Citi Trust, Two Others Improve Alternative Stock Exchange by 0.09%

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By Dipo Olowookere The Nigerian Exchange (NGX) kicked off the first trading session in the last week of the third quarter of the year on a negative note, with the key performance indices going down by 0.66 per cent on Monday. This was partly caused by the reaction of investors to the 30 Kobo interim dividend declaration of the board of Access Holdings Plc. A few days ago, its peer, UBA Plc, raised its interim dividend payment by 150 per cent to 50 Kobo and it was expected that Access Holdings would follow the same path. However, the company disappointed

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Adedapo Adesanya The International Monetary Fund (IMF) has reaffirmed its support for the removal of fuel subsidy and the exchange rate unification of the administration of President Bola Tinubu, insisting that the policies are good for Nigeria’s economy. A representative of the global lender, Mr Ari Aisen, while featuring on Channels TV on Tuesday, maintained that the two policies must remain for Nigeria to reach macroeconomic stability. “After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel, and controlling exchange rate will lead to a much better outlook for the Nigerian economy,”

By Aduragbemi Omiyale The desire to deepen financial literacy among children has made the Nigerian Exchange Group (NGX) Group Plc to expose some students to the different capital market opportunities. This was done last Thursday through a virtual X-Tour to commemorate the annual Global Money Week, with the students of Children’s International School honoured with the digital closing gong ceremony to bring trading activities on the exchange to a close at 2:30pm. The theme of the Global Money Week for 2021 was Take Care of Yourself, Take Care of Your Money with the slogan, Learn. Save. Earn. The Global Money

By Adedapo Adesanya The federal government has ordered the immediate closure of one of its colleges, the Federal Government College (FGC), Kwali located in Kwali Area Council of the Federal Capital Territory, Abuja over fears of a terror attack. This was disclosed by Mr Ben Goong, who is the Director of Press and Public Relations at the Federal Ministry of Education, in a statement on Monday in the nation’s capital. According to him, the Minister of Education, Mr Adamu Adamu, gave the directive in the early hours of July 25 in a bid to prevent any attack on the school.

By Modupe Gbadeyanka The industrialisation and agricultural development drive of the Ogun State government has been commended by the World Bank. The bank gave the commendation during a meeting with officials of the government in continuation of its assessment tour of the state, pledging to further support the Mr Ibikunle Amosun administration’s development agenda. Leader of the team, Mr Kofi Nouve, who described Ogun State as one of the leading states in terms of promoting agriculture and industrialisation in Nigeria, said that the purpose of the visit was to assess the state government’s projects and explore areas of financial and

By Adedapo Adesanya Royal Dutch Shell has confirmed that it’s already in talks with the Nigerian government for the sale of its stake in onshore oilfields in the country. This was disclosed by the Chief Executive Officer (CEO) of the Anglo-Dutch company, Mr Ben van Beurden, on Tuesday. Shell is the operator of Nigeria’s onshore oil and gas joint venture, the Shell Petroleum Development Company of Nigeria (SPDC) and has struggled for years with a number of issues. Largely, it has been faced with spills in the Niger Delta as a result of pipeline theft and sabotage as well as

By Modupe Gbadeyanka Last week, the Special Presidential Investigation Panel for Recovery of Public Property (SPIPRPP) alleged that tier-two Nigerian lender, Unity Bank Plc, owes Ministries, Departments and Agencies (MDAs) of the Federal Government of Nigeria about N7 billion. The panel had then threatened to take appropriate actions to recover the money from the financial institution. However, in a statement, the lender said the allegation by the committee was not only false, but “unfounded.” “We want to categorically state that the allegation by the Panel is false and unfounded,” the statement from the company emphasised. Unity Bank explained that in

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Association of Distributors and Transporters of Petroleum Products (ADITOP) have urged their members not to sell Premium Motor Spirit (PMS) above N165 per litre. This is coming after some members of IPMAN in Lagos urged their members to sell fuel above N180 per litre. Yesterday, the IPMAN National President, Mr Chinedu Okoronkwo, said his members earlier briefed him on why they wanted a price hike. Mr Okoronkwo said that the federal government had released enough fuel from their depot which enabled them to maintain the status quo. He

By Modupe Gbadeyanka Access Bank Plc on Wednesday, August 29, 2018, released its financial statements for the period ended June 30, 2018. In the highlights of the financial scorecard, the lender posted a 11.92 percent decline in its profit before tax, closing at N45.8 billion in the period under review against N52.1 billion in the same period of last year. However, the profit after tax was almost flat, slightly increasing by 0.00004 percent to close at N39.6 billion versus N39.5 billion. In the first half of this year, Access Bank recorded a gross earnings of N253 billion compared with N246.6

By Dipo Olowookere On Friday, April 26, 2019, FCMB Plc released its financial statements for the period ended March 31, 2019 to the Nigerian Stock Exchange (NSE). The lender posted a gross earnings of N43.9 billion in the period under consideration versus N42.2 billion in the same time of last year. Also, the interest and discount income rose to N34.5 billion from N32.7 billion, while the net interest and discount income closed at N18.6 billion against N17.8 billion after the reduction of N15.8 billion from the figure for interest expense, higher than N14.9 billion of Q1 2018. It was further