CSCS, FrieslandCampina Weaken NASD OTC Market by 1.02%

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

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 Modupe Gbadeyanka Heritage Bank has reacted to news report that one Mr Robert Mbonu, linked with the alleged diversion of funds from the London and Paris Club refund, was once a Managing Director of the financial institution. In a statement made available to Business Post on Tuesday night in Lagos, Heritage Bank stressed that Mr Mbonu was at no time its Managing Director. It noted in the statement that he was only an Executive Director of Heritage Bank, who “amicably resigned from the bank in 2015 to pursue other endeavours.” “We wish to make it clear that Heritage Bank

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) on Monday released the modalities for the implementation of an intervention facility worth N250 billion for the National Gas Expansion Programme (NGEP). In order to make Compressed Natural Gas (CNG) the fuel of choice for transportation and Liquefied Petroleum Gas (LPG) the fuel of choice for domestic cooking, captive power and small industrial complexes, the government introduced the NGEP. Under the NGEP, the CBN is providing N250 billion loan to help stimulate investment in the gas value chain. According to the apex bank, large-scale projects under the intervention will be financed

By Dipo Olowookere A total turnover of 3.628 billion shares worth N34.886 billion in 19,834 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 1.272 billion shares valued at N13.993 billion that exchanged hands last week in 19,385 deals. The Financial Services Industry (measured by volume) led the activity chart with 3.393 billion shares valued at N28.711 billion traded in 11,237 deals; thus contributing 93.55 percent and 82.30 percent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 79.473 million shares worth N3.418 billion

By Modupe Gbadeyanka The sum of N147.8 billion has been proposed for the 2018 fiscal year by the Kogi State Governor, Mr Yahaya Bello. Mr Bello said the budget package for year 2018 was about N44.4 billion less than the 2017 revised approved budget of N185 billion. The Governor, while presenting the 2018 Appropriation Bill to the Kogi State House of Assembly on Thursday, said the next year’s budget comprised a Recurrent Expenditure of N63.8 billion representing 43.18 percent and Capital expenditure of N83.9 billion representing 56.82 percent of the total budget. Tagged the ‘Budget of Sustainable Growth,’ Mr Bello

By Dipo Olowookere An INTERPOL-led border security operation across West Africa has resulted in the arrest of human traffickers, migrant smugglers and the seizure of drugs, stolen vehicles, cash and counterfeit goods. During the eight-day Operation Adwenpa II, more than 100 frontline officers used INTERPOL global policing capabilities to identify criminals, victims and illicit goods at 28 key border control points across 14 countries. With several of the involved countries part of key people smuggling routes to Europe, at the Kourémalé checkpoint on the Mali/Guinea border, seven Guinean nationals were arrested on suspicion of facilitating the illegal immigration of seven

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) has listed by introduction, N6,295,000,000 series 1, seven-year, 18.50 per cent fixed rate bond due in 2023 under the N50 billion Wema Funding SPV Plc debt issuance programme. Commenting on the listing, Chief Executive Officer of NSE, Mr Oscar Onyema, noted that, “We are pleased to list the Wema Fund SPV PLC bond, a further affirmation of our unique platform to help businesses access capital. Despite the challenging macro environment, this bold step by Wema Bank is indeed commendable as only businesses that continue to execute on their strategy will be at

By Modupe Gbadeyanka The Group Managing Director/Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, has been asked to resign from office. This call was made by the Conference of Nigeria Political Parties (CNPP) in a statement made available to Business Post on Thursday. The group said for admitting that adulterated Premium Motor Spirit (PMS) from Belgium got into the country undetected and passed the country’s standard specifications with quality inspectors failing to detect the high level of Methanol it contained, first at the point of import in Belgium and at the point of arrival

By Adedapo Adesanya A gas explosion that rocked the Baruwa community in the Alimosho Local Government Area of Lagos State in the early hours of Thursday has so far claimed the lives of eight persons. The explosion, which reportedly emanated from a gas outlet known as Best Roof Cooking Gas, occurred around 5.45 am today. Giving details, the Director-General, Lagos State Emergency Management Agency (LASEMA), Mr Olufemi Oke-Osanyintolu, said the agency’s emergency response unit had been deployed in the area, adding that the explosion razed houses, shops and a primary school. He said, “The explosion occurred and the agency activated