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Daily Business News Brief – September 27th, 2023

27
Sep

NGX sustains bearish trading with N126bn loss – Punch
The market capitalisation of the Nigerian Exchange Limited, dipped by N126bn on Tuesday, marking the fifth consecutive negative trading session on the local bourse.
The equity market kicked off the week’s trading session with a loss of N242bn for investors on Monday.
Analysts had projected that this week would see mixed sentiments in the market,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More

Cardoso to clear dollar debts, suspend intervention loans – Punch
The new Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said he will prioritise clearing the apex bank’s backlog of unsettled foreign exchange obligations in the near term.
He said this on Tuesday during the screening session of members of the Senate.
Cardoso promises to enhance transparency, fix corporate governance, and ensure confidence in the autonomy and integrity of the bank..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Fuel subsidy, FX reforms will boost Nigerian Economy – IMF insists – Nairametrics
The International Monetary Fund (IMF) has again declared their support for the fuel subsidy removal and exchange rate unification, insisting that it will enhance the economic outlook of the country.  
Ari Aisen, the IMF representative in Nigeria, made this assertion while featuring on Channel TV on Tuesday..,. …………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Oando partners government for sustainable transport initiative in Nigeria’s most populous city – Nairametrics
With over 20 million residents, Lagos is the most populous city in Africa and among the fastest-growing megacities in the world. Over the last decade, the number of vehicles on Lagos roads has quadrupled.
On average, most of these vehicles are over 15 years old, using old emission technologies and fuel with high sulfur levels.. …………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Veritas Kapital records N2.7b net premium – The Nation
Veritas Kapital Assurance has announced a net premium Income of N2.699 billion for the 2022 financial year, one per cent growth compared to the N2.675 billion it made in 2021.
Chairman, Veritas Kapital, Mr Nahim Ibraheem, made this known in Abuja at the company’s 46th Annual General Meeting (AGM), stated that the company recorded a 28 per cent reduction in Gross Premium Written (GPW) to N4.37 billion compared to N6.055 billion the previous year., … …………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

Access Bank unveils agric business desk – Punch
Access Bank has said that it is aiming to ensure food security in Nigeria with the launch of its Agric business desk.
The bank said this on Tuesday at its headquarters in Lagos, when it unveiled two new business desks; Agric Business desk and the Development Banking desk. 
Speaking at the event, the Group Head, Commercial Banking, Nsisak Usoro, said, “Our objective this year and I believe what we will drive next year is to support food security….. …………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More

FCMB lists N20.69bn bond on NGX – Punch
The FCMB Group has listed N20.69bn bond on the Nigerian Exchange Limited.
In a market bulletin signed by Lilian Dako for the Head, Listings Regulation Department of NGX Regulation, to capital market operators, the NGX said that lender’s memorandum listing of the bond is under FCMB’s N300bn Debt Issuance Program. 
The debt instrument which was listed on Friday is a “perpetual 16 per cent fixed rate resettable NC 5.25…. …………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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