NASD Index Suffers 1.16% Loss in Week 17 of 2023

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Dipo Olowookere Four banks have been appointed by the Central Bank of Nigeria (CBN) as settlement banks for the $2.5 billion currency swap deal signed between Nigeria and China last Friday in Beijing. According to a report by ThisDay, the four financial institutions appointed by the apex bank are First Bank of Nigeria Limited, Stanbic IBTC, Standard Chartered Bank (SCB) and Zenith Bank Plc. Last Friday, the CBN, on behalf of Nigeria, sealed the much-awaited $2.5 billion bilateral currency swap agreement with the People’s Bank of China (PBoC). The settlement banks are expected to handle the trade obligations that

By Jerome-Mario Chijioke Utomi It is no longer news that the Speaker of the Delta State House of Assembly, Sheriff Oborevwori, has emerged as the gubernatorial candidate of the Peoples Democratic Party (PDP) in the state. It is equally relevant to the present discourse to underline that Oborevwori, who is also the National Deputy Chairman of the Conference of Speakers of State Legislatures of Nigeria, displayed uncommon resilience to clinch the ticket and presently celebrates his landslide victory with a call on Deltans to ensure they all have their Permanent Voter Cards (PVCs) before the 2023 general elections. Expectedly, his

By Dipo Olowookere The profit-taking at the nation’s stock market continued on Tuesday and this left the bourse closing with 30 price losers and 17 price gainers. The poor performance of these 30 stocks led by Nestle Nigeria wounded the market by 1.53 per cent yesterday to reduce the year-to-date gain to 27.57 per cent. Business Post reports that the 3.33 per cent loss posted by industrial goods, 3.21 per cent loss by consumer goods, 2.17 per cent decline by insurance and the 0.87 per cent decline by the energy sectors overpowered the 0.75 per cent growth recorded by the

By Adedapo Adesanya Unlisted securities listed on the NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.15 contraction on Tuesday, December 22 caused by negative price movement in the stocks of Niger Delta Exploration and Production (NDEP) Plc. The share price of the oil investment company lost N4.50 or 1.48 per cent to close the session at N300.50 per unit in contrast to N305 per unit it traded at the previous session. This development led to the shrinking of the market capitalisation of the bourse by N820 million yesterday to close the day at N536.45 billion as against the previous day’s

By Ifeanyi Emeka Since the nineteenth century, the theory of objectivity in journalism has been considered as the chief cornerstone in mass media practices. During the last decade, both communication scholars and practitioners began to contest the main notion embedded in this concept. Despite the different shapes of opinion among academics and journalists about the paradigm of objectivity when it comes to setting up professional criteria on this concept, one thing that still remains firmly entrenched in the practice of journalism is the fact that objective and impartial reportage of issues and events creates room for just and peaceful societies.

By Modupe Gbadeyanka All seems not to be well between Leadway Assurance and one of its customers based in Abuja, Mr Jolayemi Woleola as both parties are arguing over an insurance claim. The aggrieved customer accused the company of fraud, stating that he has been frustrated from getting what is due to him, describing the attitude and disposition of the insurer as not only appalling but annoying, disappointing and frustrating. “I entered into a vehicle insurance contract with Leadway covering my Mercedes Benz E 300 2017 model. The insured car was involved in an accident with a trailer on Kubwa

By Modupe Gbadeyanka The executive of the Peoples Democratic Party (PDP) in Igyorov Ward of Gboko Local Government Area of Benue State has suspended the national chairman of the party, Mr Iyorchia Ayu, over alleged anti-party activities. The Ward Chairman of the PDP, Mr Kachi Philip, and the secretary, Mr Vangeryina Dooyum, while addressing journalists on Sunday, said 12 out of the 17 members of the ward executives signed the resolution to suspend Mr Ayu. They accused him of working against the success of the party in Igyorov Council Ward. “It is on record that he has also failed to

By Ebitonye Akpodigha Wife of former President Goodluck Jonathan, Dame Patience, has instituted a lawsuit against the Socio-Economic Rights and Accountability Project (SERAP) over an alleged vilification and breach of human rights. Mrs Jonathan said the group carried out a campaign of calumny against her on the internet, print and electronic media, publishing unfounded and malicious allegations that she stole $15 million and was supposed to be prosecuted by the Federal Government. The former First Lady also urged the court to grant her an interim order restraining SERAP from writing about her in the media. In a statement dated October