FIRS Rolls Out Fines for Violation of CRS Regulations

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 Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Dipo Olowookere Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company. Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week. On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to

By Modupe Gbadeyanka Next week, the Nigerian Stock Exchange (NSE) is expected to carry out a reclassification of the NSE 30, and the six sectoral indices and information reaching us indicates that Fidelity Bank, Cadbury Nigeria and others may make the list. However, companies that are likely to be dropped include Forte Oil, Conoil, Paints & Coatings Manufacturers Plc and others. The six sectoral indices to be reviewed are the NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas and the NSE Lotus Islamic Indices. This exercise is normally done bi-annually (June and December) except for

By Dipo Olowookere Monday, February 5, 2018, has been fixed for ruling on the case brought against Diamond Bank Plc by one of its customers, Mr Olajide Friday. The plaintiff, a car dealer, accused the bank of sending a fake credit alert of N2.5 million to him, value of a vehicle he sold to a customer. Counsel to the auto dealer, Mr Cyril Nwaogu, informed Justice Angela Otaluka of the FCT High Court, Lugbe, that his client, three days after the said transaction, approached the bank to withdraw the money only to be told that the amount was not in

By Modupe Gbadeyanka Registration for Wema Bank Hackathon 3.0 will close on Saturday, February 12, 2022, the organisers have said. The programme, in its third edition and tagged Hackaholics 3.0, provides tech enthusiasts and innovators with a unique platform to unleash their creativity, exhibit innovative solutions that will battle some inherent societal challenges, network with like-minded tech-savvy individuals, show off their skills, and win great prizes. Entries for the Hackaholics commenced on Saturday, February 5, 2022, and intending participants have been urged to embrace the opportunity to achieve their dreams in the tech world. This is because the Hackaholics platform

By Dipo Olowookere Africa’s largest mezzanine fund manager, Vantage Capital, has provided €19 million of mezzanine funding to a leading distributor of oil & gas products in Côte d’Ivoire, Pétro Ivoire. The company operates a network of 72 petrol stations across the country (3rd placed after Total and Vivo Energy) and is also the largest gas distributor, with over 1.7 million gas bottles in circulation. It also holds a 40% stake in Côte d’Ivoire’s largest gas storage and bottle filling facility, SAEPP. The company sold 230 million litres of petroleum products in 2017. Vantage’s funding has enabled the founding family

Managing Editor of Lagos Post Online, Mr Damilare Bankole, has announced the revamping of the digital news platform. Mr Bankole said the transformation was carried out so as to meet the demands of readers in terms of wider information gathering and dissemination of vital investigative information to the general populace. According to him, the new Lagos Post Online is being handled and managed by versatile and experience journalists with decades of experience in journalism. He said these sets of media gurus have worked in various notable dailies and traversed across the country with global touch and ideas. The pen-pusher further

By Dipo Olowookere Deputy Prime Minister and Minister of Foreign Affairs Didier Reynders and Deputy Prime Minister and Minister of Development Cooperation Alexander De Croo announce the opening of four new Belgian embassies in Africa. The existing diplomatic bureaus in Cotonou (Benin), Conakry (Guinea), Bamako (Mali) and Niamey (Niger) will be upgraded to the rang of embassy. In doing so, the nation is demonstrating the importance it attaches to its relations with these countries, as well as to the situation in the region. The current upgrade reinforces all fields of the Belgian foreign policy in a comprehensive approach: bilateral cooperation,

By Dipo Olowookere The demand for value stocks led the local market to a marginal 0.11 per cent growth on Wednesday, with a positive sentiment. This was because at the close of transactions at the Nigerian Stock Exchange (NSE) yesterday, there were 32 price gainers as against the 16 price losers. Mobil Oil was the best-performing equity, rising by N21.50 to settle at N249.50 per share, while Flour Mills gained N1.90 to end at N29.30 per unit. BOC Gases rose by N1.13 to sell at N12.52 per share, Seplat grew by 40 kobo to trade at N496.50 per unit, while

By Aduragbemi Omiyale The Association of Bureaux De Change Operators of Nigeria (ABCON) has said foreign exchange (FX) users, especially in the Micro, Small and Medium Enterprises (MSMEs) sector of the economy, are undergoing untold hardship because of the decision of the Central Bank of Nigeria (CBN) not to sell forex to Bureaux de Change (BDCs). The group said the FX funding stoppage was hurting the nation’s economy as many medium and small scale users of foreign currencies were having it tough to process Form M in commercial banks for the importation of items needed to complete their productions. Speaking