Friesland, Others Lift Unlisted Securities Market by 1.25%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Dipo Olowookere Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said at the moment, the revenue to Gross Domestic Product (GDP) of Nigeria stands at 8 percent, promising to increase this ratio to 15 percent by the end of the present administration of President Muhammadu Buhari in 2023. Mrs Ahmed made this disclosure on Thursday at the International Monetary Fund (IMF)/World Bank annual meeting in Washington DC, in the United States of America (USA). During her remarks, the Minister said part of ways to meet this target is to increase the revenue streams of the country

By Dipo Olowookere A total turnover of 2.2 billion shares worth N39 billion in 24,657 deals were traded this week by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of two billion shares valued at N21.7 billion that exchanged hands last week in 25,496 deals. The Financial Services Industry (measured by volume) led the activity chart with 1.5 billion shares valued at N17.7 billion traded in 15,208 deals; thus contributing 70.69 percent and 45.21 percent to the total equity turnover volume and value respectively. The Industrial Goods Industry followed with 200.4 million shares

By Adedapo Adesanya After initial de-escalation of the Russia-Ukraine tension drove oil prices downwards, the commodity found its way up again as there was no evidence of a significant Russian withdrawal of its military forces from near Ukraine’s frontiers, despite claims that a pullback was underway. Brent crude climbed $1.45 or 1.6 per cent to $94.81 per barrel while the United States West Texas Intermediate (WTI) crude gained $1.56 or 1.7 per cent to trade at $93.66 per barrel. Both benchmarks hit their highest since September 2014 on Monday, with Brent touching $96.78 and WTI reaching $95.82. On Tuesday, prices

By Adedapo Adesanya Brent crude jumped nearly 6 per cent or $4.89 to $90.89 per barrel, posting its highest weekly gain since February on the possibility that the conflict in the Middle East could widen as Israel began ground raids inside the Gaza Strip. Also, the price of the US West Texas Intermediate (WTI) crude gained $4.78 or 5.8 per cent to close at $87.69 a barrel, recording its highest daily percentage growth since April. For the week, Brent grew by 7.5 per cent, its biggest since February, while WTI climbed 5.9 per cent. The market reacted as Israel announced

**As Aiyesimoju Resumes as CEO By Dipo Olowookere Mr Babatunde Kasali has been appointed as the new Chairman of UACN Property Development Company Plc. This followed the resignation of Mr Larry Ettah as Chairman of the board of directors of the property firm listed on the Nigerian Stock Exchange (NSE). Mr Ettah resigned from the board on July 23, 2018, which was accepted by his colleagues, who “expressed [their] deep appreciation for the leadership provided by Mr Ettah during his tenure.” A statement signed by the Legal Adviser to the firm, Mrs Folake Kalaro, disclosed that apart from Mr Kasali,

By Dipo Olowookere Not satisfied with the November 23, 2017 ruling of Justice Rilwan Aikawa of a Federal High Court sitting in Lagos, Oando Plc has headed to a Court of Appeal to challenge the judgement of the lower court, which declined to hear its suit for lack of jurisdiction. Oando had dragged the Securities and Exchange Commission (SEC) to the High Court to stop the technical suspension of its shares on the Nigerian Stock Exchange (NSE) as well as a forensic audit of its affairs by independent auditors hired by the capital market regulator. The lower court had ruled

The United Kingdom government has expressed its support for the fight against extremism in Nigeria, assuring that it would assist in curtailing the menace that has left several people dead. The UK Foreign Secretary during a visit to the ravaged North East of Nigeria, said the former colonial master of Nigeria remains committed to supporting the and its neighbours in the fight against Boko Haram and Islamic State in West Africa. The UK has repeatedly called for the release of all those abducted by Boko Haram and Islamic State in West Africa and the protection of all civilians. Jeremy Hunt

By Dipo Olowookere One of the leading cement manufacturers in Nigeria, Lafarge Africa Plc, has received the regulatory approval to open its N89.2 billion rights issue. A statement issued by the company disclosed that the apex regulator in the nation’s capital market, the Securities and Exchange Commission (SEC) has approved the exercise. Lafarge Africa is raise planning to raise a total of N89.2 billion from the exercise by way of a Rights Issue of 7,434,367,256 shares at N12.00 per share, by issuing 6 new shares for every 7 shares held by shareholders as at December 4, 2018, which is the