CSCS Takes NASD OTC Exchange Back to Positive Terrain by 0.19%

By Aduragbemi Omiyale The value of unsold finished products in the inventory of Nigerian manufacturers in the first half of 2023 increased by 44/9 per cent on a year-to-date basis to N272 billion from N187 billion in the same period of 2022. This information was contained in the report released by the Manufacturers Association of Nigeria (MAN) on Tuesday. According to Punch, the document also revealed that in the period under review, the manufacturing sector laid off 3,567 workers due to the harsh business environment triggered by high inflation, the foreign exchange (FX) crisis, and fuel subsidy removal. “This increase

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

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 Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Modupe Gbadeyanka The 10-year legal battle between First City Monument Bank (FCMB) Plc and Valueline Securities and Investments  (VSI) Limited has been finally settled by the Investments and Securities Tribunal (IST). In 2008, VSI Ltd, a stockbroking firm in the Nigerian capital market, bought shares worth N2.5 billion during the initial public offering of Finbank, which FCMB later acquired in 2012, but unfortunately, the shares were not allotted to the company and the money not refunded by the defunct Finbank. Angered by this, the stockbroker petitioned the Securities and Exchange Commission (SEC) to force a refund. The apex capital market

By Dipo Olowookere The African Women in Agricultural Research and Development (AWARD) project on April 5, 2017, launched its 2017 round of Gender in Agribusiness Investments in Africa (GAIA) competition. The project is with support from the United States Agency for International Development (USAID) and the U.S. government’s Feed the Future Initiative. The competition entailed a rigorous selection process that saw over 200 applications, selected winners from 18 countries gathered in Accra to strengthen their business skills and pitch ideas to investors. From April 3-4, a group of 31 agribusiness entrepreneurs from across West and North Africa participated in an

By Modupe Gbadeyanka Leading capital management firm in Nigeria, Zedcrest Capital Group, has announced the appointments of Mr Babatunde Sanda and Ms Stella Duru to its Board of Directors, with immediate effect as part of its corporate governance strategy and business expansion drive. According to the company’s Group Managing Director, Mr Adedayo Amzat, the organisation is charting a new growth strategy targeted primarily at the retail opportunities in the market with the aim of creating more wealth for its clients. “After operating in the market for over five years, the time has come to deepen our market penetration. Our Fixed

By Dipo Olowookere The arrest of Publisher of Sahara Reporters, Mr Omoyele Sowore, in the wee hours of Saturday, August 3, 2019 by operatives of the Department of State Services (DSS) has continued to generate mixed reactions in the country. One of the latest prominent Nigerians to comment on the matter is a human rights activist and President of Centre for Change (CD), Mrs Joe Odumakin. In a statement issued on Saturday, Mrs Odumakin condemned the arrest of Mr Sowore, a former presidential candidate of African Action Congress (AAC) in the 2019 general elections, by men of the DSS ahead

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange finished in the bullish zone on Wednesday, August 17 as a positive price movement from a company lifted the bourse by 0.04 per cent. Nipco Plc was the sole gainer and price mover and it closed the session higher by N2 to settle at N60.00 per share compared with the previous day’s value of N58.00 per share. This increased the market capitalisation of the bourse by N370 million to wrap the day at N996.72 billion in contrast to Tuesday’s value of N996.35 billion. Following the same trend, the session ended with

By Dipo Olowookere The prices of Premium Motor Spirit (PMS), also known as petrol, and Liquefied Petroleum Gas (LPG), also known as cooking gas, nationwide have dropped. This followed the sustained strategic intervention of the Nigerian National Petroleum Corporation (NNPC) in the efficient supply and distribution petroleum products across the country. A national survey by Oil and Gas Forum, NNPC’s weekly TV programme, indicated that in the last few weeks, the price of petrol has fallen steadily from N145 per litre to between N142 and N143 per litre in some stations across the country. The study showed that NNPC Mega

By Dipo Olowookere A company based in Lagos believed to be owned by a former governor of the state, Mr Bola Tinubu, Alpha Beta, has been accused of accused of being used as a conduit pipe for massive money laundering scheme, tax evasion, among other vices. A former Managing Director/CEO of the consultancy firm, Mr Dapo Apara, said he has petitioned the Economic and Financial Crimes Commission (EFCC), but wondered why the agency has failed to act fast as expected. Mr Apara said his life has also been threatened as a result of his action. Mr Tinubu is the national

By Adedapo Adesanya As part of its expansion plans, Nigerian health tech startup, Helium Health, has announced the acquisition of Meddy, a doctor booking platform in Qatar. With this deal, Meddy’s CEO, Mr Haris Aghadi, and the COO, Mr Abed Alkarim Khattab, will join Helium Health’s leadership team and the Qatar business would now be known as Helium Doc. This has been regarded as a rare partnership between West African startups and Middle Eastern startups. However, Mr Adegoke Olubusi, Helium Health’s CEO, revealed that the cultural similarity of the two teams was key in the transaction. “Beyond the actual product