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BUSINESS ROUNDUP: Nigerian govt rejects govs’ advice for N380/litre; Nigeria’s pension fund hits N12.4tr; Other stories

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BUSINESS ROUNDUP: Nigeria to disconnect Togo and Benin; China displaces America. See other stories that made our pick

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:
• Nigerian govt rejects govs’ advice for N380/litre
• Naira stable across FX markets as oil drops below $70
• Nigerians spend N123.8m watching movies in one week
• Nigeria’s pension fund hits N12.4tr – PenCom

Summary:

The discussions on payment of fuel subsidy and its attendant ripple effects continue as the Federal Government on Friday rejected the recommendation by the Nigeria Governors’ Forum for an increase in the price of Premium Motor Spirit, popularly called petrol.

According to the FG, no decision on the adjustment of petrol price would be reached until the ongoing negotiations with the organised labour were concluded.

Ripples Nigeria had reported that the FG, on May 21, initially rejected the governors’ recommendation of increasing the petrol price up to between N380 and N408.5 per litre while eliminating the payment of subsidy.

The National Pension Commission (PenCom) has confirmed an increase in the country’s pension fund for the month of May.

READ ALSO: BUSINESS ROUNDUP: Naira gains N5 against U.S dollars; Nigerian refineries report N10.3bn loss in two months; Other stories

In the industry report posted on its website on Thursday, PenCom said the country’s pension funds stood at N12.49 trillion as of May.

The figure, according to the agency, was N95 billion than the N12.39 trillion reported in April.

Cinemas across the country recorded massive patronage from Nigerians in the first week of August.

According to data from the Cinema Exhibitors Association of Nigeria (CEAN) moviegoers spent a total of N123.8 million in theaters throughout the nation between July 30 and August 8.

This represents a 0.73 percent increase from the N122.9 million spent in the opening week of July 2021 (2nd to 8th).

Also, the data provided shows that during the period under review Nigerian cinemas all over the country recorded an increase in attendance to 86,997 compared to 85,325 in July.

The Naira remained stable against the US Dollar on Monday in all areas of the foreign exchange (forex) market.

Data from FMDQ Securities Exchange showed the Investors and Exporters (I&E) window, maintained the exchange rate against the dollars at N411.50/$1, the same rate it closed on Friday last week.

This happened as the value of transactions at the window on Monday stood at $166.06 million, 11.8 percent or $22.2 million lower than the previous session’s turnover of $188.26 million.

On NSE ROUNDUP: Honeywell, Wema Bank among top gainers as investors trade 570.2m shares

Investors in the Nigerian stock market traded 570.20 million shares worth N2.28billion on the floor of the bourse on Thursday.

This surpassed the 181.41 million shares valued at N2.08 billion that exchanged hands in 3,599 deals on Wednesday.

READ ALSO: BUSINESS ROUNDUP: Twitter ban costs Nigeria N153.43bn in two months; Bitcoin value up by 4.38% despite govt’s ban; Other stories

The market capitalization was up by N20 billion or 0.10 percent to settle at N20.57 trillion compared to N20.55 achieved the previous day.

On the tech scene, the week recorded an impressive turn of events with equity raisers taking the lead as more Nigerian owned ventures added to their portfolios.

Nigerian mobility startup, Moove, closed a US$63.2 million Series A while anti-counterfeit startup, Chekkit, secured $500k pre-seed funding round.

Aside equity raiser developments, Nigeria’s Nguvu Health launched its on-demand therapy venture.

Remarks

Thanks for joining the roundup this week. See you next week for another serving. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.

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