NASD Index Rises 0.83% in Week 39

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

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 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 Dipo Olowookere Mr Usman Gur Mohammed has been appointed as the Managing Director of Transmission Company of Nigeria (TCN). From 2012 to 2016, Manitoba Hydro International of Canada ran TCN as a management contractor and with the exit of Manitoba, Mr Mohammed comes with a clear mandate to review, validate and implement of the best management structure, strategy, business plan and processes to take TCN, both TSP and ISO, to the next level of operational effectiveness. Mr Mohammed has resumed duty with a 12 month non-extendable deadline to complete his transformational mandate and set TSP and ISO on a

By Dipo Olowookere Governor Akinwunmi Ambode of Lagos State on Wednesday signed the Environmental Management and Protection Bill into law, expressing optimism that it would go a long way to secure the public health safety of residents most especially children. Governor Ambode, who spoke shortly after signing the Environmental Management and Protection Bill into law at the Lagos House in Ikeja, said that his administration, on assumption of office, saw the need to address the gap in the sanitation of residents and the state. He said it was disconcerting to see that dysentery and other pandemics were on the rise

By Adedapo Adesanya The National Drug Law Enforcement Agency (NDLEA) on Saturday seized multi-billion naira worth of illicit drugs at a warehouse tucked in the midst of the popular International Trade Fair Complex, Alaba, Ojo area of Lagos. This was disclosed in a statement released by the media officer of the NDLEA, Mr Femi Babafemi, on Sunday. According to the statement, 1.4 million pills of tramadol 225mg weighing 826kgs; 3.2 million pills of codeine with a gross weight of 3,360kgs; and 2,841 cartons of codeine syrup containing 284,100 bottles with 28,410 litres of the psychoactive substance, with a combined street

By FBNQuest Research The FGN has this week named 27 industries as eligible for pioneer status incentives. Their principal benefit is exemption from companies’ income tax for three years, with a possible extension for one or two years. Monitoring of the scheme is to be the responsibility of the Nigerian Investment Promotion Council, which will maintain a list of qualifying companies on its website. The FGN is also developing its plans for six special economic zones (SEZs), one for each geopolitical zone. The two initiatives are driven by the FGN’s determination to attract investment. Nigeria has some catching up to

By Modupe Gbadeyanka Twenty-two new cases of Coronavirus Disease (COVID-19) have been reported in Nigeria. In its daily update, the Nigeria Centre for Disease Control (NCDC) disclosed that 15 of the new cases came from Lagos, while four were recorded in Abuja, two occurred in Bauchi and one in Edo. According to the agency, as at 9pm on Wednesday, April 8, 2020, 44 persons, who once contracted the virus, have recovered and discharged from the various isolation centres in the country. The NCDC also said so far, six deaths linked with Coronavirus have been recorded in Nigeria, while the total

By Dipo Olowookere The airlifting of pilgrims from Lagos State from Saudi Arabia will commence from September 27, 2016 and will span three days. This was made known by the Lagos State Commissioner for Home Affairs, Dr Abdul Hakeem Abdul Lateef, on Monday in Mecca. He urged pilgrims to be patient and comply with the directives of government in respect of flight arrangements, adding that, “There is no sentiment in the arrangement, pilgrims will be airlifted back to Nigeria based on the sequence of their arrival into Saudi Arabia and as scheduled by National Hajj Commission of Nigeria (NAHCON).” Dr

By Dipo Olowookere Federal Government has been given a 14-day ultimatum to pay the N45 billion severance package of former workers of the Nigeria Airways, which was liquidated by the government of President Olusegun Obasanjo. This ultimatum was given by three key unions in the nation’s aviation sector in a petition dated March 19, 2018 and addressed to the Minister of State for Aviation, Mr Hadi Sirika, and copied to the Minister of Labour and Employment, Mr Chris Ngige; and the Minister of Finance, Mrs Kemi Adeosun. The three unions are the National Association of Aircraft Pilots and Engineers (NAAPE),