Market Gains as CWG, Learn Africa Close as Best-Performing Stocks

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Dipo Olowookere All financial institutions operating in the country have been mandated by the Central Bank of Nigeria (CBN) to furnish it with their daily transaction data through the Nigeria Inter-Bank Settlement System (NIBSS). The daily return is part of the NIBSS’ implementation of the shared agency network expansion fund initiative of the banking industry. The apex bank explained in a circular that this directive became necessary in a bid to ensure effective monitoring and evaluation of the banking sector. CBN, in the circular to all banks, mobile money operators and super agents, noted that the data rendition will

By Dipo Olowookere The suspended Director-General of Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, has maintained that his removal from office in November 2017 by the Minister of Finance, Mrs Kemi Adeosun, did not follow due process. Mr Gwarzo, while responding to a recent verdict of the House of Representatives Committee on Capital Market, which upheld his suspension, said the Minister erred in removing him from office without following the laid down rules. The former capital market regulatory chief said if there was any arm of government that should be unhappy about the way and manner he was suspended,

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has disclosed that it has commenced discussion on the Nigeria Liquefied Natural Gas (NLNG) Train 8 with its partners. This was made known by the Group Managing Director of the state-owned oil agency, Mr Mele Kyari. Business Post had reported that NLNG shareholders had signed the Final Investment Decision (FID) for Train 7 in December 2019. According to the NNPC helmsman, Train 8 is the federal government’s effort at establishing gas hubs that would lead to the creation of other LNG projects. He said: “The Petroleum Industry Bill itself will ultimately

By Dipo Olowookere Despite some local key stakeholders in the Nigerian economy raising alarm on the rate of the countrys foreign debts, a renowned global rating agency, Standard and Poors (S&P Global Ratings), has said there is no cause for alarm. In a statement issued last Friday, S&P said though Nigeria’s economic performance remains weak, its external debt is moderate. However, the agency said fiscal consolidation would be key in the period ahead as President Muhammadu Buhari remains in office for another four year, noting that this should give him administration another opportunity to strengthen economic policy framework and consolidate

By Adedapo Adesanya The value of the Naira dropped to N388/$1 at the Investors and Exporters (I&E) segment of the foreign exchange market on Thursday, July 16. The depreciation against the greenback yesterday was by N1.50 or 0.39 per cent of Wednesday’s exchange rate of N386.50/$1. This may have been caused by the significant pressure on the local currency during the trading day. Business Post reports that the demand for forex at the window grew by 445.9 per cent or $83.42 million as trades valued at $102.13 million were recorded compared with the previous session’s $18.71 million. Meanwhile, at the

European stocks tumbled on Monday as trade-war fears continued to weigh and investors looked ahead to Wednesday’s meeting of the U.S. Federal Reserve as well as the Bank of England policy meeting on Thursday for directional cues. The pan-European Stoxx Europe 600 index was down 0.7 percent at 375.02 in late opening deals after rising 0.2 percent on Friday. The German DAX was down 1 percent, France’s CAC 40 index was moving down 0.8 percent and the U.K.’s FTSE 100 was down over 1 percent. Mining giant Rio Tinto tumbled 2.5 percent on reports that it has hired UBS to

By Ebitonye Akpodigha One Uduak Etim Thompson, leader of a notorious militant group called Bakasi Strike Force in Calabar, Cross River State, has been apprehended by the Nigerian Navy. The Nigerian Navy disclosed in a statement that Mr Thompson was arrested on Wednesday night along with other Niger Delta criminals. Among crimes said to be perpetrated by the militants are attack on market women and other traders, siphoning of crude oil and destruction of pipelines. A statement signed by Commodore Christian Ezekobe, Director of Navy Public Relations said, “As part of efforts to eliminate unwholesome activities perpetuated by criminals in

The grand finale of the 2016 Summer Camp of the Cowbell Football Academy (CFA), an initiative of Promasidor Nigeria Limited, witnessed an atmosphere of excitement and applause by parents, stakeholders, sport lovers and spectators at the main bowl of the National Stadium, Surulere, Lagos on Saturday, August 13th, 2016. The three-week Summer Camp, particularly opened for students on long vacation was aimed at the total development of the Nigerian child through sports and extra-curricular activities. Abiodun Ayodeji, Category Manager, Dairy, Promasidor Nigeria Limited, revealed that the company created the initiative with a view to adding to society as a socially-responsible