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Daily Business News Brief – May 30th, 2023

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May 30, 2023
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Demand for investors’ protection deepens as companies exit NGX – Punch
As the Nigerian Exchange Limited regains its upward movement after the sharp dip following the general elections, investors have another challenge to deal with; companies seeking to delist from the NGX.
At least three quoted companies have expressed interest in delisting from the NGX. Energy company, Oando Plc is one of them. Days after releasing its unaudited report for 2021, Oando disclosed plans to delist from the NGX. ….. …….,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

‘Hiking MPR Will Lower GDP, Compound Recession in Manufacturing Sector’ – Thisday
The Manufacturers Association of Nigeria (MAN) and the Lagos Chamber of
Commerce and Industry (LCCI) have cried out that the recent increase of the
Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN) on Wednesday from 18 per cent to 18.5 per cent would compound the threat of imminent recession starring the manufacturing sector in the face and lower the country’s GDP’s growth rate.  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Consolidated Hallmark pays N325.2m dividend – Punch
Consolidated Hallmark has said it will pay its shareholders N325.2m dividend for 2022 financial period.
The Chairman, Obinna Ekezie, disclosed this during its 28th annual general meeting.
In the annual report he presented to the shareholders, the chairman said, “In line with our firm belief in the return on investments to shareholders through consistent dividend payment, we wish to hereby present to you for your consideration and approval, a dividend of N0.03 or 3kobo per ordinary share of 50 kobo. … .. ….. …. .. .. .,……. .. …… . ….. . … …………….……..Read More

Okomu Oil posts N23.5b PBT for 2022 – Guardian
The Okomu Oil Company has posted a total revenue of N59.3b for the year ended December 31, 2022. The figure is 59 per cent increase over the N37.39b generated the previous year.
A further breakdown of the scorecard showed that the firm’s profit before tax (PBT) grew from N16.12 million in 2021 to N23.52b in the succeeding year. This represents a 46 per cent increase……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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