BUSINESS ROUNDUP: Cooking gas price goes up by 86.62%; FG reverses 10% hike in gsm calls, data; other stories

Good day, and welcome to the Enterprise Roundup this week. Right here, we convey you highlights of occasions that occurred in the course of the week -from the capital market to the mainstream enterprise actions, whereas not forgetting the tech/financial system construct up.

Listed below are the Headlines:

· Nigerian govt secures supply of 9 plane for Nigeria Air, awaits 11 extra

· Cooking gas price will increase by 86.62% in one yr, North-Central worst hit

· CBN completes sale of Polaris Financial institution for N50bn

· Nigerian govt directs Telcos to reverse 10% hike in calls, knowledge costs

· Ghanaian cedi is world’s worst-performing foreign money


Nigeria’s nationwide service will start operation in December with 20 petrol-aircraft, the Minister of Aviation, Hadi Sirika, has disclosed.

gfc Information gathered that 9 of the 20 aircrafts ordered by the Federal Authorities have been delivered, however Sirika assured that the timeframe to start operation won’t be modified.

He made this recognized on Friday, throughout a gathering with the Speaker of the Home of Representatives, Femi Gbajabiamila, who raised issues relating to the nationwide service.

The Nationwide Bureau of Statistics (NBS) has disclosed that the typical price of cooking gas has elevated by 86 p.c in a yr.

It acknowledged this in its Cooking Gas Price Watch’’ for September 2022 launched on Saturday.

Particulars confirmed that the price of 5kg of gas jumped to N4,474.48 from N2,397.60 obtainable for a similar quantity in September 2021.

READ ALSO:AfDB, FCMB signal $50m settlement to spice up finance for SMEs, Girls-Empowered Companies

The market valuation of the Nigerian inventory change rose by 0.14 p.c on the shut of gfc Information on Friday.

This implies the capital market’s fairness capitalization rose by N40 billion from N24.14 trillion from N24.18 trillion after eight hours of gfc Information on Friday.

The All-Share Index continued its sluggish development with 64.52 foundation factors to rise from 44,332.21 to 44,396.73.

The Central Financial institution of Nigeria (CBN) and the Asset Administration Firm of Nigeria (AMCON) on Thursday confirmed the gross sales of Polaris Financial institution.

This adopted the completion of a Share Buy Settlement (SPA) for the acquisition of a one hundred pc stake in Polaris Financial institution by Strategic Capital Funding Restricted (‘SCIL’).

The Home of Representatives had on Wednesday okayed the sale of the financial institution, noting that the acquisition adopted the laid down process and the related presidential approval.

The Federal Govenment may need triggered a showdown with the telecommunications sector after ordering the reversal of the implementation of the newly permitted 10% hike in tariff for voice and knowledge companies.

This was revealed by the Nigerian Communications Fee (NCC) on Wednesday, in a press release titled, “FG Directs Community Service Suppliers to Reverse Unilateral Upward Tariff Adjustment,” issued by the NCC’s Director, Public Affairs Reuben Muoka on Wednesday.

Whereas noting that the tariff improve was due “in line with the mandates of the Fee as supplied by the Nigerian Communications Act, 2003, and other extant Rules and Tips,” the implementation has been halted.

The Ghanaian foreign money, Cedi, has turn out to be the worst performing foreign money in the world.

In accordance with Bloomberg reviews the cedi fell to as a lot as 3.3 per cent on Monday, October 17, 2023, to change for 11.2750 cedis per greenback as of Monday afternoon in the capital, Accra.

This yr, the cedi has misplaced greater than 45 per cent of its worth, the best amongst 148 currencies that Bloomberg tracked.

On NSE ROUND UP: Traders make N40bn as Nigerian capital market’s worth rises by 0.14%

The worth of shares in the Nigerian capital market rose by 0.09 p.c on the shut of gfc Information on Friday.

This implies the fairness capitalization rose by N24.32 billion from N25.88 trillion to N25.90 trillion on Friday.

Equally, the All-Share Index rose by 44.66 foundation factors to shut with 47,569.04, up from 47,524.38 posted the day prior to this.

Traders traded 124.43 million shares value N4.27 billion in 3,101 offers on Friday.

This surpassed the 86.54 million shares value N2.09 billion traded by shareholders in 3,264 offers on Thursday.

Google, vaIU, Plaid, Bumpa, GlobalFair, Startup Invoice, Nexta, MaxAB, Holidu, WhatsApp, Maplerad, One Finance, Byju had been among the names that made the headlines in the tech ecosystem this week.

A Nigerian social commerce startup, Bumpa, has introduced securing a $4M seed spherical led by Base10 Companions.

Additionally, in the course of the week, a business-to-business startup, GlobalFair, has on Thursday introduced securing $20 million Collection A debt and fairness funding led by Lightspeed

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