Expect Better Stock Exchange After Demutualisation—Onyema

By Adedapo Adesanya The Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Dipo Olowookere Profit-taking activities brought back the bears to the floor of the Nigerian Exchange (NGX) Limited on Monday as investors rebalanced their portfolios. It was observed that traders at Customs Street booked profits in shares mostly in the industrial goods sectors like BUA Cement and Lafarge Africa. This resultantly brought down the local stock market by 0.66 per cent at the close of transactions, with the industrial goods space losing 4.21 per cent, the insurance counter declining by 0.28 per cent, and the energy sector falling by 0.01 per cent. However, the consumer goods index improved yesterday by

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited will alter how its crude cargoes are priced from January 2024. According to a new circular, the state oil company will start pricing its supplies against the monthly average of Dated Brent, the physical crude benchmark, raising worries that the nation’s barrels may become more risky. Prior to this latest move, Nigeria prices its crude cargoes based on Dated Brent’s average settlement in the five days after loading. NNPC plans to stick with the initial nominated loading dates for pricing purposes, according to the circular. Bloomberg reported that traders said

By Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Adedapo Adesanya  The prices of crude oil dropped on Friday following reports that Saudi Arabia has declared a partial cease-fire in Yemen, a move that could significantly ease tensions across the region. This action raised hopes that the long-term war could come to an end and could also bring down tension with Iran. Oil prices were already pressured by the announcement earlier this week that Saudi Arabia had returned to the level of production from before the attacks despite reports that suggested that it could take months for production to return to normal Brent Crude slipped by 1.25 percent

The CEO/Co-founder of Edves, Sunday Falana and the Provost of the Nigerian Institute of Journalism (NIJ), Gbemiga Ogunleye are among the panelists for the Lagos Chambers of Commerce and Industry (LCCI) International Conference on Teaching, Education & Learning (ICTEL) Expo which commenced on Tuesday July 16 (today) and is expected to finish on Wednesday July 17, 2019. The event, in its 5th edition, is themed ‘The Fourth Industrial Revolution: the Nigerian Story’ and is aimed at giving visibility to new trends in innovations and provides an excellent networking opportunity for businesses. Apart from the above two personalities, the 2019 ICTEL

By Dipo Olowookere Transactions on the floor of the Nigerian Exchange (NGX) Limited marginally closed higher by 0.02 per cent on Friday as investors’ risk appetite fades. Business Post reports that the slight bargain hunting witnessed at the local equity market on the last trading session of this week was because investors were treading cautiously. Not even the declaration of a 30 kobo interim dividend from Zenith Bank could trigger a massive buy pressure, though the results, which was relatively flat, were released almost at the close of trades. When the market closed for the day, the All-Share Index (ASI)

By Dipo Olowookere In order to infuse robotics and artificial intelligence (AI) into the education of the Nigerian child, Union Bank of Nigeria Plc has introduced an initiative called the Next Robotics Legend. The first-of-its-kind robotics training and competition is for students aged 11 to 16 and will focus on identifying and nurturing young potential inventors and creators who will receive the necessary training to solve some of the challenges facing the Nigerian society with the aid of robotics and AI. It was designed by Edu360, Union Bank’s education platform, in collaboration with Awarri, a pan-African technology company. A statement

By Dipo Olowookere The Lagos State government has taken the lion found at the private residence of its Indian owner around Victoria Island to a zoo in Omu Resorts, Lekki. Over the weekend, pictures of the wild animal caged in the premises of its owner believed to be an Indian national litered the internet, with many commentators calling for the immediate prosecution of the owner. On Monday, the state government said officials of the Lagos State Task Force were at the area alongside some medical personnel to evacuate the lion from the residence to the zoo so as to safeguard

By Modupe Gbadeyanka Friday, September 1, 2017 and Monday, September 4, 2017, have been declared public holidays in celebration of Eid el-Kabir by Muslim faithful. Minister of Interior, Mr Abdulrahman Bello Dambazau, in a statement issued on Monday, August 28, 2017, urged all Muslims and Nigerians to use the occasion to pray for peace, unity, prosperity and the stability of the country’s democracy. The Minister, in the statement signed by the Director Overseeing the Office of the Permanent Secretary (DOOPS), Dr Rufa’i Kawu Attahiru, assured citizens of their safety in all parts of the country, emphasizing that security agencies have

By Dipo Olowookere Chairman of Heirs Holdings, Mr Tony Elumelu, has appealed to government to urgently address the issue of multiple taxation in the country, pointing out that the problem has continued to hinder the growth of businesses in Nigeria. Speaking on Thursday at the Lagos Business School Alumni Association 2017 Conference, the former Group Managing Director of United Bank for Africa (UBA) Plc also noted that the restructuring of government regulations and taxation will go a long way in providing friendly environment to the business community as well as increase the revenue of government. Mr Elumelu, who was guest