Investors Spend N8.9b on Shares Last Week

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Modupe Gbadeyanka Coordinator of Emergency Relief, Mr Mark Lowcock, on Friday confirmed the release of $30 million from the United Nation’s Central Emergency Response Fund (CERF) to urgently scale-up relief efforts in West Africa’s Sahel, where an acute drought, combined with exceptionally high food prices and worsening insecurity, has escalated humanitarian needs. Business Post reports that since 2017, CERF has allocated over $100 million for life-saving humanitarian response in the region. Thousands of families have exhausted their food reserves and are cutting down on daily meals and up to 1.6 million children are at risk of life-threatening malnutrition, and

By Modupe Gbadeyanka One of the prominent private schools in Lagos, Chrisland School, has been temporarily closed by the Lagos State government. The institution, located in the Opebi area of the metropolis, was shut down by the state government over the death of one of its students last week. One Mr Adeyemi Adeniran had cried out for justice over the death of his daughter, Miss Whytney Adeniran, alleging that the school was trying to sweep the matter under the carpet. It was claimed that the 12-year-old student left home for the school’s inter-house sport at the Agege Stadium, but she

By Ashemiriogwa Emmanuel One of Africa’s leading agrifood-tech startups digitising its food supply chain, Vendease, has raised $3.2 million in a seed round to expand its operations on the continent. The funding round was led by Global Founders Capital, a backer of one of Africa’s very first unicorns, Jumia, with participation from existing investors such as Paga’s Tayo Oviosu, Remita’s John Obaro, and Magic fund. At the same time, new angel investors who participated were Y Combinator, Hustle Fund, Liquid 2 Ventures, Hack VC, and Soma Capital. The nine-month-old, Nigerian-based startup plans to use the fresh funding to increase its

By Modupe Gbadeyanka Renowned global rating firm, Moody’s Investors Service, has downgraded to B2 from B1 the long-term local currency deposit and issuer ratings of four Nigerian banks; Access Bank Plc, Guaranty Trust Bank Plc, (GTBank), United Bank for Africa Plc (UBA) and Zenith Bank Plc as well as the long-term local and foreign currency issuer ratings of Bank of Industry (BoI), a Nigerian development bank. Moody’s also downgraded to B3 from B2 the long-term foreign currency deposit ratings of Access Bank, GTBank, UBA and Zenith Bank, as well as those of Union Bank of Nigeria Plc, First Bank of

By Okechukwu Keshi Ukegbu One man who is deeply worried by the current unemployment rate in the country is Barrister Olusegun Bamgbose, the National Coordinator of Concerned Advocates for Good Governance (CAGG). Indeed, his worries are apt and reflect the realities of the present times. Bamgbose’s worries are compounded by the statistics recently churned out by the National Bureau of Statistics (NBS), which indicated that Nigeria’s unemployment rate as at the second quarter of 2020 was 27.1 per cent. The negative implication of this is that about 21.7 million Nigerians are unemployed. According to him, this figure is not only

By Investors Hub Asian stocks closed sharply lower on Friday on renewed worries about higher interest rates after the yield on the 10-year U.S. Treasury note neared its highest levels in four years and the Bank of England hinted at somewhat earlier than expected rate hikes. A downturn in oil prices and concerns about high valuations also spooked investors. The declines in Asia mirrored the overnight sell-off on Wall Street, where the Dow Jones Industrial Average plunged 4.2 percent to enter correction territory. Chinese shares led regional losses as liquidity conditions tightened before the Chinese New Year break starting next

By Adedapo Adesanya On Monday, May 31, 2021, shareholders of NASD Plc will gather in Lagos for the company’s 8th Annual General Meeting (AGM). This development was announced by the organisation in a notice filed to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its stocks as a demutualised entity. The disclosure from the firm explained that the meeting has been scheduled to take place at its headquarters, located on the 9th Floor of the UBA House on 57, Marina, Lagos by 11 a.m. The board of the company will the occasion to update the shareholders of efforts being

Japanese company, Panasonic Corporation has announced the acquisition of all the outstanding shares of the German software company, OpenSynergy. OpenSynergy is a high-tech company specializing in embedded automotive software for cockpit solutions. Panasonic positions its automotive business as a high growth area, and expects the business to contribute in the area of “comfort”, “safety”, and “environment”. In order to achieve “zero traffic accidents,” which is a recent societal demand, it is important for cars to have advanced driving assistance systems, or ADAS, which help the driver with better vehicle control such as optimum braking, as well as driver support systems