FrieslandCampina Lifts NASD Exchange by 0.21%

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

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 Adedapo Adesanya Jumia has released its first Environmental Social Governance (ESG) Report, outlining its ESG strategy alongside an overview of current sustainability practices at the company. The report draws on Jumia’s 2021 non-financial data and provides disclosures in line with Sustainability Accounting Standards Board (SASB) materiality topics for e-commerce entities as well as the UN Sustainable Development Goals (UN SDGs). While recognising the importance of standard ESG focus areas, Jumia draws attention to the unique role that e-commerce plays in advancing more equal opportunities in Africa. As such the company has made its mission, Leveraging technology to improve everyday

By Dipo Olowookere Nigeria’s digital publishing company, Publiseer, has been selected to pitch at the ‘The Best of Nigeria Ecosystem Challenge’ organized by AfricArena, a South Africa-based conference that gives to the best Nigerian startup companies an opportunity to pitch their businesses, and bring the best investors and corporates from Europe to Africa, and introducing them to the greatest startup Africa has to offer. “I am delighted to announce that Publiseer has been selected to come pitch on d-day and maybe win your ticket for the grand final in November,” said Adrien Maire, the Event & Project Manager of AfricArena

By Dipo Olowookere Stockbrokers in Nigeria have been charged to always prioritise the interest of investors over theirs so as to boost confidence in the capital market. This charge was given by the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, who said the agency would do everything possible to reduce poor market conduct to the barest minimum. Speaking at the Annual Stockbrokers Conference of the Chartered Institute of Stockbrokers (CIS), Mr Yuguda said the commission will intensify monitoring and surveillance of the market and apply stiff sanctions to any operator who engages in unethical conduct. According

By Adedapo Adesanya The African Development Bank (AfDB) and the International Fund for Agricultural Development (IFAD) have expressed their commitment to work with African leaders to redouble efforts at strengthening food security in the continent. This formed part of the decisions reached at a two-day virtual High-Level Dialogue on Feeding Africa: Leadership to Scale-up Successful Innovations hosted in Addis Ababa, Ethiopia. The commitment was also made in partnership with the Forum for Agricultural Research in Africa (FARA) and the Consultative Group for International Agricultural Research (CGIAR) system organisation. The international organisations pledged to make adequate funding available to modernise Africa’s

By Adedapo Adesanya The Senate has called for the need to install computerized oil facilities management gadgets for crude oil businesses in Nigeria, noting that this would enhance productivity. This call was made while deliberating on the motion raised by Senator George Sekibo (PDP, Rivers East) at the plenary session on Thursday, November 28, 2019 in the nation’s capital, Abuja. Senator Betty Apiafi (PDP, Rivers West), who seconded the motion, argued that, “Some communities in Niger Delta still complain of military damage of barges which in turn damage the environment. Software maintenance should be deployed in managing petroleum products.” “This

By Ezedi Udom The digital economy pre-corona virus disease (COVID-19) pandemic was embraced largely by glamorous people who were being driven by a lifestyle of sophistry. So, it was more of a status symbol, a show practice than a necessity. Despite the various promotional campaigns that pointed to the unlimited products, convenience and the cost-saving attributes of the digital economy, it was only seen as some novel and problematic concept that put people at unnecessary risk. Then came the COVID-19 pandemic and its various restrictions – the social distancing and shelter-in-place restrictions (lockdown), as well as the economic lockdown that

By Dipo Olowookere Nigeria’s Minister of Finance, Mrs Kemi Adeosun, has been urged to “without further delay show responsibility and clear the air over the damaging certificate forgery allegations against her and settle the facts of the case once and for all.” This appeal was made by a popular group known as the Socio-Economic Rights and Accountability Project (SERAP). In a statement issued on Sunday by SERAP’s deputy director, Mr Timothy Adewale, the group warned that, “Suspicions of certificate forgery involving a senior member of the government if not urgently and satisfactorily addressed would weaken public trust in the government’s

By Adedapo Adesanya Prices of crude oil were down on Monday by more than 3 per cent amid growing worries about the global energy demand outlook due to prolonged COVID-19 lockdowns, especially in China. Yesterday, the country intensified lockdown efforts, which had earlier centred primarily on Shanghai but have now spread to the capital, Beijing. Investors are now concerned that increased restrictions in the world’s largest oil importer will be put in place and that more cities will be affected. Chinese authorities also announced mass testing for all people in the Beijing district, further adding to the sense of panic,