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Daily Business News Brief – January 15th, 2024

15
Jan

Consumer index gains 9.6% in one week, investors stake N88.8b in equities – Guardian
The consumer goods emerged as the best-performing index at the end of last week’s transactions on the equities sector of the Nigerian Exchange Limited (NGX) with 9.6 per cent gain.
The sector’s improved performance was buoyed by price appreciation in BUA Foods (+341), Unilever (+994 per cent), Cadbury (+982) and Flour Mills (+411 per cent)……………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Manufacturing sector threatened as CRR rises 45.5% to  N13.81trn
—Trend threatens banks intermediary role — Analysts
—Companies’ access to credit curbed as cost of credit rises – Vanguard
As more multinational companies exit Nigeria over exchange rate volatility, economists and other Investment analysts fear that more businesses may face similar fate as the amount of banks’ deposits with the Central Bank of Nigeria (CBN) otherwise known as Cash Reserve Ratio (CRR) soared by 45.51 percent in the nine months to September 2023.
Financial analysts and economic experts have emphasized that the high CRR in Nigeria, one of the global highest…… … …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
A market for the economy – TheNation
The Nigerian capital market was the silver-lining in Nigeria’s turbulent economy in 2023. It was the much-needed handhold for the public and private sectors and individual Nigerians looking for a glimpse of optimism.
 With spiraling inflation and attendant rise in costs of living, declining foreign exchange reserves, dwindling government revenue, ballooning public debts and increasingly unbearable debt servicing costs, depreciating currency, high interest rate and job losses due to corporate closures, ….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
SEC Grants NASD Approval to Launch Digital Securities Platform – Thisday
The Securities and Exchange Commission (SEC) has granted approval to NASD Plc to launch its Digital Securities Platform (N-DSP), powered by Blockstation, under the Regulatory Incubation (RI) Programme.
This milestone, which follows the lift of ban on trading on digital assets by the Central Bank of Nigeria (CBN), signifies a major stride towards  fostering a new age of innovation that enhances transparency and deepens trust and inclusion in the Nigerian capital markets., ….. ……. .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Wema Bank posts N22bn profit – Punch
Wema Bank grew its Profit Before Tax by over 130 per cent to N21.76bn at the end of the third quarter of 2023 from N9.46bn at the end of the same period in 2022.
An analysis of the bank’s financials revealed that for the first three quarters of 2023, Wema Bank recorded a 130 per cent increase in Profit Before Tax to N21.76bn and 61 per cent increase in gross earnings to N150.90bn in Q3 2023, compared to Q3 2022’s N93.86bn………. . .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
UBA unveils new offerings at Leo’s sixth anniversary – Guardian
Following its 6th year of operation of its flagship artificial intelligent Digital Assistant and Chatbot – Leo, United Bank for Africa (UBA) Plc has announced new offerings aimed towards deepening the face of digital banking in Nigeria.
Since its launch on January 11 2018, UBA’s Leo has emerged as a technological asset but as an innovative transformative assistant that has had a profound impact on the Nigerian and African financial industry…….. . .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
SAHCO Renews British Airways Ground Handling  Contract – Thisday
Skyway Aviation Handling Company (SAHCO) Plc has renewed their ground handling contract to continue to provide aviation ground handling services for British Airways (BA) at the Murtala Muhammed International Airport Ikeja in Lagos and the Nnamdi Azikiwe International Airport in Abuja for the next five years.
SAHCO started providing Ground Handling Services to British Airways in 2020 when BA moved her ground handling contract to SAHCO after operating into Nigeria for over 40 years……… . .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Coronation Insurance to Delists from NGX, Pay Off Minority Shareholders – Thisday
Coronation Insurance Plc is set to delist from the Nigerian Exchange Limited (NGX) even as its board of directors has agreed to pay off the company’s minority shareholders.
At a Court-Ordered Meeting held in Lagos, the company’s Chairman, Mr. Mutiu Sunmonu said the proposal is an offer from core shareholders to acquire the shares held by other shareholders, except those who opt to remain as shareholders of Coronation Insurance Plc,…….. . .. ,…………… …… …………..,…………….. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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