Anambra Proposes N167b for 2018 Budget

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange continued its weekly positive run as it extended its gains by 0.41 per cent in the 38th week of trading in this year. The bullish posture was supported by the improvements in the share prices of six companies admitted to the alternative stock exchange in Nigeria. This increased the NASD Unlisted Securities Index (NSI) by  2.30 points from 805.65 points in the previous week to 808.95 points, as the market capitalisation of the bourse was relatively unchanged on a week-on-week at N1.140 trillion. Food Concepts Plc led the price gainers’ after

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

By Dipo Olowookere The board of Access Holdings has surprised the company’s shareholders by increasing the final dividend payout for the 2022 financial year by almost 86 per cent, precisely 85.7 per cent. Access Holdings is not too known to pay higher dividends to investors, unlike its peers, Zenith Bank and GTCO. But in the audited results of the financial institution released on Thursday, the board proposed the payment of N1.30 as the final dividend compared with the 70 Kobo paid in the 2021 accounting year, bringing the total cash reward for the year under review to N1.50. “The board

By Adedapo Adesanya Crude oil fell for a second day on Tuesday as upbeat Chinese economic data failed to deflect the focus from a possible increase in interest rates in the United States. Brent crude fell by 18 cents or 0.2 per cent trade to $84.58 a barrel, while the US West Texas Intermediate (WTI) lost 2 cents to sell for $80.81 per barrel. Oil had found support from figures showing that China’s economy grew by a faster-than-expected 4.5 per cent in the first quarter and that oil refinery throughput rose to record levels in March. On a quarter-by-quarter basis,

By Modupe Gbadeyanka President Muhammadu Buhari will speak to Nigerians later today, a statement from the presidency has disclosed. Special Adviser to the President on Media and Publicity, Mr Femi Adesina, disclosed in the statement that the nationwide broadcast will take place by 8pm. During his speech, Mr Buhari is expected to announce the decision of his administration on the lockdown in Lagos, Abuja and Ogun State. About four weeks ago, President Buhari ordered a total lockdown of Lagos, Abuja and Ogun State as part of efforts to contain the spread of coronavirus disease in the country. On Sunday, March

By Modupe Gbadeyanka Pan-Africa financial institution with presence in over 30 countries of the continent, Ecobank Transnational Incorporated (ETI), has announced a slight change in the composition of its board of directors. A statement issued by the Lomé-based parent company of the Ecobank Group said it has brought in two new persons to its board, who are expected to use their expertise to take the firm to greater heights. The two new additions to the Ecobank board are Dr. Georges Agyekum Nana Donkor and Mrs Zanele Monnakgotla. They are both coming in as non-executive directors. It was explained in the

By Investors Hub Asian stocks closed mostly higher on Friday as geopolitical tensions eased and investors breathed a sigh of relief that U.S. trade tariffs were less severe than originally feared. Geopolitical tensions eased after North Korean leader Kim Jong Un offered to halt nuclear and missile tests and expressed his desire to meet with U.S. President Donald Trump. Separately, the White House slapped import tariffs of 25 percent on steel and 10 percent for aluminum but exempted Canada and Mexico and offered the possibility of excluding other allies, backtracking from an earlier “no-exceptions” stance. China’s Shanghai Composite index climbed

By Modupe Gbadeyanka The local currency performed fairly this week against the Dollar at the Investors’ and Exporters’ (I&E) foreign exchange window. During the week, the Nigerian legal tender appreciated by 0.05 percent at the segment by the time transactions were brought to an end on Friday. The Naira closed the week at N360.01k to the Dollar amid weekly injections by Central Bank of Nigeria (CBN) of $210 million into the forex market. From the injection, the apex bank allocated $100 million to the Wholesale (SMIS) segment, $55 million to the Small and Medium Scale Enterprises, while $55 million was

By Adedapo Adesanya The world’s richest man, Mr Elon Musk, has taken a 9.2 per cent stake in Twitter, paying $2.89 billion for the transaction, according to several reports. The Tesla founder bought 73,486,938 Twitter shares on March 14, according to the United States Securities and Exchange Commission, sending the equity price of the tech giant higher by about 25 per cent. The stake makes him one of the largest shareholders in the company and is more than four times the 2.25 per cent holding of the founder of Twitter, Mr Jack Dorsey. Mr Musk is a regular Twitter user

By Modupe Gbadeyanka The new National Tax Policy recently announced by the Federal Government has been approved by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC). The new tax policy was created to shore up Nigeria’s dwindling revenue base which suffered decline as a result of the shortfall in international oil prices and activities of militant and vandals in the Niger Delta. Spokesman of the agency, Mr Ibrahim Mohammed, in a statement, disclosed that RMAFC welcomed the idea of raising the existing Value Added Tax (VAT) on luxury items. He said the Commission reiterated its support for initiatives such as