America is Natural Business Partner of Nigeria—Angbazo

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 Adedapo Adesanya The Nigerian Shippers’ Council (NSC) has expressed its readiness to partner with the Lekki Deep Seaport by promoting the seamless movement of cargo and the efficiency of the nation’s ports. The NSC Executive Secretary, Mr Pius Akutah, gave the assurance when the Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL) – promoters of Lekki Deep Seaport, Mr Du Ruogang, led the port’s management on a courtesy visit to the NSC in Lagos. Mr Akutah, who commended the Lekki Deep Seaport management for the visit, said the council would partner with the port in areas that would boost

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

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

**Urges Buhari to Sack Her By Modupe Gbadeyanka The Centre for Anti-Corruption and Open Leadership (CACOL) has appealed to President Muhammadu Buhari to urgently remove Mrs Kemi Adeosun as Minister of Finance. The organisation, at a press briefing in Lagos yesterday, said the Minister has shown not to be capable of leading the Nigerian economy to greatness. Executive Director of CACOL, Mr Debo Adeniran, said at the media conference that Mrs Adeosun has been everything but impressive and constantly appears to be confused on policies and in-depth understanding of economic management. Mr Adeniran said, “The economic terrain under her watch

By Adedapo Adesanya The House of Representatives has said it would probe further claims of the N2.6 trillion capital allowances granted to MTN by the federal government through the Ministry of Trade and Industry. This was disclosed by the Chairman of the House Committee on Public Accounts, Mr Oluwole Oke, at the resumed investigative hearing into the audit queries on tax evasion issued by the office of the Auditor-General for the Federation (oAuGF) on Tuesday. He disclosed that the oAuGF report indicated that the documents relating to the N2.6 trillion capital allowances were allegedly forged. While stressing that the committee

By Dipo Olowookere The Nigerian Exchange (NGX) Limited suffered one of its heaviest losses in recent times on Friday as it depreciated by 1.21 per cent as banking equities struggled to get patronage. Yesterday, holders of stocks in the banking sector, especially those desperate to liquidate their holdings, lowered their prices to attract buyers but this strategy did not work as investors remain cautious of the macroeconomic environment and are limiting their exposure to the equity market. The absence of a positive trigger weakened the All Share Index (ASI) by 633.01 points during the session to 51,778.08 points to 52,411.09

By Dipo Olowookere The interbank rate on Tuesday went down by 6.48 percent to close at 10.83 percent from 17.31 percent as the Central Bank of Nigeria (CBN) conducted an OMO exercise to soak up excess liquidity in the system. Also, during trading yesterday, the Open Buy Back (OBB) rate fell by 5.90 percent to settle at 10.17 percent from 16.07 percent. This came on the back of inflows from FAAC payment of N310 billion, which boosted system liquidity to N290 billion from N60 billion. During the OMO sale, the apex bank mopped up N77.8 billion from the sale of

Over the weekend, the Apapa-Ijora Bridge was opened by the Federal Government to light traffic as the emergency repair works being carried out on it attained a milestone. It would be recalled that the bridge had to be shut on Monday, August 8 for emergency repair works on its failed sections and temporary coverage of the failed concrete bridge deck section following an inspection tour and a meeting with stakeholders by the Minister of Power, Works and Housing, Mr Babatunde Fashola. With consistent attention from the contracting firm, Julius Berger Nigeria Plc and supervisory work by officials of the Federal

By Adeniyi Ogunfowoke Since we are in the festive season, there is so much to eat and drink. As such, the possibility of experiencing food poisoning is very high. However, you can take a number of simple measures to prevent food contamination and reduce your risk of getting sick from tainted food so that you get the best out of this festive period! Jumia Food, Nigeria’s No 1 food ordering platform shares some measures. Refrigerate raw meat or poultry immediately Unless you are preparing raw meat or poultry immediately, put them in the refrigerator. This will prevent germs from taking over.

By Bliss Okperan A digital investment platform known as AltInvest has been introduced by a new kid in the banking industry in Nigeria, Alternative Bank. According to the non-interest lender, which commenced operations in October 2023, the new product empowers individuals to navigate seamlessly the investment world, blending ethical and digital features for increased accessibility. At the unveiling of the innovative financial solution at the 44th Kano International Trade Fair, the company also launched another produced AltBiz, which it said caters to the financial needs of businesses, offering a comprehensive suite of services to fuel growth, innovation, and sustainability. “These

By Adedapo Adesanya The total value of unlisted stocks in Nigeria rose by N2.7 billion on Wednesday to N636.66 billion from N633.96 billion it closed on Tuesday, Business Post reports. The increase at the midweek trading session was buoyed by the gains posted by three securities admitted on the NASD Over-the-Counter (OTC) Securities Exchange. They lifted the exchange higher by 0.43 per cent during the session. As a result, the NASD Unlisted Security Index (NSI) went up by 3.11 basis points to 732.49 basis points from the 729.38 basis points recorded at the previous session. Three companies that gained yesterday