FG Plans to Raise N90bn from Sales of Power Assets

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Adedapo Adesanya Oil prices were pointing down on Tuesday as concerns over tightened restrictions in the United States and Europe outweighed the start of vaccination in the UK and the certainty about the OPEC+ production at least for January. As a result, the Brent crude dropped 12 cents or 0.25 per cent to sell at $48.67 per barrel while the West Texas Intermediate (WTI) lost 35 cents or 0.76 per cent to trade at $40.41 per barrel. After rising for most of the past three weeks, due to hopes of a vaccine-induced boost in economic growth and energy demand,

By Modupe Gbadeyanka Nigeria’s number one online food ordering platform, Jumia Food, has announced its partnership with six new top restaurants in Port Harcourt, bringing the total restaurants active on the platform in the city to 35. The six new restaurants now under the Jumia Food belt are Genesis, Jevinik, South 66, Menage, Casablanca, and Go Green. In addition, Jumia Food has also partnered with the best pizza, burger, health food and local food restaurants in the city, and will deliver to major areas like Trans Amadi, GRA 1, 2 & 3, Old GRA, Rumogba, and Woji. Managing Director of

By Dipo Olowookere The board of Fidelity Bank Plc, one of the companies listed on the Nigerian Stock Exchange (NSE), has explained why it has not released its financial statements for the year ended December 31, 2017. The lender, in a statement issued by its scribe, Ezinwa Unuigboje, explained that it was due to delays in concluding the audit process. However, Fidelity Bank expressed optimism that the financial documents would be released on or before April 30, 2018. “Thus is to inform our esteemed shareholders and other stakeholders of the delay by Fidelity Bank Plc to release/publish its annual audited

A group of small and micro business owners across the country has said they are confident Jumia will continue helping their businesses achieve significant growth. The sellers expressed this sentiment at the quarterly vendor board meeting with key leaders of the e-commerce company which held recently in Lagos. The meeting was organised to brainstorm on and identify untapped growth potential that sellers on the platform could leverage to grow their businesses. In her opening remark, Chief Executive Officer of Jumia Nigeria, Mrs Juliet Anammah, urged the sellers to constantly ensure they list top quality products and manage their inventory to

By Adedapo Adesanya Oil prices sustained uptrend on Thursday as optimism about progress towards a fiscal stimulus deal in the United States and a strong Asian demand spurred confidence in investors. This pushed the price of the Brent crude higher by 42 cents or 0.82 per cent to $51.50 per barrel, while the West Texas Intermediate (WTI) rose by 54 cents or 1.13 per cent to trade at $48.36 per barrel. Yesterday, the market reacted well to the news that lawmakers in the US are edging closer to an agreement on a $900 billion virus-relief spending package. The package includes

By Aduragbemi Omiyale A Child Education Plan aimed to provide parents and guardians with an easy and appropriate way to handle the burdens of tuition payment through efficient planning and long-term investments has been launched by DLM Asset Management, a DLM Capital Group subsidiary. The initiative aligns with the firm’s commitment to providing opportunities for parents/guardians to secure the education of their children or wards through effective planning and sustainable investments. The product is a suitable and flexible investment plan that enables parents/guardians to plan and fund their children’s education from kindergarten to tertiary levels. The DLM Child Education Plan

By Dipo Olowookere One of the movers and shakers of the Nigerian Stock Exchange (NSE), Dangote Cement Plc, on Friday released its financial scorecard for the first half of 2018. In the financial results, the company owned by Africa’s richest man, Mr Aliko Dangote, generated a total of N482.4 billion as revenue from its business operations in the period under review compared with the N412.7 billion it raked in the same period of last year, representing a 16.9 percent increase this year. The cement giant stated in the results that during the period under review, it spent N197.6 billion on

By Modupe Gbadeyanka The appointment of Mr Matthew Akinlade as an Independent Non-Executive Director of the Board of Directors NCR Nigeria Plc has been announced. It was disclosed that Mr Akinlade’s appointment was “unanimously approved” by the Board of the company. A statement signed by the company’s Secretary, Ms Olufunke Hussain, revealed that Mr Akinlade is a Fellow of the Chartered Institute of Management Accountants of London and Institute of Chartered Accountants of Nigeria. He was born in the year 1950. After his secondary school education, he studied for the Professional Examinations of the Chartered Institute of Management Accountants, London