Mutual Funds Can Create Wealth, Fund Critical Infrastructure

By Dipo Olowookere Profit-taking activities brought back the bears to the floor of the Nigerian Exchange (NGX) Limited on Monday as investors rebalanced their portfolios. It was observed that traders at Customs Street booked profits in shares mostly in the industrial goods sectors like BUA Cement and Lafarge Africa. This resultantly brought down the local stock market by 0.66 per cent at the close of transactions, with the industrial goods space losing 4.21 per cent, the insurance counter declining by 0.28 per cent, and the energy sector falling by 0.01 per cent. However, the consumer goods index improved yesterday by

By Adedapo Adesanya The Nigerian Shippers’ Council (NSC) has expressed its readiness to partner with the Lekki Deep Seaport by promoting the seamless movement of cargo and the efficiency of the nation’s ports. The NSC Executive Secretary, Mr Pius Akutah, gave the assurance when the Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL) – promoters of Lekki Deep Seaport, Mr Du Ruogang, led the port’s management on a courtesy visit to the NSC in Lagos. Mr Akutah, who commended the Lekki Deep Seaport management for the visit, said the council would partner with the port in areas that would boost

By Adedapo Adesanya The Nigeria Labour Congress (NLC) has said it would ensure that the next national minimum wage to be negotiated in 2024 reflects the prevailing cost of living. The union also lamented that following the removal of fuel subsidy by the federal government, life has become extremely unbearable for workers. Addressing participants at the opening of the 19th edition of the NLC’s Harmattan School in Abuja, President of the NLC, Mr Joe Ajaero, said it had become necessary for governments at all levels to recognise that life and living conditions were exceedingly difficult, especially for working people in

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 Dipo Olowookere A total of 37 equities appreciated in price this week higher than 33 in the previous week, Business Post reports. Also, 32 equities depreciated in price lower than 41 equities in the previous week, while 100 shares remained unchanged higher than 95 equities recorded in the preceding week. Business Post reports further that it was a four-day trading sessions this week as the Federal Government of Nigeria declared Tuesday, May 1, 2018 a public holiday to mark the Workers Day  celebration. At the close of the week at the Nigerian Stock Exchange (NSE), the All-Share Index (ASI)

By Dipo Olowookere Mobil Producing Nigeria Unlimited, a unit of ExxonMobil, will resume shipment of Qua Iboe crude, Nigeria’s largest grade of crude oil in October 2016, three months after the company had declared force majeure on the exports of the grade. This is coming as oil prices slumped three per cent tuesday following another gloomy prediction by the International Energy Agency (IEA) on demand growth that suggested that oversupply in the oil market might persist for longer than anticipated. ExxonMobil had declared the force majeure after it observed a leak caused by what it described as a “system anomaly”

By Aduragbemi Omiyale The Head of Investment Supervision at the National Pension Commission (PenCom), Mr Ibrahim Kangiwa, has disclosed that the agency was working tirelessly to draft guidelines for securities lending for Pension Fund Administrators (PFAs) in the country. He made this disclosure at the Nigerian Exchange (NGX) Limited Securities Lending workshop held on Wednesday, August 9, 2023. He said these regulations and processes being developed by the organisation in collaboration with other stakeholders should be unveiled by the end of the year. According to him, the enactment of the Business Facilitation Act in 2023 empowered PenCom to advance guidelines

By Modupe Gbadeyanka Management of the Nigerian National Petroleum Corporation (NNPC) has advised members of the public to “disregard any announcement of recruitment or invitation to recruitment interview” because at the moment, “it is not carrying out any recruitment exercise” as being claimed by some. “We are constrained to announce, once again, that NNPC is not recruiting at the moment. Members of the public are, therefore, advised to disregard any vacancy announcement on any online or social media platform as they are  the handiwork of fraudsters intent on fleecing innocent Nigerians,” a statement issued by the Group General Manager, Group

By Modupe Gbadeyanka A former Minister of Water Resources, Mrs Sarah Ochekpe, has been convicted by Justice H. M. Kurya of the Federal High Court, Jos, Plateau State. Mrs Ochekpe was found guilty of an amended three-count charge bordering on conspiracy and money laundering levelled against her by the Economic and Financial Crimes Commission (EFCC). Delivering the judgement on Tuesday, February 22, 2022, the judge held that she was guilty of the allegation that she received the sum of N450 million from Fidelity Bank Plc through cash and wire transfer by some oil companies and former Petroleum Resources Minister, Mrs

A Memorandum of Understanding (MoU) has been signed by Nigeria and the British Council so at to revive some festivals in the country with a view to making them world class. The agreement was sealed on Wednesday in Edinburgh, Scotland by the Minister of Information and Culture, Lai Mohammed and Sir Ciaran Devane, Chief Executive of the British Council. The Council, as part of the deal, is expected to help train festival managers, revive the country’s major festivals and prevent its traditional games from dying. Mr Mohammed, who is at the ongoing 2016 Edinburgh International Festival Summit, described the MoU

The demolition of structures under high voltage power lines in Lagos State has commenced. On Tuesday, Commissioner for Physical Planning and Urban Development in the state, Tpl. Anifowoshe Abiola, supervised the destruction of such properties at Isheri in Egbe-Idimu local council development area. The Commissioner said the exercise was embarked on after the expiration of ultimatum issued in the statutory notices served upon owners/occupiers of the affected structures. The demolition was carried out by a joint operation of officers of the Ministry of Physical Planning and Urban Development, Lagos State Building Control Agency, and the State Environmental and Special Offences Unit,

By Adedapo Adesanya Chelsea Football Club has announced that terms have been agreed for a new ownership group led by an American investor, Mr Todd Boehly as well as Clearlake Capital, Mark Walter and Hansjörg Wyss, to acquire the club for £4.25 billion. In a statement, the London club confirmed that the purchase price of the club is £2.5 billion, with an additional £1.75 billion committed to further investments in the team. This includes both stadiums (Stamford Bridge and Kingsmeadow), the Academy, the Women’s Team, and continued funding for the Chelsea Foundation. The group headed by the part-owner of the