CBN Auctions Additional $418m at N310/$

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange continued its weekly positive run as it extended its gains by 0.41 per cent in the 38th week of trading in this year. The bullish posture was supported by the improvements in the share prices of six companies admitted to the alternative stock exchange in Nigeria. This increased the NASD Unlisted Securities Index (NSI) by  2.30 points from 805.65 points in the previous week to 808.95 points, as the market capitalisation of the bourse was relatively unchanged on a week-on-week at N1.140 trillion. Food Concepts Plc led the price gainers’ after

By Precious Olisa This news may not be palatable to developers and Nigerians planning to start a building project, as the Cement Producers Association of Nigeria has warned that the price of a 50kg bag of cement may start selling for N9,000 when the dry season begins in November. At the moment, the product is sold at over N5,000. In a statement jointly signed on Sunday by the National Chairman of the group, Mr David Iweta, and its National Secretary, Mr Ufomba, the manufacturers said the rise in the price of cement would be caused by the decision of the

By Adedapo Adesanya A 0.54 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, September 25, after the duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc witnessed improvements in the share prices. The milk producer gained N1.39 during the session to end at N73.59 per unit compared with last Friday’s value of N72.20 per unit, while the Nigerian depository company grew by 70 Kobo to sell at N18.20 per share versus N17.50 per share. At the close of transactions, the total value of the unlisted securities market jumped by N6.21

By Dipo Olowookere A new study has disclosed that housing microfinance can and should become a mainstream offering for financial institutions in Sub-Saharan Africa as they respond to growing housing needs in the region, particularly from poor people. The study from Habitat for Humanity released on Thursday entitled ‘Building the Business Case for Housing Microfinance in Sub-Saharan Africa’ argued that housing microfinance, small non-mortgage backed loans for short terms, can become a mainstream offering in the market to address growing housing needs in the region, incremental building patterns, and the land tenure realities of low-income households. The research builds on

By Modupe Gbadeyanka The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Wabote, has been asked to remain in office following his impressive performance since he was appointed a few years ago. A statement issued on Friday by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, said Mr Wabote was asked to retain the position following the recommendation by the Minister of State Petroleum Resources, Mr Timipre Sylva, to President Muhammadu Buhari. The presidency said the Minister informed Mr Buhari of how the local content agency has contributed to the

Real estate valuation is the process of making a report which contains information about the present monetary value of a landed-property, the size of the building and the structure on it, the general and technical details, the physical status (especially if there are structural flaws) and the cost of properties with similar attributes in the same area. The position of a real estate property remains the same in every part of the world – An Asset with fluctuating value. Since assets rarely have a fixed value, the burden lies on the holder of the asset to constantly be abreast with

By Adedapo Adesanya The key performance indicators of the NASD Over-the-Counter (OTC) Securities Exchange remained intact at the close of transactions on Tuesday, November 22. Business Post reports that this happened as there was no price gainer or loser at the second session of the week, though the activity chart ended in the red territory. The market capitalisation of the alternative securities exchange closed at N935.46 billion, while the NASD Unlisted Securities Index (NSI) closed at 711.91 basis points. But investors traded a total of 32,050 units of securities during the session, in contrast to the 116,264 units of securities

By Dipo Olowookere The Nigerian Senate on Thursday confirmed the appointment of two deputy governors of the Central Bank of Nigeria (CBN). The two deputy governors, Mrs Aisha Ahmad and Mr Edward Lametek Adamu, were screened by the upper parliament after they were nominated for the positions last year by President Muhammadu Buhari and sent to the Senate for confirmation. But the exercise was delayed by the parliament due to a disagreement with the executive on the acting chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, who the lawmakers demanded for his removal. The Senate said

By Adedapo Adesanya Nigerian startup, Grey, has raised $2 million in seed funding to enable its customers to have virtual international bank accounts for free and enjoy a seamless foreign payment process. Grey’s seed funding round included participation from Y Combinator, Soma Capital, Heirloom Fund, True Culture Fund, angel investors including Mr Alan Rutledge, Mr Samvit Ramadurgam, Mr Karthik Ramakrishnan, and other high-profile investors. On Grey, users can create a foreign US Dollar, Great Britain Pounds, and Euro bank account for free, send money to the UK and Europe, and receive payments from over 88 countries. The company also offers

By Jerome-Mario Chijioke Utomi As the nation Nigeria stands at the exit door of President Muhammadu Buhari-led federal government and gazes at the May 29 inauguration date of incoming administrations at both state and federal government levels, it is important to underline that the protracted leadership crisis witnessed at both state and federal levels occurred not because the democracy and federal systems we practice are on their own bad or unable to provide the needed solution to the nation’s array of political and economic needs, but because too many politicians and public office holders exercised power and responsibility not as

By Dipo Olowookere A provider of imaging technologies and services, Canon Central and North Africa (CCNA), will be hosting a fundraising event on September 28, 2018 in Dubai, United Arab Emirates (UAE), in partnership with Dubai Cares. The Canon Day of Giving fundraising event will be hosted as a fun and entertaining carnival with the goal of raising AED 250,000 to support two educational programmes, one in Africa and a second in the Middle East. Managing Director of Canon Central and North Africa, Mr Roman Troedhandl, stated that, “Access to education in Africa has many challenges, and today sub-Saharan Africa