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Daily Business News Brief – May 26th, 2023

26
May

Total FGN savings bond allotment hits N5.06 billion in five months
•Capitalisation dips by N58b, 23 stocks record losses – Guardian
The Nigerian Exchange Limited (NGX) has revealed that the total allotments for FGN Savings Bonds have risen to N5.06 billion in the first five months of 2023.
Divisional Head, Capital Markets at NGX, Jude Chiemeka, revealed this during the NGX Savings Bond webinar 2023 organised by the Exchange in collaboration with Optimus by Afrinvest, a foremost fintech platform and supported by the Debt Management Office (DMO) as well as CSL Stockbrokers….. …….,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

Capitals Gain Tax Act faulty, needs amendment – AGF – Punch
The Attorney General of the Federation and Minister for Justice, Abubakar Malami, SAN, and the Chairman of the Nigerian Law Reform Commission, Prof. Jummai Audi, have said the Capital Gains Tax Act, Cap. C1 LFN, 2004 has some shortcomings that need to be addressed.
They disclosed this at the workshop on the Reform of Tax Laws in Nigeria, in Abuja.
Clarifying what the tax stands for, Audi said, “Capital gains tax is the type of tax levied on individuals and corporate bodies when gains arise from disposed capital assets. Assets which attract capital gains tax on disposal include: plants and machinery, land and buildings, good wills of business, shares and many others.” …. . ……….. ………. …………. . ….. . … …………….……..Read More

Naira drops against the dollar by 0.07% – Punch
The Naira depreciated at the Investors and Exporters window on Thursday exchanging at N463.67 to the dollar a 0.07 percent decrease against the N463.33 to the dollar traded on Wednesday.
The open indicative rate closed at N463.85 to the dollar on Thursday.
An exchange rate of N467 to the dollar was the highest rate recorded within Thursday’s trading before it settled at N463.67.. .. ….. …. .. .. .,……. .. …… . ….. . … …………….……..Read More

African subsidiaries contribute 50% to UBA’s earnings – CEO – Punch
United Bank for Africa Plc has announced that all its African subsidiaries are now on firm footing as they have been contributing maximally to the group’s profit margin.
Specifically, the bank’s African operations have contributed close to 50% of the group’s earnings, leveraging on digital offerings and products across the board to gain large market shares across the different regions of operations in Africa. …. ….. .., … .. .,……. .. …… . ….. . … …………….……..Read More

Stanbic IBTC Holdings Shareholders Laud N45.35bn Dividend, 2022 Performance – Thisday
The shareholders of Stanbic IBTC Holdings Plc, yesterday, commended the management’s N45.35 billion total dividend payout for the financial year ended December 31, 2022, expressing satisfaction with the group’s impressive performance in the year under review.  
The group had paid to shareholders an interim dividend of N19.44 billion last year from N12.96 billion in the corresponding year and at the 11th Annual General Meeting (AGM) in Lagos, and the shareholders approved a final dividend of N25.91billion, the same amount for the second consecutive year…….. .., … .. .,……. .. …… . ….. . … …………….……..Read More

Access Holdings to optimise shareholders’ value in key investments – Guardian
With a total asset of N15 trillion milestone achieved in its 2022 financial, Access Holdings Plc has assured shareholders that the bank is strategically positioned to leverage opportunities in key African markets and beyond to optimise shareholders’ value.
The bank also stated that it would continue to enhance its overall IT proficiency and capability to mitigate against fraudulent activities and safeguard investment.. ……. .., … .. .,……. .. …… . ….. . … …………….……..Read More
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