Lafarge, Dangote Cement, Others Add N112b to Market Capitalisation

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a pullback of 0.03 per cent on Wednesday after investors took a second look at their exposure to local equities, though as some were dumping, a few were mopping up. According to data obtained by Business Post, traders bought and sold 566.6 million shares worth N5.4 billion during the trading session in 8,201 deals compared with the 676.7 million shares valued at N5.9 billion traded in 7,659 deals on Tuesday, implying a rise in the number of deals by 7.08 per cent and a decline in the trading volume and value

By Adedapo Adesanya Pressure further mounted on the Nigerian Naira at the different segments of the foreign exchange (FX) market on Tuesday as it depreciated against the US Dollar at the close of business. The scarcity of forex was responsible for the poor performance of the Naira in the Investors and Exporters (I&E), black market and peer-to-peer (P2P) segments of the market during the session. Business Post reports that the domestic currency lost N2.62 or 0.34 per cent on the greenback in the spot market yesterday to close at N776.60/$1 compared with the preceding session’s N773.98/$1, amid a 10.6 per

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Dipo Olowookere Stakeholders in the informal sector in Oyo State have expressed their readiness to contribute to the realization of the benchmark of N107 billion Internally Generated Revenue (IGR) targeted by the state government in the 2017 fiscal appropriation proposal. The stakeholders led by the Presidents of Oyo State Markets Association and Canteen Owners Association of Nigeria, Oyo State Chapter, Mr Dauda Oladapo and Mrs Amdalat Iyadunni Lawal respectively gave the assurances during an interactive session on 2017 budget of self-reliance analysis at the House of Chiefs, Agodi Ibadan at the weekend. The state government had explained through the

By Adedapo Adesanya • NCS Achieves Almost 60% of Targeted Revenue in Five Months The Nigeria Customs Service (NCS) has reached 59.9 percent of its target revenue of N957 billion for the 2020 fiscal year as it announced raking N573 billion between January and May. But the Senate Committee on Customs raised questions over non-remittance of operation surplus every year by the service. This followed the announcement made by the Comptroller-General of Customs (CG), Mr Hameed Ali, at an interactive session on revenue generation with the Senate Committee on Customs on Thursday. Mr Hameed, represented by Deputy Comptroller-General (DCG), Human

By Adedapo Adesanya Nigerian startup, Artist3, has launched Gamic, a platform that will empower individuals and give them financial stability while they engage in gaming in the country and across the African continent. With the rate at which technology has become the order of the day, companies are developing ways to empower society and Gamic isn’t left out of this. According to the founders, through their play-to-earn system, users from the comfort of their homes with an internet connection can play Non-Fungible Token (NFT) games and earn from it. Gamic is the second product of Artist3, a Blockchain-enabled end-to-end digital

By Dipo Olowookere As the world of music is evolving so is the tech space, which is coming up with different means to make lovers of music continue to enjoy songs being released by artistes. It is no doubt that the introduction of Spotify into the music space changed how songs are streamed by users on the internet and since then, efforts have been made to create other platforms that could rival it. News coming out from Nigeria has it that a local computer programmer known as Chika Nwaogu has successfully created the first Indigenous music streaming platform with several

By Dipo Olowookere A fire incident occurred at the warehouse of Guinness Nigeria Plc located in the Ogba area of Lagos State on Thursday morning. According to reports, the unfortunate incident, which started in the wee hour of the day, affected the building where the company’s plastic crates are stored. It took the intervention of officials of the Lagos State Fire Service to put the fire under control after receiving an emergency call when it started. Though the cause of the fire was not known, the fire-fighters have promised a thorough investigation to know what actually triggered the inferno, while

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) and 176 concerned Nigerians have filed a lawsuit against the federal government led by President Muhammadu Buhari over “the unlawful suspension of Twitter in Nigeria, criminalization of Nigerians and other people using Twitter, and the escalating repression of human rights, particularly the rights to freedom of expression, access to information, and media freedom in the country.” Following the deletion of President Muhammadu Buhari’s tweet, the Minister of Information and Culture, Mr Lai Mohammed, last week announced the suspension of Twitter in Nigeria. The government has also threatened to arrest and

By Modupe Gbadeyanka Shares of Mobil Oil Nigeria Plc suffered another loss on the trading floor of the Nigerian Stock Exchange (NSE) today, making it the fourth consecutive time since last Friday. Business Post reports that Mobil, which recently changed its name to 11 Plc, lost N8.68k on Wednesday to settle at N165.11k per share. It was followed by Dangote Cement, which shed N8.13k to close at N204.52k per share, and Guinness Nigeria, which slumped by N1.98k to end at N75 per share. Also, Forte Oil declined by N1 to finish at N49 per share, while Unilever depreciated by 71k

By Dipo Olowookere Shareholders of Daar Communications Plc have been urged not to panic following loss recorded in the 2016 financial year. At the combined 2015 and 2016 Annual General Meeting (AGM) of the firm held over the weekend in Abuja, Chairman of Daar Communications, Mr Raymond Dokpesi Jnr, said there have been conscious business restructuring, operations digitalisation and expansion initiative project which were at the final stage of implementation. He assured shareholders that they was a bright hope of returning the company to profitability in the years ahead. Daar Communications operates the popular African Independent Television (AIT), RayPower FM