Investors Buy, Sell N33.626bn Shares in One Week

By Adedapo Adesanya The Nigeria Labour Congress (NLC) has said it would ensure that the next national minimum wage to be negotiated in 2024 reflects the prevailing cost of living. The union also lamented that following the removal of fuel subsidy by the federal government, life has become extremely unbearable for workers. Addressing participants at the opening of the 19th edition of the NLC’s Harmattan School in Abuja, President of the NLC, Mr Joe Ajaero, said it had become necessary for governments at all levels to recognise that life and living conditions were exceedingly difficult, especially for working people in

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.18 per cent gain to open the week in positive territory on Monday, December 4, with the unlisted security index rising by 1.59 points to end the day at 862.40 points compared with last Friday’s closing value of 860.81 points. The improvement recorded by the bourse yesterday raised the value of the unlisted stock exchange by N2.5 billion to close at N1.169 trillion, in contrast to the preceding session’s N1.166 trillion. The gain posted by the bourse was driven by the N13.70 added to the share price of 11

By Modupe Gbadeyanka Taxpayers, including organisations and individuals, who are yet to pay their outstanding taxes, will not pay penalties and interests if they make the payments on or before December 31, 2023. This tax default forgiveness was given by the Federal Inland Revenue Service (FIRS), which explained that it created this window in “recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.” However, it stressed that if the full principal payment is not done before the deadline, defaulters would be forced to pay the outstanding tax liabilities. The Chairman of the FIRS, Mr

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

By Modupe Gbadeyanka A workshop mainly to deepen the knowledge of stockbrokers in the nation’s capital market was organised today by the Nigerian Stock Exchange (NSE). During the seminar, more than 200 stockbrokers gathered to learn more on how to tap into the market segment with the aim of rendering better services to their clients. All fixed income securities, with the exception of zero-​coupon bonds, provide some form of regular interest payments to investors. This makes the fixed income market especially attractive to investors whose main investment goal is providing themselves with a steady flow of income. At the forum

By Adedapo Adesanya The federal government has offered to increase the hazard allowance of health workers in government establishments in the country by 600 per cent. This was revealed by the Minister of Labour and Employment, Mr Chris Ngige, at the end of a meeting of the Presidential Committee on Salaries (PSC), relevant federal government stakeholders and health professional association and trade unions on Wednesday in Abuja. The meeting was called by the Minister to discuss the issue of hazard allowance and retirement age for health sector workers in the government health establishments, adding that the resolutions reached at the

By Adedapo Adesanya Prices of the crude oil grades fell on Monday after United States production rose amid weaker economic data out of China, with the Brent dropping 94 cents or 0.98 per cent to sell at $94.83 a barrel and the West Texas Intermediate (WTI) crude declining by $1.37 or 1.6 per cent to $86.53 a barrel. Oil output in the United States climbed to nearly 12 million barrels per day in August, the highest since the onset of the COVID-19 pandemic, monthly government data showed. Overall US output peaked at 13 million bpd in late 2019 and has

By Dipo Olowookere The adopt-a-school project of the Oyo State government is already yielding good results as a non-profit organisation known as Junior Chambers International has renovated two blocks of classrooms in the Seventh Day Adventist Primary School, Ibadan. The organisation also renovated the school’s dilapidated walls to enhance security, according to the President of JCI Ibadan Elite, Mr Sanmi Abiodun. At the commissioning of the project, Mr Abiodun further disclosed that plans were underway to build and equip a library for the school so as to improve the quality of education in the state. The Executive Chairman of the

By Modupe Gbadeyanka The Nigerian stock market recorded a marginal gain on Thursday, closing 0.01 percent higher to push the year-to-date gain to 36.36 percent. The market had begun bearish and it was looking like it would be the third consecutive losses at the stock market, but before the close of business, it picked up to finish bullish. At the close of transactions, the All-Share Index (ASI) increased by 4.13 points to close at 36,645.65 points, while the market capitalisation improved by N1.4 billion to settle at N12.6 trillion, and the market breadth ended negative with 19 gainers and 20

By Adedapo Adesanya The NASD Over the Counter (OTC) market returned to positive ways on Thursday to upturn the losses posted yesterday by its key performance gauges like the NASD Security Index and market capitalization. At today’s trading session, the market capitalization rose slightly by 0.15 percent or N750 million to close at N503.36 billion from N502.61 billion quoted yesterday. Likewise, the NASD Security Index (NSI) went up marginally to 700.63 points from 699.59, indicating a 0.15 percent or 1.04 points upward movement. However, the rise didn’t extend to the volume of transactions recorded, which dropped to 14,500 units on

By Modupe Gbadeyanka The London subsidiary of United Bank for Africa (UBA) Plc has been given the permission to operate wholesome banking activities in the United Kingdom. This makes the Africa’s global bank the only Sub-Saharan African lender to conduct banking operations in New York and London, as well as 20 other African countries. As part of the transformation process, resulting from the authorization, the current name of UBA Capital (Europe) Ltd will change to United Bank for Africa (UK) Ltd. In addition to a full suite of treasury services, cash management, corporate lending and wholesale deposit offerings to professional

By Dipo Olowookere Attorney General for the Federation and Minister of Justice, Mr Abubakar Malami, has assured the National Agency for Food, Drugs Administration and Control (NAFDAC) that its request for the payment of professional lawyers engaged to handle high profile cases on unwholesome products is deserving. He pledged that the Agency’s request would receive prompt attention. The Minister gave the assurance when the Acting Director –General, NAFDAC, Mrs Yetunde Oni, and management team of the Agency paid a courtesy visit to his office on December 15, 2016. According to the press release issued by Comrade Salihu Othman Isah, the