David Thomas Leaves NAHCO

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

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 Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Dipo Olowookere The transfer of money online from one financial institution to another is almost not complete without the use of a sort code. The code, which comprises a six-digit number, identifies both the bank and the branch where the account is held. It is a code used to route money transfers between banks. Below are the sort codes of Zenith Bank branches in Nigeria. We hope this article helps you in getting the sort code of your branch. Thanks S/N      ZENITH BANK PLC   BRANCHES 1          057230014      ABA 2          057210021      ABA ROAD 3          057330011      ABAKALIKI 4          057170019      ABEOKUTA 5         

By Dipo Olowookere As a result of its failure to meet up with the 20 percent free float requirement, Newrest ASL Nigeria Plc is considering leaving the Nigerian Stock Exchange (NSE). With this development, shares of Newrest ASL Nigeria will no longer be traded on the local bourse by investors and its shareholders. The board has already submitted an application to the NSE for delisting of its stocks from the exchange. A notice released this week disclosed that the application for delisting was submitted by its stockbroker, Helix Securities Limited. Head of Listings Regulation at NSE, Mr Godstime Iwenekhai, confirmed

By Adedapo Adesanya The federal Ggvernment, in line with establishing a transparent and accountable structure, has directed all Ministries, Departments, and Agencies (MDAs) to publish a daily summary of their financial inflows and outflows. This order was given by President Muhammadu Buhari, through the Minister of State for Niger Delta, Mr Tayo Alasoadura, at the launch of the Financial Transparency Policy and Implementation Guidelines on Monday. In addition to publishing the summary, the directive also ordered that reports of all payment above the N10 million mark should be published as part of the Buhari-led administration to encourage transparency and accountability

By Adedapo Adesanya Companies operating in Nigeria’s petroleum industry flared 170.5 billion standard cubic feet (BSCF) of gas between January and October 2022. According to the latest data released by the National Oil Spill Detection and Response Agency (NOSDRA), the value of total gas flared in the ten-month period stood at $596.9 million. Using the current official exchange rate of the Central Bank of Nigeria (CBN) of N443/$1, this loss amounts to N264.427 billion in potential revenue to Nigeria. The oil spill remediation authority also disclosed that the defaulting companies were liable to fines totalling $341.1 million, an equivalent of

By Adedapo Adesanya In its proposition to play a significant role in the insurance industry retail space, Universal Insurance Plc has keyed into the Passengers Manifest Scheme (PAMS) project of the Nigerian Union of Road Transport Workers (NURTW), becoming the official underwriter of the initiative. This partnership means that Universal Insurance will be the official insurer of all the passengers and drivers under the scheme. The PAMS initiative was designed to ensure that passengers travelling by road across the country have their names authenticated in the union’s digital manifest and are covered with genuine insurance policy. In event of any

By Investors Hub European stocks have risen on Friday and remain on track to end the week at six-week highs as earnings optimism and easing of U.S.-EU trade tensions helped support underlying sentiment. In economic news, an ECB survey predicted faster inflation and slower eurozone growth this year. While the French CAC 40 Index has edged up by 0.2 percent, the German DAX Index and the U.K.?s FTSE 100 Index are up by 0.4 percent and 0.5 percent, respectively. LafargeHolcim has rallied after the company confirmed its full-year growth view despite reporting a sharp drop in first-half net profits. British

By Dipo Olowookere The Economic and Financial Crimes Commission (EFCC) has submitted a report to President Muhammadu Buhari linking Senate President, Mr Bukola Saraki, and some of his aides to the diversion of about N19 billion from the N522bn Paris Club refund. The report also fingered Mr Robert Mbonu of Melrose General Services Limited, who is a former Managing Director of Societe Generale Bank of Nigeria, the commercial bank owned by the Saraki family which was later liquidated. The Federal Government had, in December 2016, approved the sum of N522.74 billion to be paid to the 36 states of the

By Adedapo Adesanya The Naira closed weaker again on Monday against the US Dollar at the unregulated segment of the foreign exchange (forex) market on Monday. At the first trading session of the new week, the local currency lost N3 against its American counterpart to close at N475/$1 compared to the previous rate of N472/$1, giving a fair warning that the Nigerian currency may experience some pressures in the coming days. At the same black market yesterday, the domestic currency also depreciated against the Pound Sterling by N5 to wrap the day at N635/£1 in contrast to N630/£1 it was