Interests in Conoil, Ardova, Others Drive Stock Exchange’s 0.05% Growth

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Modupe Gbadeyanka Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, has revealed that the company plans to establish not less than 50,000 agent banking locations, also known as Ecobank Xpress Points, across the country before the end of 2019. Mr Akinwuntan explained that this is part of the bank’s commitment to bringing banking operations closer to Nigerian neighbourhoods. Speaking in a media chat with newsmen in Lagos recently, the banker said the move was also in line with the vision of the Pan African lender to ensure the financial inclusion of all Nigerians. According to him, the bank has

By Dipo Olowookere In the third quarter of 2020, Nigeria witnessed a capital inflow of $1.46 billion, a report from the National Bureau of Statistics (NBS) has revealed. According to the report released on Monday night, this was 74.03 per cent lower than the amount recorded in the same period of last year but 12.86 per cent higher than the figures of the second quarter of the year. Business Post reports that in the first quarter of this year, the total amount of capital imported into Nigeria was $5.85 billion, but it depreciated to $1.30 billion in the second quarter

By Dipo Olowookere Activities of bargain hunters lifted the nation’s equity market on Tuesday by 0.30 percent as investors used the opportunity of stocks trading at low prices to increase their holdings. The stock market closed in the positive for the first time in four trading sessions yesterday as a result of buying pressure on some blue-chip stocks. At the close of transactions, the gains boasted the All-Share Index (ASI) by 72.03 points to 24,098.08 points from 24,026.05 points. It equally inflated the market capitalisation by N38 billion to N12.571 trillion from N12.533 trillion. Data from the Nigerian Stock Exchange

By Dipo Olowookere Last week, investors traded 491.8 million shares worth N11.922 billion in 14,350 deals compared with the 586.939 million shares worth N8.837 billion transacted a week earlier in 17,183 deals. In the week, the market opened for only four days due to the public holiday declared for Monday, October 10, 2022, by the federal government to commemorate Eid-el-Maulud. GTCO, Mutual Benefits Assurance and FBN Holdings were the most active stocks, with the sale of 211.1 million units valued at N2.478 billion traded in 2,834 deals, accounting for 42.92 per cent and 20.78 per cent of the trading volume

By Dipo Olowookere The sum of N1 million has been set aside for winner of the 2017 National Essay Competition organised by UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc. At a well-attended press conference held last Tuesday at the bank’s headquarters in Lagos to announce the call for entries for the 2017 edition, Chief Executive Officer of UBA Foundation, Mrs Bola Atta, said the essay competition, which is eligible for all senior secondary schools students across the country, provides an opportunity for students to win prizes in the form of educational grants

By Adedapo Adesanya The Africa Blockchain Institute (ABI) has launched the Campus Blockchain Hackathon to give students from institutions of higher learning in Africa early exposure to the career and business opportunities being presented by the Blockchain/DLT Digital Innovations. The Hackathon will create a structured and sustainable community that nurtures and empowers awesome developers by providing and democratising access to knowledge, capital and mentorship. The contest seeks students from academic institutions of higher learning across Africa to build Blockchain Applications on Free TON that will add value to both the continent and the Free TON network. FREE TON is as

By Adeniyi Ogunfowoke Having fun on a tight budget when you travel can be tough especially if you are in a big city or anywhere where a lot of travelling is required. However, you do not need to worry because you can still have an exciting time even though you are travelling on a budget. Jumia Travel, the leading online travel agency, discusses ways you can do this. Find local events Cities and local organizations frequently produce lists of upcoming events for the public. These range from movie nights and art festivals to community celebrations. Cost of entry is typically

By Lefentse Nokaneng The Johannesburg summit declaration proposes a number of additional cutting-edge measures for strengthening relations between BRICS and Africa. The special invitation extended by South Africa, in its capacity as BRICS Chair, allowed African leaders and delegations to participate in the BRICS-Africa Outreach and the BRICS Plus Dialogue, where several important issues were discussed. Held under the theme, “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism,” primarily shows the bloc’s key objectives, among others, to promote global peace and development and work towards a new world order. The growth in its numeral strength