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Daily Business News Brief – May 11th, 2023

11
May

Investors lose N216b to selloff in BUA Cement, 19 stocks -Guardian
The Nigerian Exchange Limited (NGX) halted four-day gains, to close on a downturn yesterday, as selloffs in BUA Cement and 19 stocks drag market capitalisation by N216 billion.
At the close of trading yesterday, the All-Share Index declined by 396.35 per cent, representing a decline of 0.75 per cent, to close at 52,209.06 points.
Similarly, the overall market capitalisation value lost N216 billion to close at N28.428 trillion..,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

Trouble looms over rising debt, Budget Office warns – Punch
The Budget Office of the Federation has said Nigeria now has a “limited borrowing space” due to its poor debt-to-revenue ratio, stressing that “trouble” looms for the country if it exceeds its limits.
The Director-General of the Budget Office, Ben Akabueze, while addressing members-elect of the 10th National Assembly at their week-long induction ceremony in Abuja on Wednesday, pointed out that while Nigeria remains healthy with its debt-to-GDP ratio, the country is not with its debt-to-revenue ratio.’……. ………. …………. . ….. . … …………….……..Read More

SEC sues for effective dispute resolution to boost investors’ confidence – Guardian
The Securities and Exchange Commission (SEC) said the capital market, which is considered the catalyst for economic growth, must be sustained by an effective and efficient dispute resolution mechanism to engender investors’ confidence.
Director General of SEC, Lamido Yuguda, stated this at a workshop organised by the Investment and Securities Tribunal in collaboration with the Nigeria Bar Association yesterday…. .. .. .,……. .. …… . ….. . … …………….……..Read More

Osinbajo commissions Transcorp’s Afam 240MW power plant – Punch
Vice President, Prof. Yemi Osinbajo, has commissioned the Yemi Osinbajo has commissioned Transafam Power Limited, a subsidiary of Transnational Corporation Plc’s 240MW Afam Three Fast Power plant in Afam, Rivers State.
With an already existing power plant residing in Afam, this brought the cumulative generating capacity of the plant to 1,000MW., … .. .,……. .. …… . ….. . … …………….……..Read More

DMO To Auction Another N360bn Bonds After 2 Months – Dailytrust
The Debt Management Office (DMO) has called for subscription for four units of N90 billion savings bonds about two months after it offered similar bonds in March.
The DMO in a statement yesterday stated that it was receiving the subscription by auction and called for applications of 1,000 per unit subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter..,….,…. .,……. .. …… . ….. . … …………….……..Read More

Shareholders approve Seplat’s $15 cents final dividends – Punch
The shareholders of Seplat Energy Plc approved the payment of US15 cents dividends at the 10th annual general meeting of the company on Wednesday.
The Seplat Energy Board had recommended a special dividend of US 5 cents per share to be paid to shareholders, in addition to the final quarterly dividend of US 2.5 cents per share. This brought the total dividend for the year to US 15 cents per share..,….,…. .,……. .. …… . ….. . … …………….……..Read More
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