Demand for Ardova, Transcorp, Others Lifts Stock Market by 0.10%

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Dipo Olowookere The nation’s external reserves are gradually swelling again after shrinking for several days, giving managers of the economy something to worry about. This is because the price of crude oil, the major commodity Nigeria earns foreign exchange from, was going up in the international market and it was expected that the reserves should be going up as well. Recall that when the foreign reserves were recording upward trajectory, the present administration of President Muhammadu Buhari went to the roof top to let Nigerians know things were going on fine, but since the reserves had been going down,

By Dipo Olowookere The sum of N700.235 billion was shared among the three tiers of government in October 2022 by the Federation Account Allocation Committee (FAAC) compared with the N673.1 billion disbursed a month earlier. In a communique issued at the end of the FAAC allocation meeting on Thursday, it was disclosed that money comprised gross statutory revenue of N502.135 billion, Value Added Tax (VAT) of N189.928 billion and N8.172 billion from Electronic Money Transfer Levy (EMTL). According to the disclosure, royalties from oil and gas contributed to the increase in the money distributed to the federal government, the 36

By Dipo Olowookere Kwara State government has described as outright falsehood media reports that it received N9 billion as its share of the London-Paris Loan Club refund from the federal government. Reacting on behalf of the government, Commissioner for Finance, Mr Demola Banu, explained that the state government has only received and declared N5 billion so far from the federal government but was yet to receive the balance of about N3.7 billion. He emphasized however that the state government is in the process of getting the Federal Ministry of Finance, Abuja to process and release the balance. Providing further explanation,

By Adedapo Adesanya The African Development Bank (AfDB) has been named as the Best Multilateral Financial Institution in the world for 2021. The recognition came from a prestigious United States’ based magazine, Global Finance, which specialises in financial markets and investment banking. The bank noted that the award is a global recognition for the path-breaking efforts of the bank as it transforms itself into a solutions bank for Africa, through a combination of its operations, knowledge services and investment positioning, which continue to help accelerate Africa’s development. It is also said it is an affirmation of the success of the

By Timi Olubiyi, PhD Planning is key to any form of business structure anywhere in the world, be it large enterprises, partnerships, small or even start-ups. Benjamin Franklin once said, “If you fail to plan, you are planning to fail.” Therefore, business owners and managers should endeavour to continually plan throughout the business existence without hesitation. It is more pertinent to note that the novel Coronavirus (COVID-19) pandemic has continued to cause unprecedented disruptions to businesses, economies, and livelihood in different magnitude globally. Businesses, in particular, continue to grapple with strategies to stem the tide of the effect of the

By Modupe Gbadeyanka A branch of Access Bank Plc on Victoria Island, Lagos, has been gutted by fire, causing workers and those around the building to run to safety. The incident occurred on Wednesday morning and from the video obtained by Business Post, it was very serious with many properties destroyed in the process. According to reports, the inferno occurred at the branch of the financial institution on Adetokunbo Ademola Street, Victoria Island, Lagos. However, fire-fighters, as well as security operatives, were seen on the scene to put the situation under control. According to reports, the fire was caused by

By Modupe Gbadeyanka An Afro-pop singer in Nigeria, Umughare Aghogho Prosper, otherwise known as Holmes, has taken his act further by featuring two leading entertainers in the country, Davido and DJ Neptune, in his Extended Play (EP). The debut EP is titled #HolmesSzn and it is to commemorate his birthday. The project is being planned for release in the summer. At the moment, videos of some of the songs are being shot by Uptroot Media in South Africa, Nates also in South Africa and Nigerian music director, Sesan Ogunro. Holmes, who hails from Warri in Delta State, officially debuted in

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.30 per cent on Tuesday, September 26 after Central Securities Clearing System (CSCS) Plc witnessed a decline in its closing price. This brought down the value of the unlisted securities market by N3.50 billion to end at N1.146 trillion versus the N1.149 trillion it ended a day earlier, as the NASD Unlisted Securities Index (NSI) dropped 2.48 points to end at 810.87 points compared with the previous day’s 813.35 points. The share price of CSCS Plc declined by 70 Kobo yesterday to settle at N17.50 per share, in contrast