Dangote Sugar Refinery Plc: Strong Ending from Troubled 2016

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

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 Dipo Olowookere The trio of Universal Insurance, Oando and UBA were the busiest stocks on the floor of the Nigerian Exchange (NGX) Limited last week, trading 2.212 billion units valued at N8.907 billion in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total trading volume and value, respectively. In the week, investors transacted 3.911 billion shares worth N30.379 billion in 38,536 deals versus the 2.933 billion shares worth N47.449 billion exchanged in 44,654 deals in the preceding week. Financial stocks dominated with 2.774 billion units valued at N15.241 billion in 16,379 deals, contributing 70.92 per

By Adedapo Adesanya Investors purchased the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday for N386, the same rate it was exchanged the previous, indicating that the Naira remained stable in the session. Business Post observed that the stability was recorded as the Central Bank of Nigeria (CBN) ensured that there was forex liquidity at the market segment yesterday to meet the demands of the customers, being a weekend. At the trading session, investors demanded more Dollars than the previous session as transactions worth $59.64 million were carried out compared with Thursday’s

By Kester Kenn Klomegah After the first Russia-Africa summit held in Sochi, authorities have been moving to build on this new chapter of Russia’s relations with African countries. As set in the joint declaration, the two sides have outlined comprehensive goals and tasks for the further development of Russia-Africa cooperation in significant areas including science and technology. Business interest in Africa is steadily increasing and Russian companies, among them Rosatom, are ready to work with African partners. It is largely acknowledged that energy (construction and repair of power generation facilities as well as in peaceful nuclear energy and the use

By Dipo Olowookere Despite the losses recorded by the banking sector on Monday as a result of massive profit taking by investors, the nation’s stock market opened the week positive with the bulls stamping their authority. Transactions on the Nigerian Stock Exchange (NSE) closed bullish yesterday for the 11th consecutive trading session, closing 0.74 percent higher to extend the year-to-date (YtD) gain to 10.40 percent. The uptrend was largely supported by the strong performance put up by equities in the insurance (0.30 percent) and the oil/gas (0.07 percent) sectors. However, the banking index went down by 0.70 percent, consumer goods

By Dipo Olowookere Attorney General and Commissioner for Justice in Oyo State, Mr Oluseun Abimbola, has advocated effective implementation of Criminal Justice and Community Service Laws in the state in a bid to ensure that convicts of minor offences are not sentenced to prisons where they may become hardened criminals. The two laws were signed recently by the state Governor, Mr Abiola Ajimobi. The two laws aim at ensuring speedy criminal administration of justice and decongestion of the prisons. Mr Abimbola disclosed this when he addressed participants at the stakeholders workshop on the Effective Implementation of the Community Service Punishment

By Adedapo Adesanya Newcastle United Football Club have announced the signing of New Zealand striker, Chris Wood, from Burnley for an undisclosed fee. Wood signed a two-and-a-half-year contract with the Magpies, arriving in time for the club’s Saturday’s Premier League clash with Watford at St. James’ Park. The 30-year-old becomes the Magpies’ second signing of the January transfer window following the arrival of England international full-back, Kieran Trippier, from Atlético Madrid. Wood will wear the number 20 shirt – the first number he wore for his country. The Auckland-born forward has scored 27 goals for the All Whites in 60

Worried by the various problems associated with the tax system in Nigeria, especially in the business sector, the House of Representatives has moved to revisit various tax laws in the country. A bill has already been moved and a public hearing held to seek public input on the bill. The lawmakers will consider making tax increase an exclusive legislative affair as being practiced in other parts of the world. A member of House of Representatives from Kaduna, Alhaji Garba Muhammad, who sponsored the bill, told Voice of Nigeria (VON) that most of the tax laws being used in the country

By Modupe Gbadeyanka Amid Nigeria’s current economic headwinds, a message of relief is coming from Stanbic IBTC Bank and experts on how individuals and businesses can weather the storm and remain on the path of profitability and growth. This glimpse came at a knowledge sharing economic update session  organized by Stanbic IBTC Bank with the theme “committed to solutions that drive your progress” to review the latest trends in the economy and to assist individuals and organizations attain their business objectives. Over 70 participants attended the event, which took place in Lagos on Tuesday, March 14, 2017. In his welcome

By Aduragbemi Omiyale The United Kingdom has said Nigeria and other developing countries would require $3.9 trillion in additional funding to meet their sustainability goals. The UK Secretary of State, Mr James Cleverly, said this when he was hosted at the Nigerian Exchange (NGX) Limited on Tuesday in Lagos. He promised that his country would collaborate with the bourse to attract investments in sustainable development in Nigeria through products listed on the exchange through Mobilising Institutional Capital Through Listed Product Structures (MOBILIST). Mr Cleverly further said the UK, through its Foreign, Commonwealth and Development Office (FCDO), will continue to focus