Connect with us

Business

BUSINESS ROUNDUP: Crude oil trades at $111/barrel; Price of beverages, sweetened drinks to go up; Other stories

Published

on

Companies in Nigerian pay N864.7bn tax to govt in H1, 21

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:
• Ukraine sells CryptoPunk to finance war against Russia
• Crude oil trades at $111, as Putin looks to Nigerian buyers
• Nigeria to rollout 5G Spectrum in August
• Price of beverages, sweetened drinks to go up

Summary:

The Federal Government has revealed that it has started the implementation of a N10 per litre sugar tax on carbonated sugar drinks and beverages which it said would help combat Non-communicable Diseases.

This is coming despite pleas by the Manufacturers Association of Nigeria (MAN) for FG to halt the policy introduced in the Finance Act, signed into law by President Muhammadu Buhari on December 31, 2021, alongside the 2022 Appropriation Bill.

Dennis Ituma, Chief Superintendent of Customs, Department of Excise, Free Trade Zone and Industrial Incentives disclosed the new development on Thursday during an interactive session at a Policy Breakfast Meeting in Abuja.

The Chairman of the Nigerian Communications Commission (NCC), Umar Danbatta, said on Thursday the Fifth Generation (5G) technology would be rolled out this year.

Danbatta, who stated this at the 90th Edition of Telecom Consumer Parliament held in Lagos, added that the commission with the support of the Ministry of Communications and Digital Economy would roll out the 5G technology in August.

He said the deployment of the 5G spectrum would further accelerate the growth of Nigeria’s broadband services.

Global crude oil price went down -0.68% as Russia and European Union readjust to the restriction placed on the former. On Thursday evening, oil price depreciated to $111 per barrel.

This comes as Russia lured buyers for its oil products in Nigeria with its cheaper price, as Vladimir Putin plans to replace European market with that of Nigeria and other African nations before EU embargo begins to take effect.

Ripples Nigeria had previously reported that western countries had been reducing their demand for Russia’s oil in the wake of Ukraine invasion by Putin. At the end of 2022, EU is planning to completely pull out from importing oil from the Eastern European country.

Ukraine has raised another batch of funds from the cryptocurrency market, after selling the highly-valued non-fungible token (NFT) known as CryptoPunk #5364, to finance its war against Russia.

In a post on social media platform, Twitter, on Monday, the country’s Deputy Minister of Digital Transformation, Alex Bornyakov, disclosed that the CryptoPunk was sold at the price of 90 Ethereum.

Read also:BUSINESS ROUNDUP: Bitcoin crashes below $19,000; Nigeria’s S’East worst hit as petrol price rises 2.99%; Other stories

“Breaking news on crypto donations: #CryptoPunk #5364 has been sold for 90 ETH. It’s over $100K. Few months ago this NFT was donated for @_AidForUkraine fund. Crypto community continues to support Ukraine.” Bornyakov tweeted.

On NSE ROUNDUP: Champion Breweries, John Holt among top gainers as investors make N46.8bn

The Nigerian capital market maintained its bullish run on Friday with the equity capitalization rising by 0.16 percent at the close of the day’s trading.

After eight hours of trading, the equity capitalization rose by N46.8 billion to close at N27.87 trillion, up from N27.82 trillion posted on Thursday.

Similarly, the All-Share Index was up by 86.88 basis points to settle at 51,705.61 compared to 51,618.73 recorded the previous day.

Investors traded 156.08 million shares valued at N1.83 billion in 4,312 deals on Friday.

On the tech scene, Talebeyah, Hadrian, AfricaTech Awards, Breega, MyPayJobs, Thepeer, Synapse Analytics, Healthtracka were some of the names that made the headlines this week.

Three African startups, during the week, was announced winners in different categories of VivaTech’s maiden edition of AfricaTech Awards.

Also, Nigeria-based talent solution startup, MyPayJobs, launched venture to connect indigenous talents to jobs online.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations