Local Stock Market Improves by N133b

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

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By Dipo Olowookere The market capitalisation of the Nigerian Stock Exchange (NSE) was reduced by N4 billion on Tuesday following renewed profit-taking by investors. This left the total value of equities at the market at N13.354 trillion in contrast to N13.358 trillion it ended on Monday as a result of the 0.03 per cent loss yesterday. In the same vein, the All-Share Index (ASI) decreased during the session by 7.63 points to 25,597.96 points from 25,605.59 points. According to data obtained by Business Post, the market breadth closed negative yesterday with 15 price losers as against 13 price gainers. Seplat

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.04 per cent rise on Tuesday, February 14, as the market capitalisation appreciated during the session by N340 million to N928.23 billion from the N927.89 billion it closed in the preceding session. Equally, the NASD Unlisted Securities Index (NSI) of the alternative stock market rose by 0.26 points to wrap the session at 706.41 points compared with 706.15 points recorded in the previous session. The rise happened following the appreciation witnessed in the price of Geo-Fluids Plc by 8 Kobo to settle at N1.10 per unit, in contrast to

By Dipo Olowookere News reaching our news desk indicates that the former Governor of Taraba State, Mr Danbaba Suntai, is dead. The ex-Governor reportedly breathed his last on Wednesday, June 28, 2017, at his residence. Mr Suntai, in 2012, was involved in an air crash, but survived it. He was later flown abroad, precisely Germany, for treatment and had been receiving medical care since then. The crash occurred at Namtari village, near the Yola Airport in Adamawa State. An online news platform, Sahara Reporters, which broke the news, said the former Governor’s death was confirmed to it by a former

**Educates Stakeholders on Dematerialisation, Others By Modupe Gbadeyanka Executive Director of Market Operations and Technology at the Nigerian Stock Exchange (NSE), Mr Ade Bajomo, has disclosed that the direct cash settlement system will enhance investors’ confidence because proceeds from the sale of securities are remitted directly into investors’ accounts. He made this disclosure last week at an enlightenment programme organised by the NSE for capital market stakeholders on dematerialization, direct cash settlement and e-dividend. The event, tagged Investor Clinic and themed ‘The role of Dematerialization, Direct Cash Settlement and E-dividend in the development of the Nigerian Capital Market,’ took place

By Adedapo Adesanya There are plans by the Nigeria Export Processing Zones Authority (NEPZA), the Oil and Gas Free Trade Zone Authority (OGFZA), as well as Nigeria Economic Zones Association (NEZA), and the Nigeria Customs Service (NCS) to remodel the administration and management of the country’s Free Trade Zones (FTZ) to strengthen their impact on the economy. These critical stakeholders agreed to remodel the operations when Mr Adesoji Adesugba MD/CEO of NEPZA, and his counterpart in OGFZA, Mr Tijjani Kaura, and Mr Toyin Elegbede, Executive-Secretary of NEZA, paid a working visit on the Acting Comptroller-General of Customs, Mr Bashir Adewale

By Adedapo Adesanya The Naira recorded a marginal 0.02 per cent or 6 kobo appreciation against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Thursday. Business Post reports that during the session, the Naira was sold to forex users at N414.67/$1 in contrast to N414.73/$1 it was traded at the previous session, which was on Wednesday. It was observed that one of the factors that caused the gains achieved by the domestic currency was the ease in pressure as the demand for FX waned at the market segment. Data showed

By Modupe Gbadeyanka There are strong indications that one of the key shareholders in Lagos-based Union Bank of Nigeria Plc, Atlas Mara, will not sell off its stake in the company. Atlas Mara has presence in seven African markets, but it plans to exit four of them and remain only in Nigeria, Zimbabwe and Botswana. The company wants to leave the four countries in return for 6.3 percent of Nairobi-based Equity Group Holdings Plc. Chairman of Atlas Mara, Mr Michael Wilkerson, confirmed that instead of quitting Union Bank, the company will focus on further increasing its 49.7 percent stake in

By Modupe Gbadeyanka A new one-minute television commercial that highlights the importance of subscribing to a life insurance policy tagged More Wellness For Less has been unveiled by Axa Mansard Health. The TVC seeks to enlighten the average Nigerian on the benefits they can derive from having a life insurance policy even while they are alive. The chief executive of AXA Mansard Health, Mr Tope Adeniyi, while speaking at the launch of the commercial in Lagos, disclosed that for as low as N1,000, Nigerians could have access to AXA Mansard Health services. “You also have products at N2,000 per month