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By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Modupe Gbadeyanka A media monitoring and evaluation tool aimed to provide vital information to stakeholders in the Micro, Small and Medium Enterprises (MSMEs) in Nigeria has been introduced by P+ Measurement Services. The leading and foremost media intelligence agency partnered with a foremost player in the small business industry in Africa, MSME Africa, to launch this service, which is the first of its kind in the Nigerian media monitoring and evaluation sector. This initiative will enable small and medium-sized businesses to monitor and measure their media performance, keep track of their media exposures as well as the performance of

By Dipo Olowookere Plans are being made by the management of First Bank Nigeria Limited, the subsidiary of FBN Holdings Plc, to redeem its 8.25 percent $300 million notes raised from the international debt market before the due date in August 2020. A statement issued by the firm disclosed that that it was exercising its option to redeem the fixed rate subordinated notes held by FBN Finance Company B.V. First Bank established a track record in the market by issuing a $175 million Tier-II Eurobond in 2007, which was recalled in 2012. In August 2003, the lender issued a $300

By Adedapo Adesanya Niger Delta Exploration and Production (NDEP) Plc and FrieslandCampina WAMCO Nigeria Plc made room for the bear on Thursday, causing the NASD Over-the-Counter (OTC) Securities Exchange to decline by 0.97 per cent at the close of business. NDEP Plc made a N22.90 or 11.1 per cent decline to close at N206.00 per unit compared with N229.00 per unit is traded on Wednesday, while FrieslandCampina WAMCO Nigeria Plc recorded a N2.67 or 2.2 per cent depreciation to sell at N122.33 per share compared to N125.00 per share it traded the previous session. However, there were two price gainers

By Aduragbemi Omiyale The strong demand for international travel across regions, especially as the airline business recovers from the COVID-19 pandemic of 2020, has helped Emirates Group, one of the big players in the aviation industry, to generate about $18.3 billion in the first six months of the financial year of the firm. On Thursday, the company released its financial statements for the 2023/24 fiscal year, with earnings rising by 20 per cent from the $15.3 billion achieved a day ago. The organisation, in the period under review, illustrated its strong profitability, as net profit went up by 138 per

By Sodeinde Temidayo David President Muhammadu Buhari has been advised by the United States to look beyond military options in resolving conflicts within the country. The American government, through the United States Institute of Peace (USIP) in Washington DC, gave this advice in a discussion convened by the agency titled Peace in Nigeria, how to build it, and America’s role. The conference featured different US officials and Nigerian leaders, including other diplomats from both countries. At the symposium, the need to strengthen the responsiveness of state institutions, address grievances and perceptions, were discussed and this lead to the suggestion for

By Modupe Gbadeyanka Mr Aminu Umar-Sadiq has been appointed as the new Managing Director/Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA). President Muhammadu Buhari has approved the appointment of Mr Umar-Sadiq, a statement from Mr Yunusa Tanko Abdullahi, the Special Adviser on Media and Communications to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, confirmed on Tuesday, October 4, 2022. Also appointed are two new executive directors for the agency, Mr Kolawole Owodunni and Mrs Bisi Makoju. They are all expected to help steer and transform the investment and infrastructure industry and propel the sector

By Dipo Olowookere Social media giant, Facebook, has teamed up with its partners across Africa to provide safer internet for users on the continent. This is part of efforts to mark the Safer Internet Day (SID) under the connected theme of ‘Create, connect and share respect: A better internet starts with you.’ Facebook announced a number of partnerships across Africa with over 20 non-governmental organisations and government agencies-with the aim of raising awareness of emerging online issues and helping to explore ways to make the Internet safer for all. Launching a series of initiatives, including a specially created family-friendly animation,

By Modupe Gbadeyanka A funding package worth N5 billion has been set aside for players in the showbiz industry in Nigeria by Heritage Bank, one of the lenders in the country. The funding support is to take the creative sector to a greater height and eventually stimulate sustainable growth to the nation’s economy, especially now that it is battling to exit recession. The entertainment industry is one of the major avenues for boosting economic activities and creating massive jobs. However, the coronavirus disease pandemic has dealt a huge blow on the sector in 2020. But Heritage Bank is coming to