FG to Revive Moribund Cotton Textile Firms in Zamfara

By Adedapo Adesanya The Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Dipo Olowookere The trio of Universal Insurance, Oando and UBA were the busiest stocks on the floor of the Nigerian Exchange (NGX) Limited last week, trading 2.212 billion units valued at N8.907 billion in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total trading volume and value, respectively. In the week, investors transacted 3.911 billion shares worth N30.379 billion in 38,536 deals versus the 2.933 billion shares worth N47.449 billion exchanged in 44,654 deals in the preceding week. Financial stocks dominated with 2.774 billion units valued at N15.241 billion in 16,379 deals, contributing 70.92 per

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has called for collective efforts to shape the energy sector in Nigeria, noting that no meaningful economic growth can be achieved without it. Mr Adelabu said this at the Nigeria Energy 2023 leadership summit recently held in Lagos, with the theme Unlocking new value with reforms, investments, and technology which saw in attendance industry leaders. The Minister said, “Energy is the lifeblood of any modern economy of which Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without energy. “We can be talking of potential

By Dipo Olowookere Last week, Ecobank Transnational Incorporated (ETI) released its financial statements for the nine-month period ended September 30, 2020. The financial status of the lender showed a notable decline in the profit for the period under consideration and according to the management of Ecobank, this was mainly due to the defunct Oceanic Bank, a financial institution it acquired in 2011. Ecobank specifically said the profit was significantly impacted by the provision of N60.6 billion for goodwill for the acquisition of Oceanic Bank then led by Ms Cecelia Ibru. A look at the financial statements of the bank by

By Dipo Olowookere It is not a good time for Nigerian stocks at the moment as investor sentiment remains negative as the market awaits a positive trigger to propel another round of buying interest. On Thursday, the Nigerian Exchange (NGX) Limited slightly went down by 0.01 per cent to extend its stay at the negative territory for the fourth straight session. It means the stock market has not recorded a single growth this trading week, though it closed flat on Tuesday with a red. The decline reported yesterday was majorly influenced by selloffs in some value stocks and investors did

By Dipo Olowookere Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, has said most insurance companies licenced to operate in the country are largely undercapitalised. Mr Onyema made this declaration when he addressed participants at the Insurance Sector Forum held on Tuesday at the Stock Exchange House in Lagos. During his speech, the NSE chief commended the National Insurance Commission (NAICOM) for directing insurers to increase their minimum paid-up share capital requirement. According to him, the ongoing recapitalization and consolidation exercise is expected to significantly impact the industry and equally present new opportunities in mergers and

By Adedapo Adesanya The NASD Over-the-Counter (OTC) returned from a two-day break with a 2.1 per cent appreciation to push its market capitalisation to N666.06 billion on Thursday. At the previous trading day, which was on Monday, the total value of securities on the alternative bourse stood at N652.58 billion, indicating that it increased by N13.48 billion yesterday. Also, the NASD Unlisted Security Index (NSI) improved by 15.5 points to wrap the session at 766.31 points compared with 750.81 points recorded at the previous session. The growth witnessed during the session was boosted by Central Securities Clearing Systems (CSCS) Plc

Betting, a popular leisure activity around the world, has found a passionate audience in Nigeria. With the increasing accessibility of online platforms and a thriving sports culture, many Nigerians are drawn to the excitement and potential rewards of betting. However, like any form of entertainment, betting comes with its own set of regulations and limitations. This article delves into the crucial aspects of betting limits in Nigeria, equipping enthusiasts with essential knowledge to make informed decisions and enjoy their betting experiences responsibly. Age Restrictions and Legal Betting Age In Nigeria, the legal age for engaging in betting activities is 18

By Dipo Olowookere The shares of Axa Mansard Insurance Plc appreciated by 15.69 per cent week-on-week at the Nigerian Exchange (NGX) Limited to N1.77 last week amid investors’ interest in the underwriting firm. The insurer finished the week as the higher price gainer in the five-day trading week, which saw the All-Share Index (ASI) and the market capitalisation growing by 1.22 per cent to 44,492.73 points and N24.234 trillion, respectively. Similarly, all other indices finished higher with the exception of the insurance, consumer goods, energy, Lotus II and industrial goods indices, which fell by 1.34 per cent, 1.05 per cent,

By Dipo Olowookere EnergyNet has partner with the National Council on Power (NACOP) for the closed government roundtable taking place in Jos, Plateau State this month, hosted by the Federal Ministry of Power, Works and Housing. Following the roundtable, The Federal Ministry of Power will follow up with investors at the annual ‘Powering Africa: Nigeria’ Investors Summit one week later on the next phase of Nigeria’s energy strategy, with a particular focus on progress on the Power Sector Recovery Program (PSRP) and its implementation strategy; and the Investment Guidelines for Power. “Hon. Minister Fashola, the Permanent Secretary of Power, Mr

By Dipo Olowookere As part of their shared mission to boost financial inclusion throughout Nigeria, Oradian and the Association of Non-Bank Microfinance Institution of Nigeria (ANMFIN) have launched a strategic partnership. The partnership will enable ANMFIN to promote access to financial services for Nigerian clients on a larger scale by using ANMFIN Cloud Express, a core banking system specially built for ANMFIN and its microfinance institution (MFI) members. ANMFIN Cloud Express, powered by Instafin, is a cloud-based toolset tailored to enable smaller Nigerian microfinance institutions (MFIs) to benefit from a cloud-based solution. President of ANMFIN, Princess Adesola Ogunleye, stated that,