Asset Managers Mop up United Capital N15bn Commercial Papers at 1.26%

By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

By Adedapo Adesanya The duo of NASD Plc and Aradel Holdings Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, September 21. The two price losers overpowered the sole price gainer, Central Securities Clearing Systems (CSCS) Plc, to drag down the NASD Unlisted Securities Index (NSI) by 0.34 points to 805.95 points from the 806.29 points it ended in the previous day, while the total value of the unlisted stock market was relatively flat at N1.139 trillion. At the trading day, NASD Plc shed N1.15 to end the session at N11.50 per unit versus the

By Adedapo Adesanya The average price of Premium Motor Spirit (PMS), otherwise known as petrol, surged by 230.8 per cent on a year-to-year basis to N626.70 per litre in August 2023 versus N189.46 per litre in the same period of 2022. This is according to the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch (August 2023), which showed that the average retail price increased on a month-on-month basis by 4.39 per cent from N600.3 per litre in July. The skyrocketing cost of petrol came as President Bola Tinubu, during his inauguration speech on May 29,

By Modupe Gbadeyanka PZ Cussons, a fast moving consumer goods company in Nigeria, has declared a loss in profit for the third quarter ended February 28, 2017. In its financial statements released to the Nigerian Stock Exchange (NSE), the company said its profit after tax depreciated to N1.601 billion from N1.647 billion, representing a fall by 2.8 percent. However, its total turnover for the period under review surged to N57.149 billion in the period under review from N50.656 billion. In the same vein, its cost of sales recorded an increase to N37.925 billion compared with N36.966 earlier recorded by the

By Adedapo Adesanya An indigenous shipping company, Temile Development Company, has signed a contractual agreement with Hyundai Mipo Dockyard (HMD) for the construction of a new 23,000 cubic meters Liquefied Petroleum Gas Carrier (LPG) Vessel. The Nigerian shipping firm also sealed a separate deal with an integrated maritime services subsidiary of Nigeria LNG Limited, NSML, for the supervision of the project. The LPG vessel is the second that is being constructed by the Temile Development Company and is a sequel to the first vessel which was constructed in 2018 and is currently chartered to Nigeria LNG Limited for domestic LPG

Justice Kazeem Alogba has been appointed as the 17th Chief Judge of Lagos State with effect from Tuesday, June 11, 2019, in acting capacity. A statement issued by the state government today said Justice Alogba will remain Lagos State acting Chief Judge pending the recommendation of the National Judicial Council (NJC) and subsequent confirmation of the Lagos State House of Assembly. It was learned that this appointment was made by the Governor of Lagos State, Mr Babajide Sanwo-Olu, in accordance with Section 271 (1) and (4) of the 1999 Constitution of the Federal Republic of Nigeria (As amended). The appointment

By Adedapo Adesanya The Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA), Mr Mohamed Buba Marwa, has commended the support from the Police Nationale (RAID) of France, especially in the areas of training and equipment. The NDLEA boss said this in Abuja on Friday when the Police Attaché at the French Embassy in Nigeria, Mr Emmanuel Verin, led a team of French VIP trainers including Mr Cedric B. and Mr Christophe J. who were in the country to train a number of NDLEA officers in special operations, paid him a courtesy visit. Speaking at the event, Mr

With the current economic situation in Nigeria, small businesses are finding it extra hard to survive or at least stay relevant. There are a million and one things they have to worry about now as well as strategies they have to consider if they want to keep shop. One of such strategies is “online reputation management”. It is no secret that everything is literally done online now and so, if you want your business to succeed, you need to put it online. Basically, a business’ online presence can make or break its actuality. Aside from having an online presence however,

By Dipo Olowookere Yesterday, the Central Bank of Nigeria (CBN) raised the sum of N117.17 billion through the sale of treasury bills at the primary market. Though the amount offered by the apex bank was fully subscribed, it was observed that traders snubbed the short-tenor bills for the 364-day instrument. The CBN had offered to sell N26.14 billion worth of the 91-day bill, but it received N7.89 billion worth of subscriptions for it. Also, out of the N11 billion worth of the 182-day bill put on auction, only a total of N6.21 billion worth of subscriptions were received from traders.

By Modupe Gbadeyanka Moody’s Corporation has announced going into a definitive agreement to acquire Bureau van Dijk, a global provider of business intelligence and company information, for €3 billion (approximately $3.27 billion). The acquisition extends Moody’s position as a leader in risk data and analytical insight. “Bureau van Dijk is a high growth information aggregator and distributor that positions Moody’s at the center of a unique network of global risk data,” said Raymond McDaniel, President and Chief Executive Officer of Moody’s. “This acquisition provides significant opportunities for Moody’s Analytics to offer complementary products, create new risk solutions and extend its

By Modupe Gbadeyanka Minister of Labour and Employment, Mr Chris Ngige, has expressed shock over media reports credited to the National Chairman of the National Association of Joint Health Sector Unions (JOHESU), Comrade Biobeleye Joy Josiah, that the Federal Government should be blamed for the union’s on-going strike, accusing the Labour Minister of travelling the day he was supposed to meet with the union. Mr Ngige, while speaking on Tuesday at the conciliation meeting with JOHESU, which also had the Minister of Health, Prof Isaac Adewole, as well as relevant government agencies in attendance, confronted Comrade Biobeleye over the alleged