CBN 11% Inflation Target in 2017 “Largely Optimistic”—Report

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

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  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

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 Adedapo Adesanya On Friday, the unlisted securities market in Nigeria grew by 0.18 per cent after the Central Securities Clearing Systems (CSCS) Plc prevented what could have been a fifth consecutive loss at the market. The Nigerian securities depository company put an end to the reigns of the bears at the NASD Over-the-Counter (OTC) Securities Exchange when its value rose marginally by one kobo or 0.06 per cent to finish at N18 per unit compared to the previous session’s N17.99 per unit. This expanded the bourse’s market capitalisation by N950 million to N530.40 billion from N529.45 billion and raised

By Dipo Olowookere Mr Adim Jibunoh has been announced as President/CEO of Transcorp Plc with effect from June 1, 2017, by the boards of Directors of the company. This followed the approval of the retirement of Mr Emmanuel Nnorom, by the board of Transcorp Plc. In a statement to the Nigerian Stock Exchange (NSE) yesterday, Transcorp said Mr Nnorom will, however, remain as a Non-Executive Director on the board of the firm. The new President/CEO of Transcorp is the Group Business Development Director at Heirs Holdings Limited overseeing the non-financial services sector in the group. He is a First-Class graduate

By Dipo Olowookere In order to incorporate efficiencies around operations and financing efforts, Sterling Bank Plc has said it is restructuring its business towards a holding structure. In a notice to the Nigerian Stock Exchange (NSE) on Monday, the lender said this new structure will allow it to begin its non-interest banking, which is also referred to as Islamic banking. Already, the financial institution has obtained approval in principle of the Central Bank of Nigeria (CBN) to operate as a holding company. The bank said under the new strategy, its non-interest bank and other non-core businesses will yield better results,

By Dipo Olowookere Five new startups, comprising one Nigerian and four South African, have been accepted into the Venture Scale programme, which is an initiative of Founders Factory Africa (FFA); backed by Standard Bank and Netcare as corporate investors. The five startups were formally inducted into the Venture Scale programme on Monday, February 3, 2020. All five startups have developed product offerings targeted at the FinTech or HealthTech sectors; and are set for an aggressive growth strategy, aided by the technical and operational expertise offered at FFA. The Venture Scale programme at FFA affords African startups the opportunity of rapid

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

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By Aduragbemi Omiyale A new reality TV show called The Rush has been introduced by Pop Central to excite and keep viewers glued to their screens, according to the organisers. A statement from the media outfit explained that The Rush is designed to be both exciting and intensive as it will have dedicated task segments, contestants in-residence segment, diary room segment, host driver, and voice over to drive the story. Contestants will vote to eliminate each other weekly, while the viewers will vote to keep their favourites in and will also be able to earn immunity through various tasks during

By Modupe Gbadeyanka Tomorrow, Tuesday, March 5, 2019, shareholders of Access Bank and Diamond Bank will gather at two separate venues to deliberate on the proposed merger between both financial institutions. While shareholders of Access Bank will meet at the Balmoral Convention Centre, Federal Palace Hotel, Victoria Island, Lagos, those of Diamond Bank will converge few kilometres away at Grand Banquet Hall, Civic Centre, Victoria Island, Lagos. The main purpose of the Extraordinary General Meetings (EGMs) is to give their respective boards the authority to make the banks a corporate entity. Business Post reports that Diamond Bank will first hold