European Stocks Regain Lost Ground on Buy Pressure

By Adedapo Adesanya Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded yet another positive week-on-week performance after stretching its gains by 1.44 per cent in Week 47. This expanded the portfolios of NASD investors by N17 billion in the week to N1.162 trillion from the N1.145 trillion recorded in Week 46, as the NASD Unlisted Security Index (NSI) increased by 12.16 points to 857.29 points from 845.13 points in the previous week. The trading week was with three price gainers and three losers, with Aradel Holdings Plc on top of the advancers’ chart after it grew by 10 per cent to finish

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Adedapo Adesanya For another week, the NASD Over-the-Counter (OTC) Securities Exchange languished in the negative territory, losing 0.15 per cent in the 48th week of trading this year. This shrank the NASD Unlisted Securities Index (NSI) by 1.08 points to 710.58 points from 711.66 points recorded in the previous week and drained the market capitalisation of the NASD OTC exchange by N1.41 billion to N933.71 billion from N935.12 billion. The loss printed by the bourse in the week was driven by the decline in the share prices of the trio of UBN Property Plc, FrieslandCampina Wamco Nigeria Plc, and

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has revealed that 6,047 Bank Verification Numbers (BVNs) were placed on its watchlist for fraudulent transactions in the first six months of this year. This is according to the apex lender’s Financial Stability June 2022 Report, published in December 2022. The total number of BVNs on fraud watchlist increased by 13.9 per cent from 5,347 in December 2021, with 11,871 identified as deceased in 2022. The CBN reportedly assessed 28 banks and the Nigerian Interbank Settlement System during the review period to ensure compliance with the Regulatory Framework for BVN Operations

By Dipo Olowookere Renowned journalist and former Sunday Editor of the Nigerian Compass, Mr Dotun Oladipo, has emerged President of the Guild of Corporate Online Publishers (GOCOP). Mr Oladipo was elected President of the Guild after a poll held on Wednesday at the Adna Hotel, GRA, Ikeja, Lagos. He and other newly elected members of the executives of GOCOP were inaugurated the next day at the 1st annual conference of the Guild held at the Renaissance Hotel, also in Ikeja, Lagos. Mr Oladipo publishes the popular online news platform called The Eagle Online. He will lead the group for the

By Modupe Gbadeyanka The African Cancer Centre (ACC) is seeking a funding package worth $40 million to build a 350-bed cancer centre along the Ibeju Lekki Corridor in Lagos. Already, the firm has appointed two financial advisers for the capital raising and they are PAC Capital Limited and Greenwich Merchant Bank. When completed, the project will ensure more Nigerians win the fight against the deadly cancer disease and then reduce medical tourism. The Chairman of ACC, Mr Adekunle Olumide, explained that PAC Capital Limited, with vast experience in the healthcare infrastructure sector, and Greenwich Merchant Bank, with enviable network and

Eminent chartered accountant and former Managing Director of Portland Paints, Mr Olufemi Michael Oguntade, will facilitate the maiden edition of ‘Periscope’, a quarterly seminar/exhibition organised by Christ Apostolic Church Victory Land, GRA, Ikeja for entrepreneurs, professionals, artisans, job seekers, students and young school leavers. Mr Oguntade, now Managing Partner of O.M. Associates, a consulting firm that consults for the Federal Inland Revenue Services (FIRS) and other high-value corporate organisations, will take a masterclass on business and entrepreneurship at the seminar for congregants and the public on Saturday, February 1, 2020. Apart from the masterclass, ‘Periscope’ commencing by 10 am, and

By Adedapo Adesanya A new company will handle the Nigerian tower operations of MTN Group, a leading telecommunications firm in Africa, a statement from the organisation has confirmed. In a filing on the Nigerian Exchange (NGX) Limited, MTN said its current deal with IHS Holding Limited will expire in 2024, and from 2025, American Tower Corporation (ATC) will take over the lease of approximately 2,500 of its network sites in Nigeria. MTN said ATC was “selected as the preferred tower company for those sites based on its superior bid submission” after a review of the bids received for the tower

By Adedapo Adesanya The adoption of the principles of Islamic finances by developing nations will serve as a key to achieving the United Nations’ Sustainable Development Goals (SDGs). This was a stance held by the former Deputy Governor of the Central Bank of Nigeria (CBN), Mr Sulaiman Barau, when presenting a keynote paper at the 4th International Conference on Islamic Finance, with the theme Islamic Finance: Mobilizing Resources for Economic and Social Development organized by the Bayero University’s International Institute of Islamic Banking and Finance (IIIBF) in Kano on Tuesday. He said the deepening global annual investment deficit in terms