Banking, Industrial Goods Stocks Weaken Local Bourse

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has called for collective efforts to shape the energy sector in Nigeria, noting that no meaningful economic growth can be achieved without it. Mr Adelabu said this at the Nigeria Energy 2023 leadership summit recently held in Lagos, with the theme Unlocking new value with reforms, investments, and technology which saw in attendance industry leaders. The Minister said, “Energy is the lifeblood of any modern economy of which Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without energy. “We can be talking of potential

By Dipo Olowookere The trio of Universal Insurance, Oando and UBA were the busiest stocks on the floor of the Nigerian Exchange (NGX) Limited last week, trading 2.212 billion units valued at N8.907 billion in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total trading volume and value, respectively. In the week, investors transacted 3.911 billion shares worth N30.379 billion in 38,536 deals versus the 2.933 billion shares worth N47.449 billion exchanged in 44,654 deals in the preceding week. Financial stocks dominated with 2.774 billion units valued at N15.241 billion in 16,379 deals, contributing 70.92 per

By Adedapo Adesanya Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Adedapo Adesanya FrieslandCampina WAMCO Nigeria Plc extended the bulls’ presence at the NASD Over-the-Counter (OTC) Securities Exchange by 0.98 per cent on Tuesday, September 27. This expanded the market capitalisation of the bourse by N9.38 billion to N963.94 billion from N954.56 billion and jerked the NASD Unlisted Securities Index (NSI) up by 3.19 basis points to end the day at 762.12 points as against the 765.31 points it recorded in the previous session. FrieslandCampina WAMCO Nigeria Plc appreciated yesterday by N4.90 to sell at N78.00 per unit compared to the N73.10 per unit it was transacted a day earlier.

By Adedapo Adesanya Top Nigerian milk producing company, FrieslandCampina WAMCO Nigeria Plc, is proposing the payment of N4.73 as a final dividend to its shareholders for the 2021 financial year. This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities. The notice filed on Wednesday indicated that the proposed dividend comprises two tranches with a final cash dividend of N4.23 with a bonus share of 50 kobo. The payment will be subject to the approval of shareholders at the Annual General Meeting (AGM) of the company scheduled for Thursday,

By Adedapo Adesanya As part of efforts to resuscitate the Cotton Textile and Garment (CTG) sector, the National Cotton Association of Nigeria (NACOTAN) has disclosed that it will partner with the Central Bank of Nigeria (CBN) in line with directives of the Federal Government. According to President of NACOTAN, Mr Anibe Achimugu, on Friday in Abuja, the association was excited over the FG’s commitment in ensuring that the CTG sector was revitalised. He said that the contribution of the sector was significant to the growth of the Gross Domestic Product (GDP), hence, the association’s plan to introduce technology that would

By Modupe Gbadeyanka The board of May & Baker Nigeria Plc has received the regulatory approval it sought for the issuance of the N2.45 billion rights issue. The Nigeria’s first pharmaceutical company had written to the stock market regulator to raise the fresh capital for its expansion plans. May & Baker Nigeria wants to raise a total of N2.45 billion through rights issue of 980 million ordinary shares of 50 kobo each at an offer price of N2.50k per share on the basis of one new ordinary share for every one ordinary shares held as at the close of business

By Dipo Olowookere Community Development Service Group (CDS) on Thursday paid a courtesy visit to the Ibadan office of the Economic and Financial Crimes Commission (EFCC) to register their continuous support and partnership with the Commission in the war against graft and corruption. The Ibadan Zonal Head, Mr Akaninyene Ezima, who received the corps members on behalf of the Acting Chairman, Mr Ibrahim Magu, expressed delight at their involvement and commitment to the fight against corruption. He said “it is indeed gratifying to see youths like you getting involved in the quest to rescue our nation from its albatross; graft

By Adedapo Adesanya A charity organisation known as Save the Children has called on the Nigerian government to urgently assist more than 2.3 million children, including some 700,000 children under five, and youths starving in North East Nigeria. The crisis in Nigeria comes at a time when the world is facing its biggest hunger crisis of the 21st century, with an estimated 5.7 million children under five on the brink of starvation across the globe. A further 13 million children under 18 are facing extreme food shortages, the organisation said. A recent United Nations report found out that 4.4 million

By Aduragbemi Omiyale Shareholders of the Nigerian Exchange (NGX) Group Plc will receive an interim dividend of 25 Kobo for the half-year of 2023, the board has confirmed. This decision was reached at the emergency meeting of the board of the organisation on Tuesday, July 25, in Lagos, following the request from shareholders at the Annual General Meeting (AGM) held on July 14, 2023. This dividend, which is the first since the demutualisation of the Nigerian Stock Exchange (NSE), will be paid to shareholders whose names appear in the shareholders’ register as of the close of business Monday, July 31,

By Kenneth Horsfall I tell you this with a great fact Nigerians are peculiar people, Nigerians are not like every African, they are a very different breed of people. They think differently, not like every African. So, today I am going to be teaching you how to really understand the psychology of marketing when dealing with Nigerians so you can take advantage of it and sell anything to a Nigerian and he or she will buy. To begin our class, let’s define what Marketing Psychology is. What Is Marketing Psychology Marketing psychology attempts to understand the way that consumers think, feel,