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Daily Business News Brief – June 5th, 2023

5
Jun

Stock Market Posts Best Return in Africa as Investors Gained N1.83tn in May – Thisday
Despite the soaring inflation and weak indices in the economy, the Nigerian equities market posted impressive performance as the market capitalization increased by N1.833 trillion to close at N30.366 trillion – the first time since March 2023.
Also, the All Share Index oe ASI which shoaws  the direction of equity prices recorded a month-to-date gain of 6.4 per cent at the end of May 2023, out-shining its peers in Sub-Saharan Africa (SSA)….. ….. …….,…. ……… .. .. ….. .. ….. …….. …………….……..Read More

SEC moves to check delisting from capital market – Punch
The Securities and Exchange Commission has expressed its readiness to confront and find solutions to the challenges that make companies delist from the capital market.
The commission’s Director-General, Lamido Yuguda, said this during an interview. 
He said that to develop the market, the regulator e saw the need to have a forum where the commission would interface with issuers in a bid to discourage delisting… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Unity Bank Grows Gross Earnings to N57bn, Profit Up 21% -Thisday
Unity Bank Plc has posted a Profit Before Tax of N1.1 billion for its full-year results that ended December 31, 2022, even as its gross earnings rose by 13.1per cent to N57 billion from N50.2 billion in the corresponding period of 2021.  
The Bank in its audited full-year financial statement submitted to the Nigeria Exchange Limited (NGX) recorded growth in key performance indicators as reflected in the interest income, loans and advances to customers, customer deposits, and profits… . … .. ….. …. .. .. .,……. .. …… . ….. . … …………….……..Read More

First Bank grows profit by 12.4% – Punch
First Bank has said its profit before tax rose by 12.4 per cent to N147.0bn as of the end of 2022, from N130.9bn in the corresponding period of 2021.
It said its profit after tax rose by 9.8 per cent to N129.4bn at the end of December 2022 from N117.8bn in the same period of 2021. 
The bank disclosed this in its financial statement for the Group’ 2022 final year and 2023 first quarter results..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Conoil:  Decline in Operating Expenses Drives Profit – Thisday
Conoil Plc reported a marginal increase in revenue and a decline in total operating expenses that impacted positively its profits in audited financial year that ended December 31, 2022.
The 2022 financial year results showed a sustained performance in profit & loss figures and balance sheet from what the petroleum marketing company reported in 2021 full year results.
Conoil in 2022 reported N131.4billion revenue, a growth of about four per cent from N126.73billion in 2021…. ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Zenith Bank: Maintaining Good Corporate Governance Practice – Thisday
In order to improve the performance of the bank, protect the interests of stakeholders and improve compliance with laws and regulations as well as the code of conduct which applies in general to the banking industry, banks are required to conduct their operations based on the principles of good corporate governance.
Additionally, as part of efforts to improve the quality of implementation of good corporate governance, banks are required to periodically perform a self-assessment of the adequacy of their corporate governance implementation…. ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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