Connect with us

Business

BUSINESS ROUNDUP: NIPC generates N11.91bn in five years; Tier1 banks make N159bn from Naira devaluation; Other stories

Published

on

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

Hello, and welcome to the first Business Roundup in 2022. 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:

• SEC warns Nigerians on Ponzi scheme as FinAfrica, Poyoyo
• NIPC generates N11.91bn IGR in five years
• Nigeria, Libya, others’ production struggles push oil price closer to $80
• Nigeria’s tier1 banks make N159bn from Naira devaluation

Summarys:

The Nigerian Investment Promotion Commission (NIPC) has detailed how it generated a total of N11.91 billion as Internally Generated Revenue (IGR) between January 2016 and June 2021.

In its audited accounts report published on its website and obtained by Ripples Nigeria on Friday, NIPC revealed it had remitted N5.82 billion into the Consolidated Revenue Fund (CRF) within the review period.

The commission also disclosed that its N3.06 billion recorded in 2020, represented a 108 per cent increase over the year’s budget of N1.47 billion and 92 per cent higher than the 2019 IGR of N1.59 billion.

On Wednesday, the value of oil prices went up by 30 cents or 0.24 per cent to trade at $79.47 per barrel, while the United States West Texas Intermediate (WTI) crude rose by 37 cents or 0.28 per cent to sell at $76.84 per barrel.

The prices were lifted as a result of high aggregated production disruptions in Nigeria, Ecuador, and Libya amid the rapid spread of the Omicron coronavirus variant.

Read also: BUSINESS ROUNDUP: Nigeria’s Import Index rises 0.52% in Q3; Bitcoin, Ethereum halt December losses; Other stories

The three oil producers declared force majeures this month on part of their oil production because of maintenance issues and oilfield shutdowns, causing supply shortages at the global market.

The widening gap between Naira and dollar has helped Nigeria’s five big banks rake in N159 billion additional profit in nine months.

This is according to data compiled from the bank’s financials submitted to the Nigerian Exchange.

The amount made in 2021, is a 140 percent increase when compared to the N66 billion the banks made in the corresponding period of 2020.

Ethereum fell 16.95 percent below it’s All-Time High (ATH) early Tuesday, as the cryptocurrency continued to struggle to top its last milestone amid low confidence among investors community.

Since ETH hit its peak period of $4,865.57, sell off has trailed the crypto, with profit-takers holding down the volatile growth of Ethereum among its digital currency peer.

In the last 24 hours, Ethereum value depreciated by 0.75 percent to clock $4,040.38, but investors investment in ETH dipped by 16.95 percent when the current cost of a coin was pegged to the ATH.

The Securities and Exchange Commission (SEC) has warned Nigerians against investing in FinAfrica Investment Limited and Poyoyo Investment Nigeria Limited (PILVEST).

SEC in a statement issued on Monday described the two firms as Ponzi scheme offering investment opportunities not approved by the regulators, saying persons investing their money in the schemes are doing so at their risk.

Poyoyo is offering different returns on investment via WhatsApp. One of such deals is the promise of 20 percent Return on Investment (ROI) on N100,000 investment for a period of one month and 360 percent ROI on N1 million invested for a period of one year.

Meanwhile, on the tech space, TikTok, iPhone, Jupiter, Aircart and Koko Network were some of the names that made the headlines this week as we usher in the new year.

Just days after we reported that Chinese social media product, TikTok, surpassed both Facebook and Google as the most visited website in 2021, the company has landed in a fresh lawsuit.

Also, during the week, American phone manufacturing company, Apple, announced intent to launch iPhone models without a SIM slot by September 2022.

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