Daily Business Headlines – October 31, 2022

October 31, 2022

Business Headlines


Despite Challenging Environment, MTN, Dangote Cement, 20 Others Reported N1.97trn PBT in Q3

Despite harsh operating environment, MTN Nigeria Communications Plc, Dangote Cement Plc and 20 other companies in the banking, cement manufacturing, Fast-Moving Consumer Goods (FMCG), petroleum marketing sectors, among others reported Profit Before Tax (PBT) of N1.97trillion in nine months of 2022. The 22 companies’ nine months of 2022 combined PBT is about 15 per cent… Read More

UBN, Julius Berger, Others Raised N576.29bn CPs on FMDQ Exchange in Nine Months

As public offerings seem to be out of fashion following investors attitude towards the equities market, firms have found refuge in Commercial Papers (CPs). In the last nine months, companies operating in several sectors of the Nigerian economy raised a whopping sum of N576.29billion via CPs with many more embracing the short-term debt financing security. According to FMQE Exchange Limited… Read More


Corporate Treasurers Predict Currency Volatility, Higher Inflation in 2023

The Association of Corporate Treasurers of Nigeria (ACTN) has predicted that due to the challenging year under review, Nigeria would likely experience currency volatility, higher inflation, supply chain disruptions and slower economic growth in 2023. The president and Chairman in Council, Association of Corporate Treasurers of Nigeria (ACTN), Victory Olumuyiwa, at a press briefing… Read More


Zenith Bank, Nine Others Report N901bn Profit

Ten Nigerian banks recorded N900.92bn profit before tax in the nine months that ended September 30, 2022, despite an economic downturn in the nation. According to the financial statements of these banks, this is a 21.40 per cent increase from the N742.95bn profit before tax the banks recorded in the corresponding period of 2021. The ten banks are Zenith Bank Plc, Access Holdings Plc… Read More



Currency Redesign: DMBs Plan More Counters, Assign Special Tellers to Handle Huge Note Deposits

Deposit Money Banks (DMBs) across the country have begun urging Nigerians to deposit their old Naira notes to their branches without delay. This was even as they noted that stress was likely to hit their staff strength in the coming weeks. The CBN Governor, Godwin Emefiele, had last week informed the apex bank would be redesigning the N200, N500, N1000 denominations… Read More


Oil Earnings Crashed by N288bn in Q3 – FG

Nigeria’s earnings from crude oil crashed by N287.95bn in the third quarter of 2022 as a result of the incessant theft of the commodity in the Niger Delta, the Federal Government has said. Oil production figures obtained on Sunday from the Nigerian Upstream Petroleum Regulatory Commission, an agency of the Federal Government, showed that oil output dropped by 1.15 million barrels in July 2022… Read More


Osinbajo, Ex-Colombian President, Others to Lead New Job Creation Effort for Billion Dollar Carbon Market in Africa

The federal government is to pioneer a voluntary billion dollars’ worth carbon market in Africa with the Vice President, Prof. Yemi Osinbajo serving in the committee to realise the goal. According to estimates by international expert, the Africa Carbon Markets Initiative (ACM), the new and innovative Climate Change solution would create over the period of energy transition, millions of new jobs… Read More



President: CBN Has My Backing to Redesign Naira Notes

President Muhammadu Buhari, yesterday, doused tensions surrounding the plan by the Central Bank of Nigeria (CBN) to redesign and replace N1, 000, N500, and N200 notes by December 15, saying the country would gain a lot from the exercise. Buhari, according to a statement issued yesterday by his spokesman, Mallam Garba Shehu, said the CBN’s decision had his support… Read More


2023: Economy in Dire Straits, OPS tells Candidates Go Beyond Rhetoric

Though presidential candidates in the forthcoming general elections have expressed commitments to addressing some of the challenges faced by Nigerians, members of the Organised Private Sector (OPS) have asked the candidates to go beyond rhetoric and promises, noting that many of the manifestoes lack details and commitment as to how the candidates will address the challenges… Read More



Telecoms Operators Connect 312m Lines as 40% of Nigerians get 5G Service by 2025

Within the last 21 years, telecommunications operators in Nigeria have connected 312.9 million telephone lines in the country. Data from the Nigerian Communications Commission (NCC), which revealed this, showed that 209.6 million of the lines are active on MTN, Globacom, Airtel, and 9mobile networks. Invariably, from the updated August subscription statistics from NCC… Read More