Market Gains 0.16% on Buying Interests in Access Bank, Others

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Dipo Olowookere An injunction against Gateway Portland Cement Limited and Dr Olumuyiwa Odegbami on the application of the Asset Management Corporation of Nigeria (AMCON) for a takeover of the firm has been granted by Justice A. T. Mohammed of The Federal High Court, Abeokuta Division, Ogun State. With this court order, AMCON’s receiver, Mr Charles Adeogun-Phillips, has formally taken possession of Gateway Portland Cement factories and facilities located in Abeokuta and Mowe areas of Ogun State over a debt profile of nearly N3 billion, according to a statement by the corporation on Friday. The debt has been a subject

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN) is auctioning treasury bills worth N133.8 billion on Wednesday, October 18, 2017 (today). The apex bank is expected to raise the amount from the sale of 91-day bills worth N32.40 billion, 182-day bills worth N35.00 billion and 364-day bills worth N66.39 billion. Proceeds from the exercise conducted by the CBN are expected to provide short-term funding for the Federal Government. The auctioning would be done via the primary markets and today’s sale is the last for the month of October 2017. Twice a month, the CBN issues treasury bills to help

By Aduragbemi Omiyale An awareness campaign on malaria prevention was taken to Idi Araba Community, Oworoshoki, in Lagos on Tuesday, April 25, 2023, by Wema Bank Plc. The financial institution carried out this exercise in partnership with Karis and Eleos Hope Foundation to commemorate World Malaria Day 2023. The bank said the campaign was in line with one of its core Corporate Social Investment pillars, Health, and it is part of its efforts to enlighten the people on the importance of good personal and environmental hygiene to prevent the deadly disease. The World Health Organisation (WHO) reports that the highest

By Dipo Olowookere Luno on Tuesday announced expanding into 35 new markets across Europe, and a $9 million Series B funding round led by London-based Balderton Capital, one of Europe’s leading venture capital firms. New investors AlphaCode and existing investors Digital Currency Group also participated in the round. This follows Luno’s $4 million Series A round, which was led by emerging market tech giant Naspers. Luno is one of the world’s most popular Bitcoin platforms, making it easy for people to buy, sell and learn about digital currencies. With a team of over 70 and offices in London, Singapore and

By Dipo Olowookere Four stockbroking firms have been ordered to pay the sum of N5 million as fine for engaging in illegal transactions. The four stockbrokers are Gosord Securities Limited, UIDC Securities Limited, Kapital Care Trust Securities Limited and Union Registrars Limited. They were found guilty of unlawfully selling shares belonging to an investor worth millions of Naira. The matter was brought before the Enugu arm of the Investment and Securities Tribunal (IST) by the affected investor, Mr Okam Kalu Ugwu. He joined the Securities and Exchange Commission (SEC), the apex capital market regulator, and the four firms in the

By Modupe Gbadeyanka The Lagos Chamber of Commerce and Industry (LCCI) has blamed the low inflow of foreign direct investment (FDI) into Nigeria on wrong economic policies of the government despite the huge investment opportunities that abound. In a communiqué issued at the end of the second edition of the Lagos International Investment Conference in Lagos, the LCCI advised government to come up with policies that would give businesses the environment to flourish. The chamber said the Nigerian economy remains one of the most viable in Africa with diverse natural resources and a large market with a huge demographic advantage

By Dipo Olowookere Authorities of the Nigerian Army have reacted to online publication on Thursday, April 25, 2019 on a purported massive attack on Konduga in the north eastern part of the country. In a statement in the wee hours of Saturday, the report was not only described as fake, but baseless, which according to the Army, was solely designed to cause severe panic, utter chaos and pandemonium within the communities. The publication was also said to be a deliberate effort to smear and discredit the image and sacrifices of the entire operation as well as the peace in the