Tuesday, August 15: I-STRATA Daily Business News Highlights in Nigeria

4 min readAug 15, 2023

By Oluwapelumi Eweje

CORPORATES UPDATES

BUA Foods Surpasses 20 Other Companies to Become Nigeria’s Most Profitable Consumer Goods Company

BUA Foods Plc has surged ahead as Nigeria’s top-grossing consumer goods company, achieving a remarkable 142.21% surge in net profit after tax to N95.18 billion in the first half of 2023 from N39.30 billion in the corresponding period of 2022. Amongst others, such as Dangote Sugar Refiner and Nestle Nigeria.

FGN Bond Attracts Substantial N312.6 Billion in Investment

Despite prevailing market conditions, this month’s Federal Government Bond Auction garnered an impressive total subscription of N312.56 billion, as the Debt Management Office (DMO) reported in its post-auction statement.

MOFI Partners NGX to Drive FG’s Assets to N100trn in 10 years

The Nigerian Exchange Limited (NGX) and the Ministry of Finance Incorporated (MOFI) yesterday announced a partnership to increase the federal government’s asset base from the current N18 trillion to N100 trillion over the next ten years.

NAHCO’s CFO, Adeoye Rafiu Emiloju purchases N17.75 million worth of shares

NAHCO’s Chief Financial Officer, Adeoye Rafiu Emiloju, has purchased 1 million company shares valued at N17.75 million, as indicated in a Directors Dealings notice endorsed by Company Secretary Bello A. Abdullahi and submitted to the Nigerian Exchange Limited, constituting 0.05% of the total outstanding shares.

Neveah Issues N8.9bn Series 6–13 Commercial Paper

Neveah, a prominent commodity trading firm, has concluded its Series 6–13 Commercial Paper Issuances, successfully raising a cumulative total of N8.9 billion.

Lead Asset Management Limited Plans Launch of $1 Million Fixed Income Fund

The prominent Lead Asset Management Limited has revealed its initiation of a 1 million Dollar Fixed Income Fund, introducing a fresh investment avenue centered around US dollar-denominated fixed-income securities.

Forex: CBN moves to stop naira free fall

The Central Bank of Nigeria has announced its intentions to implement fresh measures aimed at stabilizing the naira’s exchange rate against the dollar, with Acting Governor Folasodun Sonubi revealing the plan to State House Correspondents following a briefing with President Bola Tinubu on Monday at the State House.

Shareholders Demand AGM as Battle for FBN Holdings Persists

Amidst an ongoing struggle for control over First Bank of Nigeria Holdings, one of the country’s major financial institutions, there has been a passionate call for its growth echoed through a protest.

TELCO AND FINTECH

Flutterwave Expands Remittance Capabilities In The Us, Canada, Egypt

Flutterwave, Africa’s foremost payments technology firm, has unveiled the upgraded Send App by Flutterwave, formerly known as $end Mobile, enabling swifter, more convenient, and cost-effective remittances from the diaspora to recipients across Africa.

MasterCard Gets a Stake in MTN’s $5.2 Billion Fintech Business

The multinational mobile telecommunications company MTN has agreed to sell a portion of its fintech business to Mastercard for an undisclosed amount, aligning with its objective of generating funds through asset sales and its financial services platform.

ENERGY AND ENVIRONMENT

Nigeria’s Forcados crude oil exports resume after a month-long halt

After a month-long suspension due to apprehensions over a potential export terminal leak, Nigeria’s Forcados crude oil shipments have recommenced, as confirmed by a Shell spokesperson.

Top Firms Battle Rising Costs as energy bill hits N221bn

Top listed companies in Nigeria face increased overhead costs as their combined energy bill hit N221 billion in the first half of 2023. The top listed firms include Dangote Cement, BUA Cement, Dangote Sugar, Transnational Corporation, Lafarge Cement, BUA Foods Plc, Fidelity Bank, and Wema Bank.

Manufacturers Fear Production Halts and Job Cuts as Diesel Price Soars to N950 per Litre

Due to the foreign exchange crisis and the newly imposed 7.5% Value Added Tax on diesel, oil marketers have revealed that the price of diesel has surged to around N900 to N950 per liter in numerous states, prompting concerns among local manufacturers over potential factory closures and job layoffs.

DIASPORA / INTERNATIONAL UPDATE

Nigerian Diaspora in the US Unveils Innovative App Enabling Seamless Free Online Market Integration

Some Nigerians in the United States have launched a new iChota app to create a cost-free online marketplace that enhances connectivity between buyers and sellers while maximizing profitability.

EXTRA

Investors Shun Nigeria’s Aviation Sector over Negative Ratings

Investors in Nigeria’s aviation sector are growing indifferent due to its unfavorable ratings, according to Roland Ahmed, Managing Director of 7-Star Hangar.

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