Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market, mainstream business activities while not forgetting the tech/economy build up.
Here are the Headlines:
FG’s Sukuk bond oversubscribed by 446% COVID-19: Transporters record N200bn loss in 3 months It remains a mystery why Nigeria keeps importing fuel —NNPC boss, Kyari Nationwide fuel supply falls by 21% in 2 months —DPR
Summary:
The Federal Government’s third Sovereign Sukuk bond of N150 billion was oversubscribed by N519.12 billion, the Debt Management Office (DMO) has said. The debt office disclosed in a press release on Friday that the bond offer attracted huge subscriptions from investors who staked a total of N669.124 billion, translating to a subscription level of 446%.
It said it allotted N162.557 billion to investors in the third Sovereign Sukuk. The proceeds of the public debt offering is to be used to finance 44 critical road projects across the 6 geopolitical zones of Nigeria. Read more
Nigeria’s public transport sector lost an estimated N200 billion in three months due to the lockdowns imposed to contain the spread of the novel coronavirus pandemic, transport operators have declared.
Isaac Uhunmwagho, National President Public Transport Owners of Nigeria Association (PTONA) made the revelation at a press briefing in Lagos on Friday while enjoining government to lift the embargo on interstate transportation as soon as possible. Read more
The failure to fix Nigeria’s refineries over the years is essentially a strategy problem, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said.
He stated during a virtual chat with Atlantic Council, an American international affairs think thank group, on Friday that it remained a mystery why an oil-producing nation would be a net importer of petroleum products.Read more
Read also: BUSINESS ROUNDUP: Oil marketers to fix pump price; Nigeria records 42% job loss; See other stories that made our pick
The lockdown imposed by government as a measure for containing the coronavirus spread across the country impacted the demand for Premium Motor Spirit (PMS) in Nigeria, leading to a fall in the supply of the commodity by 20.6 per cent from 1.8 billion litres in March 2020 to 1.43 billion litres in May 2020, data released by the Department of Petroleum Resources (DPR) on Wednesday has shown.
Sarki Auwalu, Chief Executive Officer of the DPR said at the Future Energy Leaders Nigeria live webinar put together by the World Energy Council that the supply of PMS had fallen by 25 per cent to 1.350 billion litres in April before growing by 5.93 per cent to 1.43 billion in May. Read more
On NSE ROUNDUP: Market capitalisation rises by N87bn amid declined volume
The Nigerian bourse saw limited trading sessions this week as a result of the public holiday observed on Friday in commemoration of the 2020 Democracy Day.
Gains were recorded on Monday and Tuesday but the bear dominated market activities on Wednesday and Thursday as a result of profit-taking efforts by a number of investors. Yet, market was able to advance by N87 billion week on week even as trade volume fell by as much as 24.9%.
All the key market performance indicators closed lower. A negative market breadth was recorded this week as 34 gainers emerged against 31 losers. The All Share Index (ASI) and the Market Capitalisation both appreciated by 0.67%. While the former closed at 25,182.67 basis points, the latter closed at N13.137 trillion. Read more
Thanks for joining the roundup this week. See you next week for another serving of Business Roundup. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.
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