest Fiscal Monitor titled, ‘On the path to Policy Normalisation’, released yesterday noted that Nigeria’s debt is projected to continue to rise and urged the government to remove fuel subsidies and direct them towards health and education.
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, last week said Nigeria had secured a World Bank facility worth $800 million as the first tranche of palliatives to be disbursed through cash transfers to about 50 million Nigerians… .. .. ….. .. ….. …….. …………….……..Read More

Eight companies fail to file annual reports–NGX – Punch
The Nigerian Exchange Regulation Limited has said eight companies failed to issue an explanation on why they are yet to file their annual audited reports.
In a statement on Wednesday, the NGX RegCo listed the defaulting companies as Champion Breweries Plc; International Energy Insurance Plc; Wema Bank Plc; Conoil Plc; Presco Plc; GlaxoSmithKline Consumer Nigeria Plc; Pharmadeko Plc; and Universal Insurance Plc….,…. … .. …. ….. ,…. ………………..……..Read More

Marketers predict petrol price hike over OPEC+ oil cuts – Punch
Oil marketers are warning Nigerians to prepare for a possible rise in petrol prices as a result of additional four million barrels per day crude oil production cuts by the Organisation of Petroleum Exporting Countries and its allies.
Members of OPEC and its partners such as Russia recently cut production output in its ongoing Declaration of Cooperation by an additional 1.16 million barrels per day… …………. . ….. . … …………….……..Read More

Economist wants CBN redesigned to allow low-interest rate – Punch
A development economist, Basil Odilim, has called for a redesigning of the Central Bank of Nigeria to give room for a low-interest rate.
He made this call during a world press conference earlier in the week.
At the conference, he stressed the need for the CBN to be pro-people and pro-economy, especially in supporting small businesses……. .. …… . ….. . … …………….……..Read More

Otedola Becomes 2nd Largest Shareholder Of Transcorp – Dailytrust
Nigerian business mogul and billionaire, Femi Otedola, has acquired about 2.245 billion shares of Transnational Corporation Plc, becoming the second largest shareholder of the company.
Daily Trust learnt that the transaction, which represented about 5.52% of Transcorp shares, was consummated between an entity owned by Otedola and the Asset Management Corporation of Nigeria.
Transcorp is currently controlled by another billionaire, Tony Elumelu who took over control of the company in 2012…… .. …… . ….. . … …………….……..Read More
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