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Daily Business News Brief – April 27th, 2023


Airtel, Total, others lift capitalisation by N268 billion – Guardian
Following gains recorded by many blue-chip stocks, especially Airtel Africa and Total Plc, trading on the floor of the Nigerian Exchange Limited (NGX) sustained a rising profile yesterday, as market capitalisation increased further by N268 billion.
At the close of transactions yesterday, market capitalisation of listed equities increased by 0.95 per cent to N28.367 trillion from N28.099 trillion reported the previous day. The All Share Index also appreciated by 491.13 basis points to 52097.62 points from 51606.49 points reported on Tuesday….. .. ………. …………. ……………..……..Read More

Cash scarcity crippled Nigeria’s economy, says UN – Punch
The shortage of the naira in recent times crippled the Nigerian economy, the United Nations has disclosed.
It stated that the informal sector felt the brunt of the scarcity the most. It noted that the continuing decline of oil production is set to impact the country’s finances in 2023.
The UN disclosed this in its ‘Trade and Development Report Update; Global Trends and Prospects (April 2023),’ report produced by the United Nations Conference on Trade and Development……… .. .. ….. .. ….. …….. …………….……..Read More

Eyes on CBN, other regulators as fear of bank failure spreads – Guardian
Experts said the collapse of Silicon Valley Bank (SVB) has necessitated the need for stronger regulation and supervision to achieve a sound, stable and healthy financial system.
The observation came shortly before the renewed fear over the possible spread of the contagion with the First Republic Bank currently gasping for breath………. …………. . ….. . … …………….……..Read More

Capital Market Regulator Expects Better Policies Under Tinubu – Dailytrust
The Nigerian Exchange Limited (NGX) has said the capital market authority hopes the policies of Bola Tinubu’s administration will impact positively on the Exchange Traded Funds (ETFs) listings which have depreciated under President Muhammadu Buhari.
Exchange Traded Funds are similar to mutual fund investment. It is a pool of investments from various investors who will be handed a bundle of assets they can buy and sell during market hours.. .,……. .. …… . ….. . … …………….……..Read More

Oando takes delivery of Nigeria’s first mass transit electric buses – Guardian
Oando Clean Energy Limited (OCEL) has taken delivery of the electric mass transit buses that will kick off the proof of concept phase of its sustainable transport initiative.
This comes a year after OCEL and Lagos Metropolitan Area Transport Authority (LAMATA), the Lagos State Government agency tasked with planning, implementing, regulating and franchising sustainable integrated public transport in Lagos signed a memorandum of understanding (MoU) to enable the successful deployment of an Electric Vehicle (EV) Infrastructure Ecosystem (electric buses, charging stations and other supporting infrastructure) towards the attainment of a sustainable road transport system in Lagos… .,……. .. …… . ….. . … …………….……..Read More

Veritas Assurance raises profit by 46% – Punch
The Managing Director of Veritas Kapital Assurance Plc, Kenneth Egbaran, said its profit after tax rose by 46 per cent from N570.4m in 2021 to N833.6m in 2022 in its 2022 audited financial statement.
The audited financial figures also revealed that, while the group increased profit before tax by 169 per cent year on year, from N344.4.3m in 2021 to N825.9m in 2022, while its underwriting profit rose by N169.23m, from N1.28bn in 2021 to N1.45bn in 2022…. .,……. .. …… . ….. . … …………….……..Read More

Elumelu confirms Transcorp Power to list in 5 years, responds to Otedola’s 5.05% acquisition of Transcorp shares – Nairametrics
The Chairman of Transcorp Plc, Mr. Tony Elumelu, confirmed plans to list Transcorp Power in 5 years.
Mr. Elumelu made this comment in an interview with Arise TV when he was asked about rumors of a potential spin-off of Transcorp Power Plc following a board resolution passed at the conclusion of its Annual General Meeting (AGM).
Elumelu also denied rumors that he planned to list Transcorp Power as a separate institution on the Exchange, stating that the conglomerate was in it for the long term…  ,……. .. …… . ….. . … …………….……..Read More
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