Cotton Farmers Partners CBN to Revitalise Textile Industry

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Ashemiriogwa Emmanuel President Mohammed Buhari has said that Nigeria is always ready to extend helping hands towards South Sudan on grounds of political and economic stability. The President made the assurance at a bilateral meeting with President Salva Kiir of South Sudan on Tuesday, offering the full support of Nigeria to all efforts to bring long-term stability and prosperity to the continent. According to him, there is a need for developing countries to cooperate in terms of investments in education, improved economy, and healthcare, which will definitely lead to improvement in so many areas. Speaking with the South Sudanese

By Adedapo Adesanya The first trading day of the new week at the NASD Over the Counter (OTC) Securities Exchange closed in the negative region on Monday September 30, 2019 as all major parameters pointed south. For instance, the market capitalization dropped 0.78 percent or N3.24 billion to close at N502.64 billion as against N505.88 billion it finished at the last trading session. As for the NASD Unlisted Security Index (NSI), it also declined by 0.78 percent 4.52 points to close the day at 699.63 points in contrast to 704.15 points it recorded last Friday. Also at the market yesterday,

By Aduragbemi Omiyale A lawmaker at the lower chamber of the National Assembly, Mr Ademorin Aliu Kuye, has lamented that Nigeria loses about N100 billion yearly to poor cocoa policy in the country. To address this issue, the House of Representatives member has moved a motion to review of existing laws to help reposition the nation as the largest producer of cocoa in Africa. While presenting the motion on Tuesday during plenary, he said the huge amount is lost due to the federal government’s non-commitment to find sustainable, executable solutions to problems bedevilling the sector. He informed his colleagues that

By Aduragbemi Omiyale The interim order sacking the chief executive of Seplat Energy Plc, Mr Roger Brown, has been vacated by a Federal High Court sitting in Lagos. Recall that about five shareholders of the energy company approached the court for an ex parte interim order to remove Mr Brown from office. In the petition filed by the minority investors, the Seplat CEO was accused of discriminating against Nigerian workers in the organisation. The Minister of Interior, Mr Rauf Aregbesola, was brought into the matter and had the permits of the British national revoked. In an update, Seplat said the

By Modupe Gbadeyanka Any new company intending to obtain a licence to operate as a stockbroker in the Nigerian capital market may have its request turned down by the regulator. This is because the Nigerian Stock Exchange (NSE) has stopped issuing new licences to brokers. It has instead asked newcomers into the business to either buy dormant licences or merge with an existing operator. According to Bloomberg, the stock exchange said in an emailed response that, “Interested parties have been advised to purchase existing licenses [because] the exchange stopped issuing licenses as it progresses with its intention to demutualise.” Members

By Adedapo Adesanya The crude oil market was depressed further on Thursday as investors became wary of uncertainties surrounding the environment. The market has been faced with different issues lately arising from growing inventories, coronavirus induced demand drop, and fresh rounds of disputes between the US and China. Yesterday, these factors combined to weaken the price of the Brent crude futures by 95 cents or 2.14 per cent to $43.34 per barrel. It also softened the US West Texas Intermediate (WTI) crude by 77 cents or 1.84 per cent to $41.13 per barrel. The coronavirus pandemic is causing a deepening

By Modupe Gbadeyanka Another tranche of N243 billion Paris Club Refunds has been released to states of the federation, majorly for the payment of salaries and pension. A statement from the Ministry of Finance on Tuesday explained that the payment was made to the 36 states and the Federal Capital Territory upon the approval of the President on May 4, 2017, in partial settlement of long-standing claims by state governments relating to over-deductions from their Federation Account Allocation Committee (FAAC) allocation for external debt service arising between 1995 and 2002. Minister of Finance, Mrs Kemi Adeosun, noted that the debt

By Adedapo Adesanya Transactions on the floor of the NASD Over-the-Counter (OTC) Securities Exchange closed in the bullish zone on Tuesday, September 21 after a 0.72 per cent growth driven by the positive price movements in four companies. Niger Delta Exploration and Production (NDEP) Plc led the price gainers yesterday with an appreciation of N15 or 5.6 per cent to close at N270 per share versus the previous day’s N255 per share. FrieslandCampina WAMCO Nigeria Plc was another gainer as its value increased by N2.43 or 1.9 per cent to N125 per unit from N122.57 per unit. It was followed