NNPC Inks Two Gas Deals at COP28 in Dubai: The Nigerian National Petroleum Corporation (NNPC) has finalized agreements for the supply and purchase of natural gas at the COP28 climate summit. This move signifies a strategic shift in Nigeria’s energy exports, aiming to reduce reliance on oil.
ByteDance Plans Share Buyback Amid $50 Billion Cash Accumulation: ByteDance, the Chinese tech giant behind TikTok, is contemplating a significant share buyback following the accumulation of a $50 billion cash reserve. This move hints at potential plans to take the company private in the future.
Nigeria’s Minimal 0.9% Share in the Global Islamic Finance Market: The Securities and Exchange Commission (SEC) of Nigeria emphasizes the country’s modest stake in the global Islamic finance market, signaling room for growth in a sector guided by principles of fairness and ethical conduct.
Financial Markets Update:
Naira Hits Record Low Against US Dollar: The official market witnesses a further depreciation of the Nigerian naira, reaching a new low at N951.22 against the US dollar, raising concerns among businesses and investors.
FMDQ Urges Action to Attract $30 Trillion Sustainability Fund: FMDQ Securities Exchange calls for proactive measures to attract a share of the $30 trillion global sustainability fund, dedicated to investments promoting environmental, social, and governance (ESG) objectives.
NGX Approaches 72,000 Points as First Bank Joins N1 Trillion Club: Positive developments in the Nigerian equities market as FBN Holdings Plc propels the NGX towards the 72,000 mark, attaining a market capitalization exceeding N1 trillion.
Business Insights:
P&G Shifts from Local Manufacturing to Imports in Nigeria: Procter & Gamble (P&G) announces the closure of its Nigerian manufacturing plants, opting for imports. Concerns arise regarding potential job losses and consumer price hikes.
FEC Greenlights Nigeria’s 2024 Budget of N27.50 Trillion: The Federal Executive Council approves the proposed budget for the fiscal year 2024, amounting to N27.50 trillion, to be presented to the National Assembly for further consideration.
FCMB Group Reports Impressive Profit Surge: Despite economic challenges, FCMB Group records a more than two-fold increase in after-tax profit for the nine months ending September 30, 2023