Banking Stocks Weaken Domestic Market by 0.15%

By Dipo Olowookere The House of Representatives Committee on Customs and Excise chaired by Mr Leke Abejide, has promised to ensure that all customs duties and levies collected by the Nigeria Customs Service (NCS) are accounted for and remitted to the nation’s purse. He gave this assurance during the inaugural meeting of the panel on Wednesday in Abuja, using the occasion to roll out the seven-point agenda of his group. The lawmaker, who contested in the recently-concluded governorship election in Kogi State under the African Democratic Party (ADC), listed the key focus of the team as oversight of the Nigeria

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

Governor of Imo State, Mr Emeka Ihedioha, has explained why his administration embarked on the ongoing Pensions Verification Exercise. Mr Ihedioha, while delivering his goodwill message at the Third Quarter Consultative Forum for States and the Federal Capital Territory held in Owerri, the state capital, noted that the exercise was mainly to obtain an accurate database of pensioners in Imo State. Represented by his deputy, Mr Gerald Irona, the Governor reiterated the commitment of his administration to payment of pensions in the state, pledging to entrench transparency and accountability in governance. He commended the National Pensions Commission for organizing the

In the wake of its early-March ICO, Stepn’s Green Metaverse Token (GMT) has appreciated steadily, punctuated by three significant spikes in April. What can the resilient performance of this new coin tell us about the prospects for other cryptocurrencies looking to launch in the near future? GMT is the governance token in Stepn’s metaverse and complements its move-to-earn Green Satoshi Token (GST). Its value has been supported by a shift by some consumers who have chosen to move away from play-to-earn gaming and toward the nascent move-to-earn model, which rewards physical activity. While GST’s downside risk is mitigated by its

By Modupe Gbadeyanka A subsidiary of Aleph Group, Ad Dynamo by Aleph, has announced the appointment of Mr Carl Jordan as its Regional Sales Director. He will be in charge of Ad Dynamo by Aleph’s business strategy for Sub-Saharan Africa’s (SSA) region and will bring a wealth of experience to his new position, having worked at the intersection of media and technology for over two decades. The key focus for Mr Jordan is to grow partner representation, including territory footprint and, by extension, revenues through platform acquisition and representation, country launches, and advertiser and agency engagements. According to PWC’s Insights

By Adedapo Adesanya NASD Over the Counter (OTC) Securities Exchange closed on Tuesday, October 15, 2019 with both the NASD Security Index (NSI) and market capitalization remaining flat. This means that market capitalization saw no movement as it remained unchanged N512.37 billion on Tuesday from what was recorded last Friday and after Monday’s transactions. Also, the NASD Security Index (NSI) remained flat as it neither appreciated nor depreciated from percentage points that was previously quoted at 713.17 points. Notwithstanding this, the activity level, which measures the total volume and value of trades alongside number of deals executed rose at the

By Dipo Olowookere A research analyst at Renaissance Capital, Mr Adedayo Ayeni, has predicted that Earnings Per Share (diluted for the additional 1.9 billion shares issued in recent capital call) of Unilever Nigeria Plc is expected to grow by 94.7 percent year-on-year to N1.58k in the 2017 financial year. Traders in the stock market are expected the company to release its 2017 financial statements soon and Mr Ayeni anticipates the company to record sales growth of 35.7 percent y-o-y and net profit growth of 112.6 percent y-o-y. Recall that Unilever Nigeria carried out rights issue and Mr Ayeni believes that

By Dipo Olowookere About 50BScf of gas has been delivered to the Bonny NLNG by the Niger Delta Petroleum Resources Ltd (NDPR), a fully owned subsidiary of Niger Delta Exploration & Production Plc (NDEP). This milestone was attained on Saturday, September 23, 2017, and it is part of a long journey which began in 2008, when the decision to invest in the Ogbele Gas Plant was made. This process saw NDPR invest heavily in requisite gas infrastructure in the Ogbele Marginal Field, with the installation of a Gas Processing Plant; Gas Metering System; 12” x 20km Gas Pipeline and Telecommunication

By Dipo Olowookere Visa has announced a minority investment in BillDesk, a leading platform for online payments and bill payments in India. Visa’s investment and collaboration will help BillDesk develop new product lines for its payments and loyalty businesses and also expand its footprint into other geographies. The investment will be subject to necessary statutory approvals and is expected to have no direct bearing on Visa’s existing Indian business. “As a leading payments player in India, BillDesk has been a long time business partner to Visa. Having worked with BillDesk’s founders over the years, the Visa leadership has been consistently

By Dipo Olowookere Nigeria’s Acting President, Mr Yemi Osinbajo, has disclosed that President Muhammadu Buhari will return to Nigeria very soon. He made this known on Monday while answering questions from State House Correspondents in Abuja. When asked why it has become difficult for Nigerians to know the true health status of their President, Mr Osinbajo said that would be made known by Mr Buhari. According to him, the President is undergoing a series of tests and until when his doctors release the test results to him, it would be premature for him to say what his true health status