FrieslandCampina Stocks Jump 5.5% as PZ Holds EGM for Assets Transfer

By Adedapo Adesanya The Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has called for collective efforts to shape the energy sector in Nigeria, noting that no meaningful economic growth can be achieved without it. Mr Adelabu said this at the Nigeria Energy 2023 leadership summit recently held in Lagos, with the theme Unlocking new value with reforms, investments, and technology which saw in attendance industry leaders. The Minister said, “Energy is the lifeblood of any modern economy of which Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without energy. “We can be talking of potential

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange continued its weekly positive run as it extended its gains by 0.41 per cent in the 38th week of trading in this year. The bullish posture was supported by the improvements in the share prices of six companies admitted to the alternative stock exchange in Nigeria. This increased the NASD Unlisted Securities Index (NSI) by  2.30 points from 805.65 points in the previous week to 808.95 points, as the market capitalisation of the bourse was relatively unchanged on a week-on-week at N1.140 trillion. Food Concepts Plc led the price gainers’ after

By Aduragbemi Omiyale Mr Tokunbo Akande, the Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has waded into the controversies surrounding stamp duty. The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have been at loggerheads at to which of them should collect the revenue charged on financial transactions in the country. Mr Akande, while commenting on the matter, described stamp duty as ‘a revenue stamp and not a postage stamp.’ While featuring as a guest on The Tax Talk programme on Channels Television recently, he emphasised that

By Investors Hub European stocks have fallen on Thursday after upbeat U.S. data lifted U.S. Treasury yields to levels not seen since 2011, increasing the likelihood of further rate hikes from the Federal Reserve. Markets expect an 80 percent probability of a Fed rate hike in December and three more rate hikes in 2019, with risks to the upside. Investors also kept an eye on Italy, where the coalition government set a budget deficit target of 2.1 percent of GDP for 2020 and 1.8 percent of GDP for the following year. The government needs to obtain European authorities’ approval to

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned from the Eid el-Fitr holidays with a 1.78 per cent growth on Friday. The closing of the unlisted securities market in the positive territory was boosted by the upward movement in the prices of four securities admitted on the NASD Exchange. The four companies which spurred the growth were Central Securities Clearing Systems (CSCS) Plc, FrieslandCampina WAMCO Nigeria Plc, Nipco Plc and Niger Delta Exploration and Production (NDEP) Plc. CSCS Plc gained N1.51 or 8.6 per cent during the session to close at N17.65 per unit as against N16.14 per

By Nneka Okumazie It is quite parlous to forget that this world is a hostile environment. It is great self-deception to not understand possible spontaneity of hostility at any moment from anyone or any source. There are cyclical, geographic, atmospheric, disease hostilities, etc. There are people that health is hostile to. There are people that economics is hostile to. There are people that find hostility because of how they look, think, their choice, decision, reward, desire or hurt. The power to give hostility is often preferred. The prevalence of hostility from history continues to show the world hasn’t changed much.

By Dipo Olowookere A foreign investor, which has a substantial stake in Okomu Oil Palm Plc, has increased its stake in the Nigerian company. The shareholder, Socfinaf S.A, recently increased its holding in the firm by acquiring over 2 million units of the company’s stocks at the Nigerian Stock Exchange (NSE). A notice from the Edo State-based organisation said the purchase of the additional shares was done in three tranches at the Lagos exchange located on Customs Street, Victoria Island. It was disclosed that on Wednesday, September 9, 2020, Socfinaf bought 1,883,759 units of the shares at a unit price

By Dipo Olowookere The lawmaker representing Oluyole Federal Constituency at the National Assembly, Mrs Tolulope Akande-Sadipe, has called on her colleagues to help seek justice for a hit-and-run accident victim, Mr Raji Idris. At the plenary on Thursday, the legislator narrated that on May 13, 2021, along Olomi Road, Oluyole, Ibadan, the member of her constituency was knocked unconscious by an alleged drunk driver identified as Mr Dele Ayanjompe, who allegedly fled the scene afterwards, according to eye witness accounts. According to her, the victim was taken to the Frontida Clinic where it was confirmed that he had suffered trauma

By Aduragbemi Omiyale To drive business growth in the country, Stanbic IBTC Bank Plc will be in different markets across the states of the federation to advertise its financial solutions to owners of small and medium enterprises (SMEs). The lender, a Stanbic IBTC Holdings Plc subsidiary, intends to inform entrepreneurs of the various products they can key into, including its flexible loans. The campaign will kick off in Ibadan, Oyo State. It will continue to four major states across the nation, including Rivers, Abuja and Anambra in the following markets – Agbeni market, Gbagi market, Oyigbo market, Mile Three market,

Amidst the evolving strategies and initiatives to halt the spread of coronavirus pandemic around the globe, shifting consumer behaviour to online trade channels and digital platforms can provide the needed incentive to keep people safe and by extension promote the growth of Nigeria’s e-commerce industry. Keeping safe and staying alive is everyone’s most cherished watchword at this time. The coronavirus (COVID-19) pandemic in many of the countries including Nigeria is not abating despite concerted steps by governments, private sector players, multilateral organisations and other stakeholders to halt the rate of transmission. In the face of the escalation of the pandemic,

By Adedapo Adesanya Crude oil edged lower on Thursday as investors took profits after two days of gains spurred by tightening supply amid an expected recovery in demand. Data showed that the Brent crude lost 96 cents or 0.81 per cent to trade at $83.86 per barrel, while the United States West Texas Intermediate (WTI) crude fell by $1.40 or 1.16 per cent to sell at $81.48 per barrel. Prices soared more than 50 per cent in 2021 and some analysts expect the rally to continue, forecasting that low production capacity and limited investment could lift crude up to $100