BREAKING: Buhari Writes National Assembly to Borrow $5.9b

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Aduragbemi Omiyale A workshop designed to educate investors, especially those in the retail end of the curve, on how they can improve corporate governance has been organised by the Nigerian Exchange Regulation (NGX RegCo) Limited. The two-day event, which took place on Thursday, November 23, and Friday, November 24, 2023, was themed Rights and Responsibilities of Shareholders in Driving Corporate Governance. According to the NGX RegCo, the seminar was designed to promote a transparent and fair market, with participants agreeing that all hands must be on deck to sanitize the market and bring the boards and management of listed

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Aduragbemi Omiyale The physical trading floor of the Nigerian Exchange (NGX) Limited reopened for stock transactions on Monday, November 7, 2022, after more than two years. The trading floor was closed for the buying and selling of stocks in 2020 in the wake of the COVID-19 pandemic. In March 2022, President Muhammadu Buhari announced a nationwide lockdown to curtail the spread of the deadly virus. This forced the management of the exchange to lock its doors and switch to a remote trading floor. Though the restriction on movements was removed, the bourse continued its remote trading. Today, the physical

By Modupe Gbadeyanka The poor performance of the Nigerian Naira against major foreign currencies at the forex market continued on Thursday. The local currency further depreciated at the black market yesterday, going down by N2 against both the Dollar and Pound Sterling. However, it traded flat against the Euro at the same segment of the forex market on Thursday. Business Post reports that the Naira was sold for N364 to a Dollar at the parallel market yesterday in contrast to N363 it went for the previous, while it was exchanged for N483 to the Pound against N482 it was traded

By Modupe Gbadeyanka Last week, selloffs on stocks across the banking and industrial goods sectors lowered the domestic stock market marginally by 0.09 percent, stretching the year-to-date loss to 11.95 percent. This bearish sentiment in the market occurred despite the gains posted by some large cap stocks, though the market breadth finished negative at 0.54x with 22 price gainers versus 41 price losers. This week, things are expected to change as companies prepare for the release of their third quarter earnings from the middle of next month, which is just less than 12 hours away. Business Post reports that the

By Dipo Olowookere The financial inclusion space in Nigeria is getting more interesting and widened with the granting of a super agent licence to Airtel Africa Plc by the Central Bank of Nigeria (CBN). Airtel Africa, which is listed on the Nigerian Exchange (NGX) Limited, secured this latest approval from the nation’s banking industry regulator through its subsidiary, Airtel Mobile Commerce Nigeria Limited. The firm disclosed in a notice to the exchange on Monday that the authorisation is in principle as it awaits the final approval when it satisfies “certain standard conditions.” Recall that nearly two weeks ago, Airtel Africa

By Dipo Olowookere The trading symbol of The Initiates Plc has been changed by the Nigerian Exchange (NGX), a notice has confirmed. The symbol was modified to TIP from INITSPLC, the disclosure stated. The firm is a professional waste management company based in Port Harcourt, Rivers State, delivering waste management, industrial cleaning and decontamination services to both private and public sectors. “Trading license holders and the investing public are hereby notified that the change of trading symbol of The Initiates Plc from INITSPLC to TIP has been implemented by the NGX,” the statement disclosed. Business Post reports that shares of

By Dipo Olowookere The training school of United Bank for Africa (UBA) Plc has been accredited by the Chartered Institute of Bankers of Nigeria (CIBN). Last Thursday, the institute certified and awarded UBA Academy the certificate of accreditation in line with the Central Bank of Nigeria (CBN)’s Competency Framework for the banking industry. This is in recognition of its high standard, quality of human resources development, training and capacity building. President/Chairman of CIBN, Mr Uche Olowu, explained at a ceremony in Lagos that UBA Academy was conferred with the new status having met the rigorous standards set for the delivery

By Modupe Gbadeyanka Federal Government of Nigeria (FGN) Savings Bond worth N856.48 million has been listed on the trading floor of the Nigerian Stock Exchange (NSE) as at June 8, 2018. Last year, the Debt Management Office (DMO), on behalf of the Federal Government of Nigeria, launched a new retail investment programme. The FGN Savings Bond to help enhance the savings culture among Nigerians while providing all citizens irrespective of income level, an opportunity to contribute to National Development; as well as the comparatively favourable returns available in the capital market. It was gathered that on January 8, 2018, the

By Dipo Olowookere Governor Akinwunmi Ambode of Lagos State has stressed that he will not bow to pressure from his political godfather’s camp to step down for his anointed candidate for the governorship primaries slated for Monday, October 1, 2018. Former governor of the state, Mr Bola Tinubu, who is regarded as the political godfather of Lagos State, had reportedly backed Mr Babajide Sanwo-Olu to replace Mr Ambode in 2019. But at a world press conference held in Alausa, Ikeja on Sunday, September 30, 2018, the Governor said he will not step down for Mr Sanwo-Olu. Mr Ambode said he