Lagos Slashes 2020 Budget to N920.5bn

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange continued its weekly positive run as it extended its gains by 0.41 per cent in the 38th week of trading in this year. The bullish posture was supported by the improvements in the share prices of six companies admitted to the alternative stock exchange in Nigeria. This increased the NASD Unlisted Securities Index (NSI) by  2.30 points from 805.65 points in the previous week to 808.95 points, as the market capitalisation of the bourse was relatively unchanged on a week-on-week at N1.140 trillion. Food Concepts Plc led the price gainers’ after

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Adedapo Adesanya The 52nd and final trading week at the NASD Over-the-Counter (OTC) Securities Exchange in 2022 ended on a bullish note, with investors witnessing growth in their portfolios by 0.80 per cent. Business Post reports that this increased the market capitalisation of the exchange by N7.45 billion last Friday to N932.51 billion from N925.06 trillion in Week 51. In the same vein, the expansion jerked the NASD OTC Securities Index (NSI) higher by 5.66 points to 709.66 points from the 704.00 points achieved in the preceding week. A cursory look at the data from the bourse showed that

By Dipo Olowookere Leader in cross-border, cross-currency money movement, Western Union, says it has been engaged by Amazon to launch a new payment option that allows international shoppers to pay in person, in local currency where available, for their online purchases. Amazon is focused on providing international customers with access to millions of products. Western Union’s money movement platform will power a new payment option for cross-border customers shopping on Amazon. Customers in select countries will be able to shop on Amazon and pay in person, in local currency, through the Western Union agent network. “There are people in the

By Dipo Olowookere Minister of Labour and Employment, Mr Chris Ngige, on Wednesday, met with leaders of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG). The meeting between the NUPENG officials and the Minister was held behind closed-door. Federal Government, through Mr Ngige, is seeking for ways to stop the three-day nationwide warning strike embarked upon by the union today. At the meeting was president of NUPENG, Comrade Achese and others. Details later.

By Modupe Gbadeyanka Adamawa State Governor, Mr Mohammed Jibrila Bindow, has applauded Fidelity Bank Plc for supporting the development of education in the state and across the country through its sustainable Corporate Social Responsibility (CSR) initiatives. Mr Bindow gave this commendation during the handover ceremony of the newly constructed block of classrooms by the financial institution to the management of Kwarhi B’ Primary at Mubi in Hong Local Government Area (LGA). The Governor noted that the project was significant as it would go a long way to provide an appropriate learning environment for children in the community. Mr Bindow, who

By Adedapo Adesanya Crude oil prices surged more than 6 per cent on Tuesday, hitting their highest level since June 2014 as Russia continued its advancement into Ukraine, sparking more reactions from traders and observers. The international crude benchmark, Brent, jumped 6.72 per cent or $6.72 to $104.69 while the US West Texas Intermediate (WTI) crude rose by 7.61 per cent or $7.28 to $103.00 per barrel. Prices first topped the $100 mark last week when Russia invaded Ukraine, prompting fears of supply disruptions from key exporter, Russia, in what is already a very tight market. But on Tuesday, prices

By Investors Hub Asian stocks finished mixed on Monday after U.S. Senate Republicans narrowly passed a bill to overhaul the U.S. tax system and President Donald Trump said on Twitter he never asked former FBI director James Comey to stop investigating former National Security Adviser Michael Flynn. China’s Shanghai Composite Index dipped 7.25 points or 0.2 percent to 3,310.37, while Hong Kong’s Hang Seng Index rose 64.04 points or 0.2 percent to 29,138.28. Japanese shares fell in cautious trade, dragged down by technology stocks. The Nikkei 225 Index slid 111.87 points or 0.5 percent to finish at 22,707.16 and the

By Adedapo Adesanya The bull finally made an appearance for the first time in December on Monday on the floor of the NASD Over-the-Counter (OTC) Securities Exchange. The day’s favourable outcome, which led to the 0.99 per cent growth, came from the stocks of FrieslandCampina WAMCO Nigeria Plc, one of the bellwethers on the exchange. The last time that the unlisted securities market in Nigeria recorded a rise was at the closing session for the month. Yesterday, the NASD unlisted securities index (NSI) moved up by 10.10 points to 729.67 points from 719.57 points, while the market capitalisation gained N5.31

By Dipo Olowookere One of the leading energy companies in the country, Ardova Plc, has exited the Nigerian Exchange (NGX) Limited, Business Post reports. The firm is leaving the country’s main stock exchange after it requested to quit the platform and stop the public trading of its shares at the NGX. Recall that in February 2023, Ardova announced that its core shareholder, Ignite Investments & Commodities Limited, was planning to buy out the shares held by minority investors. Ignite offered to buy the stocks at N17.38 per unit, representing a premium of 22.44 per cent and 24.38 per cent to