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BUSINESS ROUNDUP: Power generation rises by 8.46% in one week; CBN to sell N722bn treasury bills in Q3; 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:

  • Naira gains big against S dollars, British pounds, Euro
  • CBN to sell N722bn treasury bills in Q3
  • Power generation rises by 8.46% in one week
  • Ardova Plc acquires Enyo Filling Station

Summary:

Nigeria’s power generation has increased by 8.46 percent to reach a peak of 4,469.80 Mega Watts on Sunday.

This is according to the latest data sourced from Nigeria electricity System operator.

The data showed power generated had increased from 4,120.9MW it stood on Sunday, 6 June the previous week. Read more

Enyo Retail and Supply Limited has been acquired by Ardova Plc, six months after the latter announced that it was interested in the company owned by oil magnate, Tunde Folawiyo.

Ardova offered to buy out the shareholders of Enyo filling station, thereby, taking up 100% control of the firm. The shareholders have agreed to acquisition framework – tendered by billionaire, Abdulwasiu Sowami – in principle. Read more

The Central Bank of Nigeria (CBN) will auction treasury bills worth N722.17 billion with varying tenors in the third quarter of this year.

Read also: BUSINESS ROUNDUP: Naira falls against major African currencies; CBN to introduce digital currency for Nigeria; Other stories

This was mentioned by the CBN in the Nigerian Treasury Bills issuance programme schedule, which was published on its website on Friday.

On a quarterly basis, the sum is 26.61 percent more than the N570.39 billion given in the second quarter (Q2) 2021, and 12.12 percent lower than the N821.8 billion released in the same period last year. Read more

Thursday was a good day for the Nigerian currency, Naira as it appreciated against the U.S dollars in both the official and unofficial market.

The biggest gain was in the black market as naira closed at N493/$1 representing a N9.00 or 1.80 percent appreciation from N502.00/$1 it traded on Wednesday.

Naira also gained against British pounds to close at N710 from N713 it traded the previous day. Read more

On NSE ROUNDUP: Investors gain N20bn as market capitalisation rises by 0.09%

The Nigerian stock market ended the week with a slight growth as the equity capitalisation settled at N20.14 trillion on Friday.

This was a N20 billion or 0.09 percent increase when compared to the preceding day’s market capitalisation of N20.12 trillion.

The All Share Index maintained its upward drive at today’s trading increasing to 38,648.91 from 38,615.11 achieved on Thursday. Read more

On the tech scene, despite the influx of new developments during the week, ripple effect of Nigeria’s Twitter ban still shaped the narrative.

We saw how Adamu Garba got into cross fire with Nigerian youths, considering his attempt to play in as an opportunist seeking to benefit from the Twitter ban with the push of his product, Crowwe, as an alternative.

Aside the noise that had to do with the former presidential aspirant, other tech updates involved launched of products, equity raiser, partnership and venture expansion. Read full review

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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