BUSINESS ROUNDUP: Fuel import bill rises by 97% in 2021; Nigeria shuts three companies over fraud allegation; Other stories

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:

• CBN disburses over N159bn to 330,128 women
• Nigeria shuts three companies for alleged fraudulent activities
• Customs backs CBN e-invoicing policy, despite protests from stakeholders
• Nigeria’s fuel import bill rises by 97% to N4trn in 2021

Summary:

The Central Bank of Nigeria (CBN) has disclosed that 330,128 women have been given a sum of N159.21 billion to support their household and Micro, Small and Medium Enterprises (MSMEs).

According to the apex bank, the loans were given under the Targeted Credit Facility (TCF) designed to ameliorate those affected by the COVID-19 pandemic.

Godwin Emefiele, CBN Governor stated this while speaking at the ‘Gender Equality Today for a Sustainable Tomorrow’ event in Abuja on Friday.

The Central Bank of Nigeria (CBN) has received support from the Nigeria Customs Service (NCS) for its e-invoicing and e-valuation policy, which has led to protest from clearing agents.

Despite clearing agents and the House of Representatives requesting for the policy to be squashed, Customs said it was backing CBN because the initiative was meant to serve Nigeria well, the assistant comptroller-general of NCS, Galadima Saidu, told the House on Thursday.

Ripples Nigeria had reported that the central bank planned to use the e-invoicing and e-valuation policy to monitor the value of exports and imports trade in Nigeria.

Nigeria’s Premium Motor Spirit (petrol) import bill increased by over 97 per cent in 2021 as confusion remains over consumption numbers.

According to the National Bureau of Statistics‘ most recent foreign trade statistics report, a total of N3.96 trillion was spent on fuel imports in 2021, up from N2.01 trillion in 2020.

A breakdown from the report shows Nigeria’s reliance wholly on imports to meet its fuel needs as its refineries remained in a state of disrepair which came as a huge burden.

The Securities and Exchange Commission (SEC) has ordered the closure of three investment companies for alleged fraudulent activities.

The commission in a statement issued on Monday accused the companies – Oxford International Group, Farmforte Agro-Allied Solutions Limited/Agropartnerships and Vektr Capital Investment – of luring investors with exorbitant Return on Investment (ROI) rates without operational license.

Read also: BUSINESS ROUNDUP: Airline operators cancel more flights as fuel scarcity bites; MultiChoice succumbs to FIRS tax demand; Other stories

SEC stressed that the clampdown on the three companies was in line with its powers under Section 13 (w) Investments and Securities Act 2007.

On NSE ROUNDUP: MRS among top losers as investors drop N38.02bn in 8 hours

Investors at the Nigerian stock market lost N38.02 billion following the slump in equity capitalization by 0.14 percent on Friday.

As a result of the dip, shareholders total investment in the equities market fell from N25.52 trillion posted on Thursday to N25.48 trillion today.

The All-Share Index was down by 70.55 basis points to close at 47,282.67 from 47,353.22 achieved the previous day.

Investors traded 599.50 million shares valued at N3.83 billion in 4,113 deals on Friday.

On the tech scene, Spleet, Sokowatch, Big Cabal Media, Instagram, Yoco, Engen, Google, and 4G Capital were some of the names that made the headlines this week.

Spleet, a Nigerian prop-tech startup, during the week, closed a US$625,000 pre-seed funding round.

Also, Nigeria-based media company, Big Cabal Media, closed a $2.3 million seed funding, bringing its total funding to over $2.9 million.

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