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MARKETERS PROTEST N185/LITRE FUEL, THREATEN STRIKE The Independent Petroleum Marketers Association of Nigeria, on Monday, threatened to withdraw its service over incessant increment on the price of the premium motor spirit in the Eastern part of the country. The marketers, in a statement, blamed private depots for the hike in price. According to them, they were buying from depots at N185 per liter, noting that after adding other expenses, the price would increase to N200 per litre. The marketers regretted that even at N200 per liter, their businesses could not thrive considering the high cost of diesel to power the station and the exploitation from private tank depot owners and NUPENG. They implored the Federal Government to revive all NNPC depots within the Eastern zone to enable them get the premium motor spirit at a regulated price. They also sought the intervention of the Nigerian Labour Congress in appealing to NUPENG to reduce the loading fee. The statement added, ”It is no longer news that premium motor spirit, known as petrol, is sold at N200 per litre in the Eastern part of Nigeria, including Portharcourt, Enugu, Owerri, Awka, Uyo, Cross River, Aba, Yenagoa, Makurdi, Lokoja. The real cause of hike in price is the incessant increment in price of premium spirit from private depot owners. A litre of fuel is being sold to us at the rate of N185 per litre. TACKLING CURRENCY COUNTERFEITING WITH NAIRA REDESIGN James Emejo, explores the narrative around the planned redesign of some denominations of the naira by the Central Bank of Nigeria and concludes that the benefits far-outweigh any perceived costs Expectedly, the October 26 announcement by the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, to redesign the Naira has expectedly attracted mixed reactions with politicians in particular crying foul. The exercise, which is coming on the eve of the 2023 general elections has been criticised as politically motivated by a section of the political class. A few have also expressed their reservations over the financial cost implications of the move. To set the context of the conversation, the CBN governor had disclosed the bank’s resolve to redesign, produce, and circulate new series of banknotes including N200, N500, and N1,000 denominations. The currency redesign project which had the full backing of President Muhammadu Buhari, will commence with the circulation of the new banknotes on December 15, 2022. NGX PLANS AWARDS FOR OUTSTANDING CAPITAL MARKET STAKEHOLDERS The Nigerian Exchange Limited has announced a plan to host the 2022 edition of ‘NGX Made of Africa Awards’. The award is designed for stakeholders within the capital market ecosystem who have demonstrated exceptional performance in value delivery and sustainable impact, and act as key drivers in strengthening the Nigerian and African capital markets. A statement said the hybrid event would bring together key stakeholders in the capital market and has the theme, ‘Innovation in capital markets: The panacea for exponential growth’ would hold in December 2022. According to NGX, the awards would also reward adherence to high ethical standards, compliance with the rules and regulations of the Exchange, and other applicable laws and regulations. The Chairman, NGX, Mr Abubakar Mahmoud, said, “NGX ‘Made of Africa Awards’ is a landmark recognition platform that rewards and inspires excellence. “We are proud to promote success stories and drive the culture of innovation while catalysing a vibrant African capital market ecosystem. With the awards, NGX showcases ‘The stock Africa is made of.” NGX GROUP GROWS INCOME BY 18% TO N5.71BN The Nigerian Exchange Group Plc (NGX Group) has recorded a 17.46per cent revenue growth in the three quarters of 2022 ended September 30, 2022 to N5.71billion from N4.86billion in the corresponding period of 2021 .This was disclosed in its Unaudited Financial Statements for the period ended  September 30, 2022. According to the income statement, revenue from its core businesses rose by 13.37 per cent from N4.39billion as of September 2021 to N4.97billion in the same period in 2022. This include income generated from treasury investment, transaction fees, listing fees, rental income and other fees. Other income consisting of market data income, net gain on disposal of property and equipment; and technology income also rose by 55.48 per cent from N417.83million as of September 2021 to N733.62million in the corresponding period of 2021. Operating profit rose to N798.56million in September 2022 compared to N710.31million while operating margin declined to 13.99 per cent from 14.62 per cent in the previous year. Profit after tax moderated to N464.38million from N1.73billionn, which was bolstered by N1.36billion in share of profit-equity, accounted investees. At the end of the reporting period, the Group recorded N172.66million in net profit. STOCK INVESTORS LOSE N3.28TN IN THREE MONTHS Stock market investors on the floor of the Nigerian Exchange Limited lost N3.28tn of their investment between August 1 and October 31, 2022. The trading activities, which began with a market capitalisation of N27.163tn in August to close at N23.88tn as of October 31, 2022, shed a 12.09 per cent or N3.28tn in the three months under review. The breakdown revealed that the stock market in October depreciated by N2.57tn as investors’ aggressive profit-taking in Airtel Africa and Dangote Cement Plc impacted the overall market capitalisation and in September, the market depreciated by N430bn. The market lost about N283bn in August. Consequently, the NSE All Share Index, which tracks the general market movement of all listed stocks, shed 12.24 per cent to close on October 31, 2022 at 49,024.16 basis points from 49, 950.32 basis points on August 1, 2022. Further findings revealed that the stock price of Airtel Africa in three months has depreciated by N630.40 or 33.08 per cent to N1,275.00 per share, from N1,905.40 per share in August, while Dangote Cement stock price dropped to N220.50 per share in October, representing a decline of 16.8 per cent or N44.5 from N265 per share in August.