11 Plc PAT Drops 3% as Revenue Rises 39.7% in H1 2021

By Aduragbemi Omiyale The online stock trading platform of one of the leading brokerage firms in Nigeria, Morgan Capital Securities Limited, i-Trade, has experienced a technical glitch. This technical issue has made it difficult for its clients to carry out transactions on the popular platform. Morgan Capital’s i-Trade platform is popular among retail investors in the Nigerian capital market, especially those trading equities on the floor of the Nigerian Exchange (NGX) Limited, because of its lower fees. The company has already assured its customers that it was working to restore services, providing an alternative to them. “This is to inform

By Adedapo Adesanya The supply of foreign exchange (FX) into the Nigerian Autonomous Foreign Exchange Market (NAFEM) improved by 92.9 per cent or $68.7 million on Tuesday to $142.63 million from $73.93 million on Monday, according to data obtained from the FMDQ Securities Exchange. This improvement in forex liquidity into the official market supported the Naira to gain weight against the United States Dollar yesterday, as its value soared by N31.04 or 3.7 per cent to N806.73/$1 from the N837.77/$ it ended a day earlier. This also trickled down to the parallel market, which witnessed less pressure from customers, helping

By Dipo Olowookere One of the leading cement manufacturers in Nigeria, Lafarge Africa Plc, has received the regulatory approval to open its N89.2 billion rights issue. A statement issued by the company disclosed that the apex regulator in the nation’s capital market, the Securities and Exchange Commission (SEC) has approved the exercise. Lafarge Africa is raise planning to raise a total of N89.2 billion from the exercise by way of a Rights Issue of 7,434,367,256 shares at N12.00 per share, by issuing 6 new shares for every 7 shares held by shareholders as at December 4, 2018, which is the

By Dipo Olowookere Activities of some cross-border smugglers, marketers and ongoing road construction have been attributed to the lingering scarcity of premium motor spirit (PMS), otherwise known as petrol, in Nigeria. For almost a year, Nigerians have witnessed queues at petrol stations across the country, with different reasons given for the shortage of the product at various periods. Since late 2022, there have been long queues, which have defied different solutions and directives of President Muhammadu Buhari, who doubles as the Minister of Petroleum. Giving an update on the situation on Friday, the federal government, through the Nigerian Midstream and

By Adedapo Adesanya  The President of the African Development Bank (AfDB), Mr Akinwumi Adesina, has tasked President Bola Tinubu to develop a strategy aimed at improving Nigeria’s revenue, noting that this is key to national development. Mr Adesina, while speaking in Abuja at the 2nd Edition of Nigeria Employers’ Summit themed Trade and Non-Oil: Changing the Narratives for Rapid National Development, said Nigeria’s revenue to Gross Domestic Product (GDP) ratio, at about eight per cent, was among the lowest globally. He said Nigeria is currently facing huge fiscal deficits, estimated at six per cent of GDP, attributable to high public

By Dipo Olowookere The Nigerian Exchange (NGX) Limited closed 0.09 per cent higher on Friday on the back of renewed buying pressure on financial stocks. GTCO was one of the equities offshore, and local investors were interested in. Though it is currently trading below its true value, it allowed traders to acquire the shares at a relatively cheap price with expectations that it would rise in some months to come. Also, investors are showing interest in Honeywell Flour and yesterday, it finished as the best-performing stock after it gained 9.86 per cent to close at N2.34. Coronation Insurance appreciated by

By Modupe Gbadeyanka Those who applied for certificates of occupancy (C of O) in Oyo State have been urged to come forward for collection at Room 4, Ministry of Lands, Housing and Urban Development. This appeal was made by the Commissioner for Lands, Housing and Urban Development, Mr Olayiwola Olusegun Emmanuel, on Friday. The Commissioner disclosed that since he assumed office about a month ago, he has signed not less than 1,606 C of Os but only 491 have been collected. He, therefore, appealed the 1,115 outstanding C of O applicants to come forward to pick them up as they

By Dipo Olowookere A Senator representing Bayelsa Central constituency of Bayelsa State in the National Assembly, Mr Emmanuel Paulker, has described most assumptions in the 2018 budget presented to the parliament by the executive as wrong. On November 7, 2017, President Muhammadu Buhari presented a budget proposal of N8.6 trillion to a joint session of the National Assembly for consideration and approval. During his presentation, the President said the 2018 budget deficit is about N2.01 trillion and will be financed mainly through new borrowing of N 1.7 trillion while the balance of NGN 306 billion is expected to come from

By Dipo Olowookere One of the leading telecommunications service providers on the continent, Airtel Africa Plc, will be joining the elite club of the London Stock Exchange (LSE), the Financial Times Stock Exchange (FTSE 100) index. The FTSE 100 index, which is fondly called Footsie, is a share index of the 100 companies listed on the LSE with the highest market capitalisation. According to a statement, Airtel Africa, which is also listed on the Nigerian Exchange (NGX) Limited, will join the FTSE 100 on Monday, January 31, 2022. The CEO of Airtel Africa, Mr Segun Ogunsanya, described this feat as

By Dipo Olowookere Assets worth $210,000 have been acquired by Camber Energy, an oil and gas firm based in San Antonio, Texas. Camber Energy, in a statement, disclosed that it acquired approximately 3,000 leasehold acres in Okfuskee County, Oklahoma, including two producing wells and 7 non-producing well bores. The acquisition also includes three salt water disposal wells, to support existing and potential future hydrocarbon production. Camber Energy is a growth-oriented, independent oil and gas company engaged in the development of crude oil, natural gas and natural gas liquids. In the statement, the company said it was evaluating hydrocarbon production opportunities