BUSINESS OVERVIEW: Bank assets rise to over N64.32 billion; Shell could leave Nigeria for theft of crude oil. Other stories
Hello and welcome to Business Roundup this week. Here we bring you the highlights of the events that transpired during the week – from the capital market to day-to-day business activities, not to mention technology/economic construction.
Here are the titles:
• Difficult period for Nigerian companies as customers mainly buy on credit
• NYSC Members Receive N10m Entrepreneurship Grant from Unity Bank
• Bank assets soar to over N64.32 billion
• Shell threatens to leave Nigeria for theft of crude oil
Nigerian businesses are facing a cash crunch which confirms how financially strained Nigerians are.
Despite making more sales, Nigeria’s largest listed companies saw their net cash flow from operating activities reduced to N577.95 billion in March 2022.
This represents a decline of 29.98% from net cash flow of N825.52 billion in March 2021.
On Friday, Shell Petroleum Development Company of Nigeria (SPDC) Limited threatened to leave the country over crude oil theft and production issues.
The company’s managing director, Osagie Okunbor, who said this at the just-concluded Nigeria Oil and Gas Conference in Port Harcourt, said the theft of crude oil led to the closure of two of its main pipelines.
He said oil theft was one of the reasons Nigeria could not meet its 1.8 million barrels per day oil production quota imposed on the Organization of the Petroleum Exporting Countries (OPEC). .
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Total assets of Nigerian banks increased by 11.15 trillion naira in one year to reach 64.32 billion naira at the end of April.
This is according to figures obtained from the Central Bank of Nigeria (CBN) website.
The data revealed that commercial bank assets grew by 53.17 trillion naira during the corresponding period of 2021. Figures for 2022 showed an increase of 21% during the period.
National Youth Service Corps (NYSC) members involved in agriculture, baking, fashion and other small businesses in Nigeria have received a N10 million grant from Unity Bank.
The fund was awarded during the eighth edition of Unity Bank’s entrepreneurship development initiative, known as the Corpreneurship Challenge. Since the start of the program in 2019, 88 members of the corp have received a grant of 100 million naira.
The event, held in 10 states; Rivers, Delta, Sokoto, Edo, Abuja, Akwa-Ibom, Osun, Kano, Bayelsa and Enugu, is an entrepreneurship competition among corpers showcasing their entrepreneurial skills.
On NSE ROUNDUP: Capital Market Roundup: Investors Cut Equity Investments, Partly with N10.36 Billion
Investment in the Nigerian capital market fell this week, with investors trading 822.404 million shares worth 10.366 billion naira in 20,643 trades in five days.
This is lower than last week’s turnover of 1.348 billion shares valued at 24.487 billion naira which traded last week in 22,155 transactions.
The financial services industry, the conglomerate industry and the consumer goods industry were the best performing sectors after five days of trading based on traded volumes.
On the tech scene, Autochek, Whatsapp, Hyperclear, Flocash, Duhqa, OQC are some of the names making headlines this week.
The world’s richest person, Elon Musk, is facing a legal battle after ending his contract to acquire Twitter.
Additionally, Nigerian digital auto commerce company, Autochek, announced the acquisition of CoinAfrique, for an undisclosed amount, to accelerate growth in Francophone African countries.
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