Naira Appreciates Against Dollar Despite FX Supply Crunch

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

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 Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

Traders Union (TU) recently took an interest in ChatGPT, a chatbot by OpenAI. Think of ChatGPT as a super-smart robot friend who loves to chat about almost anything! It’s famous for giving detailed answers to loads of questions. But, like every friend, it might get things wrong sometimes. There’s a free version everyone can chat with, and a fancier version called ChatGPT Plus for those who want more. Some even call it the “ChatGPT trading bot” because of its extensive knowledge about trading. ChatGPT’s trading capabilities Without a doubt, ChatGPT has carved a niche for itself in the automated trading

By Modupe Gbadeyanka Activities on the floor of the Nigerian Stock Exchange (NSE) opened bearish on Monday with the major market indicators finishing in the negative territory. The equities market closed 1.25 percent lower yesterday with the Year-to-Date (YtD) returns ending at -12.11 percent as the prices of stocks continue to fall. While the All-Share Index (ASI) depreciated by 426.22 points to close at 33,611.69 points, the market capitalisation reduced by N155 billion to settle at N12.271 trillion. Business Post reports that the market breadth closed negative on Monday with 21 price losers and 11 price gainers. The heaviest price

By Modupe Gbadeyanka One of the popular faces on the television screens, Ada Ameh, has died in Delta State some weeks after she raised an alarm of a battle with mental health. According to reports, the movie star collapsed in Warri on Sunday night and efforts to revive her proved abortive as she reportedly gave up the ghost on her way to the hospital. Her death is coming nearly two years after she lost her only daughter, Miss Aladi Godgift Ameh, to the cold hands of death after medical surgery. Ada Ameh is well known for her character as Emu

By Investors Hub European markets are seeing modest strength during trading on Thursday as traders digest the Federal Reserve?s monetary policy announcement. While the U.K.?s FTSE 100 Index has risen by 0.3 percent, the French CAC 40 Index and the German DAX Index are both up by 0.1 percent. Specialty pharmaceutical company Indivior has fallen sharply after cutting its revenue outlook for its opioid addiction drug Sublocade. IG Group is also posting a steep loss after the British online financial trading firm said its CEO Peter Hetherington is stepping down. On the other hand, shares of TUI AG have moved

By Modupe Gbadeyanka A total turnover of 1.415 billion shares worth N19.644 billion in 20,659  deals were traded this week by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 1.765 billion shares valued at N26.562 billion that exchanged hands last week in 20,265 deals. The Financial Services Industry (measured by volume) led the activity chart with 1.136 billion shares valued at N12.336 billion traded in 12,240 deals; thus contributing 80.26 percent and 62.80 percent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 103.975 million shares

By Dipo Olowookere About N40 billion have been raised from the sale of treasury bills by the Central Bank of Nigeria (CBN). The apex bank noted that it sold N13.17 billion of three-month paper at 14 percent, the same yield as on December 14, and also N26.55 billion of six-month paper at an unchanged 17.5 percent. According Reuters, the N39.72 billion treasury bill sale, with yields unchanged on the previous auction, was sparsely subscribed with total demand of N42.68 billion. CBN issues treasury bills regularly to help lenders manage their liquidity, curb rising inflation, and provide naira to help the

By Dipo Olowookere In order to enhance its position as a fully integrated national energy company, ready to prosper despite the changing dynamics of the global oil and gas industry, the management of Nigerian National Petroleum Corporation (NNPC) says it is fine-tuning its strategies. A release by Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, said the Group Managing Director of the corporation, Dr Maikanti Baru, disclosed this at this year’s NNPC First Quarter 2018 Top Management Steering Committee (Steerco) Meeting held at the NNPC Towers in Abuja, weekend. Dr Baru, who admitted the tremendous changes at play

By Dipo Olowookere The first trading session of the new week on the floor of the Nigerian Exchange (NGX) Limited closed on a positive note as it appreciated by 0.14 per cent on Monday. It is the week leading to the governorship election and state houses of assembly polls in Nigeria, and like the presidential and National Assembly elections, investors will pay close attention to happenings in Lagos and other key states of the federation. Business Post observed that the gains posted by the stock exchange yesterday were fragile as investor sentiment was weak due to cautious trading. Data showed