NASD Index Drops 0.67% in Week 29 Amid Rise in Stock Prices

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 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 Aduragbemi Omiyale One of the leading brokerage companies in Nigeria, Meristem Securities Limited, has introduced a new fixed-income investment package known as Meristem Dollar Fund. Business Post gathered that this open-ended mutual fund was designed to help investors hedge against the local currency, especially at a period when the Naira is witnessing high volatility amid rising inflation in the country. Meristem disclosed that funds taken from investors would be invested in investment-grade sovereign and corporate Eurobonds, and other qualifying USD instruments issued by Nigerian entities as may be determined by the investment committee. The company put the offer size

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Modupe Gbadeyanka Global leader in providing telecom and social media solutions, Kirusa, has announced the launch of its InstaVoice® Channels with Vodacom, the leading telecom carrier in Lesotho. With the launch of this content service, Vodacom subscribers in the Southern African country can receive voice updates from popular figures in Lesotho like- Motivational Speaker Mary Bosiu, Comedian Bofilha Neko, Hip-hop prodigies Skebza D and Dollaman. The InstaVoice Channels service incorporates celeb and sports content and it is one of the top three revenue generating VAS services in Africa supporting multiple carriers. The channels platform has over 11 million followers,

By Aduragbemi Omiyale The quest of a leading one-stop retail supermarket in Nigeria, Justrite Superstore, to significantly cut down its energy costs is becoming a reality as the company has signed a solar energy deal with a Norwegian company, Empower New Energy, for the installation of solar power at 10 of its stores in the country. Recall that last month, the Chairman of Justrite, Mr Ayodele Patrick Aderinwale, disclosed that the company’s energy costs in 2022 significantly increased by more than 500 per cent. He stated that the management was making efforts to cut these energy expenses, especially with the

By Modupe Gbadeyanka As Lagos State is set to host the maiden edition of the Nigeria Beer Festival from September 25 to October 1, 2017, organizers of the event have promised to crown the week-long event with an Independence Day mega concert. Speaking at a press conference to announce the event in Lagos on Tuesday, Mr Akinola Oluwaleimu, General Manager of On and One Events Limited, the organizers of the event, noted that the festival, which will promote responsible drinking among drinking-age (which is 18 years and above) consumers at all its touch points, would be held at the Lagos

By Adedapo Adesanya The Naira appreciated against the greenback at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market on Tuesday and depreciated against the American currency at the Investors and Exporters (I&E) window. Business Post reports that in the P2P segment, the value of the local currency to the US Dollar was N739/$1 yesterday compared with the previous session’s N741/$1 and in the I&E segment, it closed at N441.17/$1 compared with last Friday’s value of N439.17/$1, indicating a decline of N2 or 0.46 per cent. It was observed that forex scarcity was one of the reasons the local

By Aduragbemi Omiyale A feature aimed at simplifying customers’ experience with international payments and cross-border transactions has been added to the digital platforms of Stanbic IBTC Bank Plc. The initiative called Stanbic IBTC Flex Border will enable domiciliary account holders to make direct international fund transfers to other foreign denominated accounts on the bank’s mobile app. This new feature will also help customers conveniently carry out global transactions irrespective of their location, the chief executive officer of Stanbic IBTC Bank, Mr Wole Adeniyi, explained. “We are pleased to introduce the Flex Border feature to make the cross-border banking experience seamless

By Dipo Olowookere The Anioma eternal native attire of Delta State known as Akwa Ocha can be a dependable revenue base for the Delta State Government beyond oil if its opportunities can be fully explored, Heritage Bank Plc has submitted. This is why the financial institution is partnering with the state government to provide support to the Akwa Ocha fabric industry through the creative sector, the Managing Director of Heritage Bank, Mr Ifie Sekibo, disclosed. At the Delta Music, Comedy and Fashion Expo held at the Dome Event Centre, Asaba, the banker noted that the industry would be supported to

By Adedapo Adesanya The Nigerian Navy, Forward Operating Base (FOB), Ibaka, Mbo Local Government Area of Akwa Ibom has impounded 251 bags of rice smuggled through the waterways. The Commanding Officer of FOB, Navy Captain Suleiman Abdullahi, disclosed this in Ibaka on Thursday when he handed over the bags of contrabands to the Nigeria Customs Service (NCS). He said that the 251 bags of rice were seized from smugglers on June 15 during routine patrol operations by the unit, explaining that the suspects abandoned the rice and the boat and fled on sighting the naval patrol team, emphasising that the

By Sam Adeoye At this moment in time, long, hot traffic jams are becoming a thing in Ibadan. The folks who live in that city are half-proud of this congestion because it sorts of presents them with a shared experience with the too-cool-for-school Lagosians. On the other hand, however, they desperately hate it because the whole point of Ibadan is that it’s less insane than Lagos — hustle-wise. But my point with this article isn’t about the hustle or the bustle. It’s about the likelihood of replicating the vibrant tech ecosystem of Lagos in another Nigerian city. In this case,