Investors React to Forex Hold on Milk Imports as Market Turnover Rises 40%

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Quantitative Financial Analytics The Nigerian stock market has been showing great improvement since the beginning of May 2017 with most of the indices showing double digit returns. The All-Share Index (ASI) now boasts of a YTD return of 27.02 percent, the NSE pension and Premium index are in an all-time high with returns of 49.65 percent and 35.4 percent respectively. The Banking index is home with a YTD return of 51.92 percent and the NSE 30 index is smiling with 30.31 percent return, YTD. It has never been this good, at least, in more recent years. The market rally

By Modupe Gbadeyanka The management of FBN Holdings Plc has explained why the group has not released its financial statements for the year ended December 31, 2017. In a statement issued yesterday, the financial powerhouse explained that the delay was caused by the peculiar structure of the group. According to FBN Holdings, it has subsidiary companies across the banking, insurance and other sector and each of these firms needs to obtain submit their financial statements to their respective regulatory agencies for approval. “FBN Holdings Plc wishes to inform its stakeholders that the company has not been able to file its

By Adedapo Adesanya The final trading session for the year 2020 at the NASD Over-the-Counter (OTC) Securities Exchange ended on a positive note on Thursday, December 31, with a 0.1 per cent growth. The NASD Unlisted Security Index (NSI) rose by 0.7 points to end the year at 733.00 points as against 732.30 points it recorded at the previous session. Equally, the market capitalisation, which measures the total value of equities on the exchange, increased during the session by N551 million to close at N525.94 billion in contrast to N525.43 billion it finished on Wednesday. The bullish outcome came from

By Modupe Gbadeyanka A student of The Ambassador College, Ota, Ogun State named Oluwanifise Onafowokan has revealed her secret formula for ‘defeating’ the ‘almighty and dreaded’ Mathematics. According to Onafowokan, long hours of work and practice are the key factors responsible for her deep knowledge of Mathematics, a subject that is a nightmare for many of her colleagues. The student, who is participating in the Senior Category of the 2017 Cowbellpedia Secondary Schools Mathematics TV Quiz Show sponsored by Cowbell, the flagship brand of Promasidor Nigeria Limited, further said her love for Mathematics started early because of encouragement by her

By Dipo Olowookere The Nigerian movie industry has again been thrown into a mourning mode with the sudden demise of a veteran in the sector, Sir David Osagie. The respected role interpreter was said to have died hours after retiring to his bed shortly after leaving a movie set. According to reports, he had left the set to sleep but did not wake up the next morning. He reportedly did not show any sign of illness or discomfort when he left his colleagues on Tuesday evening at the film location. This development has made some of his colleagues wonder what

‌By Ahmed Rahma The Chairman of the Committee of Vice-Chancellors of Private Universities in Nigeria, Prof. Timothy Olagbemiro, has said private higher institutions deserve to benefit from the N500 billion Tertiary Education Trust Fund (TETFund) set aside for tertiary institutions. Mr Olagbemiro argued that the money should not only be for public universities because the fact that some people attend private higher institutions does not mean they should be discriminated against. At a recent event, Chairman, Board of Trustees of TETFund, Mr Kashim Ibrahim-Imam, and the Executive Secretary of the organisation, Prof. Suleiman Bogoro, had stated that the fund was

By Investors Hub European stocks have risen on Monday as Italy’s fractious coalition partners geared up for a showdown to avoid the collapse of the government following a series of clashes. Meanwhile, as hopes fade for aggressive Fed rate cuts in July, investors await the outcome of tomorrow’s U.K. leadership election and Thursday’s ECB meeting for further direction. While the German DAX Index has climbed by 0.5 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index are both up by 0.3 percent. Shares of Philips Electronics NV have soared in Amsterdam after the Dutch consumer electronics giant

By Adedapo Adesanya Oil prices settled higher by more than $2 on Wednesday as a report of lower crude inventories in the United States and cuts in Russian gas flows to Europe excited the markets. Brent crude rose by $2.22 or 2.1 per cent to $107.82 a barrel while the US West Texas Intermediate (WTI) crude gained $2.28 or 2.4 per cent to settle at $98.67 per barrel. The US Energy Information Administration (EIA) inventory data published showed that crude oil stockpiles in the world’s largest oil producer shrunk by 4.5 million barrels in the week ending July 22, in