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Daily Business News Brief – August 21st, 2023

21
Aug

Banking index loses 2.1%, NGX records N29b turnover in one week – Guardian
Following the sector, last week, were the oil and gas indices which declined by (-0.4 per cent). On the other hand, consumer goods and industrial goods gained (2.4 per cent) and (0.4 per cent) respectively.
Consequently, the NGX all-share index and market capitalisation depreciated by 0.9 per cent and 0.4 per cent to close the week at 64,721.09 and N35.422 trillion respectively….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Amidst Weak Business Activity, Credit to Private Sector Up 30.3% to N54.16trn – Thisday
Despite the slow business activities in the country, Private sector credit surged to N54.16 trillion, marking a notable increase of 30.37 per cent or N12.62 trillion Year-to-Date (YtD) as of July 2023.
This growth occurred despite rising inflation, reduced business activities, and other challenges, according the Central Bank of Nigeria (CBN) Money and Credit Statistics report…….., . … …………….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

MTN Nigeria swaps cash dividends for N149b shares – TheNation
Nigeria’s leading telecommunications company, MTN Nigeria Communication (MTN Nigeria) Plc has allotted 641.05 million ordinary shares of 2.0 kobo each to shareholders that elected to convert their cash dividends to equity stakes.
Regulatory report at the Nigerian Exchange (NGX) indicated that MTN Nigeria allocated 641.047 million ordinary shares to shareholders under its recent scrip dividend election scheme…. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Universal Insurance launches tech products – Punch
In a significant move to expand insurance outreach and financial inclusion, Universal Insurance Plc has unveiled mobile application and a network platform to boost insurance penetration.
Speaking during the unveiling, the company’s Managing Director, Benedict Ujoatuonu, spoke on potential of ttechnological advancements in driving insurance product sales, and catering to diverse needs while ensuring affordability… ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

CWG gets three years to dilute shareholdings – TheNation
Authorities at the Nigerian Exchange (NGX) have granted CWG Plc a three-year deadline to dilute its unduly concentrated shareholdings structure and make more shares available to the minority retail investors.
The Board of CWG confirmed that the NGX approved a three-year extension for the company to comply with the stock market’s rule on the minimum percentage or value of a company’s shares that must be in the hands of minority retail shareholders. This is known as free float… ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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