Access Bank, Dangote Cement, Others Declare Closed Periods

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Modupe Gbadeyanka Taxpayers, including organisations and individuals, who are yet to pay their outstanding taxes, will not pay penalties and interests if they make the payments on or before December 31, 2023. This tax default forgiveness was given by the Federal Inland Revenue Service (FIRS), which explained that it created this window in “recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.” However, it stressed that if the full principal payment is not done before the deadline, defaulters would be forced to pay the outstanding tax liabilities. The Chairman of the FIRS, Mr

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By FBNQuest Research We comment today on gross non-oil revenue collection in the 12 months to February in the context of the projections for this year per the federal budget and national planning minister’s presentation to the National Assembly in mid-December. Sadly the comparison is not seamless because the 12-month outturn shows gross flows into the federation account while the projections are for FGN retained revenue. Also the aggregate totals in the budget were slightly revised in the bill signed off at the start of last week.  The gross figures have companies’ income tax at N990 billion, and the FGN

By Adedapo Adesanya The exit of Mr Oneal Bhambani, the Chief Financial Officer (CFO) of Flutterwave, Africa’s most valued payments company, may have left the company in a state of uncertainty, raising questions about its planned Initial Public Offering (IPO). Mr Bhambani, who joined the company in May 2022, announced his resignation on Tuesday, expressing his gratitude for the opportunity in a LinkedIn post but did not provide specific reasons for his departure. “Last week, I made the difficult decision to end my tenure at the company (Flutterwave),” he said in the short message. Mr Bhambani’s arrival at Flutterwave was

By Dipo Olowookere The United States government has maintained that it would not have anything to do with lawyers of Nigeria’s Attorney-General of the Federation (AGF), Mr Abubakar Malami, in the repatriation of the $500 million Abacha loot. Instead, the US government, through its Department of Justice, said it would only do business directly with the Nigerian government. In an exclusive report by The Cable, it was disclosed that President Muhammadu Buhari was told point blank during his visit to the US that no party would be listened to in the restitution of the funds. Mr Malami had attempted to

By Adedapo Adesanya The Naira recorded one of its worst outings in weeks on Thursday as it depreciated against the American Dollar at both the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments of the foreign exchange (forex) market. Amid Nigeria’s biting forex crunch, the local currency fell by N2.25 or 0.54 per cent against the US Dollar at the official market to close at N422.50/$1 compared with the N420.50/$1 it was sold on Wednesday. One of the factors that contributed to the downfall of the Nigerian Naira at the market window yesterday was the inability of FX traders

By Dipo Olowookere Leading digital money transfer company, WorldRemit, is now the first Official Online Money Transfer Partner of the Premier League club, Arsenal. The leading digital money transfer business, formed by a UK-based entrepreneur from Somaliland, has joined forces with Arsenal to accelerate the company’s growth and help more people save money on international transfers. The global partnership will provide WorldRemit with a range of rights and player access to support its expansion plans. The partnership agreement includes match day LED branding for every Premier League, League Cup and FA Cup match along with TV interview backdrop presence for

By Dipo Olowookere Nigerian stock market indices appreciated by 0.61 per cent on Thursday, buoyed by bargain-hunting across the major sectors of the exchange. It was observed that investors took their eyes away from the risks in the political scene and quickly mopped up shares trading at relatively lower prices. This resulted in the uptick in the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited by 330.85 points to 54,646.38 points from 54,315.53 points, as the market capitalisation increased by N180 billion to N29.769 trillion from N29.589 trillion. Business Post reports that the consumer goods outperformed the others yesterday

By Adeolu Seyi-Smith Job cuts, layoffs, wage cuts, and employee redundancy have continued to exacerbate as the coronavirus (COVID-19) pandemic continues to disrupt social life, the economy and every other human activity across countries. Hundreds of jobs have been wiped off like almost all the value chains including manufacturing, sales, and marketing, distribution, wholesale and retail, governance, aviation, tourism amongst others have been impacted negatively by COVID-19. The aviation industry, one of the worst-hit as a result of travel restrictions imposed by many countries, has recorded more job losses. For instance, WestJet has laid off 6,900 workers due to a

By FBNQuest Research We again offer commentary on non-oil revenue collection because it will prove the litmus test for the FGN’s economic policy agenda and because we have an additional three months’ figures from the CBN. The data show collection of N220bn in May and N1.13trn for the first five months of the year. In both cases revenue generation is well short of what the CBN terms the 2017 monthly budget of N445bn.   When we add the said monthly oil revenue target of N450bn, we arrive at a full-year projection of N10.74trn for federally collectible receipts. These are not