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Daily Business News Brief – April 17th, 2023


NECA rejects tax hike, warns FG against IMF demand – Punch
The Nigeria Employers’ Consultative Association says the International Monetary Fund’s call on the Federal Government to increase taxes in order to reduce borrowing will affect economic growth and worse the country’s plight.
The Director General of NECA, Mr Wale Oyerinde, in a statement on Sunday said such an economic decision might appear to be in favour of the government since it would drive up its evenues. .. ………. …………. ……………..……..Read More

Nigeria’s 96% revenue used to service debt in 2022 – World Bank – Punch
The World Bank says Nigeria’s constant fiscal deficit has worsened the nation’s public debt stock, with 96.3 per cent of government revenue spent on servicing debt in 2022.
This was according to the Macro Poverty Outlook for Nigeria: April 2023 brief released by the bank.
The report read in part,  “The fiscal position deteriorated. In 2022, the cost of the petrol subsidy increased from 0.7 per cent to 2.3 per cent GDP….. .. .. ….. .. ….. …….. …………….……..Read More

GTCO records N214bn profit – Punch
Guaranty Trust Holding Company Plc has said it recorded profit before tax of N214.2bn, representing 3.3 per cent dip from N221.5bn recorded in the corresponding year ended December 2021.
The Group disclosed this in a statement on its audited consolidated and separate financial statements for the year ended December 31, 2022, which was released on the Nigerian Exchange Group and London Stock Exchange…..,…. … .. …. ….. ,…. ………………..……..Read More

UBA grows Q1 earnings by 48%, profit hits N61bn  – Punch
Dangote Sugar Refinery Plc says it will pay N18.22bn as dividends to shareholders for the year ended December 31, 2022, despite the economic headwinds that characterised 2022 financial period.
The dividend payout will translate to N1.50 kobo per share held by shareholders.
During its 17th annual general meeting in Lagos, it also revealed that it was targeting the production of over 170,000 tonnes of sugar next season….. …………. . ….. . … …………….……..Read More

Dangote Sugar pays N18bn dividend – Punch
Dangote Cement Plc has assured shareholders and other stakeholders of its resolve to keep the company profitable by leveraging strategic innovations for the continuous growth of its investments.
Speaking at the 14th yearly general meeting of the company in Lagos, the Chairman of the company, Aliko Dangote, noted that the prospects for the cement company remain bright,……. .. …… . ….. . … …………….……..Read More

Shareholders approve Custodian Investment’s dividend payment – Punch
Shareholders have commended the board of directors and management of Custodian Investment Plc for sustaining good performance and payment of dividends on a yearly basis.
In a statement, the company expressed its commitment to deliver strong and sustainable returns to shareholders as the board approved a total dividend of 65 kobo per share, interim dividend of 10 kobo per share and final dividend of 55 kobo in respect of the result of the 2022 financial year, subject to appropriate withholding tax. ……. .. …… . ….. . … …………….……..Read More
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