IMF Extends Arrangement for Senegal

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Adedapo Adesanya The Department of Petroleum Resources (DPR) says 161 companies have been shortlisted to advance to the next and final stage of the bid round process for 57 marginal oilfields in the country. This was disclosed by Mr Paul Osu, Head of Public Affairs, DPR in Lagos. He explained that the firms were selected from the over 600 companies which applied for pre-qualification. A marginal field is any field that has reserves booked and reported annually to the DPR and has remained unproduced for a period of over 10 years. ”The 2020 marginal oilfield bid round process is

By Modupe Gbadeyanka Commissioner for Health in Lagos State, Dr Jide Idris, has alerted members of the public on recorded cases of Cerebrospinal Meningitis (CSM) in some states in the country and the need to report suspected case to the nearest public health facility. Dr Idris said the spread is caused by a new strain of CSM causative agent, known as Neisseria Meningitides type C, which is slightly different from the causative agent of the seasonal CSM and that the disease, was a dangerous and a life threatening one because it affects the thin layers of the tissue around the

By Emmanuel Otori Sales are a determinant of whether a business would survive or not. The lifeblood of every business is embedded in the day-to-day activities that can generate consistent cash flow. Some organizations get caught up in trying to do many things are at a time which makes their progression towards activities that contribute to their downline flawed and is visible in the finances of the organizations. Organizations are not necessarily alarmed until there is a sharp drop in revenue; however, a sharp drop in revenue is only an indication of many other factors beyond what has been observed.

By Modupe Gbadeyanka In preparation of the reopening of schools in the state this month, the Lagos Government has organised a training programme for administrators of educational institutions. The two-day capacity building workshop was on post-COVID-19 and classroom management for the school administrators and was put together by the Lagos State Universal Basic Education Board (LASUBEB). The programme, which was supported by the Universal Basic Education Commission (UBEC), had school managers, administrators, guidance counsellors and teachers in attendance. According to the Executive Chairman of LASUBEB, Mr Wahab Alawiye-King, the training was designed to further reinforce COVID-19 guidelines and regulations, psycho-social

By Dipo Olowookere Morgan Capital Securities maintained its position as one of the favourite brokerage firms operating in the nation’s stock market last week. The company ended the week as the most active stockbroker by volume as investors bought and sold a total of 203.2 million units of securities through the organisation, accounting for 11.45 per cent of the total trading volume of 887.0 million shares recorded in the week. Of this total number of stocks traded last week, 10 brokers contributed 855.9 million units. Data obtained by Business Post from the exchange showed that Meristem Stockbrokers helped investors to

By Adedapo Adesanya Crude oil witnessed over 2 per cent drop on Tuesday on signals that central banks may not be done with interest rate hikes. It was observed that Brent crude futures went down by $1.92 or 2.6 per cent to sell at $72.26 a barrel, while the US West Texas Intermediate (WTI) crude futures dropped $1.67 or 2.4 per cent to settle at $67.70 a barrel. The President of the European Central Bank (ECB), Ms Christine Lagarde, said on Tuesday that stubbornly high inflation will require the bank to avoid declaring an end to rate hikes. The ECB

By Kestér Kenn Klomegâh Vladivostok, located in Russia’s Far East, hosted the 8th Eastern Economic Forum (EEF) from 12th to 13th September 2023 in an attempt to define further the development of this remote region. Since the beginning of the EEF in 2015, it has, until COVID-19 was followed by Russia’s own ‘special military operation’ in neighbouring Ukraine, the focus was largely on harnessing resources from the United States and Europe to the Far East region of the Russian Federation. Speeches and all kinds of remarks highly praised Western, European and Asia-Pacific participating countries and corporate enterprises under resonating themes

By Adedapo Adesanya UBN Property Company Plc, one of the subsidiaries of Union Bank of Nigeria Plc, has proposed to pay a five kobo dividend to its shareholders despite suffering a 39 percent slump in profit in the 2019 financial year. The property investment arm of the financial institution said the cash reward will be paid to investors whose names appear on the register of members as at the close of business on Thursday, June 11. The company also noted that its closure of register will happen from Monday, June 15, to Friday, June 19, 2020, inclusive of both days.