MTN Nigeria Obtains N200b Loan to Expand Operations

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Modupe Gbadeyanka Chairman of the South-West zone of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Mr Tokunbo Korodo, has disclosed that the union would embark on a three-day nationwide warning strike from Monday, January 9, 2017. The strike, according to Mr Korodo, is to kick against the anti-labour practice of International Oil Companies (IOCs). Speaking in Lagos, the union leader noted that the warning strike was inevitable because all other options had failed. “We are not gaining anything by going on strike because it is not a joyful thing but as a union, we have to

The offseason for European football is notoriously short. The Champions League Final was played on June 10, while the 2023-24 Premier League season kicks off on August 11, making for barely two months without the top European leagues in action. But even if that’s too long of a break for fans and bettors, the summer months offer plenty of football around the world. Remember that some parts of the world play their seasons during the summer. There are also international tournaments held during the summer months. While you wait for the start of a new season in Europe, here are

By Ashemiriogwa Emmanuel Following the latest move by the Central Bank of Nigeria (CBN) which has sent investors into a frenzy, affected financial technology (fintech) companies have assured their subscribers that their monies are safely managed and accessible. On Tuesday, Justice Ahmed Michael of the federal high court in Abuja granted the apex bank’s request to freeze the bank accounts of few fintech companies for six months as a result of alleged “illegal foreign exchange transactions.” According to the national lender, “it is evident that Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited and Trove Technologies Limited

By Dipo Olowookere The Nigerian Stock Exchange (NSE) was brutally dealt with on Monday by the deadly coronavirus codenamed COVID-19 by the World Health Organisation (WHO). At the first trading day of the week, the stock market lost 1.53 percent, dragging the index to the 25,000 threshold and expanding the year-to-date loss to 3.82 percent. Business Post reports the poor performance of the market led to the 399.89 points lost by the All-Share Index (ASI), which dropped to 25,816.57 points from 26,216.46 points. It further caused the market capitalisation to reduce by N208 billion to N13.449 trillion from N13.658 trillion

By Dipo Olowookere A memorandum of understanding (MoU) has been signed between Benez Music International and A Thousand Miles Audiovisual. The partnership is to establish a working relationship that would benefit the Nigeria music industry as a whole. According to information gathered by Business Post, the MoU will see A Thousand Miles Audiovisual, headed by Mr John Sunday, handle the production of Benez Music International’s lead artiste, Mr Lawrence Uwaifo’s music video in the next 12 months. It was further gathered that both parties agreed to open a collaborative partnership with a view to supporting the common objective of serving

By Dipo Olowookere Reports reaching us indicate that some yet-to-be identified gunmen have abducted the Secretary of Isheri North Estate, GRA, Lagos State. The victim, identified as Mr Dayo Adekoya, was kidnapped in the wee hours of Thursday, February 9, 2017, at his residence. It was gathered that the gunmen, numbering about 10, stormed the estate at about 12:46am on Thursday and started shooting sporadically. During their operation, which lasted about four hours, three persons were feared dead, all security guards stationed inside the estate. It would be recalled that recently, an estate very close to Isheri North Estate, was

By Aduragbemi Omiyale On Wednesday, April 7, 2021, organisations interested in deepening their knowledge of the derivatives market were taken through the rudiments of the asset class. Participants were tutored on the application of the derivatives market and how investors can reap maximum value from the investment tool. The training was organised by the Nigerian Exchange (NGX) Limited in collaboration with NG Clearing (NGCL) Limited, the central counterparty clearing system for the NGX derivatives market. The free training focused on Derivatives Margining Process and Account Segregation Policy and was hosted by the Divisional Head, Trading Business, NGX Limited, Mr Jude

By Investors Hub The major U.S. index futures are pointing to a lower opening on Thursday, with stocks likely to move to the downside following the mixed performance seen in the previous session. Lingering concerns about the trade dispute between the U.S. and China may weigh on the markets along with uncertainty the outcome of this week?s OPEC meeting. Saudi Arabia and Russia are reportedly pushing for an increase in oil production, with OPEC expected to announce its decision on output on Friday. After an initial move to the upside, stocks turned in a somewhat lackluster performance over the course