Axa Mansard Board Approves Dividend Payment to Shareholders

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Aduragbemi Omiyale There are reports that a billionaire businessman, Mr Femi Otedola, has acquired a sizeable stake in Transcorp Plc, making him the second largest shareholder of the company. In the 2022 financial statements of Transcorp analysed by Business Post, it was disclosed by the firm that, “As at December 31, 2022, only UBA Nominees Limited-Trading, held 5% or more of the issued and fully paid shares of 50 Kobo of the company.” It was then stated that UBA Nominees’ stake in the firm amounted to 9.25 per cent (3,760,000) in the period under review compared with 9.26 per

By Adedapo Adesanya The crude oil market settled lower for a fifth session on Thursday as concerns that global economic slowdowns would slash fuel demand outweighed disruptions. Brent crude lost 1.3 per cent or $1.02 to trade at $76.15 a barrel, while the United States West Texas Intermediate (WTI) crude depreciated by 0.8 per cent or 55 cents to close at $71.46 a barrel. Traders shrugged off the closure of a major Canada-to-US crude pipeline on Thursday as Canada’s TC Energy said it closed the tap to its 622,000 barrel-per-day Keystone pipeline, which is the primary line shipping heavy Canadian

By Aduragbemi Omiyale President Muhammadu Buhari has been urged to allow the use of old and Naira notes as legal tender in the country until the former is naturally mopped up from the circulation. This appeal was made on Friday by Governors elected on the platform of the ruling All Progressives Congress (APC) during a meeting with Mr Buhari at the Presidential Villa, Abuja. In a brief chat with reporters after the meeting, the Governor of Kano State, Mr Abdullahi Ganduje, said after the request was made to the President, he promised to look into it. The Central Bank of

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 Adedapo Adesanya A property investment company, UBN Property Plc, helped the NASD Over-the-Course (OTC) Securities Exchange up by 0.01 per cent on Wednesday, November 23, as the market continues to battle weak investor sentiment. The company recorded a 1 Kobo gain to sell at N1.00 per share compared with the previous day’s value of 99 Kobo per share and this growth raised the market capitalisation of the unlisted securities bourse by N60 million to N935.52 billion from N935.46 billion. Equally, the value of the NASD unlisted securities index (NSI) increased at the close of transactions yesterday by 0.04 points

By Dipo Olowookere Leading energy company, Forte Oil Plc, has announced changes in its management team following the exit of its chairman, Mr Femi Otedola. The business mogul had announced on Wednesday that the sale of his 75 percent holdings in Forte Oil to another investor had scaled through. On Thursday, the company, in a disclosure to the Nigerian Stock Exchange (NSE), said it now has a new Chief Executive Officer and a new Chief Financial Officer. It was disclosed that Mr Akin Akinfemiwa, who until the announcement was the CEO of the firm, has resigned just like Mr Julius

By Modupe Gbadeyanka A deal has been struck between Paystack and Truecaller to allow more merchants across Africa accept payments online in a frictionless and secure manner by leveraging Truecaller’s mobile identity product, Truecaller SDK. The partnership will also provide powerful tools that businesses and start-ups across Africa can use to verify the mobile identity of their customers, and in turn, further help in creating more trust in the online payments landscape on the continent. Also, with the deal, unregistered local businesses can now receive online payments after being verified via Paystack’s in-house verification process, which now includes phone number

By Investors Hub European stocks are flat to slightly lower on Friday as the dollar index eased from its 2018 high against a basket of six global currencies and oil prices also dipped from recent highs on expectations that alternative supplies could replace a looming drop in Iranian exports. While the U.K.?s FTSE 100 Index is just above the unchanged line, the French CAC 40 Index and the German DAX Index are both down by 0.3 percent. Sika shares have jumped after the Swiss chemicals company agreed to end a long-standing legal dispute with French building materials firm Saint-Gobain. Air