Market Gains N138bn as Buying Interest in Banking Stocks Persists

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

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 cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

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

By Dipo Olowookere The corruption charges levelled against Senator Danjuma Goje by the federal government have been thrown out by a Federal High Court sitting in Jos, Plateau State and the Senator discharged and acquitted by the court. This comes barely a month after the former Governor of Gombe State held a crucial meeting with President Muhammadu Buhari at the State House and was urged to drop his ambition to become Senate President to allow Senator Ahmed Lawan, the anointed candidate of the All Progressives Congress (APC), take the position, which he eventually did. It was gathered that on Thursday,

By Modupe Gbadeyanka Nigerians may have to pay more for petrol if the recommendation by the Senate is considered by the executive and implemented. Lately, many Nigerians have had to squeeze water out from stones in order to survive the economic hardship in the country, which has led to loss of jobs, high cost of living, rise in inflation, high cost of food items and even increase rate of deaths. But despite these, the Senate is considering an additional N5 per litre to be paid by Nigerians on Premium Motor Spirit (PMS) otherwise called petrol and as well as on diesel

By Modupe Gbadeyanka The nomination of a respected consumer rights advocate, Mrs Sola Salako-Ajulo, as member of the Federal Competition and Consumer Protection Tribunal (FCCPT) has been confirmed by the Senate. The confirmation was done on Wednesday when the upper chamber of the National Assembly held its session in Abuja with the Senate President, Mr Ahmad Lawan, presiding. Mrs Salako-Ajulo, who is president/founder of the Consumer Advocacy Foundation of Nigeria, was among the six persons confirmed as members of the panel. The Senate also confirmed the nomination of Mrs Saratu Mama Shafii as chairman of the FCCP tribunal during plenary

By Dipo Olowookere On Wednesday, February 27, 2019 the 32nd OTC FX futures contract matured and settles on the FMDQ OTC Securities platform. The NGUS FEB 27 2019 futures contract worth $563.55 million was settled by the Central Bank of Nigeria (CBN). Business Post reports that this maturity brings the total value of matured Naira-settled OTC FX Futures contracts on FMDQ, since the inception of the market in June 2016, to about $14.34 billion. As it stands, this is bringing the total amount of OTC FX Futures contracts traded so far on the platform to $20.05 billion. The matured contract

By Dipo Olowookere An On-Air Personality (OAP) with Beat FM Lagos, Tolu ‘Toolz’ Oniru-Demuren, has launched her own premium fuller bust lingerie line called Sablier, a French word for hourglass. According to Tools, the product was created to cater to the often overlooked plus-size market. Toolz, who reflected on her experience growing up as a full-bodied woman, further detailed her journey towards accepting her body shape and size. “The journey to accepting my body hasn’t been easy. As a curvy girl, you tend to feel out of place – my body type wasn’t the hot thing back then. I just

By Dipo Olowookere A total sum of N5.9 trillion was shared from the Federation Account in 2017 by the Federal, the 36 States and the 774 Local Government Councils in Nigeria in 2017. This information was revealed by a new report released by the Economic Confidential, a sister publication of PRNigeria, a news release syndication platform. The amount was in spite of the economic recession witnessed during the period. It was revealed that while the Federal Government and its agencies received a total sum of N2.5 trillion, the other two tiers of government shared N3.3 trillion. The total allocation of

By Adedapo Adesanya The federal government has approved the establishment of the Agricultural Machinery and Equipment Development Institute in Nasarawa State to boost industrialisation in the Northern state. This disclosure was made by Governor Abdullahi Sule in Lafia on Saturday at the opening ceremony of the Lafia City Mall, a subsidiary of Wave Mart Group of Companies. Mr Sule said the agric institute would be located in Lafia as a step forward in terms of industrialising the state, adding that it also indicated the readiness of the state to maximize the diverse opportunities in the agriculture sector especially agriculture mechanization.

By Dipo Olowookere The fortunes of Northern Nigeria Flour Mills (NNFM) Plc continue to dwindle as indicated in the latest financial scorecard released by the company yesterday. The results showed that despite an improvement in its revenue generated in the first nine months of its financial year, things are still not looking good. NNFM declared a loss of N160.4 million loss for the nine months ended December 31, 2017 in contrast to the 38.9 million loss declared as at December 31, 2016. Similarly, the In the period under review, the revenue significantly grew to N1.6 billion from N461.1 million, while