Local Currency Weakens to N506/$1 at Parallel Market

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

By FBS As Black Friday approaches, global broker FBS delves into the relationship between the year’s biggest sales season and its impact on the financial markets. The FBS analysts particularly discover the trends of the world’s largest economy – the American. They analysed reactions across assets and macroeconomic conditions to understand the Black Friday impact better. What influences the Black Friday numbers FBS analysts highlight three critical indicators for gauging Black Friday’s impact on the US economy: the number of buyers, the average amount spent, and the total spending. Over the past 18 years, notably successful in terms of total

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 Dipo Olowookere The Senate on Tuesday approved the request by President Muhammadu Buhari to seek a foreign loan of $.5.5 billion. The request was granted following a report submitted today by Chairman of the Senate Committee on Local and Foreign Debts, Mr Shehu Sani, who looked into the matter alongside his members. At the plenary on Tuesday, the lawmakers said the President can go ahead with the borrowing plan of his administration. According to the President, $2.5 billion would be sourced from the issuance of Eurobonds or a combination of both Eurobonds and Diaspora bonds; while $3 billion would

Obtaining loan from Diamond Bank has now been made seamless thanks to the introduction of an online loan application platform that allows customers to request for a loan, monitor and receive automatic feedback on the approval process anywhere, anytime without hassles. With this, the Bank has reaffirmed its commitment to continue to drive financial inclusion of the un(der)banked in the economy, and consolidated its revolutionary leadership role in the crusade for quality service delivery through digital innovations. The new Diamond loan application is a convenient, hassle free application and it is not limited to Diamond customers only. In a statement

By Modupe Gbadeyanka Pan-African bank, Ecobank, has been commended for giving massive support to the creative industry in Nigeria. Specifically, the 11-year-old hyperrealist artist, who sketched a portrait of French President, Mr Emmanuel Macron, during his visit to the New Afrika Shrine last Tuesday, Master Kareem Waris Olamilekan, has profusely thanked the Managing Director of Ecobank, Mr Charles Kie, for giving him the opportunity of a lifetime to showcase his talent before president Macron and Nigeria’s finest audience that comprised of the political class, musicians, Nollywood artists and a host of others. Olamilekan, who spoke during a thank you visit

By Emmanuel C Agubuo See tomorrow and plan ahead of it today. If you desire to succeed in that tomorrow, don’t wait until you get into it. In a few days’ time, this year will come to an end. What’s your plan for next year, especially in regard to your investment journey? Are you proud of what you achieved this year with your investments? If you’re not, wouldn’t you like to make next year better than this year? And even if you did well this year, wouldn’t you like to make it better in the coming year? To become better

By Dipo Olowookere The market capitalisation of companies listed on the Nigerian Stock Exchange (NSE) closed above N11 trillion on Thursday after appreciating by N58 billion. The total value of the listed equities had slipped to the N10 trillion region this Monday, but the 0.53 percent further gained by the local bourse pushed it up above N11 trillion yesterday. At the close of business, the market cap closed at N11.023 trillion in contrast to N10.965 trillion of the previous session. In the same vein, the All-Share Index (ASI) increased on Thursday by 154.20 points to settle at 29,347.62 points from

By Dipo Olowookere The Board of Directors of the African Development Bank Group (AfDB) has approved €1.925 million for the administrative budget of African Water Facility (AWF) out of the Special Water Fund for 2017 activities. A statement issued by the African lender said the board also okayed the 2016 annual report and 2017 work plan and budget of the AWF. It was disclosed that the €1.925 million approved by the board of the AfDB will contribute to meeting the challenges of the activities in 2017, including: Resource mobilization; Operations; Strategic review; Documenting and disseminating results and knowledge emanating from

By Dipo Olowookere Former California Senate Majority Leader, Mr Richard Polanco, has been retained by MGX Minerals to work at the firm’s advisor and consultant. With this appointment, Mr Polanco will lead direct negotiations with the State of California and local municipalities regarding targeted exploration locations and sites identified by MGX as potential partnerships and acquisition targets to secure feedstock and operating sites. These sites will utilize the Company’s patented rapid recovery process to concentrate lithium and other minerals and metals from brine. Mr Polanco will also advise MGX on local environmental solutions and support ongoing community and stakeholder relations.

By Dipo Olowookere A deal to enable the use of service stations of Total Nigeria Plc as secure pickup locations of essential documents has been signed by the energy firm and Kwik Delivery. A statement from the logistics company disclosed that the documents to be picked up at the service stations include those issued by the Corporate Affairs Commission (CAC) to Nigerian businesses such as Certificates of Incorporation or CAC 1.1. forms. It was disclosed that the partnership was sealed to develop an e-commerce fulfilment and delivery service in Nigeria. “Drop off & pick-up locations are essential to the development