Impressive Q1 Results Trigger High Demand for Nigerian Stocks

By Adedapo Adesanya Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Roger A. Agana Rigworld Training Center (RTC) has signed a partnership agreement with Ecole Supérieure Polytechnique (ESP) of Senegal to improve the course content of the latter. Under the partnership agreement, RTC will help raise the level of local skills of students in ESP to help them integrate well in the different industries in Senegal and across the world. The signing of the agreement between the two educational institutions in West Africa here in Accra, the Ghanaian capital, is expected to offer African expertise to develop African competences to enable graduates take up emerging jobs in the oil and

By Dipo Olowookere Leading tech-driven agriculture innovation company in Nigeria, Farmcrowdy Group, has received the Disruptive Innovation in Agribusiness Award granted by the United Nations Industrial Development Organization (UNIDO), in Rome, Italy. This came barely a month after the nation’s first digital agriculture firm was also recognised at the Next Bulls Awards organized by the Nigerian Stock Exchange and BusinessDay, for its market leadership and potential to list on the exchange in the future. The latest award from UNIDO identifies businesses and ideas that could lead to social, environmental and economic improvements if implemented in developing countries. It also offers

By Adedapo Adesanya The Federal Government of Nigeria has said that it has implemented plans to get a 20-year economic development strategy running, which will replace the Vision 2020 elapsing next year. This was disclosed by the Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, while speaking at the BusinessDay Investment and Capital Markets conference held in Abuja on Thursday. She said there will also be a five-year plan to succeed the Economic and Recovery Growth Plan (ERGP) which will also expire in 2020. “Having recognized that Nigeria’s past failure to plan and execute sustainable diversified and inclusive

By Dipo Olowookere The proposal by Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, that government should consider collecting tax on calls above minutes has been rejected by the Association of Telecommunications Companies of Nigeria (ATCON). The association described the suggestion as “not only technically” wrong, “but [also] economically” faulty and “not founded on any theory.” Mr Emefiele, at the 2016 Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN), had opined that government could look in the direction of taxing calls above three minutes from consumers as a way of generating billions of

By Adedapo Adesanya The Joe Biden administration in the United States has given approval for Nigeria to buy advanced attack helicopters worth $997 million to tackle insecurity in the country. Nigeria is battling a series of threats from extremists and terrorists in the north. The State Department on Thursday announced the approval of the almost $1 billion sales of 24 Bell AH-1Z Viper helicopters and related equipment to Nigeria. The related equipment includes guidance, night vision and targeting systems as well as engines and training support, the department said in a notice to Congress. “This proposed sale will support the

The founder of FCMB Group and notable philanthropist, Otunba Olasubomi Balogun (CON), has formally handed over his Otunba Tunwase National Paediatrics Centre (OTNPC), located at Ijebu Ode, Ogun State, to the management of the University of Ibadan and the University College Hospital (UCH). The gesture is part of his conscious efforts towards ensuring that Nigerians, especially children, have access to world-class healthcare facilities and specialised treatment services. The cost of the hospital is estimated at over N5 billion. The transfer of the hospital to UI and UCH was preceded by the signing of a Memorandum of Understanding (MoU), which clearly

By Adedapo Adesanya President of the African Development Bank (AfDB), Mr Akinwumi Adesina, will pay a three-day official visit to South Africa to discuss trade and investment in Africa’s second-largest economy. He will meet the South African President, Mr Cyril Ramaphosa, and various government and industry leaders to discuss important global and regional concerns which include the bank’s development agenda and the country’s potential for increased trade and investment with the rest of Africa. On Thursday, March 24, Mr Adesina will make a speech at the opening ceremony of the South Africa Investment Forum. The South Africa Investment Forum convenes

By Dipo Olowookere Authorities of the Nigerian Army have denied a report by a popular online news platform, Sahara Reporters, that about 700 soldiers were missing in Baga town in Borno State. The report was titled About 700 Soldiers Missing, More Than 2,000 Trapped As Boko Haram Takes Over Baga. But in a rebuttal, the Army said there was no iota of truth in the Sahara Reporters’ story, urging members of the public to ignore it. “Our attention has been drawn to a news story with the headline EXCLUSIVE: ‘About 700 Soldiers Missing, More Than 2,000 Trapped’ As Boko Haram