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Daily Business News Brief – May 12th, 2023


Selloff in bank stocks shrinks capitalisation by N26b – Guardian
Following sustained selloff in banking stocks, especially GTCO and Zenith Bank, transactions in the equities sector of the Nigerian Exchange Limited (NGX) continued on a downturn, yesterday, as market capitalisation declined by 0.09 per cent to N28.402 trillion.
At the close of transactions yesterday, the NGX all-share index also depreciated by 46.82 basis points to 52161.24 points from 52209.06 points recorded on Wednesday..,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

Debt servicing hits $112m monthly, says CBN – Punch
The Federal Government spent $112.35m servicing external debt in January 2023, according to findings by The PUNCH.
Data from the Central Bank of Nigeria’s Weekly International Payments showed that the amount spent in January was 146.17 per cent higher than the $45.64m spent in December 2022.
This occurred as the Federal Government struggled to boost its revenue base despite its revenue generation efforts…….. ………. …………. . ….. . … …………….……..Read More

NAHCO Subsidiary Begins Export of Food Items – Thisday
Nigeria Aviation Handling Company Plc (nahcoaviance), has on Wednesday started the exportation of food items to Europe under its new subsidiary, NAHCO Food and Beverages Limited.
It commenced the exportation of fresh pepper after being certified by the Nigeria Agricultural Quarantine Service (NAQS) and after consultation with foreign food standards agencies.
The initiative has been described by analysts as one that would revolutionalise the way Nigeria’s produce are packaged for foreign markets….. .. .. .,……. .. …… . ….. . … …………….……..Read More

Nigerian banks intensify acquisition drive for African market share – Punch
Nigerian banks are expanding their reach across the continent through a series of acquisitions of smaller banks, in a drive to dominate the African financial landscape, writes FELIX OLOYEDE
No Nigerian money deposit bank is ranked among the top in Africa in 2022. Despite the country having the largest economy and market, Zenith Bank, which is its leading lender, was ranked 12th in the continent last year, using its 2021 capital base size of $2.75bn, according to The Bank. Despite growing its assets to N12.29tn at the end of the 2022 financial year, Zenith Bank still lags behind other African banks.., … .. .,……. .. …… . ….. . … …………….……..Read More
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