Abbey Mortgage Bank Lists Fresh Shares on NSE After VFD Group’s N2.4bn Investment

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Kayode Awojobi A trip down to the memory lane, on this day, the nooks and crannies of this great nation were filled with utmost jubilation and celebration, independence was finally granted by the British Council and now Nigeria was now a sovereign nation with her own autonomy and colonialism a thing of history. Indeed, it was a day of joy and absolute gladness for both the young and old in the nation and those in the diaspora. The then speech delivered by the ceremonial President, Dr NNamdi Azikwe, arose the hope of Nigerians with the assurance that sooner or

By Modupe Gbadeyanka The first death from coronavirus in Nigeria has been confirmed by the federal government as the total confirmed cases escalated to 36 persons. The first fatal casualty from the disease is a 67-year-old former Managing Director of Pipeline and Product Marketing Company (PPMC), Mr Suleiman Achimugu, who returned from the United Kingdom and has since been buried according to Islamic rites. The Nigeria Centre for Disease Control (NCDC), which confirmed this on Monday morning, said the deceased died on Sunday and had underlying medical conditions- multiple myeloma and diabetes and was undergoing chemotherapy. “The first #COVID19 death

By Dipo Olowookere The 2020 Appropriation Bill presented to a joint session of the National Assembly by President Muhammadu in October 2019 has been passed by the Senate. The upper legislative chamber of the parliament read the 2020 budget for the third time after it was presented by Senator Barau Jibrin of the Committee on Appropriations on the 2020 Appropriation Bill. Business Post reports that the lawmakers later passed the bill after the Senate dissolved into the Committee of Supply for the clause by clause consideration of the report. But before it was passed, the immediate past Senate President, Mr

By Modupe Gbadeyanka Pandemonium broke out on Monday afternoon at the popular Zaki Biam market when some unidentified gunmen stormed the area, killing about 27 persons in the process. It was gathered that several people sustained injury during the unfortunate incident, while some houses were razed down too. According to eyewitnesses, some of those killed by the hoodlums were children and women. The attackers, who were said to have arrived in motorcycles, were said to have opened fire on anyone within sight, leaving many to run to safety like in the war movies. But what has remained a mystery to

By Adedapo Adesanya The African Development Bank (AfDB) has secured $90 million in donor funds for the Sustainable Energy Fund for Africa (SEFA) project. The SEFA fund, according to the bank, is expected to expand, make more flexible and be responsive to Africa’s fast-changing energy market, with a sharper focus on green mini-grids and green base load as well as offering a wider array of catalytic finance instruments. The SEFA fund was secured during the virtual launch event organised by the AfDB for the SEFA donors to reaffirm their support for the institutional priorities of the fund and had in

By Modupe Gbadeyanka Residents of Lagos State on Thursday besieged the various sale centres across the state to buy the much-anticipated LAKE Rice, with vast majority of the people lauding the initiative of government to introduce the commodity at a critical time of the Yuletide season. LAKE Rice, which is locally produced, came into being following a partnership between Lagos and Kebbi States, and was aimed at ensuring food security as well as to showcase the ability of Nigeria to become a producing nation. Governor Akinwunmi Ambode and his Kebbi State counterpart, Mr Atiku Bagudu had launched the rice on

By Modupe Gbadeyanka An initiative to brighten up rural communities across Nigeria was on Tuesday launched in Abuja by the African Development Bank (AfDB) and federal government. The initiative is called the National Electrification Project (NEP) and is to address critical energy access deficits by channelling private sector investments into mini grid and off-grid solutions. The project, which will be implemented by Nigeria’s Rural Electrification Agency, is a boost to efforts to achieve the target of universal energy access by 2030. Joint financing of $200 million from the Bank and Africa Growing Together Fund (AGTF) will de-risk and scale-up private

By Dipo Olowookere Four individuals have been appointed into the board of directors of eTranzact International Plc, a leading payment technology provider in Nigeria. A statement from the company disclosed that three of them are non-executive directors, while the remaining one is an executive director. While Mr Paul Obanua, Mr Judedavid Ogochukwu Mbamalu and Mr Olayinka Oluwatimehin are the non-executive directors, Mr Olaniyi Toluwalope is the executive director. A brief profile of each of the appointees showed that Mr Obanua is the Group Managing Director of Greenfield Assets Limited. He qualified as a Geophysicist from Edo State University (now Ambrose