Lafarge Merges with UniCem, Atlas Cement

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion 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 Aduragbemi Omiyale A rating company, S&P Global Ratings, has projected that inflation in Nigeria will remain high through 2023 as a result of rising energy prices and tensions in the food-producing regions of the country, majorly the northern part. The National Bureau of Statistics (NBS) last month said inflation increased by 20.52 per cent in August 2022, forcing the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) by 1.50 per cent to 15.5 per cent from 14.0 per cent. For S&P, the central bank may have to continue to hike the rates because inflation will

By Dipo Olowookere A committee to ensure all Governors of the 36 states of the federation speak with one voice and further stamp their authority in the country has been set up by the Nigerian Governors’ Forum (NGF). It would be recalled that the forum became a formidable force in the era of former President Goodluck Jonathan when the present Senate President, Mr Bukola Saraki, headed the group as the then Governor of Kwara State. Also during the late President Musa Yar’Adua administration, the NGF joined forces with the National Assembly to ensure the cabals allow one of their own,

Traders Union’s team of experts has conducted a comprehensive analysis of Pocket Option to ascertain its regulatory status in Nigeria and assess its suitability as a safe choice for potential clients. The research aimed to determine whether Pocket Option complies with the strict financial regulations of Nigeria and if it holds a valid license from the country’s regulatory authority. In their reviews, TU analysts thoroughly examined the broker’s credentials and legal status to provide accurate and reliable information to traders in Nigeria. By examining the regulatory status, the team aims to help traders make informed decisions when choosing a broker,

By Modupe Gbadeyanka Months after merging with Kalambaina Cement owned by BUA Group, the board of Cement Company of Northern Nigeria (CCNN) is considering another merger with Obu Cement Company Plc. In a notice to the Nigerian Stock Exchange (NSE) on Wednesday, CCNN said it has already gone far with the proposed transaction, noting that it presently needs the authorisation of respective shareholders of the companies involved in the deal. From the disclosure, CCNN said after the completion of the merger, the company will be delisted on the stock exchange, while the new entity, Obu Cement Company, will join the

By Modupe Gbadeyanka Trading on the Nigerian Stock Exchange (NSE) ended on a positive note on Monday with the All-Share Index (ASI) closing at 28,263.13 compared with 28,247.07 it closed on Friday, gaining 16.06 points or 0.05 percent. In the same vein, the market capitalisation appreciated by N5 billion to close at N9.708 trillion against N9.703 trillion it ended on Friday on the NSE. However, Business Post correspondent gathered that the volume of shares traded on the NSE on Monday slumped compared to Friday. A total of 249.77 million shares valued at N1.96 billion were traded in 3,170 deals compared

By Modupe Gbadeyanka Estranged husband of Nigerian actress, Mercy Aigbe, Mr Lanre Gentry, has been released from prison after he met his bail conditions. Last Tuesday, Mrs Aje-Afunwa Ogba of the Ikeja Magistrate court had granted bail to the businessman in the sum of N500,000 with two sureties in the like sum. This was after he was charged with assault and domestic violence. He was accused of hitting his wife and causing her bodily harm. Mr Gentry would have been released on Monday, but for the Lagos Magistrates conference that took place same day, which made it impossible for the

By Dipo Olowookere The stock market in Nigeria attracted investments worth N21.3 billion last week on the back of a huge demand for financial stocks. Equities in the sector impressed investors last week with dividends and this caused the bargain hunting witnessed in the space in the five-day trading week, especially on Stanbic IBTC, Union Bank and GTBank. According to data obtained by Business Post from the Nigerian Stock Exchange (NSE), financial stocks accounted for 1.1 billion shares valued at N12.3 billion traded in 11,106 deals, contributing 71.67 per cent and 57.69 per cent to the total equity turnover volume

By Adedapo Adesanya The federal government has offered to increase the hazard allowance of health workers in government establishments in the country by 600 per cent. This was revealed by the Minister of Labour and Employment, Mr Chris Ngige, at the end of a meeting of the Presidential Committee on Salaries (PSC), relevant federal government stakeholders and health professional association and trade unions on Wednesday in Abuja. The meeting was called by the Minister to discuss the issue of hazard allowance and retirement age for health sector workers in the government health establishments, adding that the resolutions reached at the