Lagos Assures Business Owners Easy Access to Funds

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

By Dipo Olowookere The Securities and Exchange Commission (SEC) has warned members of the public against investing in Poyoyo Investment (Pilvest) Nigeria Limited and Finafrica Investment Limited (Chimark Group). In a notice on its website, the regulatory agency for the Nigerian capital market disclosed that the two organisations are authorised to operate the investment schemes they are offering to the investing public. It, therefore, emphasised that anyone who invests in the companies does so at his/her own risk. “The attention of SEC has been drawn to the electronic and WhatsApp messages being circulated to investors on behalf of Poyoyo Investment

By Modupe Gbadeyanka Owners of vehicles in Nigeria have been given a grace period of 30 days to proceed to the nearest Customs Zonal Office to pay the appropriate customs duty on their vehicle. This information was contained in a statement signed on behalf of the Comptroller-General of the Nigeria Customs Service (NCS), Mr Hameed Ibrahim Ali, by spokesman of Customs, Mr Joseph Attah. The statement said defaulters have from Monday, March 13, to Wednesday, April 12, 2017 to do make the payment. “Consequently, all motor dealers and private owners of such vehicles are advised to visit the nearest Customs

By Modupe Gbadeyanka A total turnover of 1.101 billion shares worth N17.082 billion were traded on the floor of the Nigerian Stock Exchange (NSE) last week by investors in 15,431 deals. This was higher than the 713.141 million equities valued at N13.295 billion transacted a week earlier in 16,237 deals, data from the NSE disclosed. During the week, the financial services industry led the activity chart by volume with 752.4 million shares valued at N9.9 billion traded in 8,519 deals, contributing 68.34 percent and 57.96 percent to the total equity turnover volume and value respectively. The conglomerates sector followed with

By Modupe Gbadeyanka The Group Managing Director of Flour Mills of Nigeria Plc, Mr Paul Gbededo, has assured shareholders of the company that his team will continue to work harder to deliver value for their investments. Mr Gbededo gave this assurance while reacting to the company’s performance in the full year, which ended on March 31, 2020. According to him, the management hopes to further implement the cost-reduction strategy, which has delivered positive results so far. “We will remain focused on increasing operational efficiency within the group as we continue to implement our accelerated cost optimisation plans across all businesses

By Investors Hub Asian stocks fell on Wednesday amid rising fears about the U.S.-China trade war sapping economic growth around the world. Investors watched for developments in the United States after House Speaker Nancy Pelosi announced a formal impeachment inquiry into U.S. President Donald Trump amid allegations he sought Ukraine’s help to smear former Vice President Joe Biden, who is the front-runner for the Democratic presidential nomination in 2020. Chinese shares lost ground after Trump delivered a stinging rebuke of China’s trade practices on Tuesday at the United Nations General Assembly and added he would not accept a “bad deal”

By Adedapo Adesanya The International Monetary Fund (IMF) in its latest forecast has downgraded expectations for the Nigerian economy for the 2020 fiscal year. The Bretton Wood institution said in its reports that it expects Nigeria’s Gross Domestic Product (GDP) to shrink by 5.4 percent this year. According to the global lender, this expected economic contraction is in light of recent challenges brought about by the coronavirus pandemic. The fund had in April projected a 3.4 percent decline in Nigeria’s GDP, but an assessment of economic trends associated with the pandemic compelled it to review its earlier position. The global

By Dipo Olowookere As a result of drop in its comprehensive income and profit in the 2017 fiscal year, the Nigeria Sovereign Investment Authority (NSIA) says it will not pay dividend to federal, states and local government councils in the country. Managing Director of NSIA, Mr Uche Orji, in a chat with newsmen, said the dividend payment has been pushed till the end of the 2018 business year. According to him, 2017 was a challenging year for the agency as the total comprehensive income depreciated to N27.9 billion from N149.8 billion in 2016, while the profit fell to N22.6 billion

By Investors Hub European stocks have risen on Tuesday as investors express hopes for a trade deal between the U.S. and China and the Italian government approved a decree aimed at shoring up troubled lender Banca Carige. While the French CAC 40 Index has jumped by 1.6 percent, the German DAX Index and the U.K.?s FTSE 100 Index are up by 1.2 percent and 1.1 percent, respectively. Shares of Carrefour have rallied in Paris after Bank of America Merrill Lynch upgraded its rating on the company?s stock to buy. Rolls- Royce Holdings has also jumped in London after Britain’s Serious