NASD OTC Bourse Extends Bullish Run by 0.16% in Week 26

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Bliss Okperan Nigeria recorded an improvement in its trade surplus in the third quarter of 2023, according to data released by the National Bureau of Statistics (NBS), which was analysed by Business Post. The agency disclosed that in the period under review, the total value of exports stood at N10.347 trillion, while imports stood at N8.458 trillion, leaving the total value of trades at N18.802 trillion, 60.78 per cent higher than the N6.435 trillion achieved in the second quarter of 2023. Analysis showed that between July and September 2023, the country, which prides itself as the biggest economy in

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Modupe Gbadeyanka About 30 percent stake in NEM Insurance Plc, amounting to 1.6 billion ordinary shares of the Nigerian insurer, has been purchased by unnamed new investors. The shares were sold by a key stakeholder in the company, VFD Group, which conducted the sale in collaboration with others. It was disclosed that the transaction occurred at year end 2018, closing at a significant premium to the closing price on the floor of the Nigerian Stock Exchange (NSE). According to a statement issued by the firm, “A combined block of one billion, six hundred million (1,600,000,000) ordinary shares of NEM

By Dipo Olowookere Minister of Health, Prof Isaac Adewole, has said that the Federal Government has the capacity to provide quality medical care to the 21 released Chibok girls, and those to be released later. The Minister who disclosed this on Sunday October 16, 2016, when he visited the released Chibok girls in Abuja, to assess their well-being, said that the girls were in one of the excellent medical facilities in Abuja. He also revealed that a team of Medical Doctors, Nurses, Psychologists, Oncologist and many more professionals from the Ministry, National Hospital and Federal Medical Centre Jabi, Abuja, have

By Adedapo Adesanya Stakeholders of the Imo State Oil Producing Areas Development Commission (ISOPADEC) have urged the administration of Mr Emeka Ihedioha to return the Commission to the oil landlords in the state. They made this call at a meeting with the Governor, who was represented by his deputy, Mr Gerald Irona, at a gathering of stakeholders that comprised members of Ohaji/Egbema/Oguta at Oguta Civic Center, last Sunday. The stakeholders expressed their displeasure over a sponsored publication that stated that the state, which was one of the oil producing states in the country, was not entitled to produce a Managing

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has said applicants for its N50 billion COVID-19 Targeted Credit Facility will not be asked to produce guarantors as one of the conditions. The apex bank made this disclosure on Monday evening via its official Twitter account – @cenbank. The N50 billion COVID-19 Targeted Credit Facility was designed to assist households and SMEs to get funds. “CBN waives the requirement for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility,” the tweet noted. However, a reason for this was not provided by the Nigerian

By Modupe Gbadeyanka One of Nigeria’s elite actors and television presenter, Ariyiike Owolagba popularly known as Ariyiike Dimples, has been appointed as the brand ambassador of Friska Herbal Teas. The appointment of the TV girl was made by Friska Farms Limited, producers of Friska Herbal Teas, to reinforce the company’s aim to promote a sustainable and healthy lifestyle for everyone, with a vision to be the leading African organic lifestyle promoter by providing natural solutions that address wellness concerns globally. Friska Farms Ltd is dedicated to promoting a sustainable and healthy lifestyle, not only through its production of herbal teas

By Modupe Gbadeyanka Gains recorded by large cap stocks listed on the local bourse buoyed the rebound recorded at the close of transactions in the mid-week trade. The Nigerian Stock Exchange (NSE), after a loss of 0.66 percent yesterday, closed today with a 2.44 percent rise, pushing the year-to-date gain to 13.30 percent. The All-Share Index (ASI) increased by 1,030.98 points on Wednesday to settle at 43,330.54 points, while the market capitalisation grew by N370 billion to finish at N15.550 trillion. Business Post reports that the positive performance of the market was mainly influenced by the Consumers Goods sector, which

By Dipo Olowookere Five-year senior unsecured notes worth $300 million have been sold to offshore investors by United Bank for Africa (UBA) Plc at a coupon rate of 6.75 per cent. The papers, which would be maturing in November 2026, were issued by the financial institution under its $1.5 billion global medium-term note programme. Business Post reports that the exercise caught the attention of investors across the continents as offers were received from the United Kingdom, the United States, Africa, Asia, Europe and the Middle East. A notice from the Nigerian lender disclosed that the “senior notes were priced via

By Adedapo Adesanya  Prices of oil futures declined on Wednesday, settling at their lowest in about a week following reports that President Donald Trump is considering easing sanctions on Iran. This in turn raised the possibility of the return of the country’s crude to the world market. Brent Crude dropped from $62 losing $1.34 or 2.15 percent to trade at $61.04, while the West Texas Intermediate (WTI) Crude performed worse as it went down to $55.97 after losing $1.43 equal to 2.49 percent. Trump discussed easing sanctions on Iran in a move to secure a meeting with Iranian President Hassan