Friesland Pulls NASD into Negative Territory by 0.14%

By Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya The coalition of 32 Civil Society Organisations (CSOs) working to promote democracy and human rights has expressed grave concerns over the rise in the level of attacks targeted at human rights activists in the country. The groups include: Centre for Democracy and Development (CDD), Enough is Enough (EIE) Nigeria; Partners for Electoral Reform; and the Civil Society Legislative Advocacy Centre (CISLAC). Others are Resource Centre for Human Rights and Civic Education (CHRICED); Centre for Information, Technology and Development (CITAD); Yiaga Africa; and Global Rights Project Alert among others. The group in a statement on Wednesday in Abuja

By Adedapo Adesanya The Petroleum Products Pricing Regulatory Agency (PPPRA) has disclosed that the federal government paid a total of N43.09 billion as fuel subsidy on Premium Motor Spirit (PMS) or petrol in the month of January 2020. This means that in January, the government paid an average N26.27 on every litre of the commodity to enable Nigerians buy the product at a pump price of N145 per litre, while at N171.27 per litre at the Expected Open Market Price (EOMP). In its monthly PMS Pricing Templates and Daily Truck-Out data, the agency stated that the amount paid for subsidy

By Dipo Olowookere Reports reaching us indicate that some yet-to-be identified gunmen have abducted the Secretary of Isheri North Estate, GRA, Lagos State. The victim, identified as Mr Dayo Adekoya, was kidnapped in the wee hours of Thursday, February 9, 2017, at his residence. It was gathered that the gunmen, numbering about 10, stormed the estate at about 12:46am on Thursday and started shooting sporadically. During their operation, which lasted about four hours, three persons were feared dead, all security guards stationed inside the estate. It would be recalled that recently, an estate very close to Isheri North Estate, was

Rental properties are far from inexpensive investments. Between purchasing, maintaining and managing your first rental, you’re likely to expend a fair amount of capital. And given how much money you’ll be putting into this investment, it’s only natural that you’d want to see healthy returns. While getting the most out of your first rental property can present some challenges, it should be well within the abilities of any investor who isn’t afraid of a little work. Educate Yourself on the Market If you have little to no knowledge of the real estate market, it’s strongly recommended that you seek advice

By Dipo Olowookere AXA Mansard Pensions Limited has now been sold to Eustacia Limited, the management of AXA Mansard Insurance Plc has confirmed. Recall that in February 2020, Axa Mansard, after obtaining authorisation of its shareholder at the company’s Extraordinary General Meeting (EGM), said it was divestment from its pensions business to focus on its core operations. In an update, the insurer said after a competitive bid process, Eustacia Limited, a member of the Verod Group, was picked as the preferred bidder from others. With this, Axa Mansard Insurance has agreed to transfer its entire 60 per cent stake in

By Adedapo Adesanya Transactions at the NASD Over-the-Counter (OTC) Securities Exchange closed in the bullish zone on Thursday, November 18 with a 0.3 per cent growth driven by the positive price movement in the shares of FrieslandCampina WAMCO Nigeria Plc. The milk producer appreciated by N1.90 or 1.6 per cent during the trading session to settle at N121 per unit compared with N119.10 per unit it closed on Wednesday. This lifted the NASD Unlisted Security Index (NSI) by 2.25 points to wrap the session at 746.83 points in contrast to 743.58 points of the previous session. In the same vein,

By Adedapo Adesanya The House of Representatives has stepped down a motion to call on the federal government to halt the proposed ban on motorcycles across the nation. A member from Jigawa State, Mr Abubakar Yalleman, moved the motion on Tuesday during the plenary at the green chamber of the National Assembly in Abuja, the nation’s capital. He charged the House to urge the federal government to restrict the ban to local governments where banditry and terrorism were rife. The lawmaker believes a total ban will negatively affect the well-being and welfare of ordinary Nigerians if palliative measures are not

By Modupe Gbadeyanka Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has assured investors that her agency will look into the challenges in regularising their multiple accounts. Last month, the apex regulatory body of the Nigerian capital market announced an extension of the exercise till September 2018. Ms Uduk, who was honoured by the West African Student Union Parliament (WASUP) for Exemplary Leadership in Abuja yesterday, said she was aware of the issues being raised by investors, but promised to look into them. “Forbearance window for shareholders with multiple accounts has now been extended to