MSMEs Clinics Created to Boost Nigeria’s Export Industry—FG

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has disclosed that revenue from the petroleum sector dipped by 53.4 per cent to N251.86 billion in November 2022, as against the N540.31 billion recorded in the previous month. The CBN, in its latest monthly economic report for November 2022 released recently, blamed the decline on lower-than-expected earnings from petroleum profit tax and royalties. It also attributed the sharp drop to the accounting effect of the treatment of crude oil and gas inflows as operational components of the Nigerian National Petroleum Company (NNPC) Limited under the Petroleum Industry Act (PIA) 2021.

By Modupe Gbadeyanka Chief Executive Officer of Diamond Bank Plc, Mr Uzoma Dozie, has revealed that the company plans to raise its capital in the short to medium term with the sale of some non-core assets. In an interview with ThisDay, the bank’s chief said the assets to be sold will not in any way affect the bank negatively. “Right now, we have adequate capital because we are not building new branches any more, which is one thing that takes a lot of cost. “We are also looking at assets that are not in line with our goals again, to

By Modupe Gbadeyanka A report by Daily Trust has revealed that dividend payments to the Federal Government for its 49 percent stake in the Nigeria Liquefied Natural Gas (NLNG) have dropped to its lowest since 2007. A publication of the company’s financials obtained by the paper’s reporter showed that dividend payments to the government fell by $687.6 million or 65.8 percent from $1.04 billion in 2015 to $365.1 million in 2016, the lowest in ten years. In 2008, the NLNG paid $2.6 billion, $848.6 million in 2009, and $1.4 billion in 2010 as dividends. However, payments rose to $2.5 billion

By Modupe Gbadeyanka The upward trend recorded on the Nigerian Stock Exchange on Monday continued on Tuesday with the all-share index appreciating by 0.39%. The ASI, which closed at 27,925.00 points the previous day, finished at 28,034.32 points today, growing by 109.32 points. Likewise, the market capitalisation, which closed at N9.591 trillion on Monday, recorded a N37.549 billion gain on Tuesday to finish at N9.629 trillion. Today, Nestle led the gainers’ chart after it appreciated by N25 to end at N825 per share, while Seplat Oil followed after it added N17.50k to close at N367.51k. Also, Presco gained N1.30k to

By Modupe Gbadeyanka The Board of Directors of MedView Airline has resolved to hold the company’s first Annual General Meeting (AGM) of its shareholders on Wednesday, May 10, 2017. The firm, in a statement, disclosed that this resolution was passed by the board at its meeting held on Friday, March 24, 2017. At the meeting, which took place at its corporate head office located at 21, Olowu Street, Off Bank Anthony Way, Ikeja, Lagos, at 10am, the company’s 2016 audited financial results was adopted and approved. During the meeting also, the board discussed the issue of dividend.

By Modupe Gbadeyanka The World Bank Group has remained silent on the conditions it plans to attach to the $1.5 billion loan request from Nigeria. The administration of President Muhammadu Buhari had announced its intention to approach the global lender for the financial assistance. The reason was because of the drain in revenue caused by the coronavirus pandemic, which crashed the price of crude oil at the international market. Nigeria, Africa’s largest economy by size, relies heavily on the sale of oil for foreign earnings and since the outbreak became very pronounced in early 2020, funding of the budget has

**Says Libation Not Fetish By Dipo Olowookere A paramount ruler in the South-South region of Nigeria, Dr Appolus Chu, who is the Egbere Emere Okori of Eleme kingdom, has called on monarchs across the country to do well within their power to preserve and promote the African culture. This is as he said civilization was eroding today’s society with the advent of western culture, which he said was threatening the African tradition. The custodian of the local culture, during a courtesy visit to the Esogban of Benin Kingdom in Edo State, Chief D.U. Edebiri, Mr Chu discredited the notion that

By Daily Times Chief Executive Officer of Union Bank Plc, Mr Emeka Emuwa, has disclosed that the lender, which is currently on breach of regulatory prescribed 20 percent share flotation, may sustain the tempo until trends in the market improves. Mr Emuwa made this disclosure on Wednesday, at the Nigerian Stock Exchange (NSE) during the bank’s presentation of ‘Facts Behind the Offer’ of its ongoing N50 billion rights issue, which closes this month. He said that the state of the market has made it impossible for shareholders not to trade their shares in the market. According to him, the prevailing