Economy
Julius Berger to Try Luck in Agro-Processing Business
By Dipo Olowookere
A construction giant, Julius Berger Nigeria Plc, has announced its intention to divest into the agriculture sector of the economy.
It is no doubt that in the construction sector of the Nigerian economy, Julius Berger has taken control of it and its achievements over the years are there for many to see.
Not resting on its oars and in its determination to deliver more value to its shareholders, the board of the organisation said it is considering trying its luck in the agro-processing business.
Julius Berger trades its shares on the Nigerian Stock Exchange (NSE) and it is one company that has given value for investment in the company through payment of dividends.
The Nigerian government, which relies heavily on crude oil for revenue to provide basic infrastructure to citizens, is looking to diversify the economy and agriculture and solid minerals are the key areas it is looking into.
The government has encouraged the local production of food and product so as to cut down the huge forex spent yearly to import these items into the country.
The agriculture value chain is one that has not been explored and companies have been encouraged to see how to make Nigeria self-sufficient in food and then export to earn more forex for the nation.
It is because of this Julius Berger feels it has the ability to replicate the huge success it has recorded in the construction industry in the agriculture sector.
In a notice dated September 23, the construction firm informed its shareholders and the investing public that it is delving into the agro-processing business.
According to the disclosure, the decision to divert from its core business was taken at the board meeting of the organisation on Tuesday, September 22, 2020.
Julius Berger, in the notice, reminded the market that it has severally hinted before now of its intention to look “into diversification opportunities, based on the emerging developments, political, economical and structural in Nigeria and the resultant reforms by the governments.”
It said based on these developments, “We would advise the exchange and the capital market that the board of Julius Berger at its meeting held on September 22, 2020, approved a diversification opportunity for the company in agro-processing.”
“The board of directors and the executive management of Julius Berger strongly believe that this diversification direction would support the continued success of the group in the future and align with the strategic objective of the government to stimulate value creation in Nigeria,” it noted.
In the disclosure, Julius Berger stressed that it “has a proven record of reliably delivering construction solutions to the highest standards for 50 years.”
“Julius Berger’s success is founded on our leading technical expertise, innovation and partnership towards Nigeria’s development.
“Julius Berger’s business is centred around a long term strategy. The goal of the board of directors and the executive management of Julius Berger is to deliver on that strategy by maintaining and strengthening the company’s competitive advantages in the construction sector and capital market,” it said.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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