Guinness Nigeria, BUA Cement, Three Others to Hold AGM This Week

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 Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Adedapo Adesanya The Department of Petroleum Resources (DPR) has said it will work closely with the electricity generating companies as regards the challenges present in the Nigeria Gas Transportation Network Code (NGTNC). This was disclosed by the Chief Executive Officer of the agency, Mr Sarki Auwalu, at the NGTNC engagement with the DPR, GenCos and the National Electricity Regulatory Commission (NERC) in Abuja. He said, “I appreciate the remark by one of the Managing Directors of the GenCos that they are sitting on gas. “We have 203 Trillion Cubic Feet (TCF) of gas that is proven, and 600 TCF

By Dipo Olowookere NASD closed its trading day on Friday, November 24, 2017, lower compared to last Friday, November 17, 2017. The market capitalisation shed 0.4 percent this week, closing lower at N406.30 billion against N408.30 billion previously. Also, the NASD Unlisted Securities Index (USI) also decreased by 0.4 percent this week, closing at 600.70 points, as against 603.34 points last Friday. The NASD OTC Securities Exchange currently trades Equity and Bonds and out of the 34 securities admitted to trade on the OTC Market, Friesland Campina Wamco Nigeria Plc both led the market by volume and value.

By Dipo Olowookere A federal lawmaker from Oyo State, Ms Tolulope Akande-Sadipe, has contributed her own quota in improving the economy of the state by empowering some of her constituents. The House of Representatives member over the weekend distributed cash grants and some items like vehicles, laptops, amongst others to about 300 small business owners in the Oluyole federal constituency. The items were given to participants of a vocational training programme, which was concluded on Sunday, November 21, 2021, in Ibadan, the state capital. Business Post gathered that Ms Akande-Sadipe, who is the House Committee Chairman of Diaspora, facilitated several

By Modupe Gbadeyanka The management of MTN Group has intensified its preparations for the planned sale of shares in its Nigerian unit later this year. The nation’s largest telecommunications firm is planning to list its equities on the Nigerian Stock Exchange (NSE) in June or July 2018 as part of an agreement it had with the Nigerian government when it reportedly negotiated reduction of the $5.2 billion fine to $1 billion for missing a deadline to disconnect unregistered subscribers amid a security crackdown by the country’s authorities. A report by Guardian on Friday said MTN has appointed more financial institutions

By FSDH Research A review of the latest Purchasing Managers’ Index (PMI) published by the Central Bank of Nigeria (CBN) for the month of April 2017 suggests that the Nigerian economy is on the way out of recession. However, we believe more policies are required to achieve sustainable growth. The PMI report shows that the Composite Manufacturing Index (CMI) expanded for the first time in the year 2017 and attained the highest level so far in the year 2017. The CMI increased to 51.1points in April 2017 from 47.7 points in March 2017. Although the Composite Non-Manufacturing Index (CNMI) is

By Dipo Olowookere The board of Lafarge Africa Plc will hold a crucial meeting today to discuss the company’s investment in neighbouring Ghana, which is not palatable. A statement issued by its General Counsel/Company Secretary, Adewunmi Alode, disclosed that the emergency meeting will specifically look into the organisation’s investment in Continental Blue Investment Limited. Business Post reports that the cement giant based in Nigeria controls a considerable stake, 35 per cent, in Continental Blue Investment. Continental Blue Investment is involved in the business of manufacturing and processing of non-precious minerals and building material in Ghana and the interest in the

By Dipo Olowookere A five-year deal worth N2.5 billion has been signed by a top Nigerian oil and gas company, Aiteo Group, and the Nigeria Football Federation (NFF). The deal was sealed on Wednesday at the Eko Hotel and Suites, Lagos. President of the NFF, Mr Amaju Pinnick, speaking on the development, stated that, “This is a heart-warming landmark in the history of football sponsorship in Nigeria.” “I am very happy that a critical area of our expenditure is being taken care of by this agreement,” he further enthused. It was gathered that the deal would take effect from May

By Dipo Olowookere Residents of communities in Oluyole Federal Constituency of Oyo State could not hide their excitement when the lawmaker representing them at the National Assembly donated 12 transformers to them. The facilities were given to the communities by a member of the House of Representatives, Mrs Tolulope Akande-Sadipe, to illuminate the area and boost security. The 300KVA transformers were donated by the top female politician barely a month after she facilitated an empowerment program for 200 women and youths in intensive training on Cosmetology. Also nearly a month ago, she donated several boreholes with water treatment plants and