Blue-Chip Stocks Lift Equities Market to N69b Gain

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya The unlisted securities market crashed by 0.99 per cent on Tuesday after the share prices of UBN Property Plc and FrieslandCampina WAMCO Nigeria Plc closed lower. Business Post reports that the sell-off witnessed at the NASD Over-the-Counter (OTC) Securities Exchange yesterday weakened its value by N9.39 billion to N935.79 billion from the N945.18 billion it closed in the preceding session. Also, the session ended with the NASD Unlisted Securities Index (NSI) decreasing by 7.15 points to wrap up at 712.16 points compared with 719.31 points recorded in the previous session. During the trading day, FrieslandCampina Wamco Nigeria

By Adedapo Adesanya Nigeria has ranked 34 in the index of emerging markets in digital readiness, according to the 2022 Agility Emerging Markets Logistics Index, a ranking of the world’s 50 leading emerging markets. The digital readiness of emerging markets index showed that leading African economies that have struggled to improve their infrastructure, business conditions and overall competitiveness are generally performing better against other emerging markets in areas that measure their digital skills and sustainability. The index, now in its 13th year, surveys 756 supply chain industry professionals and ranks countries for overall competitiveness based on their logistics strengths, business

By Dipo Olowookere On Friday, Flour Mills of Nigeria Plc released its audited financial statements for the full year ended March 31, 2019. In the results briefly analysed by Business Post, the harsh operating environment and the challenging logistics situation ctreated by the Apapa gridlocl in Lagos continued to weigh on the firm. This was evident in the revenue generated by Flour Mills, which went down to N527.4 billion from N542.7 billion. The traffic issue raised the cost of sales of the firm to N474.1 billion from N473.9 billion, while the selling and distribution expenses jumped to N8.2 billion from

By Dipo Olowookere Operations of Etisalat Nigeria have been taken by a consortium of banks led by Access Bank Plc over $1.72 billion loan (about N541 billion) the telecom company collected for expansion few years ago. In recent times, the fourth largest GSM service provider in Nigeria had been in discussions with the lenders on how to renegotiate a repayment of the loans it collected from the banks. It was gathered that talks by Chairman of the firm, Mr Hakeem Bello-Osagie, to reach agreement with the banks on the debt restructuring plan failed. Mr Bello-Osagie is the promoter of Emerging

By Dipo Olowookere Some contractors in Enugu State have been accused of working in collaboration with politicians in the South Eastern state to drag the state backwards. A group known as the Enugu Youth Coalition, in a statement, said it has on good authority that these conspirators are working to sabotage the government of Mr Ifeanyi Ugwuanyi, who is the Governor of the state. In the statement, the coalition said the contractors and some high-profile politicians have a clandestine plot to influence unfavourable opinions against the government. The group said politicians have connived with these contractors to execute unsatisfactory projects

By Adedapo Adesanya The African Development Bank (AfDB) Group has announced the debarment of Burmeister & Wain Scandinavian Contractor for a period of 21 months, for engaging in sanctionable practices in a power generation project financed by the Bank in Mauritius. In a statement released on Monday, June 8, the Abidjan-based regional bank noted that in 2014 and 2015, Burmeister & Wain participated in tenders for the redevelopment of the Saint Louis power plant in Mauritius, a project financed by the bank. Following an investigation conducted by the bank’s Office of Integrity and Anti-Corruption, it concluded that it is more

By Adedapo Adesanya  The NASD Over-the-Counter (OTC) Securities Exchange closed 0.04 per cent in the negative territory on Tuesday, November 21, with the share price of UBN Property Plc going down by 4 Kobo to sell at N1.50 per unit compared with the previous session’s N1.54 per unit, and Industrial and General Insurance (IGI) Plc lost 2 Kobo to close at 25 Kobo per unit, in contrast to Monday’s closing price of 27 Kobo per unit. As a result, the total value of the unlisted securities market depleted by N510 million to remain relatively flat at N1.147 trillion, as the

By Adedapo Adesanya The Naira depreciated against the Dollar at the different segments of the foreign exchange (FX) market on the first trading session after the Christmas break on Wednesday, December 28. The forex market came under pressure as customers were looking for Dollars to complete their business transactions and this weakened the value of the domestic currency at the Peer-to-Peer (P2P), the black market and the Investors and Exporters (I&E) windows of the forex market. In the P2P market, the local currency fell by N22 to sell at N778/$1 compared to the preceding day’s value of N756/$1, and in