Market Data Vital to Stock Market Investors—Experts

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya The Vice President, Mr Kashim Shettima, has said Nigeria remains committed to collaborating with China and other African countries to ensure that the partnership’s objectives are achieved for the mutual benefit of both parties. He stated this yesterday when he represented President Bola Tinubu at the BRICS Summit in Johannesburg at the China-Africa Leaders’ Roundtable Dialogue Meeting on the margins of the 15th BRICS Summit. According to the Vice President, “Nigeria welcomes the new initiatives introduced by the Chinese authorities, which include supporting and promoting the modernization of Africa’s agriculture and agribusiness sectors; providing robust support for

By Modupe Gbadeyanka **Lists 33.9bn Shares Worth N1.2trn at N35 Each Managing Director of BUA Cement Plc, Mr Yusuf Binji, has said shareholders of the company should expect greater value for their investment in the firm. He said the recent mergers will bring about increased capacity to service new and existing markets, increased operational efficiencies, economies of scale, increased profitability and creation of a platform for further investment that will have a positive impact on host communities. On Thursday, a total of 33,864,354,060 ordinary shares of 50 kobo each of BUA Cement Plc were listed on the Nigerian Stock Exchange

By Olubori Oduntan The 2018 edition of “33” Export City of Friends Concert took Lagos by storm yesterday and the turnout was amazing. Day One of the party adventure took place at Eagle’s club in Surulere. It was absolutely grand and a lot of things will linger in our memories for a long time. “33” Export pulled out all the stops on this one, as Eagle Club was completely transformed. We did not need too much motivation to be in the party mood or better yet the “33” City of Friends Party mood. The concert did not have a single

By Dipo Olowookere Justice Muhammed Sirajo of a court of appeal sitting in Lagos has upturned the judgement of Justice O.O. Abike-Fadipe of the Lagos State High Court against Zenith Bank Plc. On March 8, 2022, Justice Abike-Fadipe directed Zenith Bank to pay Real Integrated & Hospitality Limited an interest of 15 per cent per annum on N872.8 million from May 17, 2011, when the advanced payment guarantees expired till judgment and thereafter at the rate of 10 per cent per annum until final liquidation. The company and the Gombe State Universal Basic Education Board (Gombe SUBEB) had sued the

By Ahmed Rahma Amid frustration over delays in the delivery of AstraZeneca’s COVID-19 shot and other supply problems, the European Union (EU) has proposed the setting up of a register of vaccine exports. On Tuesday, the Health Minister of Germany, Mr Jens Spahn, said he supports the proposal to introduce restrictions on COVID-19 vaccines. This comes as tensions grew with AstraZeneca and Pfizer over sudden supply cuts just a month after the bloc started vaccinating citizens. Speaking, the minister said, “I can understand that there are production problems but then it must affect everyone in the same way. “This is

By Dipo Olowookere A new revenue reporting template is being prepared by the Federation Accounts Allocation Committee (FAAC) for the Nigerian National Petroleum Corporation (NNPC) and other members of the revenue sharing committee. Minister of Finance, Mrs Kemi Adeosun, at a news briefing on Thursday in Abuja, disclosed that the new template would address the key areas of disputes between Governors of the 36 states of the federation and the state-owned oil firm. According to her, the committee constituted to work on the new template should submit a draft before the next meeting for review. There had been disputes between

By Modupe Gbadeyanka Director General of Standards Organisation of Nigeria (SON), Mr Osita Aboloma, has expressed Nigeria’s willingness to continue to play its required role in ensuring the vibrancy of the African Organisation for Standardisation (ARSO). ARSO is an organisation set up to promote development within the continent, through improved intra-African trade as well trading with the rest of the world. Mr Aboloma, while speaking at the ongoing ARSO 56th Council Meeting taking place at Ouagadougou, Burkina Faso, stated that Nigeria was also committed to the economic and social emancipation of Africa using the instrument of standardization as is being

By Aduragbemi Omiyale Companies listed on the Nigerian Stock Exchange (NSE) will get wider media coverage as a result of the collaboration between the exchange and the Nigerian Television Authority (NTA). NTA, a federal government-owned media organisation, has one of the largest television networks in Africa with stations and network centres in almost every part of the country. On Wednesday, February 17, 2021, the Director-General of the NTA, Mr Yakubu Ibn Mohammed, was given the honour to officially bring trading activities on the NSE to an end by beating the digital closing gong. At the event, it was announced that