Index Sheds 2.54% in 5 Days as Diamond Bank Loses 31.58%

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

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 Adedapo Adesanya President Bola Tinubu has said Nigeria is ready for business in the oil sector, stressing that he is ready to tackle all the issues relating to businesses in the country. He stated this in New York on Monday while playing host to a delegation consisting of the global leadership of an oil and gas transnational giant, ExxonMobil. According to a Tuesday statement by the presidential spokesman, Mr Ajuri Ngelale, the country is no longer settling for crumbs and leftovers on the investment agenda of the world’s most prolific energy conglomerates. “Nigeria has never been more ready for

By Modupe Gbadeyanka Equity market in Nigeria closed on Thursday on a bullish note, with the major market indicators pointing north. The All-Share Index (ASI) increased by 283.49 absolute points or 1.11 percent to finish at 25,755.18 absolute points, while the market capitalisation progressed by N98.1 billion to end at N8,912 trillion and the year-to-date (YTD) Return closing for the day at -4.17 percent. There was a surge in the volume of shares transacted on the floor of the Nigerian Stock Exchange (NSE) today compared with the previous day. While a total of 241.6 million shares exchanged hands on Thursday

By Adedapo Adesanya The Naira appreciated against the United States Dollar at the parallel market, the Peer-2-Peer (P2P) and the Investors and Exporters (I&E) windows of the foreign exchange (FX) market on Friday, February 17, influenced by improvement in forex liquidity, though the threats remain. In the black market, the Nigerian currency gained against its American counterpart by N1 yesterday to sell at N759/$1 compared with the previous day’s value of N760/$1. Also, in the peer-to-peer segment, the local currency appreciated by N1 to quote at N769/$1, in contrast to the N770/$1 it was exchanged on Thursday. In the I&E

By Modupe Gbadeyanka Nigerians have been urged to stop cutting trees and the earth will suffer from it if it is not stopped. This appeal was made by the Oyo State government in commemoration of the 2022 World Ranger Day. In a statement issued by the Commissioner for Information, Culture and Tourism, Mr Wasiu Olatubosun, the government also saluted the bravery of park rangers at the Old Oyo National Park. World Ranger Day, which is marked annually on July 31, pays tribute to those who have fallen in the fight to save forests, wild animals and trees, as well as

By Dipo Olowookere There is no doubt that there are several communities in Nigeria yet to be connected to the national grid and government is still finding it difficult to bring them in. But a commercial provider of PayGo solar systems to rural off-grid communities, Azuri Technologies Limited, has made that very easy and affordable with its Azuri Quad. At a media briefing in Lagos on Tuesday, the company’s executives disclosed that since its launch in 2016, Nigerians already enjoying its services have had sweet stories to tell to the world. According to the General Manager of the firm in

By Carly Klein Innovations are a vehicle for social inclusion and the improvement of humanity because patents often serve as a method to democratize inventions that were once seen as elite. The US patent system allows for greater recyclability of ideas, which leads to less waste. These features create society-wide benefits that build economic, natural, and social capital into the global economy. All patented inventions, by their very nature, must provide some improvement or benefit to humankind. This unique feature that gives patented innovations an intrinsic quality of improvement stems from strict patent eligibility requirements. In the US, for example,

By Dipo Olowookere Transactions at the Nigerian Exchange (NGX) Limited broadly fell last week as investors bought and sold 1.831 billion equities worth N19.494 billion in 21,723 deals in the five-day trading. In the previous week, a total of 28.736 billion equities worth N209.060 billion exchanged hands in 23,688 deals. The high trading volume in the comparative week was influenced by an off-market deal in Union Bank, involving the purchase of over 27 billion shares of the lender by Titan Trust Bank for more than N190 billion. Last week, the bourse did not witness a similar trade but the financial

By Dipo Olowookere The board and management of Dangote Cement Plc have been commended for churning out positive performance in the 2017 financial year. Speaking at the firm’s Annual General Meeting (AGM) on Wednesday in Lagos, shareholders of the cement maker said they were fortunate to be part of the business enterprise. President of Progressives Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie, said he was particularly happy with the way the company was run. The shareholders described Dangote Cement as a very reliable company that has consistently demonstrated its love for the shareholders. They unanimously urged the regulators to