BUSINESS ROUNDUP:Naira gains as dollar supply rises; Ikeja Hotel loses N60 million in three months; 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:

 

• Honeywell tackles CBN over loan default claim
• Naira gains at official market as dollar supply rises
• Ikeja Hotel loses N60 million in three months as revenue dwindles
• FEC approves establishment of Investment fund

 

Summary:

 

Honeywell Flour Mills has questioned a statement by Godwin Emefiele, Governor of Central Bank of Nigeria (CBN) that it defaulted on its loan from First Bank of Nigeria.

CBN on Thursday had instructed Honeywell to repay within 48 hours its loan obligations to First Bank.Read more

The forex turnover rose significantly by 229.24 percent, as the Naira’s exchange rate appreciated marginally against the dollar at the official market on Thursday.

According to data posted on the FMDQ Security Exchange, where FOREX is officially traded, Nigeria Currency closed at N411 to a dollar compared to N411.25 the rate it closed on Wednesday. Read more

The first quarter of 2021 was a disastrous period for Ikeja Hotel, as the company suffered a significant loss in operations, while its revenue for the first three months also dwindled.

READ ALSO: BUSINESS ROUNDUP: Nigerian govt to end fuel subsidy by June; Naira gains N1, exchanges at N485/$1; Other stories

A look at the hospitality company’s financials showed the hotel generated N1.72 billion in Q1 2021, failing to surpass the N3.87 billion revenue the company grossed in the same period in 2020.Read more

The federal executive council (FEC) has approved the establishment of the Nigerian investment and growth fund (NIG-Fund) which will be structured like a private equity fund and invests in commercially viable projects in priority sectors.

This was disclosed in a tweet from the official handle of the presidency on Wednesday following the FEC meeting chaired by President MuhammduBuhari. Read more

 

On NSEROUNDUP:Nigeria’s stock market investors gain N195.32 billion to close market for April

 

The Nigerian bourse closed with a gain of N195.32 billion market after the market capitalisation rose from N20.65 trillion of Thursday, to N20.84 trillion reported by the Nigerian stock market on Friday.

With 0.95 percent rise in All Share Index, the capital market closed with 39,834.42 ASI on Friday, against the 39,461.20 ASI the market recorded on Thursday. Read more

 

Meanwhile, onthe tech scene, from PayU’s recognition of Nigeria as the biggest ecommerce market in Africa to the launch of a new feature by Spotify, the tech space was a buzz during the week.

With a vision to support Agritech, we saw Founders Factory Africa, FFA, partnering with Small Foundation, a Dublin-based philanthropic foundation, to create a programme dedicated to innovative African agritechstartups.Read full review

 

Remarks

Thanks for joining the roundup this week. See younext 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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