FBN Holdings to Pay 50 Kobo Dividend as Net Profit Drops 9.86% in FY’22

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Adedapo Adesanya Russian President, Mr Vladimir Putin, told the BRICS summit participants in South Africa on Thursday that Moscow intends to deepen ties with African countries for food and fuel supply. Speaking in a video link address, Mr Putin said Russia was interested in developing “multi-faceted ties” with Africa, which has been roiled by fuel and food price rises resulting from the conflict in Ukraine. This is coming after the country exited the Black Sea grain deal in July. This move has seen grain prices soar, hitting many African countries very hard. Russia and Ukraine are among the world’s

By Dipo Olowookere Managing Director of Jumia Travel Nigeria, Omolara Adagunodo, revealed what start-ups need to put in place to survive any business environment. Adagunodo, at a fireside chat on the opportunities and challenges of running an e-commerce business in Nigeria at the just concluded CEO Apprentice Africa programme organised by the digital arm of Business Day tabloid, noted that creating processes that will protect a business and its owners are crucial ingredients necessary for the survival of a start-up. The Business Day CEO Apprentice boot camp focuses on equipping teenagers; ages 15 and up with the skills required to

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) and the unregulated segments of the foreign exchange (FX) market on Tuesday, August 31. Business Post reports that at the I&E window, the domestic currency appreciated by 55 kobo or 0.13 per cent to quote at N411.08/$1 compared with N411.63/$1 it traded on Monday. A low turnover, which resulted in ease in pressure, was one of the reasons for the gains posted by the local currency yesterday at the market segment. According to data from the FMDQ Securities Exchange, the value of trades at

By Modupe Gbadeyanka A bill for the establishment of a budget management office passed second reading at the House of Representatives on Wednesday. The bill, jointly sponsored by the Speaker of the House, Mr Femi Gbajabiamila, and Mr Henry Nwawuba, will give the new agency the power to take care of planning, presentation, implementation and monitoring of national budgets. The new office will “prepare the annual budget proposal for presentation to the National Assembly by the President; supervise the implementation of the budget by ministries, departments and agencies of the federal government to ensure compliance with the law and policies

By Dipo Olowookere South African President, Mr Jacob Zuma, has extended his country’s deepest condolences to Nigeria and Egypt following tragedies that occurred over the weekend at churches in the two fellow African countries. On Saturday, December 10, 2016, a church roof collapsed during a service at the evangelical Reigners Bible Ministry in Uyo, capital of Akwa Ibom State in southern Nigeria, which killed scores of worshippers and left many inured. President Zuma said: “We extend our deepest condolences to President Muhammadu Buhari and the people of the Federal Republic of Nigeria for the loss of lives following the church

A recent finding of the Supreme Court of Seychelles in the case of MultiChoice Africa Holdings B.V and SuperSport International (Pty) Ltd v Intelvision Limited shows courts in Africa are willing to protect the rights of African content producers and rights holders. The court found that Intelvision was breaking the law when it broadcast matches from the 2019 African Cup of Nations (AFCON) football tournament for which it did not have broadcast rights. This is the first successful application of Seychelles’ Copyright Act. This decision sets a strong national and regional precedent in upholding content-sharing agreements to ensure that the

By Modupe Gbadeyanka South Africa’s deodorant brand, Shield, has announced a partnership with Chelsea Football Club. To kick-off the partnership, Shield is offering a once-in-a-lifetime opportunity – the chance for one lucky person to spend a day training with Chelsea FC coaches at the team’s training ground in Cobham to see what it takes to play like a champion. In addition, one lucky superfan will win a Chelsea FC dream trip to watch the first team training and meet the team at the Cobham Training Centre. It is believed that the new partnership will inspire young, aspiring South Africans who

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the flat region on Tuesday after the stalemate recorded a day earlier. As a result of this development, the market capitalisation of the NASD OTC Exchange remained unchanged at N529.09, while the NASD Unlisted Security Index (NSI) closed at 737.39 points, the same level it finished on Monday. However, the activity chart further recorded movements yesterday as the volume of shares traded by market participants decreased by 83.3 per cent to 2,100 units from the 12,607 units of shares exchanged the previous day. But there was a slight