EU Extends Brexit till January 2020

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By Adedapo Adesanya The Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

By Dipo Olowookere The Nigerian Exchange (NGX) kicked off the first trading session in the last week of the third quarter of the year on a negative note, with the key performance indices going down by 0.66 per cent on Monday. This was partly caused by the reaction of investors to the 30 Kobo interim dividend declaration of the board of Access Holdings Plc. A few days ago, its peer, UBA Plc, raised its interim dividend payment by 150 per cent to 50 Kobo and it was expected that Access Holdings would follow the same path. However, the company disappointed

By Adedapo Adesanya A 0.54 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, September 25, after the duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc witnessed improvements in the share prices. The milk producer gained N1.39 during the session to end at N73.59 per unit compared with last Friday’s value of N72.20 per unit, while the Nigerian depository company grew by 70 Kobo to sell at N18.20 per share versus N17.50 per share. At the close of transactions, the total value of the unlisted securities market jumped by N6.21

In continuation of its efforts to create a network of developers across the world as part of its mission to give people the power to build communities and bring the world closer together, Facebook’s Developer Circles on Saturday, December 8 organised a Startups and Developers Summit in Lagos. The summit which took place at the Landmark Event Center and brought together about 600 Developers and Startup Tech founders, was held with the aim of re-establishing Facebook’s commitment in the region for the tech communities, inspiring developers and startups with the latest technology from Facebook as well as highlighting the Developer

By Dipo Olowookere National President of Poultry Association of Nigeria (PAN), Mr Ezekiel Mam, has said if 50 percent of population of the nation consumes at least an egg per day for one year, the sum of N1.7 billion could be generated as revenue daily and N620 billion annually. The PAN chief stated that currently, an average Nigerian consumes 70 pieces of eggs annually, adding that if per capita consumption of eggs increases to 100 eggs per person per year, the annual revenue from eggs would rise to N340 billion. Speaking during his presentation in Abuja last week, Mr Mam

By Dipo Olowookere The management of Dangote Fertiliser Limited said it has started receiving gas supply from the Nigerian Gas Company and Chevron Nigeria Limited under the Gas Sale and Purchase agreement to supply 70 million standard cubic feet per day (Scf/d) of natural gas to its plant in Lagos. The $2 billion Granulated Urea Fertiliser factory has a capacity of 3 million tonnes per annum and has been classified as the biggest project in the entire fertiliser industry history in the world. Siapem of Italy is the Engineering, Procurement and Supervision (EP) Contractor for the project, while Tata Consulting

By Ashemiriogwa Emmanuel A Spanish quick-commerce start-up, Glovo, as part of its market expansion strategy and investment in Africa, has launched its operations in Nigeria. The company commenced its business in Nigeria with the introduction of a multi-category delivery app. This is coming after the start-up raised €450 million at the close of its Series F funding round. Nigeria is the start-up’s third market in West Africa and sixth in Africa. The on-demand courier service provider already operates in Morocco, Uganda, Kenya, Ghana, Côte d’Ivoire, and over 20 other countries across the world. The Glovo app, which has six unique

By Adedapo Adesanya Oil prices rallied more than 7 per cent on Monday amid consultations by the European Union (EU) about potentially joining the United States in banning imports of Russian crude. Brent crude jumped 7.83 per cent or $8.45 to sell at $116.4 per barrel while the US West Texas Intermediate (WTI) moved up by 7.27 per cent or $7.61 to trade at $112.30 per barrel. The EU may impose an oil embargo on Russia over its invasion of Ukraine. Governments of the bloc will gather this week with US President Joe Biden for a series of summits designed

By Modupe Gbadeyanka Proceeds from the second 7-year N100 billion Sovereign Sukuk issued on December 28, 2018 at 15.743 percent and due in 2025 have been released to the Federal Ministry of Power, Works and Housing. The cheque was presented to the ministry by the Minister of Finance, Mrs Zainab Ahmed at a ceremony. The Sukuk is part of the New Domestic Borrowing in the 2018 Budget to finance about 28 road projects spread across the six geo-political zones of the country, with each having a total allocation of N16.67 billion. Director-General of the Debt Management Office (DMO), Ms Patience

By Dipo Olowookere Head of the Nigerian Communications Commission (NCC), Mr Umar Garba Danbatta, has disclosed that the agency has approved dedicated spectrum for trial deployment of Fifth Generation (5G) services in the country. The NCC chief made this disclosure at the maiden Digital African Week organised by the International Telecommunications Union (ITU) being hosted by the Commission at the Transcorp Hilton Hotel, Abuja. The four-day conference, which began on Tuesday in conjunction with the Management of ITU-T Study Group 20 (SG20) and Study Group 5 (SG5) Regional Group for Africa Meeting, will allow all stakeholders in the emerging digital

By Dipo Olowookere The two new indices put together by the Nigerian Stock Exchange (NSE) and the Meristem Securities Limited focusing on investment STYLE orientations have gone live on the NSE website today, Tuesday, March 12, 2019. The two new style indices are the NSE-Meristem Growth Index and NSE-Meristem Value Index and were designed in response to demand for customized indices to support product development and investment management. Broadly, the style indices will provide a benchmark for the market to gauge the performance of value stocks and growth stocks listed on the Exchange. Mr Jude Chiemeka, Divisional Head, Trading Business