Greenage Gets $500,000 for Inverter Manufacturing Facility

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Adedapo Adesanya President Muhammadu Buhari has charged the board of the newly incorporated Nigerian National Petroleum Company (NNPC) Limited to ensure strict compliance with corporate governance principles that place a premium on doing business with the highest ethical standards, integrity, and transparency. The President gave the new NNPC board this task during the inauguration of the chairman, Mrs Margery Chuba Okadigbo, in Abuja on Friday. Mr Buhari also charged them to focus on profitability and operate at par with its industry peers across the world. “I expect the NNPC Limited to be mindful of our commitments to our net

By Adedapo Adesanya The Nigerian Stock Exchange (NSE) sees a positive capital market outlook for the year 2020, according to the Chief Executive Officer (CEO), Mr Oscar Onyema. Mr Onyema, while addressing the investing communication comprising the media, investors, analysts and others, at an interactive session on Monday, noted that the domestic environment was favourable and looking at the global market trends, there was high possibility of a positive outcome for the capital market this year. In his recap of the stock market’s performance last year, the NSE chief said the All Share Index (ASI) depreciated by 14.60 percent, but

By Modupe Gbadeyanka Latest report released by FMDQ OTC Securities Exchange has revealed that a turnover of N67.4 trillion ($215.9 billion) was recorded at the FMDQ OTC Market from January 2017 to June 2017. In the report seen by Business Post, it was revealed that amount include the transactions on all products traded on the FMDQ secondary market; forex, treasury bills (T.bills), bonds (FGN bonds, other bonds [Agency, Sub-national, Corporate & Supranational) & Eurobonds]) and Money Market (Repos/Buy-Backs and Unsecured Placements/Takings). However, the report stressed that these figures exclude primary market auctions in T.bills and bonds. The  data,  collated  from 

By Dipo Olowookere Officers and men of the Nigerian Army, who are investors in the country’s capital market, have been advised to do everything within their power to protect and always monitor their investments. Acting Director-General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, who gave this advice, said this can be done by exploring all available channels put down by regulators. According to her, few of these channels are e-dividend, Direct Cash Settlement, regularisation of multiple subscription, transmission of shares among others. Speaking during a visit to the 9 Brigade of the Nigerian Army in Ikeja on

By Modupe Gbadeyanka Cornerstone Insurance Plc has announced the resignation of one of its Executive Directors, Mr Ayo Osunbunmi. A statement issued by the company today disclosed that Mr Osunbunmi left the insurance firm on April 27, 2018. No reason was given for the decision of Mr Osunbunmi to quit the company. However, the board of Cornerstone Insurance, in the statement, thanked and wished him well in his future endeavours. “The board expresses its profound gratitude to Mr Ayo Osunbunmi for his service to the company and wishes him the best in his future endeavours,” the statement. However, Cornerstone Insurance

By Modupe Gbadeyanka The foreign exchange (FX) crisis that is putting pressure on the Nigerian Naira, making the prices of goods and services rise in the country, can be solved if attention is paid to agricultural financing, Heritage Bank Plc has submitted. The lender, through one of its executive directors, Mr George Oko-Oboh, pointed out that if players in the agricultural sector are supported with funds, they will produce crops that can be exported and generate forex for the country, making the domestic currency stronger at the currency market. At the 15th Annual Banking and Finance Conference of the Chartered

By Adedapo Adesanya The exchange rate of the Naira to the Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market was unchanged on Friday, April 8, closing at the previously traded rate of N416.67/$1 amid the usual increase in the demand for forex at weekends. However, the local currency appreciated against the British Pound Sterling at the spot market yesterday by N2.32 to trade at N544.69/£1 compared with Thursday’s closing price of N544.69/£1. It was a similar situation with the Euro as the Nigerian currency appreciated by N2.45 to sell at the final session of

By Investors Hub/Business Post Nigeria No fewer than 228,000 jobs were added into the economy of the United States of America in November, latest data released by the country’s Labour Department has revealed. This figure was more than what observers and analysts had anticipated. Economists had expected employment to climb by 200,000 jobs compared to the addition of 261,000 jobs originally reported for the previous month. The report said the unemployment rate came in at 4.1 percent in November, unchanged from October and in line with economist estimates. Meanwhile, average hourly employee earnings were up by 2.5 percent year-over-year in