How Only Lagos, Two Others Attracted $875.6m to Nigeria in Q2

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Adedapo Adesanya The federal government says it is aware of the rising cooking gas price in Nigeria and will take an urgent step to address the situation, especially ahead of the forthcoming festive season. The price of cooking gas in Nigeria has hit the roof, forcing several households to adopt firewood and sources of fuel harmful to the environment, especially at a time the world is preaching cleaner energy to address the drastic climate change. Worried by the concerns of Nigerians, the Minister of State for Petroleum, Mr Timipre Sylva, while addressing State House correspondents after a meeting with

By Ahmed Rahma The co-Chair of the World Health Organization (WHO) pandemic review panel, Ms Ellen Johnson Sirleaf, has expressed disappointment over the unequal roll-out plan of the COVID-19 vaccine. The former Liberian President expressed her dismay over the issue at the WHO Executive Board Meeting on Tuesday, lamenting that this will not make the jabs widely available in Africa until 2022 or 2023 based on current the plan. “The panel is discouraged and frankly disappointed by the unequal plans for vaccine rollout,” she said. Recall that in November 2020, all the 47 countries in the WHO African Region have

By Dipo Olowookere A Memorandum of Understanding (MoU) to promote the cross listing and trading of green bonds in Nigeria and Luxembourg has been signed by the Nigerian Stock Exchange (NSE) and the Luxembourg Stock Exchange (LuxSE). It was gathered that the deal was signed by the NSE CEO, Mr Oscar Onyema and LuxSE CEO, Mr Robert Scharfe, during the annual meeting of the World Federation of Exchanges in Singapore on Wednesday, October 9, 2019. The Nigerian green bond market received international recognition following the issuance and listing on the NSE of the N10.69 billion federal government sovereign green bond

By Dipo Olowookere A new report by the Central Bank of Nigeria (CBN) has revealed that some deposit money bank’s (DMBs) in the country charge their customers as high as 49.50 percent per annum as interest rate. The CBN report titled: ‘Deposit and Lending Rates in the Banking Industry’ showed the deposit and lending rates obtainable in commercial and merchant banks. According to The Nation, which obtained the report, the apex bank explained that the disclosure was in furtherance of the transparency and full disclosure stance of the regulator. It also aligns with the Monetary Policy Committee (MPC) decision that

By Modupe Gbadeyanka A partnership designed to reward customers with free shopping vouchers through a campaign tagged Season of Rewards has been entered into between Konga and Verve International. The promo kicked off on March 1, 2023, and will see shoppers on the leading composite e-commerce platform in Nigeria receive free vouchers when they shop on Konga.com with their Verve cards. The partnership underpins the commitment of both brands to add value by providing useful incentives for customers who make payments with their Verve cards. Consequently, Verve cardholders who shop on www.konga.com are in for great rewards, with free shopping

By Dipo Olowookere The decline in the shares of UAC Nigeria, Geregu Power and eight others weakened the Nigerian Exchange (NGX) Limited on Thursday by 0.02 per cent. The marginal fall recorded by the exchange came despite an improvement in investor sentiment, which was positive yesterday as there were 13 appreciating equities at the close of transactions. However, the fallers impacted the outcome of the bourse significantly. Consequently, they softened the All-Share Index (ASI) by 7.46 per cent to 47,524.38 points from 47,531.84 points as the market capitalisation depreciated by N4 billion to N25.885 trillion from N25.889 trillion. Business Post

By Dipo Olowookere All is still not well with International Energy Insurance (IEI) Plc as its half-year results have revealed that it is still running at a loss despite efforts put in place to put it back into profitability. Details of its unaudited financial statements for the first half of 2022 indicated that the underwriter recorded pre and post-tax losses. In the first six months of the fiscal year, the company declared N74.5 million as its loss before tax compared with the N73.9 million pre-tax loss posted in the same period of last year, while the loss after tax was

By Modupe Gbadeyanka The leadership of Watchtower Christian Assembly, Ikeja, Lagos, rolled out the drums on Sunday, September 25, 2022, to celebrate the existence of the church for a decade. The senior pastor of the church, Samuel Adeleke Olayinka, expressed gratitude to God for taking the ministry to greater heights, and helping the church to expand to Ogun State, where it currently has three other branches. During the service, the church’s men, women, youths, and children were beautifully dressed, dancing to songs from the choir as they worshipped God. The church was filled up such that some congregants had to