CSCS Drags Unlisted Securities Market Down 0.24%

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Dipo Olowookere The Central Bank of Nigeria (CBN) at the weekend announced the introduction of a special foreign exchange window for Bureau De Change (BDC) operators in the country. According to a circular issued by the apex bank and signed by its Director of Trade and Exchange Department, Mr Umar Abdullahi, the forex segment was created to ensure members of the public, who require foreign currencies to complete their transactions easily have access to them. In the circular, the central bank disclosed that it would carry out the forex sales to BDC operators on Thursdays, asking them to fund

By Adedapo Adesanya WhatsApp has announced that it is moving forward the date for the acceptance of its new terms and conditions to May 15 from February 8. When the platform announced a few days ago that it would delete accounts of users who fail to accept the new terms, it led to criticisms, causing some to migrate to other less popular but equally functional platforms such as Telegram, Signal, among others. In response to all the concerns and confusion, the app owned by Facebook said it has cancelled the February 8 deadline for users to accept these rules, thus

By Dipo Olowookere The board of NEM Insurance Plc is seeking regulatory approval for its proposed share reconstruction, a notice from the Nigerian Exchange (NGX) Plc has confirmed. Ms Lilian Dako, who signed the disclosure on behalf of the Head of Listings Regulation Department at the NGX, said the underwriting firm filed its application through its stockbroker, Apel Asset Limited. NEM Insurance intends to redenominate the nominal value of its stocks from 50 kobo to N1 and then turn every two shares of 50 kobo into one share of N1.00 each. At the moment, the total authorised shares of the

By Modupe Gbadeyanka Justice J. K. Omotosho of a Federal High Court sitting in Port Harcourt, Rivers State, has ordered the arrest and detention of three crude oil drilling rigs belonging to Oando Energy Services Limited (also known as OES Energy Services Limited). The vacation judge gave this ruling following debts of $15.4 million (about of N4.7 billion) and N14.2 million. The arrest and detention order for the three drilling rigs named OES Teamwork, OES Integrity and OES Passion came on Thursday, August 17, 2017. The court order was made consequent upon suit number FHC/PH/CS/102/2017 filed by oil and gas

By Adedapo Adesanya The federal government has expressed its readiness to partner with the Republic of Cuba in the development of biotechnology for pharmaceutical production. This was disclosed by the Minister of Science, Technology, and Innovation (STI), Mr Ogbonnaya Onu, when he received Mrs Clara Escadel, the Cuban Ambassador to Nigeria on a courtesy call in Abuja. The Minister said the development of biotechnology for pharmaceuticals would be facilitated and accelerated due to Nigeria’s youthful population. Mr Onu said that Nigerian youths, at home and abroad, had reached the peak of their careers in various technological endeavours. He added that

By Adedapo Adesanya The federal government has disclosed plans to eliminate multiple taxations in the transportation sector to reduce the cost of doing business in the country. This is according to the Permanent Secretary, Federal Ministry of Transportation, Mrs Magdalene Ajani, at a two-day conference and exhibition organised by the National Transportation Technology Conference and Exhibition (NTTCE) on Wednesday in Lagos. She said that streamlining the various taxation in the sector was necessary to enhance growth and development. The theme of the conference was Intergovernmental cooperation between federal and sub-nationals in seamless policy, regulation and tax regimes: The role of

By Dipo Olowookere All is now set for the first Riyadh International Humanitarian Forum will take place in Saudi Arabia on February 26 and 27, 2018 under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. Organized by the King Salman Humanitarian and Relief Centre (KSrelief), the forum is the first of its kind to take place in the Kingdom, building on previous global humanitarian events to address changes to the humanitarian landscape and to formulate new practical and efficient responses which reflect the changing needs on the ground. Bringing together professionals and

By Dipo Olowookere For the second time, the Lagos State government has reviewed the hours of movement restriction in the state for its residents. On Tuesday, October 20, 2020, Governor Babajide Sanwo-Olu announced a 24-hour curfew in the state after some hoodlums were using the opportunity of the #EndSARS protest to attack Lagosians and some of the demonstrators. Thereafter, he made the curfew 72-hour before announcing on Friday evening that it would be relaxed from Saturday, October 24, 2020, to 4pm – 8am. On Sunday night, the Commissioner for Information and Strategy, Mr Gbenga Omotoso, announced in a statement that