European Shares Fall on Disappointing Chinese Manufacturing Data

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 Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.02 per cent on Wednesday on the back of selling pressure, especially in the consumer goods sector. Business Post reports that the exchange could not resist the temptation of switching to the bear side of the market yesterday despite the performance of the banking sectors and others. According to data from the bourse, the insurance counter appreciated by 0.48 per cent, the energy index rose by 0.20 per cent, the banking space grew by 0.15 per cent, and the industrial goods sector closed flat. However, the 0.22 per cent loss

By Modupe Gbadeyanka A fast-moving consumer goods company, Tropical General Investments (TGI) Group, has been named among the 2023 LinkedIn Top Companies list. The global conglomerate, which has WACOT Rice, CORMART, and CHI Farms, as its subsidiaries, made it to the 25 Best Workplaces, where people can grow their careers, affirming its long-term investment in employees for long-term success. The firm was recognised for performing excellently on the eight assessment pillars used for the second annual ranking, including the ability to advance, skills growth, company stability, external opportunity, company affinity, gender diversity, educational background, and employee presence in the country.

By Modupe Gbadeyanka The Securities and Exchange Commission (SEC) is intensifying efforts to deepen the nation’s capital market by ensuring that more companies raise funds and get listed in the market. The new issue market has been relatively dormant with initial public offering (IPO) drying up in recent times. Although the market has witnessed the listing of two companies this year, the prospect of more companies coming to list is not very bright. However, in a move expected to attract more activities in the market, SEC has proposed a reduction in the cost of primary equity and fixed income issues.

By Modupe Gbadeyanka A new Chief Finance Officer (CFO) has been appointed by United Capital Plc and she is Mrs Odiri Oginni. United Capital Plc is a financial and investment services power house providing bespoke value-added service to its clients. However, Mrs Oginni is occupying the positing in an acting capacity. A statement issued by the firm explained that Mrs Oginni’s appointment followed the resignation of the former Group Chief Finance Officer, Mr Sunny Anene. Mr Anene left the position to take up a higher role as the Managing Director of United Capital Asset Management Limited. “United Capital Plc wishes

By Adedapo Adesanya The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, has charged stakeholders within the Nigerian oil and gas industry to adapt, evolve, and lead in the ever-changing global energy landscape. Mr Kyari gave this charge on Tuesday while delivering an address at the opening ceremony of the 41st Nigerian Association of Petroleum Explorationists (NAPE) Conference taking place in Lagos. The NAPE Conference is an annual convergence of geologists and industry professionals engaged in oil and gas exploration and production. This year’s edition has its theme as Repositioning the Oil & Gas

By Modupe Gbadeyanka Pan-African financial institution, Guaranty Trust Bank (GTBank) Plc, on Wednesday announced impressive results for the first quarter of 2019. The lender released its financial status to the Nigerian Stock Exchange (NSE) and from its analysis, there were growths in key performance indices. For instance, the profit before tax improved to N57 billion from N52.6 billion, while the profit after tax appreciated in the period under review to N49.3 billion from N44.7 billion. However, the interest income dropped to N72.9 billion in Q1 2019 from N79.3 billion in Q1 2018, while the interest expense went down to N16.3

By Dipo Olowookere The Peoples Democratic Party (PDP) has disclosed on Monday that it would go to the election petitions tribunal to challenge outcome of the Edo State governorship election on Wednesday, September 28, 2016. This was made known by the Edo State PDP Chairman, Chief Dan Orbih, in a chat with Punch in Benin City, the Edo State capital. Mr Orbih explained that the party would leave nothing to chance to prove that the result was manipulated and that it would also expose the alleged corruption and incompetence of the electoral commission. “Of course, we are going to file