BUSINESS ROUNDUP: Nigerians spent N9.28tn on imported goods in nine months; FG to replace stamp duty with N50 electronic levy; 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:
- FG to replace stamp duty with N50 electronic transfer levy
- NSE suspends Thomas Wyatt Nigeria for unethical practices
- Nigerians spent N9.28tn on imported goods in nine months –NBS
- Nigeria’s power generation hits all-time peak of 5,552.8MW
The Federal Government has made plans to replace the collection of stamp duty with an electronic bank transfer after the Court of Appeal outlawed the duty in a recent judgment.
The Electronic Money Transfer Levy which kicked off on January 1, is contained in the new Finance Act 2020 signed into law by President Muhammadu Buhari along with the 2021 Appropriation Act. Read more
The Nigerian Stock Exchange (NSE) has suspended Thomas Wyatt Nigeria Plc for failing to adhere to extant corporate governance practices that require quoted companies to submit their audited report and accounts within a stipulated period.
The NSE stated on Friday, January 8, that the suspension of Thomas Wyatt, one of Nigeria’s paper conversion, design and printing giants, took effect from Wednesday, January 6, 2021, having failed to file its audited financial statements for the year ended March 31, 2020. Read more
Latest data from the Nigerian Bureau of Statistics (NBS) has revealed that a total of N9.28tn was spent on the importation of manufactured goods into the country between January and September 2020.
The NBS data released on Thursday, January 7, show that manufactured goods imported into the country rose significantly in the third quarter of last year as the manufacturing sector was hard hit by the COVID-19 disruptions, border closure and the scarcity of foreign exchange. Read more
The Transmission Company of Nigeria (TCN) said on Thursday the country has recorded an all-time power generation peak of 5,552.8 megawatts.
The TCN General Manager, Public Affairs, Ndidi Mbah, who disclosed this in a statement, said the new peak power generation which was recorded on Wednesday night was successfully transmitted across the grid to power distributors. Nigeria recorded power generation peak of 5,520.4MW in October last year. Read more
On NSE ROUNDUP: Market opens year with N537bn loss despite bright short term outlook
Read also: BUSINESS ROUNDUP: Nigeria’s external reserves shed $3.17bn in 2020; Debt profile hits N32.2trn; See other stories that made our pick
The pressure of profit-taking on Nigerian stocks set in motion the first weekly loss of N537.088 billion in the market value of companies on the Nigerian Stock Exchange (NSE) this week.
Particularly striking was the Friday trading session, where sell pressure on industrial stocks Dangote Cement and WAPCO triggered a loss so huge it erased all other daily gains recorded so far this year, plunging the year-to-date return to a negative -0.37%. Read more
MEANWHILE, on the tech scene, with Elon Musk emerging as the world’s richest man, displacing Amazon founder Jeff Bezos; the week goes down in history as a significant week where tech continues to determine who remains as the foremost, richest personality.
Home, in Nigeria, we recorded new launches in the industry and saw the opening of another opportunity window for entrepreneurs within the industry through the Tony Elumelu Foundation. Amazon and Aella, during the week, entered into partnership to offer unbanked Nigerians access to credit facilities. Read full review
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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