Dangote Cement Restrategises to Address 41% Drop in Export

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.18 per cent gain to open the week in positive territory on Monday, December 4, with the unlisted security index rising by 1.59 points to end the day at 862.40 points compared with last Friday’s closing value of 860.81 points. The improvement recorded by the bourse yesterday raised the value of the unlisted stock exchange by N2.5 billion to close at N1.169 trillion, in contrast to the preceding session’s N1.166 trillion. The gain posted by the bourse was driven by the N13.70 added to the share price of 11

By Dipo Olowookere It was a brief trading week as market opened for three days inobservance of the public holidays (Monday, December 25 and Tuesday, December 26, 2017) as declared by the Federal Government of Nigeria. During the week, a total turnover of 1.310 billion shares worth N12.635 billion in 9,016 deals were traded by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 2.243 billion shares valued at N139.789 billion that exchanged hands the previous week in 18,466 deals. The Financial Services Industry (measured by volume) led the activity chart with 886.327

By Modupe Gbadeyanka A funding support of about $700 million has been secured by Nigerian National Petroleum Corporation (NNPC) for the development of the Anyalu and Madu fields in the Niger Delta under Oil Mining Licence, OML 83 and OML 85, offshore Nigeria. This is expected to help plans by the state-owned oil agency to grow the nation’s crude oil reserves to about 40 billion barrels by the year 2020. On Thursday, in Abuja, the NNPC entered into a tripartite agreement with FIRST Exploration & Production Joint Venture as well as Schlumberger for oil fields. Under the agreement, Schlumberger will

By Adedapo Adesanya The Managing Director of the Jos Electricity Distribution Company (JED), Mr Abdu Mohammed, has lamented the huge debt of N120 billion owed by customers in its four franchise states of Gombe, Bauchi, Benue, and Plateau. Speaking recently at a forum, he said customers’ apathy towards bill payment is currently affecting the growth of the company and the efficiency of energy supply. “As at the moment, customers are indebted to the company to the tune of over one hundred and twenty billion naira (N120 billion), company-wide. If you do not pay, how do we get money to invest

By Adedapo Adesanya The Naira appreciated against the US dollar at the parallel market on Tuesday, June 9 as black market operators sold the American currency at N448. At the segment of the foreign exchange (forex) market on Monday, the traders had exchanged the Dollar at N450, indicating an appreciation of N2. At the same market window, the domestic currency closed flat against the Pound at N545/£1, but depreciated by N7 against the Euro to close at N480/€1 in contrast to the previously traded N473/€1. It was also a good outcome for the Naira at the Investors & Exporters (I&E)

By Dipo Olowookere Abia State government has vehemently rejected plans by Federal Government to establish “cattle colonies” for Fulani Herdsmen and their cows in the state. The state Governor, Mr Okezie Ikpeazu, in a statement today, said Abia State has no land to allocate for the FG’s programme. “We reject any plan to establish cattle colonies for herdsmen in Abia State,” the Governor was quoted as saying in a statement signed by his Chief Press Secretary (CPS), Mr Enyinnaya Appolos. “We don’t have enough land for our agricultural activities and our people want more land,” Mr Ikpeazu emphasised. Speaking further,

By Ahmed Rahma One of the most widespread and recognisable social welfare organisations in the world, the United Nations Children’s Fund (UNICEF), has highlighted the impacts of school closure on the students. In a statement yesterday, while speaking about schools closure due to COVID-19 pandemic, the agency warned that the number of out-of-school children could rise by 24 million to a level not seen in years. Revealing the percentage of students the action has affected worldwide, it said, “School closures have affected 90 per cent of students worldwide and denied a third of school children access to remote education.” “Children’s

By Dipo Olowookere The Nigerian Stock Exchange (NSE) was on cloud nine on Tuesday, reversing the losses printed on Monday courtesy the gains posted by MTN Nigeria, Lafarge Africa and some other stocks. The equity market appreciated yesterday by 1.24 percent as a result of buying interests in these stocks, which had traded at very low prices for a while. According to data obtained by Business Post from the exchange at the close of transactions, the All-Share Index (ASI) jerked up on Tuesday by 255.81 points to 20,925.19 points from 20,669.38 points, while the market capitalisation moved up by N133

By Dipo Olowookere Governor Godwin Obaseki of Edo State has set up a modality for the employment of 10,000 persons in the first phase of his 200,000 job promise, in fulfilment of his electioneering campaigns. Besides, government says it would establish an electronic platform that will collect revenue by the means of Point of Service (POS) or revenue scratch cards for those who do not have ATM cards. It was learnt that Governor Godwin Obaseki had directed Heads of Local Government administration in the state to forward names of contractors initially contracted as revenue collectors to government house to jumpstart