Index Rises 1.54% as Investors Portfolios Grows N325bn

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 Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Adedapo Adesanya The World Bank has said Somalia’s economy is rebounding from the “triple shock”; the COVID-19 pandemic, extreme flooding, and the locust infestation, that ravaged the country in 2020. The Bretton Wood institution noted that the country, located in the Horn of Africa, is expected to record a Gross Domestic Product (GDP) growth of 2.4 per cent in 2021. This growth momentum is expected to continue in the medium term and reach pre-COVID-19 levels of 3.2 per cent in 2023. This was contained in the latest World Bank Somalia Economic Update reports, which point out that the economy

By Modupe Gbadeyanka Chairman of Transnational Corporation of Nigeria (Transcorp) Plc, Mr Tony Elumelu, has described the appointment of Mr Christopher Ezeafulukwe as an Executive Director of the firm as a welcome development. Mr Elumelu said the move would “deepen and open new doors of commercial opportunities for Transcorp and all our stakeholders as we pursue our goal of providing power in every home, school, hospital and business enterprise in Nigeria.” According to him, “Chris is an invaluable member of the Transcorp team. His insights, drive and commitment to business execution are exemplary.” Transcorp, one of the leading conglomerates in

By Dipo Olowookere The stock market depreciated by 0.26 per cent on Friday amid a heavy sell-off across the major sectors of the Nigerian Exchange (NGX) Limited and weak investor sentiment. It was observed that the equity market recorded the loss yesterday despite a marginal 0.02 per cent growth posted by the banking sector as the energy, insurance and industrial goods counters depreciated by 3.07 per cent, 0.61 per cent and 0.07 per cent respectively, while the consumer goods space closed flat. At the close of business, the All-Share Index (ASI) decreased by 122.62 points to 46,842.86 points from 46,965.48

By Rahma Ahmed The Nigerian Bar Association (NBA) has filed a suit to challenge the extension of the tenure of the Inspector-General of Police (IGP), Mr Mohammed Adamu, by President Muhammadu Buhari. The NBA in a statement on Friday signed by its President, Mr Olumide Akpata, said it is seeking a judicial determination of the constitutionality of the President’s extension of Mr Adamu’s tenure as the Inspector-General of Police for three months after the police chief had on February 1, 2021, attained 35 years of service as a member of the Nigeria Police Force. The suit with number FHC/L/CS/214/2021 was

By Dipo Olowookere Not less than N306 million was used by the federal government to airlift some Nigerians, who travelled for the 2018 World Cup in Russia, but were stranded in the Eastern European country, back to Nigeria. The stranded citizens returned to the country in two batches with the first set comprising 155 Nigerians and the second, 200 persons, including 17 Ghanaians. Speaking in Abuja, Minister of Foreign Affairs, Mr Geoffrey Onyeama, stated that, “A week ago, we learnt that there was another huge number of Nigerians stranded and Russian authorities were going to take very strong measures and

By Dipo Olowookere Former Governor of Katsina State, Mr Ibrahim Shehu Shema, has turned himself in to the Economic and Financial Crimes Commission (EFCC) after he was declared wanted by the agency two days ago, reports say. According to his spokesman, Mr Oluwabusola Olawale, the immediate past Governor of the state presented himself to the EFCC about an hour ago. He was wanted by the agency over allegation against him that he embezzled some money running into billions of Naira during his tenure. But Mr Shema slammed the EFCC for declaring him wanted. He also accused his successor of witch-hunting

By Dipo Olowookere Despite acquiring a 100 percent stake in Telluria Limited in mid-2019, Ellah Lakes Plc was unable to generate any revenue in the first nine months of its present financial year. Ellah Lakes, a company established in 1980 and has its headquarters in Edo State, specialises in fish farming. On Tuesday, the financial statements of the firm for the third quarter of the year ended April 30, 2020, were released by the Nigerian Stock Exchange (NSE) and a brief analysis of the books by Business Post showed that no revenue was generated during the period. However, the coy

By Dipo Olowookere The management of Diamond Bank Plc has maintained that there are discussions with new investors as claimed by its erstwhile Chairman, Mr Oluseyi Bickersteth, in a recent interview. In a statement, the lender urged members of the public, shareholders and existing investors to disregard the claims by Mr Bickersteth. The former Chairman and three other directors on the board of Diamond Bank resigned from office some days ago allegedly to allow fresh investors have their own representatives in the company’s highest decision making body. In the statement released today by the bank, the firm emphasised that it