Afriland Properties to Pay 10 Kobo Dividend as Revenue Jumps 19%

By Dipo Olowookere Profit-taking activities brought back the bears to the floor of the Nigerian Exchange (NGX) Limited on Monday as investors rebalanced their portfolios. It was observed that traders at Customs Street booked profits in shares mostly in the industrial goods sectors like BUA Cement and Lafarge Africa. This resultantly brought down the local stock market by 0.66 per cent at the close of transactions, with the industrial goods space losing 4.21 per cent, the insurance counter declining by 0.28 per cent, and the energy sector falling by 0.01 per cent. However, the consumer goods index improved yesterday by

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

By Adedapo Adesanya The Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Bliss Okperan Nigeria recorded an improvement in its trade surplus in the third quarter of 2023, according to data released by the National Bureau of Statistics (NBS), which was analysed by Business Post. The agency disclosed that in the period under review, the total value of exports stood at N10.347 trillion, while imports stood at N8.458 trillion, leaving the total value of trades at N18.802 trillion, 60.78 per cent higher than the N6.435 trillion achieved in the second quarter of 2023. Analysis showed that between July and September 2023, the country, which prides itself as the biggest economy in

**N167 to N50 in Two Years By Dipo Olowookere One may not be wrong to say shareholders of Nigerian Breweries Plc are not satisfied with the performance of the company on the floor of the Nigerian Stock Exchange (NSE) in recent times. This is because the rate at wish the value of the company’s stocks at the market is nose-diving is alarming and it calls for worry and an urgent action to turn things around. Even the general performance of the company has not been very impressive going by the financial statements of the brewery giant in the past quarters.

By Adedapo Adesanya The Minister of Labour and Employment, Dr. Chris Ngige, has said that at least 60 percent of the 2019 budget may be rolled over to 2020. Mr Ngige hinted at this at a meeting with management and staff of the Ministry in Abuja. Speaking on the budget performance, he disclosed that the executive arm of government would always find it difficult to implement the budget if it suspects that it had been tampered with during presentation at the National Assembly. “The 2019 budget has not been aggressively executed and 60 percent of it will have to be

By Dipo Olowookere The Executive Director, Operations and Information Technology at Access Bank, Mrs Ojinika Olaghere, is resigning from the financial institution. According to information revealed by the lender, Mrs Olaghere is quitting the bank to “pursue other personal interest.” However, her resignation from Access Bank takes effect from June 20, 2018, the lender disclosed in a statement issued on Friday. Access Bank, in the statement signed its Secretary, Mr Sunday Ekwochi, clarified that Mrs Olaghere is not leaving the bank’s board because of any “disagreement.” “The Board of Directors of Access Bank Plc hereby announces the resignation of Mrs

By Adedapo Adesanya Portugal could face supply problems this winter if Nigeria, its key export partner for the commodity, does not deliver all the liquefied natural gas (LNG) as and when due. This warning was made by the European Union country’s environment and energy minister, Mr Duarte Cordeiro, on Monday. Europe has been trying to wane itself of Russian gas after the country attacked Ukraine in February. One such opportunity is to look for alternatives or boost supply from key markets, in Portugal’s case,  Nigeria. Mr Cordeiro said that even though there was a chance that Nigeria might not meet

By Adedapo Adesanya  The Minister of Communications and Digital Economy, Mr Isa Pantami, has lauded plans by telecommunications giant, MTN Nigeria, to invest $1.6 billion in the Nigerian market within the next three years. He expressed this when the MTN Nigeria delegation led by Mr Rob Shuter, the MTN Group CEO, paid a courtesy visit to the ministry’s headquarters in Abuja on Tuesday. “I am glad to hear that you have a budget of $1.6 billion you plan to invest in Nigeria in the next three years. “Please, try to get your priorities right. Look at the areas that are

By Adedapo Adesanya  The value of the Naira against the Euro appreciated at the black market segment of the foreign exchange (forex) on Monday, November 25, 2019, Business Post reports. At the close of transactions yesterday, the local currency was fortified against the currency used by European nations under the European Union (EU) by N3 at the parallel market to trade at N395/€. The Nigerian legal tender, earlier this month, had traded against the Euro at N400/€1, but later appreciated to N398/€1, staying at this level for a long time before yesterday’s growth to N395 to a single Euro. When

By Philani Mzila The past 12 months have seen a significant decline in venture capital (VC) funding in Africa. The total amount raised declined by almost 40% between July 2022 and June 2023 compared to the same period between 2021 and 2022. This sharp decline is particularly evident in the “Big Four” markets of Nigeria, Egypt, South Africa, and Kenya, with funding contracting by as much as 77% in some. Due to these challenging market conditions, numerous startups are nearing the end of their financial runway and are struggling to secure further investment. Founders in this situation usually face three