Equity Market Sheds 1.39% as Another CBN Acting Governor Resumes

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By President Muhammadu Buhari It is my pleasure to present the 2017 Budget Proposals to this distinguished Joint Assembly: the Budget of Recovery and Growth. We propose that the implementation of the Budget will be based on our Economic Recovery and Growth Strategy. The Plan, which builds on our 2016 Budget, provides a clear road map of policy actions and steps designed to bring the economy out of recession and to a path of steady growth and prosperity. We continue to face the most challenging economic situation in the history of our Nation. Nearly every home and nearly every business

By Dipo Olowookere In order to ensure its clients and investors in the Nigerian capital market enjoy better services and value for their money, the management of Capital Bancorp Plc has come up with five new strategic innovations. The new key initiatives are Upgraded Bancorp E-Trade, Online Account Opening, Bancorp Mobile, Live Chart, and Self Service Desk. At the unveiling ceremony held in Lagos on Tuesday, the investment firm said these five products would be use to retain its existing customers and gain more. Head of Stockbroking at Capital Bancorp, Mrs Ayoola Opeyemi, explained that technology drives the entire global

Nigeria has the largest economy and the third most developed financial market in Africa. This impressive record comes with no surprise as the country boasts of one of the world’s strictest and most secure financial systems. While that’s the case, its strictness means the extensive regulation of all participants dealing in its financial markets. At the same time, the financial markets leave endless possibilities open to investors. Aside from forex trading in Nigeria, there are many other legal and well-regulated mediums for investment. Although certain instruments and assets like cryptocurrency are illegal in the country, many legal choices are just

By Dipo Olowookere Shareholders of Ellah Lakes Plc may soon begin to get a reward for their loyalty and investment in the company as the board and management are working hard to make them smile. Ellah Lakes is one company on the exchange struggling to remain afloat and at the moment, it is undergoing a transformation after a change of management. The new team led by Mr Chuka Mordi is optimistic that the business will return to profitability and reposition itself as a leading agribusiness player in West Africa. Recently, the firm sealed an agreement with the Ondo State Government

By Adedapo Adesanya The Niger Delta Development Commission (NDDC) has signed an agreement with a multinational business management consultancy firm, KPMG, to help improve transparency in its operations in line with global best practices. The move will see the firm provide advisory services to the commission while improving its corporate governance culture and internal processes. The NDDC has faced claims of corruption and mismanagement over the years, with its former acting Managing Director, Mr Daniel Pondei, slumping during a probe in 2020. Speaking during the signing ceremony at the NDDC headquarters in Port Harcourt on Wednesday, the current Managing Director,

By Adedapo Adesanya After more than two years, the federal government has directed the reopening of four land borders in Katsina, Cross River, Ogun, and Kebbi States that were shut in 2019. This was revealed in a circular titled Re-opening of four additional Nigerian border posts signed by the Deputy Comptroller-General, Mr E. I. Edorhe, on behalf of the Comptroller-General of Customs. The four borders to be reopened include the Jibiya border post in Katsina State, the Ikom border post in Cross River State, the Idiroko border post in Ogun State and the Kamba border post in Kebbi State. It

By Dipo Olowookere The 75th birthday dinner of Oba Adedotun Aremu, the Alake of Egba land, may have come and gone, but the memories of the event will remain in the minds of guests, who graced the event. Participants at the event could not have enough of one of Nigeria’s talking drummers known as Gabination. The entertainer effortlessly delivered a fascinating performance with intriguing beats, which mimics the tone and prosody of the Yoruba speeches. Oba Ilu, as he’s fondly called, demonstrated dexterity on the talking drum, which shows possibilities available in our vast cultural and ethnic diversity. Gabination’s performance

By Modupe Gbadeyanka Global Credit Ratings (GCR) has revealed affirming the long term and short term national scale issuer ratings of A-(NG) and A2(NG) respectively, assigned to Transcorp Hotels Plc with the outlook accorded as Stable. The rating firm noted that concurrently, the national scale ratings accorded to the following bond Issuances were also affirmed: Series 1 N10bn Fixed Rate Bond –  A-(NG), Stable Outlook; and Series 2 N9.8bn Fixed Rate Bond –  A-(NG), Stable Outlook, pointing out that both the long and short term issuer and bond ratings are valid until August 2018. GCR, in a statement, said it