Konga Reintroduces Pay on Delivery Services

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded yet another positive week-on-week performance after stretching its gains by 1.44 per cent in Week 47. This expanded the portfolios of NASD investors by N17 billion in the week to N1.162 trillion from the N1.145 trillion recorded in Week 46, as the NASD Unlisted Security Index (NSI) increased by 12.16 points to 857.29 points from 845.13 points in the previous week. The trading week was with three price gainers and three losers, with Aradel Holdings Plc on top of the advancers’ chart after it grew by 10 per cent to finish

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 Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Modupe Gbadeyanka President Muhammadu Buhari has been urged to use his good office to intervene in the suspension of shares of Oando Plc on the floor of the Nigerian Stock Exchange (NSE). The Securities and Exchange Commission (SEC) placed a technical suspension on the shares of the leading Nigerian energy group last year. The technical suspension made it possible for the shares of the firm to be traded at the stock market, but without price change. A statement issued by the NSE on October 23, 2017 had noted that, “The shares of Oando Plc have been placed on technical

By Dipo Olowookere For the first time this week, the Nigerian Exchange (NGX) Limited closed in positive territory on Thursday after it traded higher by 0.03 per cent on renewed bargain-hunting. The market was lifted by the buying pressure in the consumer goods and industrial goods sectors, which appreciated by 0.20 per cent and 0.09 per cent, respectively. The insurance sector also gained 0.20 per cent during the session. However, the banking counter depreciated by 0.82 per cent and the energy index fell by 0.39 per cent. It was observed that the losses printed by the two sectors could not

By Modupe Gbadeyanka Leading capital management firm in Nigeria, Zedcrest Capital Group, has announced the appointments of Mr Babatunde Sanda and Ms Stella Duru to its Board of Directors, with immediate effect as part of its corporate governance strategy and business expansion drive. According to the company’s Group Managing Director, Mr Adedayo Amzat, the organisation is charting a new growth strategy targeted primarily at the retail opportunities in the market with the aim of creating more wealth for its clients. “After operating in the market for over five years, the time has come to deepen our market penetration. Our Fixed

Stanbic IBTC Nominees, a subsidiary of Stanbic IBTC Bank, has been honoured with the prestigious Best Sub-Custodian Bank Award in Nigeria at the 2023 Global Finance Awards. This feat marks the 15th time the Bank has received this esteemed honour, reaffirming its commitment to providing innovative and efficient services to clients worldwide. The award recognises Stanbic IBTC’s dedication to customer relations, service quality, competitive pricing and compliance with local regulations and practices. The evaluation period for this award spanned from 01 January 2022 to 31 December 2022 and incorporated feedback from users of the Bank’s Sub-Custodian services. Standard Bank Group,

By Adedapo Adesanya   Nigeria missed its crude oil output target for January 2022, pumping about 87 per cent or 1.46 million barrels per day as against the 1.683 million barrels per day quota it was given by the Organisation of Petroleum Exporting Countries (OPEC). In 2020, to control the price of crude oil at the global market, OPEC decided to cut production and its members were given output targets and lately, they have been returning parts of the cuts. Last month, Nigeria was unable to meet its OPEC quota and has been experiencing shut ins due to pipeline vandalism,

By Ebitonye Akpodigha One Uduak Etim Thompson, leader of a notorious militant group called Bakasi Strike Force in Calabar, Cross River State, has been apprehended by the Nigerian Navy. The Nigerian Navy disclosed in a statement that Mr Thompson was arrested on Wednesday night along with other Niger Delta criminals. Among crimes said to be perpetrated by the militants are attack on market women and other traders, siphoning of crude oil and destruction of pipelines. A statement signed by Commodore Christian Ezekobe, Director of Navy Public Relations said, “As part of efforts to eliminate unwholesome activities perpetuated by criminals in

By Adedapo Adesanya Things are gradually becoming difficult at the foreign exchange (forex) market in Nigeria as the supply end of the curve continues to face liquidity crisis. This has already posed a threat to traders and FX users at the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX), which serves the Investors and Exporters (I&E) end of the market. On Thursday, the Naira crashed by N6.97 or 1.68 per cent against the United States Dollar at the market segment to settle at N422.07/$1 in contrast to the preceding session’s N415.10/$1. This development caused panic at the FX market yesterday because it

By Adedapo Adesanya President Muhammadu Buhari has called on the speedy delivery of the Nigeria Liquefied Natural Gas (NLNG) Train 7 so that the Train 8 project could begin on schedule. The President gave the charge at a virtual ground-breaking ceremony of the project in Bonny Island, Rivers State on Tuesday. He urged the NLNG, the host communities, the Rivers State government and other agencies of the federal government to continue to collaborate to ensure the completion and eventual inauguration of the Train 7 project safely and on time. He said, “As we flag off the Train 7 project today,