Naira Appreciates at P2P, Falls at I&E, Stable at Black Market

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Modupe Gbadeyanka Three lucky customers of Skye Bank Plc., across different business locations of the Bank, have emerged winners in the on-going Skye Bank – MoneyGram “Receive n Win Promo”. The winners, which include Oladele Ojo Femi, Babatunde Sodiq and Akinmusire Seyi, emerged winners in the first monthly raffle draw of the promo and won the sum of N100,000 each. A brand new car is up for grabs at the grand finale of the promo exercise scheduled for March this year. The promo is meant to encourage increased patronage of the services of the wire money transfer franchise; and

By Investors Hub The major U.S. index futures are currently pointing to a modestly higher opening on Friday after the major averages closed mixed for two straight sessions. The markets may benefit from optimism that stimulus packages by central banks around the world will help bolster slowing economic growth. Traders also remain hopeful about an eventual end to the U.S.-China trade war, with deputy U.S. and Chinese trade negotiators resuming talks for the first time in almost two months on Thursday. The deputy-level talks this week are expected to help pave the way for more productive high-level U.S.-China trade talks

By Modupe Gbadeyanka Pension crisis has continued to rock Imo State with the pensioners and state government pointing fingers of accusations and counter accusations at each other. While the Association of Pensioners is insisting that the government has continuously neglected the plight of its members by not paying them what is due them, the state government is accusing the Association of not appreciating the effort it is making even in this time of recession. Commissioner for Information and Strategy in the state, Mr Obinna Nshirim, said while some members were cooperating with the government in the solution, proffered, the leadership

By Modupe Gbadeyanka Undoubtedly one of Nigeria’s most valuable Bank brands, First Bank of Nigeria Limited, has again set to support schools with their educational requirements to enhance preparations for the school year. This comes in the beginning of another school term and as students return to school after the long holidays. A statement signed by First Bank’s Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney, disclosed that the bank has developed an array of products and solutions targeted at enabling schools acquire attractive educational facilities to support their business whilst empowering parents and guardians to seamlessly send their wards

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Dipo Olowookere President Muhammadu Buhari and the Nigerian military have been commended for the successes recorded in the fight against terrorism in the country. Their determination to tackle the menace led to the drop in the Global Terrorism Index. Reacting to this, the National Committee of Yoruba Youth and the coalition of Civil Society Against Terrorism in Nigeria said it is delighted that despite the antics of the various insurgent groups, particularly the Boko Haram, to further perpetrate violence against innocent Nigerians, particularly in the North East region, the administration of President Muhammadu Buhari has proven to be up

By Modupe Gbadeyanka Poultry farmers in Nigeria have called on the government to urgently look into the scarcity and continuous rise in the price of maize in the country. According to the farmers, if things do not change for the better, there could be a serious threat to their businesses in the country, which could possibly lead to a food crisis. They lamented that maize, which constitutes over 50 percent of poultry feed, is currently very scarce and where available, the prices have skyrocketed and cannot be afforded by the majority of the poultry farmers. Chairman of the Poultry Association

By Modupe Gbadeyanka The Jumia warehouse situated at Surulere industrial road, off Allen, Ikeja, has been unsealed by officials of the Lagos State Environmental Protection Agency (LASEPA). On Wednesday, the facility was closed for contravening the lockdown order of the federal government in the state aimed at stopping the spread of coronavirus in the country. But the next day, the warehouse was opened after it was established that Jumia was among those allowed to operate during the period, which is expected to last 14 days in the first instance. Putting up the update on its Twitter handle, @LasepaInfo, the agency