Investors Trade N14.8b Stocks in 5 Days

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 Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited will alter how its crude cargoes are priced from January 2024. According to a new circular, the state oil company will start pricing its supplies against the monthly average of Dated Brent, the physical crude benchmark, raising worries that the nation’s barrels may become more risky. Prior to this latest move, Nigeria prices its crude cargoes based on Dated Brent’s average settlement in the five days after loading. NNPC plans to stick with the initial nominated loading dates for pricing purposes, according to the circular. Bloomberg reported that traders said

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Modupe Gbadeyanka MRS Holdings Plc has disclosed that its net profit for the third quarter of 2016 rose to N1.1 billion compared to N730 million it was in the same period last year. In its financial result, the company’s gross income for the quarter improved to N82.3 billion against N64.5 billion it recorded in 2015. Its cost of sales increased to N74.9 billion compared to N59.7 billion achieved last, which Business Post gathered was as a result of the forex issue affecting the Nigerian economy. In the report, MRS revealed that it was in a lawsuit against a certain

A veteran of the payments technology sector with more than 18 years of experience, Olaseni Alabede, has joined Global Technology Partners (GTP), an MFS Africa company, as chief technology officer (CTO). Acquired by MFS Africa in June 2022, the US-based GTP is the largest processor of prepaid cards in Africa, with more than 80 banks – including UBA, Ecobank, BIA, Stanbic, Coris, NSIA and Zenith Bank – using its platform. Prior to joining the GTP executive team, Alabede was the Vice President of Product Development in MasterCard’s Instalments business. In this New York-based role, he was responsible for the design

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) suffered a further loss on Wednesday, when it closed in the red territory. Nestle led the losers’ chart after dropping N10 to close at N740 per share. It was closely followed by Total, which depreciated by N2.10k to finish at N272.90k per share and Unilever by N1.70k to end at N32.30k per share. Other losers today were Mobil, which went down by 99k to finish at N298 per share and Stanbic IBTC, which crashed by 80k to close at N17.70k per share. Despite the loss recorded by the stock market today, the

By Adedapo Adesanya The National Drug Law Enforcement Agency (NDLEA) has seized 12,385 kilograms of an Indian hemp variant known as Loud smuggled into Lagos from a neighbouring country through the waterways. The Director, Media and Advocacy of the NDLEA, Mr Femi Babafemi in a statement described the drug as a strong variant of Indian hemp, explaining that the 12,385 pellets of the drug were brought in through the Atlantic Ocean and ferried in boats to the Eko Atlantic Beach, Victoria Island. The Indian hemp would have been distributed from the beach to drugs hotspots such as Lagos Island, Peti

By Dipo Olowookere The management of ARM Life Plc has fixed Wednesday, July 19, 2017, for its 19th Annual General Meeting (AGM). A statement from the firm said the AGM will take place at the Darlingtom Hall, located on Plot CDE Industrial Crescent, off Town Planning Way, Illupeju, Lagos. During the meeting, shareholders will receive the Audited Financial Statements for the year ended December 31, 2016 together with the reports of Directors and Auditors thereon. Also, participants will re-elect the company’s directors and also elect members of the Statutory Audit Committee. They will further ratify the appointment of Consolex Legal

An innovative mobile application that offers a ‘more than banking’ experience has been introduced by Access Bank Plc. This is part of the lender’s effort to ensure its customers have easy access to their funds and can carry out seamless transactions during these uncertain times. The revolutionary new mobile banking application is called AccessMore and was built on cutting-edge technology, offering tailored and personalised services, ease of use and excellent customer experience. CEO of Access Bank, the leading retail bank, Mr Herbert Wigwe, stated that, “In a period like this, when we need to be more present and relevant in

By Adedapo Adesanya Nigeria has retained its seat to serve for another four years in the UN Committee on Economic, Social and Cultural Rights (CESCR) from 2023 to 2026. Nigeria and Mauritius were reelected to occupy the seat while the two remaining vacant positions for Africa in CESCR were filled by new members. CESCR is the body of 18 independent experts that monitors the implementation of the International Covenant on Economic, Social and Cultural Rights by its States Parties. Egypt and Morocco were the member states elected to occupy the remaining seats of the four seats for the African Group

Registration has commenced for the second edition of the InterswitchSPAK National Science competition. The second season of the competition, tagged ‘InterswitchSPAK 2.0’ is a CSR initiative of the Interswitch Group. InterswitchSPAK 2.0 is open to secondary school students in SS2, aged 14 to 17. It will kick off with a National Qualifying Examination from which 81 finalists will emerge to compete at the InterswitchSPAK TV Quiz Show. The InterswitchSPAK programme includes a Masterclass, an Innovation Challenge and a TV quiz competition around STEM subjects. Registration for the qualifying examinations is already on and will close on April 7, 2019. To