Investors Stake N32b on 2.7m Shares in 5 Days

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

By Modupe Gbadeyanka A total of N3.95 trillion was shared among the federal, states and local government areas of the federation in the first half of 2018 from the Federation Account. A statement from the Nigeria Extractive Industries Transparency Initiative (NEITI) signed by its Director of Communications and Advocacy, Dr Orji Ogbonnaya Orji, disclosed that the disbursements made by the Federation Accounts Allocation Committee (FAAC) represented an increase of 41 percent when compared to the N2.79 trillion disbursed in the first half of 2017 and a 95 percent increase in the N2 trillion disbursed in the first half of 2016.

**Vow to Form New Party for Governor if… By Dipo Olowookere The administration of Governor Godwin Obaseki further received a huge boost when some teachers, market women, pensioners, youths, religious leaders and other groups stormed the Museum Ground, Kings Square, in Benin City, on Thursday to express support for the Governor. Representatives of the various groups said the solidarity march was embarked upon to tell Nigerians how much impact the Obaseki administration has made in their lives. They expressed appreciation to the governor and his team for prioritising their wellbeing with the regular payment of workers’ salaries, pension, revamp of

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By Modupe Gbadeyanka The Securities and Exchange Commission (SEC) has extended deadline for capital market operators yet to register with their various trade groups. The extension, the capital market regulator explained, became necessary due to low compliance by operators. SEC gave the new deadline as Saturday, December 31, 2016. Addressing journalists at the fourth quarter of Capital Market Committee (CMC) held in Lagos, the Director General of SEC, Mr Mounir Gwarzo, explained that the move was part of efforts being made to restore investor confidence in the Nigerian capital market. Mr Gwarzo said SEC had developed rules on complaints management

By Adedapo Adesanya The Nigerian currency appreciated by N1 against its American counterpart at the parallel market on Thursday, October 8 to close at N457/$1 in contrast to N458/$1 it quoted on Wednesday. At the same segment, the domestic currency gained N2 against the Pound Sterling to settle at N595/£1 versus the previous day’s rate of N597/£1 and on the Euro, it grew stronger by N3 to close at N537/€1 as against the preceding session’s N540/€1. At another window of the foreign exchange market yesterday, the Investors & Exporters’ (I&E), the value of the Naira became stronger than the US

By Dipo Olowookere The N4.51 billion Series 5 & N14.05 Series 6 commercial paper (CP) notes of FSDH Merchant Bank Limited have been admitted on the platform of FMDQ. The commercial papers listed on FMDQ for quotation are under the lender’s N30 billion CP Debt Issuance Programme of the bank. The successive admittance of these securities, following due approval from the FMDQ Board Listings, Markets and Technology Committee, attests to the highly efficient time to market and ‘second-to-none’ Listings and Quotations service offered by FMDQ. FMDQ said it recognises the potential of a fully-functional DCM and shall continue to innovate

By Ahmed Rahma The management of Standard Chartered Bank has assured its numerous clients of its commitment to supporting their growth aspirations, no matter the sector they operate in. The lender made this promise while speaking on the role it played in the recent acquisition of a 45 per cent working interest in OML17 by Heirs Holdings Oil & Gas Limited. Standard Chartered acted as coordinator/financial advisor to Heirs Holdings in the deal described as one of the largest in the oil and gas sector in Africa. Heirs Holdings acquired the stakes held by Shell Petroleum Development Company of Nigeria

By Adedapo Adesanya  The Naira appreciated against the US Dollar at the interbank segment of the foreign exchange (forex) market on Monday, March 23, 2020 by N1 or 0.28 percent, trading at N360/$1 compared with N361/$1 it traded last Friday. At Bureaux De Change (BDC) segment of the market, the Naira depreciated in Lagos by N23 to close at N403/$1 in contrast to the previously traded rate of N380/$1. The domestic currency lost N10 against the pound to close at N485/£1 compared with N475/$1 and dropped N9 against the Euro to trade at N415/€1 in contrast to N406/€1 it previously exchanged.