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Daily Business News Brief – May 20th, 2024

20
May

MPC meeting/decision: Further hike anticipated as inflation, interest rates converge above 30% – Guardian
The question of whether to raise or hold the monetary policy rate (MPR) confronts the Monetary Policy Committee, the rate-fixing arm of the Central Bank of Nigeria (CBN), as its members converge on Abuja in the next two days for its crucial 295th meeting.
As in the past two years, a rate cut is not an option even though the broader economy thinks it is time to consider that. With the headline inflation in near a three-decade high (33.7 per cent), the monetary.. ………………………………………….. …………………………………………………………………. ……………………… .. . .,.. ………… …….. ………………… … .. …… ..  …. . ……….. ………. …………. . ….. . … …………….……..Read More
Inflation may hit 34.56 per cent this month – Guardian
Inflation rate has been projected to reach 34.56 per cent this month. The projection is hinged on the synchronised impact of renewed currency pressures food demand-supply imbalances, elevated energy prices and unfavourable base effects from last year.
According to Cordros Capital Research, headline inflation remained elevated, rising by 49 basis points (bps) to 33.69 per cent in April, following increased price pressures which primarily reflected the high exchange rate, amid the unfavourable base effects of the prior year.
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Recapitalisation: Registrars investing in tech, says ICMR chair – Punch
The President/Chairman of Council of the Institute of Capital Market Registrars, Seyi Owoturo, has revealed that registrars were already investing in technology ahead of the fresh banking sector recapitalisation exercise.
Owoturo said this in a telephone chat with The PUNCH, pointing out that given the size of the capital market and the shareholder base of banks, a manual filing system was no longer feasible. 
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SEC, CIMA collaborate on financial reporting  – Punch
The Securities and Exchange Commission and the Chartered Institute of Management Accounting are collaborating to ensure that public institutions comply with financial reporting standards.
In a statement made available to The PUNCH on Sunday, the Acting Director General of the Securities and Exchange Commission, Emomotimi Agama, disclosed this at a meeting with a team from CIMA in Abuja.
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Seplat Energy shareholders approve $0.15 dividend – Punch
The shareholders of Seplat Energy Plc have commended the company’s dedication to environmental sustainability and approved the payment of US 15 cents as dividends.
The shareholders gave their nods to the dividends at the energy firm’s 11th annual general meeting held recently in Lagos. … , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Amidst Wilting Sensitisation, 16 Companies Report N96.92bn Unclaimed Dividend – Thisday
Amid inconsistent sensitisation, a total of 16 listed companies on the Nigerian Exchange Limited (NGX) reported a sum of N96.92billion outstanding unclaimed dividend in 2023, according to investigation by THISDAY. 
This is an increase of 10.04 per cent from N88.07billion outstanding unclaimed dividend in 2022….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Recapitalisation: Uncertainty Rocks Banking Stocks as Investors Lose N1.85tn in 45 Days
. NGX ASI up 31.23% YtD
. GTCO, Zenith, FBN Holdings’ Market Value Down N1.9tn  – Thisday
Since the Central Bank of Nigeria (CBN) announced the banking sector recapitulation exercise, March 28, 2024, investors who invested in banking stocks have lost a whooping N1.85trillion in market value, THSDAY can report.
Despite reporting impressive results for the full year ended December 31, 2023 and first quarter ended March 31, 2024 (unaudited), the stock prices of Nigerian Banks on the Nigerian Exchange Limited (NGX) have continued to nosedive as investors trade their stocks with caution amid CBN new policy of recapitulation. ….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
Stanbic IBTC gets approval for N550b capital raising
. N150b equity issue to drive recapitalisation – TheNation
Shareholders of Stanbic IBTC Holdings Plc have approved plans by the holding company to raise a total of N550 billion in new debt and equity capital, as the company seeks to meet the new minimum capital base prescribed by the Central Bank of Nigeria (CBN).
Regulatory filings at the weekend indicated that shareholders mandated the company to raise N150 billion through a rights issue or public offering and to set up a N400 billion debt issuance programme. ….,.. , . …… .  . … ………. …………………..,……………………………………………….. …. …… . ……… . ……………… . …………………………. ….:,….. … ……….. .. ……..  . ……… .., … .. .,……. .. …… . ….. . … …………….……..Read More
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