Buying Interest in Transcorp, Zenith Bank, Others Leave NGX Higher by 0.08%

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

By Modupe Gbadeyanka The Banks and Other Financial Institutions (BOFI) Act 2020 has been signed into law by President Muhammadu Buhari, the presidency has announced. The Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, in a statement on Friday, disclosed that the act was assented to by Mr Buhari on Thursday, November 12, 2020. The significance of the piece of legislation is that it updates the enabling law in response to developments and significant evolution in the financial sector over the last two decades. It will increase the appetite of banks and other financial institutions

By Adedapo Adesanya The co-founder and CEO of Drugstoc, Mr Chibuzo Opara, has been crowned winner of the Central and Eastern Europe, Middle East, and Africa (CEMEA) edition of the Visa Everywhere Initiative (VEI), a global open innovation program and competition for start-ups and fintech companies. The helmsman of the startup that leverages technology, supply chain management, financial solutions, and product knowledge to enhance access to healthcare in emerging markets will take home the $20,000 prize. Mr Opara will now compete against the other regional champions from North America, Latin America, Europe, and Asia-Pacific at the VEI Global Finals, which

By Modupe Gbadeyanka DHL Express, the world’s leading international express services provider, has published research highlighting the significant growth opportunity for retailers and manufacturers with an international online product offering. The report – The 21st Century Spice Trade: A Guide to the Cross-Border E-Commerce Opportunity – looks in detail at the markets and products that offer the highest growth potential, the motivations and preferences of customers making international online purchases and the success factors for online retailers that wish to expand overseas. It focuses in particular on the opportunity for premium products and service offerings, with higher basket values accounting

By Modupe Gbadeyanka Over 2,000 trucks worth $150 million have been acquired by Dangote Cement Plc to aid the smooth distribution of its products across Nigeria. The heavy-duty vehicles trucks purchased by the leading cement maker included trailers, bulk tankers, tippers, cargo trucks and bulk cement tankers. Dangote Cement is optimistic that these assets would address challenges related to the ease of distribution and availability of cement across the country, especially among its value-chain service providers and create employment of over 4,000 people in the country. In addition, the newly acquired trucks are expected to improve the efficiency and effectiveness

By Modupe Gbadeyanka The Nigerian edition of “Big Brother” has the same mix of larger-than-life narcissists, banality and backstabbing found in every other version of the reality-television show. But an extra dose of controversy was added to the fall-outs and flirtations when Nigerians discovered that their programme, in which contestants are locked in a house and filmed 24/7, was being made in South Africa. On January 24th the country’s information minister, Lai Mohammed, opened an investigation into “the issue of possible deceit”, urging those who had “bombarded” his office with complaints to stay calm. MultiChoice, the production company behind “Big

By Aduragbemi Omiyale Small business owners have been advised to explore the many opportunities in the capital market to expand their business operations. The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, stated that entrepreneurs in small and medium enterprises (SMEs) could get cheaper funds from the market in different ways. “The capital market is available to provide funding to businesses. With crowdfunding, a small business can raise money based on certain principles as the SEC has approved this to happen for a certain number of investors and a certain amount at a time,” the DG said

In recent years, cryptocurrency adoption has significantly increased, disrupting established banking institutions and influencing society. This stemmed from the decentralized feature of cryptocurrency that made it a viable tool or wealth creation. People can make money from cryptocurrency through various means in Nigeria. Notable of which is crypto trading, where you can convert cryptocurrencies like Bitcoin to naira at a wide profit margin. In the foregoing, this article highlights the various ways in which cryptocurrency adoption is transforming society and empowering individuals all across the world. What Is Cryptocurrency Adoption? Cryptocurrency adoption is the process through which cryptocurrencies are widely

By Modupe Gbadeyanka The federal government has been directed to pay the sum of N1.56 billion accrued to a local oil company, Obat Oil Petroleum Limited, as subsidy for importing petroleum products into the country, to Sterling Bank Plc. This directive was given by Justice Nicholas Oweibo of the Federal High Court in Lagos, who said the amount should be paid to the bank through the Federal Ministry of Finance and Debt Management Office (DMO). Justice Oweibo gave this order while ruling in a mareva order application to preserve the monies and other financial instruments as subsidy payment, due to