Newsflash for the day

8 Nigeria-based fintech companies attract $500m in 9 months
Eight Nigeria-based fintech companies have attracted about $500 million in nine months, according to Akeem Lawal, divisional chief executive officer, Interswitch Group.
Nigeria’s air passenger traffic up 73% but lower than pre-pandemic levels
Data from the National Bureau of Statistics (NBS)compiled from contributions by the Federal Airports Authority of Nigeria (FAAN) show that total passenger traffic through Nigeria’s airports in Q2, 2021 increased by 73 percent year-on-year and nine percent quarter-on-quarter to 3.2 million.
Crude Oil Price Continues to Rise
In the past week, the crude oil market has continued to gain momentum, as both Brent and West Texas Intermediate recorded an average of 5.1% rise in benchmark prices to US$82.52 and US$78.84 per barrel, respectively.
Inflation Scares in an Uncharted Recovery
The economic recovery has fueled a rapid acceleration in inflation this year for advanced and emerging market economies, driven by firming demand, supply shortages, and rapidly rising commodity prices.
Malami: FG Ready to Challenge States at Supreme Court Over VAT
Abubakar Malami, attorney-general of the federation (AGF), says the federal government is ready to challenge states at the supreme court over the collection of value-added tax (VAT).
FEC Approves Proposed N16.39trn 2022 Budget
The Federal Executive Council (FEC) has approved the 2022 appropriation bill for an aggregate expenditure of N16.39 trillion. The FEC gave the approval at its weekly meeting presided over by President Muhammadu Buhari on Wednesday.

N’ Assembly Passes Revised 2022-2024 Fiscal Framework
The two chambers of the National Assembly Wednesday approved President Muhammadu Buhari’s revised proposal of the 2022-2024 Medium Term Expenditure Framework (MTEF-FSP), which also okayed N16.39 trillion federal budget proposal for 2022.
NGX Group Confirms Intention to List on NGX
Nigerian Exchange Group Plc (‘NGX Group’ or ‘The Group’) today confirmed its intention to list on the Main Board of Nigerian Exchange Limited (‘NGX’). The proposed listing follows the successful completion of the demutualisation and restructuring of the former Nigerian Stock Exchange and its related operations within the new NGX Group.
Shares of NGX Group are expected to commence trading on NGX following their Listing by Introduction. All regulatory requirements have been fulfilled and the Listing has received the approval of NGX Regulation Limited.
A total of 1,964,115,918 shares are expected to be admitted to trading and the shares will trade under the ticker NGXGROUP.

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First Ideas Limited is an investment and financial advisory company established in 1994 to provide advisory services to high net worth individuals, trust funds, financial institutions and medium sized companies in growth sectors.

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