MTN Nigeria May List Shares on NSE May 2018

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Adedapo Adesanya The 42nd trading week at the NASD Over-the-Counter (OTC) Securities Exchange closed higher by 0.28 per cent as investors saw a reason to mop up shares trading low for gains in the coming weeks. This expanded traders’ portfolios at the unlisted stock exchange by N2.69 billion, leaving the market capitalisation swelling to N960.88 trillion from the preceding week’s N958.19 billion. Data obtained by Business Post showed that the NASD Securities Index improved by 2.04 points to close at 727.88 points in contrast to 729.92 points. The positive movement was triggered by the improvement in the share price

By Dipo Olowookere The renewed interest in Nigerian stocks continued on Wednesday, contributing to the 0.14 per cent growth seen at the market during the session. The news that Zenith Bank has proposed the payment of N2.70 final dividend on Tuesday has continued to make investors take a good look at Nigerian Stock Exchange (NSE). Business Post reports that at the close of transactions yesterday, Zenith Bank was the most traded stock, transacting 154.6 million units worth N4.1 billion. GTBank exchanged 48.8 million shares for N1.5 billion, FBN Holdings transacted 25.3 million equities worth N185.6 million, Transcorp traded 25.1 million

By Adedapo Adesanya The federal government, through the Debt Management Office (DMO), has paid the $500 million Eurobond it obtained a few years ago from offshore investors. Eurobond is a debt instrument that’s denominated in a currency other than the home currency of the country or market in which it is issued. They are frequently grouped together by the currency in which they are denominated, such as eurodollar or Euro-yen bonds. The Eurobond was issued in July 2013, as part of a dual-tranche $1 billion Eurobond, for a tenor of 10 years at a coupon of 6.375 per cent per

By Kestér Kenn Klomegâh Mozambique risks destabilizing its economy and further losing western development finance if it goes ahead to purchase sanctioned oil from Russia. With the return of western development finance institutions such International Monetary Fund (IMF), World Bank and the USAID, and currently showing tremendous support for sustainable development projects and programmes, Mozambique would have to stay focused and stay clear of the complexities and contradictions of the Russia-Ukraine crisis. Mozambique needs to seriously concentrate on and pursue its plans of exporting liquefied natural gas (LNG), extracted from the Coral South field, off the coast of Palma district,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed 0.04 per cent higher on Wednesday, March 8 as a result of an improvement in investor sentiment. During the session, the share price of Geo-Fluids Plc appreciated by 8 Kobo or 6.45 per cent to settle at N1.32 per unit compared with the previous session’s N1.24 per unit. Consequently, the market capitalisation of the NASD OTC bourse increased by N340 million to settle at N945.07 billion, in contrast to Tuesday’s value of N944.73 billion. In the same vein, the NASD Unlisted Securities Index (NSI) appreciated by 0.26 basis points to

By Modupe Gbadeyanka At least 10.3 billion eggs are produced domestically in Nigeria every year, the Poultry Association of Nigeria (PAN) has disclosed. Addressing journalists at a press conference in Lagos recently, National President of PAN, Dr Ayoola Oduntan, noted that there is a vast array of employment opportunities lying within the poultry value chain, but government and the people must take it seriously to ensure that it is not only sustained but made to grow as agriculture is truly the future of the country. According to him, the eradication of imported poultry products in Nigeria will create one million

By Adedapo Adesanya It was a positive outcome for the NASD Over-the-Counter (OTC) Securities Exchange on Friday as it extended its stay in the green territory with a 0.12 per cent gain. This increased the NASD Unlisted Security Index (NSI) by 0.98 points to end the day at 845.13 points compared with the previous day’s 844.15 points as the market capitalisation rose by N1.6 billion to close at N1.145 trillion compared with Thursday’s value of N1.144 trillion. Four stocks were responsible for the growth achieved by the unlisted securities market on the last trading day of the week, compressing the

By Adedapo Adesanya Some Nigerians are probing why President Bola Tinubu wants the National Assembly to approve N500 billion for palliatives to cushion the effects of fuel subsidy removal. In a letter addressed to the Speaker of the House of Representatives, Mr Tajudeen Abbas, at plenary on Wednesday, Mr Tinubu said, “I write to the House of Representatives to approve the amendment of the 2022 Supplementary Appropriation Act.” “The request has become necessarily important to, among other things, source funds necessary to provide palliative to mitigate the effect of the removal of fuel subsidy on Nigerians. “Thus, the sum of