Access Holdings to Pay 20 Kobo Interim Dividend as H1’22 Net Profit Hits N88.9bn

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Quantitative Financial Analytics NIFEX Spot The FMDQ NIFEX Spot decreased by N1.42 or 0.45% ending the day at a rate of N315.8188 against the previous day’s rate of N317.25 as the Naira continues its gaining streak on the Dollar . Open Interest and Volume Analysis Open interest in currency futures increased by 1.63%, (57.29) from 3,512.88 to 3,5166.47 arising from additional notional purchases. The first few days of November has been active for the futures market as more futures has been bought than the first two weeks of October. Mark to Market Analysis and Attribution The estimated Mark to

By Dipo Olowookere The United States Agency for International Development (USAID) Ghana Mission Director, Mr Andrew Karas, travelled to northern Ghana from September 14-18, 2016, to visit projects that work to advance USAID’s goals to improve agricultural governance, increase educational outcomes, and strengthen access to health services. While in the north, Mr Karas met with the Northern Regional Minister and the Upper East Regional Peace Council. Additionally, he met with the Savannah Accelerated Development Authority (SADA) to discuss collaboration efforts to improve development outcomes in the SADA zone. During his visit, the USAID, along with the Ghanaian government and a

By Adedapo Adesanya Twitter is officially delving into the world of podcasts as it announced the onboarding of the feature into its platform as part of its newly designed Spaces tab. Announced in a blog post on Thursday, the social media app is testing a redesigned Spaces tab that groups audio content together by subject, as well as includes podcasts feature for the first time. The social networking platform explained that, “We know that some discussions need more than 280 characters, and bringing people closer to the ideas, content, and creators they know and love is core to Twitter no

In a ceremony held at the Siksika Room, McDougall Centre, Canada, the Premier of Alberta, Honourable Danielle Smith, has awarded Nigerian-born Wale Gbalajobi the prestigious Queen Elizabeth II’s Platinum Jubilee Medal for his outstanding volunteer work and leadership in the community. The award ceremony, organized by the Office of the Deputy Premier and Minister of Skilled Trades and Professions, took place on April 28, 2023, in Canada. The occasion was attended by esteemed guests, community leaders, and representatives from various organizations. The event, like no other, aimed to acknowledge and celebrate the charismatic Gbalajobi’s remarkable contributions to making the community

By Dipo Olowookere ETranzact International Plc has been reclassified from a medium-priced stock to a low-priced stock by the Nigerian Stock Exchange (NSE). This followed the trading of the company’s equities by investors below the N5 per share mark in the last six months. According to a statement issued on Tuesday by spokesman of the stock market regulator, Mr Joseph Kadiri, the downgrading of eTranzact was in compliance with ‘Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015,’ on dealing members. “ETranzact dropped below the N5 mark on 15 February 2018 and traded below N5 up till close of business

By Dipo Olowookere The price of shares of Skyway Aviation Handling Company (SAHCO) Plc on the floor of the Nigerian Stock Exchange (NSE) changed for the first time since it was listed on the exchange. On April 26, 2019, over one billion shares of the company were admitted on the main board of the exchange at N4.65 each. But since then, price of the stocks has remained flat at the market until on Wednesday, September 25, 2019, when it posted its first movement. However, this price change was not a positive one for the firm operating in the aviation sector

By Ahmed Rahma After waiting for months, the 774,000 artisans from the 774 local government areas of the federation will resume work on Wednesday, December 6, 2021. The young Nigerians were employed by the federal government under the Special Public Works (SPW) job programme to assist them to cushion the effect of the lockdown caused by COVID-19 last year. The initiative has generated controversies and has pitched the parliament against the executive. It has also caused the Director-General of the National Directorate of Employment (NDE), Mr Nasiru Argungu, to lose his job. Recently, the Minister of Information and Culture, Mr

By Adedapo Adesanya The year 2021 wrapped up at the NASD Over-the-Counter (OTC) Securities Exchange on an impressive note as the transactions value, volume and number of deals grew. In the year under review, the NASD bourse recorded trades worth N32.8 billion, 158.9 per cent higher than the N12.7 billion posted in 2020. Also, the volume of transactions improved by 63.3 per cent to 12.9 billion units from the previous year’s 7.9 billion units, while the number of deals jumped by 233.4 per cent to 4,988 deals from 1,496 deals in 2020. The top advancer for the year was NASD