DMO to Raise N135b from Bond Auction Wednesday

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Dipo Olowookere Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange suspended trading in the shares of VFD Group Plc months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited to allow it gain access to public equity markets, increase its visibility, and strengthen its financial position. The group joined the NASD trading platform in 2020. In a notice, the NASD OTC Exchange said investors would not be able to trade securities of VFD Group Plc with effect from Friday, September 22, 2023 (today). This is per the company’s request to delist from

By Investors Hub The major U.S. index futures are pointing to a higher opening on Wednesday, with stocks poised to add to the gains posted in the previous session. The markets may continue to benefit from optimism about the economic outlook after Republicans approved a massive tax reform bill last month. Nonetheless, traders may be somewhat reluctant to make significant moves ahead of the release of the minutes of the latest Federal Reserve meeting this afternoon. Following the long, holiday weekend, stocks moved mostly higher during trading on Tuesday. The major averages all closed in positive territory, although the tech-heavy

By Modupe Gbadeyanka Nigeria’s fourth largest telecommunications company, 9mobile, formerly known as Etisalat Nigeria, has reacted to news of the exit of Mr Adrian Wood, from Teleology Holdings Limited, the new owners of the telco. Yesterday, news went viral that Mr Wood has been pushed out of the company few months after his firm was announced as the preferred bidder of debt-ridden 9mobile. In a statement signed by the Director of Regulatory and Corporate Affairs at 9mobile, Oluseyi Osunsedo, which was made available to Business Post on Wednesday night, it was disclosed that Mr Wood “allowed the same avarice, rascality,

By Dipo Olowookere Analysts at ARM Research have disclosed that beyond 2017, they expect a more improved performance by Seplat Petroleum Development Company Plc (Seplat). In its report released yesterday titled ‘Seplat Plc – In the clear,’ ARM research noted that starting off in 2018, it expects the company’s exports to rise largely reflecting the planned completion of the Escravos pipeline which offer a third export route for the company. ARM Research said it revised its estimates for Seplat and increased its fair value estimate (FVE) to N518.74/share (previously N346/share) after the lifting of the force majeure on the TransForcados

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited has disclosed that it is no longer the sole importer of Premium Motor Spirit (PMS), otherwise known as petrol. The state-owned oil firm confirmed this development on Thursday evening. In a post via its verified Twitter page, the NNPC said, “NNPC Limited is no longer the sole supplier of petrol.” This announcement comes a day, after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said it had granted three oil marketers licences to begin the importation of petrol into the country from July 2023. The chief executive of NMDPRA,

**To Hold Forum By Modupe Gbadeyanka Concerned by the high interest rates charged by commercial institutions in Nigeria on loans and how this has negatively affected businesses as well as the economy, which is presently undergoing crisis, the Senate has concluded plans to hold a roundtable talks comprising stakeholders in the financial sector, with a view to addressing and finding a solution to this. The red chambers opined that pre-eminent position of the banking sector as the blood channel for sustaining the economy and the need to ensure that indices operating at all times were good for the survival of

By Dipo Olowookere Business Post has updated the list of dividends declared so far in 2020 by companies trading their shares on the Nigerian Stock Exchange (NSE). The list, like in the previous one, comprises the date the dividend was declared, the amount, qualification date, closure of register date and payment date. The names have been arranged in alphabetical order to aid quick cross-checking. We promise to regularly update the list as more companies announce their dividends.

By Dipo Olowookere As measles sweeps across Democratic Republic of Congo (DRC), more than one million children have been vaccinated against the disease in a nine-month campaign by the international aid organisation Médecins Sans Frontières/Doctors Without Borders (MSF), supporting the Ministry of Health. Since November 2016, MSF teams have also treated more than 41,000 children for the disease in Maniema, Lomami, Tanganyika, Ituri, South Kivu and Equateur provinces. Measles is extremely contagious and is mostly spread through sneezing and coughing. It mainly affects children, especially the under-fives. For those who suffer complications and who fail to receive treatment, it can

By Adedapo Adesanya Oil pulled back after hitting fresh multi-year highs of $72.27 per barrel on Monday, its highest since May 2019, as investors awaited the outcome of this week’s talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies. Yesterday, the Brent crude traded at $71.48 a barrel after it fell by 41 cents or 0.57 per cent, while the West Texas Intermediate (WTI) crude grade was sold at $69.24 per barrel after it dropped 38 cents or 0.55 per cent. At the session, the price rose to $70 for the first time