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Daily Business News Brief – May 2nd, 2023


Nigeria, others may lose $10bn to political tensions – IMF – Punch
The International Monetary Fund has said Nigeria could lose an estimated $10bn of foreign direct investment and official development assistance inflows to geo-political tensions.
The IMF in its country focus on Sub-Saharan Africa, released on Monday, said the figure is about a half per cent of the nation’s annual Gross Domestic Product……. .. ………. …………. ……………..……..Read More

SEC blacklists six illegal online trading platforms – Guardian
The Securities and Exchange Commission (SEC) has blacklisted six online trading platforms in its latest crackdown on unregistered firms offering investment services in the country.
The blacklisted firms are Prime Invest and Primeinv.co, FXBoxed, New Finance LLC and New Fx Limited and Axi24. Others are Evolve Consulting LCC and Trust Fund-Mining Global Pty Limited. In a circular released yesterday, SEC stated: “The Commission’s attention has been drawn to the under-listed e-commerce companies and their websites offering online trading platforms to the investing public. ……… .. .. ….. .. ….. …….. …………….……..Read More

Subsidy Removal: FG Urged To Boost Production – Dailytrust
The federal government has been tasked to improve resource allocation, boost domestic oil production and distribution to cushion the effect of petrol subsidy removal.
A former finance minister, Dr. Kalu Idiaka Kalu, gave the charge during the flag-off of the 40th anniversary of the Institute of Directors (IoD) Nigeria.
“Sustaining meaningful market pricing for all goods and services really requires action and a better micro economy, policies in all sectors,l. ………. …………. . ….. . … …………….……..Read More

Firm assures shareholders of sustained dividend – Punch
The board of CWG has assured its shareholders of sustained dividend payment.
It gave the assurance at the firm’s annual general meeting in Lagos, after the shareholders approved a dividend per share of 4.0 kobo, and commended the board and management of CWG for improving the company’s fortunes, despite the challenges.
A statement said the audited report and accounts for the year ended December 31, 2022, showed that the CWG recorded 21.3 per cent growth in total turnover, and gross profit rose by 31.4 per cent over 2021. .. .,……. .. …… . ….. . … …………….……..Read More

Notore posts N4bn revenue in Q1 – Punch
Chemical and agro-allied company, Notore Chemical Industries Plc, said it recorded N4.1bn revenue in the first quarter of 2023, which ended March 31, despite gas supply shortage.
This was disclosed in the firm’s unaudited interim financial statements for the first quarter.
In a statement, the Group Managing Director/ Chief Executive Officer, Ohis Ohiwerei, said the group’s production was impacted by gas supply limitations while finance cost was affected by an increase in the foreign exchange rate and the increasing cost of funds driven by the Monetary Policy Committee rate changes.,…. .,……. .. …… . ….. . … …………….……..Read More
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