Food Concepts, Two Others Rescue OTC Exchange From Bears

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 positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

In a remarkable turn of events, the Nigerian Exchange Limited (NGX) achieved a significant milestone as its All-Share Index (ASI) surged to an unprecedented level of 68,279.14, marking a 1.11% increase. This achievement surpasses the previous record of 66,371.20 points set on March 5, 2008, following a prior all-time high of 66,490.34 points. The exceptional performance was primarily attributed to the remarkable surge in banking stocks, with leading financial institutions such as Zenith Bank and GTCO leading the charge. Investors strategically positioned themselves to capitalize on the recent impressive earnings reports released by select banks over the weekend. Additionally, the

Pensioners in Ogun State have received their entitlements for the month of August, Governor Ibikunle Amosun has disclosed. In a statement issued by his Senior Special Assistant on Media, Mr Adejuwon Soyinka, the Governor said this was in fulfilment of his commitment to the welfare of public servants and pensioners in the Gateway State. Mr Amosun further said that workers in the state have also received their own salaries for the month of August. In the same vein, the state government has also ensured the payment of part of the outstanding cooperative deductions due to the workers. Commissioner for Finance

By Modupe Gbadeyanka There are strong indications that the number of job loss in Nigeria under the present administration of President Muhammadu Buhari may further increase anytime soon. This is because owners of the popular Oriental Hotel in Lagos, Western Metal Products Company Limited (WEMPCO) Group, are planning to leave the country after over four decades doing business in the Africa’s largest economy. Few days ago, there were reports that WEMPCO was offering to sell its flagship hospitality business, Oriental Hotel for $250 million (about N90 billion). In a report posted a moment ago, Business Day said WEMPCO wants to

By Adedapo Adesanya The federal government has pegged the exchange rate at N410.15/$1 and the crude oil benchmark at $57 per barrel for the 2022 budget it is planning to submit to the National Assembly for approval. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, confirmed this on Monday at an interactive session organised by the House of Representatives Committee on Finance on the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) in Abuja. Mrs Ahmed noted that the perception of the naira as being overvalued despite recent adjustment by the Central Bank of Nigeria

By Modupe Gbadeyanka Trading in the Nigerian equity market resumed for the week on Monday, February 6, 2017 on a bearing trend amidst anti-government protests in some cities across the country including Lagos, Abuja and Ibadan. The stock market extended its bearish run today with major market indices dropping to the red zone. Popular Nigerian musician, Mr Innocent Idibia, otherwise known as 2Face had called off the proposed anti-government demonstration on Monday, but some group went ahead with the exercise, though it did not record huge turnout as earlier expected. The protesters are demanding the government to solve the economic

By Modupe Gbadeyanka Permission has been given to the United Kingdom subsidiary of Nigerian lender, First City Monument Bank (FCMB) Plc to expand its banking services in the region. A statement issued by FCMB explained that its branch in the UK, FCMB Bank (UK) Limited, now has the approval to carry out retail (investments) services. With this permit, individuals and business enterprises seeking to transact their banking services between Nigeria and other African countries and desire to maintain a banking relationship in the City of London now have the opportunity to do so. “Based on this approval, FCMB Bank (UK)

By Dipo Olowookere Wema Bank Plc has announced holding an Extra-Ordinary General Meeting (EGM), seeking the consent of its shareholders in a comprehensive Scheme of Capital Reduction pursuant to the procedures set out in Sections 105, 106, 107, 108, 109, 110, 111 and 120 of CAMA and Rules 4(d), 4(g) and 5(4) of the Company Proceedings Rules 1992. In a notice issued on Friday, September 29, 2017, the lender explained that it was pursuing this holistic approach to enable it position its balance sheet for better efficiency. Having been transformed to one of the leading banks within the Retail Banking

By Modupe Gbadeyanka Governor Rochas Okorocha of Imo State yesterday presented a budget estimate of N190 .92 billion for the 2018 fiscal year. The budget proposal was presented by the Governor to the Imo State House of Assembly for consideration and approval. Tagged the ‘Budget of Consolidation and Continuity, the appropriation bill has N132.98 billion earmarked for capital expenditure, representing 69.70 percent of the total budget, while N57.943 billion is allotted for recurrent expenditure, representing 30.30 percent of the total budget. Mr Okorocha further said the 2018 budget was 59.8 billion higher than the 2017 budget, which was a total