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Arthur Stevens : DAILY NEWS FLOW 1st March, 2024
(Source: Arthur Stevens Asset Management , Date: 01-Mar-2024)



Good morning,


Dear valued clients,


These are the major headlines for the day.

Local News 
GAS CYLINDERSFG pays $120m from gas debts as blackout spreadsThe Federal Government has paid $120m out of the $1.3bn indebtedness to gas companies for the supply of gas to run gas-fired power plants across the country. Click here to read more. House of repsReps to probe CBN, DisCos over mass metering fundsThe House of Representatives on Thursday resolved to investigate the funds disbursed to licensed electricity Distribution Companies for metering by the Central Bank of Nigeria as loans under the National Mass Metering Programme. Click here to read more.
Bello Hassan NDIC refunds depositors of 179 liquidated banksThe Nigeria Insurance Corporation has said that it has reimbursed depositors of 179 rested microfinance and four mortgage banks across the country. Click here to read more. NCCSIM-NIN linkage: NCC warns telcos against non-complianceThe Nigerian Communications Commission has said telecommunication companies that fail to comply with the directive to block Subscriber Identity Module cards not linked to National Identification Numbers will face sanctions. Click here to read more.

  Company News 
image.png Seplat Energy declares N696.9bn revenue in 2023 ...Makes fresh appointmentsSeplat Energy PLC, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announces its audited results for the twelve months ended 31 December 2023, recording a growth 12 per cent in revenue from N403.9bn to N696.9bn.Click here to read more. 17-year-Old Entitlement Claim: Ex-Staff Files Motion to Compel MTNMTN Nigeria incurs N740 billion in forex losses, shareholders funds wiped outMTN Nigeria Plc has reported a loss before tax of N177.8 billion compared to a pre-tax profit of N518.8 billion a year earlier. The losses resulted in a wipe-out of shareholders' funds. Click here to read more. LafargeLafarge Africa reports N51.1 billion profits despite incurring N21 billion in FX lossesLafarge Nigeria Plc reported its 2023 FY results showing a profit after tax of N51.1 billion down from N53.6 billion a year earlier. Click here to read more.

  International News Arc of Triomphe Paris, Champs-Elysees France at nightEurope is having its worst earnings season since the onset of Covid "” with little hope of a quick turnaroundThe European economy has faced a range of challenges, including the aftershocks of Russia's full-scale invasion of Ukraine. Click here to read more.
Cross River, Rivers TCNGhana Parliament temporarily faces blackout over $1.8 million unpaid electricity bill  The Electricity Company of Ghana (ECG), a government-operated power provider, on Thursday temporarily disconnected electricity to the parliamentary complex to compel the legislative body to settle an outstanding debt of 23 million Ghanaian cedis (approximately $1.8 million). Click here to read more.
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