Bulls Make Comeback to Stock Market With N8bn Gain

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

By Dipo Olowookere The 0.02 percent marginal growth printed by the Nigerian Stock Exchange (NSE) on Wednesday ensured that the local bourse did not return to the dungeon it struggled to get out from on Tuesday. At the midweek trading session, the gains posted by the banking (+0.21 percent) and industrial goods (+0.08 percent) sectors helped the Nigerian equities remain in the green territory. The consumer goods sector lost 0.31 percent, while the insurance sector declined by 0.23 percent, with the energy sector closing flat. However, the market may succumb to the call of the bears before the week runs

By Dipo Olowookere One of the financial institutions in Nigeria, Heritage Bank Plc, recently partnered with organizers of the International Festival of Contemporary Dance (IFCOD) to host the second edition of One Language, a musical production of intrigue, dance and drama. The lender explained that the partnership was part of its commitment to the growth and socio-economic development of Nigeria’s creative industry. The essence of the musical production is to unite humanity across the world and it was staged at the Balmoral Convention Centre, Federal Palace Hotel in Lagos over the weekend following its successful debut in Port Harcourt, the

Trading on the floor of the Nigerian Stock Exchange (NSE) on Thursday, August 11, 2016 ended on a bad note. The market capitalisation of the Nigerian equities market shed N49 billion, in spite of the 25k interim dividend announced by Zenith Bank for the half-year ended June 30. The market capitalisation lost N49 billion or 0.51 per cent, to close at N9.369 trillion, as against the N9.418 trillion recorded on Wednesday. Also, the All-Share Index which opened at 27,421.83 dropped 140.88 points or 0.51 per cent to close at 27,280.95, amid loses by some blue chips. The News Agency of

By Modupe Gbadeyanka Minister of Finance, Mrs Kemi Adeosun, has reacted to media reports claiming that the Power Purchase Agreements (PPAs) signed by Federal Government with Project Developers in the power sector has been cancelled. In a statement issued on Friday, the Minister said there was no iota of truth in the “bogus and unverified report.” She explained that the role of negotiating with Project Developers and signing PPAs is domiciled with the Nigerian Bulk Electricity Trading (NBET) Plc and not the Federal Ministry of Finance. “However, as the primary obligor of all forms of guarantees issued by all governments

By Dipo Olowookere A music star in Nigeria, Dammy Krane, has been apprehended by the police in the United States over allegation bordering on theft. The artiste was booked in Miami for offence ranging from card fraud, identity fraud (named as Johnson Hunga) and theft (armed and conspiracy). It was only some days ago Dammy Krane left the shores of Nigeria to the US. According to details of his arrest posted on Jailbase, the singer has been slammed with His bail bonds of about $17500 with other stringent conditions. Dammy Krane burst into fame some years ago and was signed

By Modupe Gbadeyanka All the range of brands of Aleph Group, including Ad Dynamo by Aleph in Nigeria, Kenya, Ghana and South Africa, would be rebranded under the Aleph name. The company said it is taking this step as part of its recently launched One Brand initiative, designed to unify its global brands and create a strong growth platform for market expansion, multi-service cross-selling, and strategic Mergers and Acquisitions. Aleph’s expertise is connecting thousands of advertisers with billions of consumers globally and creating markets for local businesses to grow through digital advertising. The Group’s multiple, largely regional brands included Httpool,

By Aduragbemi Omiyale Though the year 2020 has been very challenging, especially for those in the entertainment sector, 2021 is anticipated to better. For a talented music sensation in Nigeria, Umughare Aghogho Prosper, popularly known as Holmes, his millions of fans across the African continent should expect more good music from him. This year, Holmes was unable to have stage performances, gigs and concerts because of the COVID-19 pandemic but he is determined to continue to make his fans happy. Even in the year, the Afro-pop singer churned out hits that shook the industry, especially with his collaborations with top

By Adedapo Adesanya Sterling Bank Plc, Nigeria’s leading commercial bank, in collaboration with Clickatell, announced a unique and very personalised banking experience for existing customers and prospective account holders through the popular messaging app, WhatsApp. The bank noted that it is rolling out the innovation in collaboration with Clickatell, a global leader in mobile communications and chat commerce. This means customers can now initiate bank transfers, and airtime and bill payments, check balance and BVN enquiries, as well as statement generation directly on WhatsApp with the aid of Kiki, a new personalised financial assistant. The financial assistant also connects customers directly