EFG-Hermes Facilitates Two IPOs from Financial Services Sector

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

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 Ahead of next week’s Monetary Policy Committee (MPC) meeting scheduled for Monday, September 25 and Tuesday, September 26, the Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to pause its interest rate hike. In a statement signed by the Director-General, Mrs Chinyere Almona, the group said this was necessary to relieve Nigerians of the pressure on the supply side following a further surge in the inflation rate. The National Bureau of Statistics (NBS) revealed last Friday that the average cost of goods and services rose by 25.80 per cent

By Modupe Gbadeyanka A veteran actor in the Yoruba film industry, Mr Ojo Arowosafe, otherwise known as Fadeyi Oloro, has breathed his last. According to reports, the 66-year-old make-belief star died on Tuesday after a protracted illness he had been nursing for a long time. Recall that recently, he was in the news over his health, which prompted a London-based self-acclaimed pastor, Pastor Tobi Adegboyega, to donate a sum of money to him last month. In a social media post on Tuesday night, a comedian and actor, Mr Bayegun Oluwatoyin, popularly known as Woli Arole, expressed satisfaction over reaching out

By Adedapo Adesanya It was a positive week for traders at the NASD Over-the-Counter (OTC) Securities Exchange as they gained N1.23 billion at the 40th trading week of the year at the exchange. As a result of this development, the market capitalisation of the bourse appreciated to N638.39 billion from N637.16 billion recorded at the preceding week. Also, the NASD Security Index (NSI) increased by 0.19 per cent or 9.34 points to close the week at 734.48 points as against 733.06 points it ended at the previous week. Business Post reports that three securities were responsible for the expansion in

By Modupe Gbadeyanka A training seminar on the legal and risk aspects of derivatives and Central Counterparty Clearing (CCP) transactions will take place today, Monday, June 12, 2017. The training will run from today till Thursday, June 15, 2017. The event, organised by the Nigerian Stock Exchange (NSE), is scheduled to hold at the Civic Centre on Ozumba Mbadiwe Road, Victoria Island, Lagos from 9am – 5pm. At the seminar, participants would be equipped with the requisite knowledge of the legal framework, legal documentation and transactional skills necessary for the success of all Derivatives and CCP transactions. They will also

By Modupe Gbadeyanka This week on the Nigerian Stock Exchange (NSE), the All-Share Index and Market Capitalization appreciated by 1.64 percent to close the week at 25,653.16 and N8.878 trillion respectively. Similarly, all other Indices finished higher during the week with the exception of the NSE Consumer Goods Index that depreciated by 0.02% while the ASEM Index closed flat. Also, a total of 8,390 units of Federal Government Bonds valued at N8.203 million were traded in 4 deals, compared with a total of 6,686 units valued at N5.583 million transacted last week in 7 deals. It was observed too that

By Ndudirm Godspower It is common knowledge in the game of sports, especially football that any coach worth his onion does not toy with his super squad. But the reverse is the case in Abia State where recent political events have placed the ruling Peoples Democratic Party (PDP) in a precarious state. The party is enmeshed in a deep crisis and may be singing its Nunc Dimittis in a few days ahead. Recall that since the inception of the current democratic dispensation in 1999, the party has been holding sway, save for the interregnum enjoyed by the Progressive Peoples Alliance

By Investors Hub European stocks have fallen sharply on Monday as trade war fears showed no sign of abating. U.S. President Donald Trump on Sunday issued new threats against America’s trade partners, calling on all the countries to remove trade barriers and tariffs and raising concerns about potential escalation of the trade battle between the U.S. and the rest of the world. In another development, the Wall Street Journal reported that Trump plans to bar many Chinese companies from investing in U.S. technology firms and block additional technology exports to China. There was also some disappointment on the data front

By Modupe Gbadeyanka The T-bills market opened the month on a relatively quiet note, as market players shifted focus to the T-bills Primary Market Auction, analysts at Zedcrest Research said. At the market on Wednesday, bids at the auction were relatively more aggressive, with significant demand from market players especially on the 1-year bill which was oversubscribed by 175 percent. During the exercise, the Central Bank of Nigeria (CBN) rolled over the total amount of maturing T-bills at slightly lower rates; -0.10 percent and -0.19 percent on the 182-day and 364-day bills, while the 91-day bill remained unchanged from previous

By Dipo Olowookere An employee of Access Bank Plc, Mr Arthur Ezindu, has narrated how a former Account General Manager (AGM) of the defunct Intercontinental Bank, which was acquired by Access Bank in 2012, Mr Olayinka Sanni, allegedly stole the sum of N1.2 billion from several accounts belonging to customers of the bank. The matter is being prosecuted by the Economic and Financial Crimes Commission (EFCC) at the Ikeja High Court, Lagos. Mr Ezindu, who testified as prosecution witness before the court while being led in evidence by the EFCC lawyer, Mr Rotimi Oyedepo, claimed Mr Sanni withdrew the said