Investors Trade N15bn Shares After Easter Break

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Bliss Okperan The Lagos State Government has announced the closure of a popular market located at Onigbongbo Local Council Area of Ikeja, Alade Market. The Commissioner for Environment and Water Resources, Mr Tokunbo Wahab, ordered the closure of the market due to its users flouting environmental laws following a series of abatement notices. The Director of Public Affairs in the Ministry, Mr Kunle Adeshina, confirmed the closure of the facility in a statement on Wednesday, stressing that the market would not be reopened until specified conditions are met. He said, “As directed by the Commissioner for Environment and Water

By Modupe Gbadeyanka Mr Victor Aderemi Emerson has been appointed as the new Company Secretary of Fortis Microfinance Bank Plc. In a statement signed by its Executive Director Finance and Operations, Mr Pauli Isiguzo, the bank noted that Mr Emerson recently joined Fortis as Company Secretary and Head of Legal. He is said to be a lawyer with over 24 years’ experience as a private legal practitioner, law teacher and more recently, as an in-house counsel in a career which cuts across both locally and internationally. He is qualified to practice both in Nigeria and the United Kingdom (solicitor] and

By Dipo Olowookere Shareholders of Conoil Plc have approved the payment of N2.15 billion dividend proposed by the board of the oil firm. At the 47th Annual General Meeting (AGM) of the company held at the weekend in Uyo, Akwa Ibom State, the shareholders praised the management for the impressive performance recorded in the last financial year. President of Renaissance Shareholders’ Association, Ambassador Olufemi Timothy, remarked that shareholders were elated that despite the downturn in the economy; with the attendant sharp increase in operating costs, Conoil still recorded impressive growth in all key areas. “Conoil’s performance for the year ended

By Modupe Gbadeyanka Federal Government has made commitment to the sustenance of the Rapid Result Initiative (RRI) programme in the health sector, under which ten thousand surgeries are being performed on the indigent poor across the country. The programme was developed last year by the Health Ministry and targets the vulnerable populations who have high disease burden requiring different types of high tech surgeries. Minister of Health, Professor Isaac Adewole, during an interactive with newsmen explained that the RRI would be scaled up this year to accommodate more vulnerable people with free health care services and surgeries in the Teaching

By Aduragbemi Omiyale The Chief Financial Officer of Zenith Bank Plc, Dr Mukhtar Adam, has become the Chief Financial Officer of the Year, placing him alongside other celebrated professionals across Africa. He won this award at the 11th All Africa Business Leaders Awards (AABLA) held in partnership with CNBC Africa at the King’s Ballroom, Sun City, South Africa, on June 23, 2023. AABLA represents Africa’s largest single-business awards, celebrating the pinnacle of African business achievement. It has consistently narrated an African story of perseverance, success, innovation, and accountability. It has become synonymous with recognising the finest in business leadership on

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) has stopped the processing of Form M for the importation of maize/corn into the country. Business Post reports that the Form M is a mandatory documentation process aimed to monitor goods brought into Nigeria. Also, the document, which was created by the Federal Ministry of Finance (FMF) and the CBN, is to enable the collection of import duties where applicable to the imported goods. On Monday, the apex bank directed banks and those permitted to trade foreign exchange (forex) in the country to stop processing the document for the maize/corn imports

By Investors Hub Asian stocks rose broadly on Tuesday after the three-day U.S. government shutdown ended and the Bank of Japan maintained its massive monetary stimulus program. The U.S. House and the Senate voted Monday to end the government shutdown and subsequently passed a bill to fund the government for about three weeks after Senate majority leader Mitch McConnell promised to address the fate of young immigrant ‘Dreamers.’ Regional markets shrugged off news that the U.S. will impose steep tariffs on imported washing machines and solar panels. China’s Shanghai Composite index jumped 45.14 points or 1.29 percent to 3,546.50 as

By Modupe Gbadeyanka Report reaching us indicates that normalcy has returned to the Lagos State Polytechnic (LASPOTECH) after protest broke out at the school recently. Management of the polytechnic has urged the warring factions to allow peace to reign, especially now that the students have resolved to allow the state government find a lasting solution to the issue that led to the protest. Not too long ago, there was unrest in the institution after a circular from the National Board for Technical Education (NBTE) on the issue of CONTISS 15 Migration for Staff on CONTISS 11 and below. This made