NASD OTC Bourse Records 0.63% Appreciation

By Adedapo Adesanya The duo of NASD Plc and Aradel Holdings Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, September 21. The two price losers overpowered the sole price gainer, Central Securities Clearing Systems (CSCS) Plc, to drag down the NASD Unlisted Securities Index (NSI) by 0.34 points to 805.95 points from the 806.29 points it ended in the previous day, while the total value of the unlisted stock market was relatively flat at N1.139 trillion. At the trading day, NASD Plc shed N1.15 to end the session at N11.50 per unit versus the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange suspended trading in the shares of VFD Group Plc months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited to allow it gain access to public equity markets, increase its visibility, and strengthen its financial position. The group joined the NASD trading platform in 2020. In a notice, the NASD OTC Exchange said investors would not be able to trade securities of VFD Group Plc with effect from Friday, September 22, 2023 (today). This is per the company’s request to delist from

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

By Aduragbemi Omiyale The management of Stanbic IBTC Bank Plc has reacted to reports that it has N83 billion in unclaimed funds in its possession, describing it as misleading and does not represent the facts. The House of Representatives is looking into claims that about N1.2 trillion in unclaimed funds are in some commercial banks in the country instead of being in the coffers of the federal government, especially at a time the nation was dealing with low revenue to carry out its responsibilities. In the report, it was alleged that the lower chamber of the National Assembly asked Stanbic

By Emmanuel Nwachukwu I have seen a lot of complaints relating to bank transactions especially Automated Teller Machines (ATM) and POS related issues, especially during weekends and public holidays around festive seasons. It could be traumatic if your ATM card gets trapped in a machine, you are debited without getting the cash and no instant reversal is made – especially if the said funds are what we call ‘the last card’. I would be surprised if any bank customer, even the rich ones, could say he or she is yet to experience this trauma. Although most banking transactions often happen

By Modupe Gbadeyanka An international investment and holding company with diversified interests and investments in Nigeria, Ghana, Republic of Benin, Morocco, UAE, South Africa, India and several other emerging markets, Tropical General Investments (TGI) Group, has announced a landmark agreement with the Nigerian Football Federation (NFF) to support the senior national football teams, in their quest to win laurels for Nigeria. At a joint press briefing which took place at the Godswill Akpabio International Stadium in Uyo on Friday, the NFF unveiled the TGI Group as the official food sponsor of the Super Eagles for the next three years. TGI

By Adedapo Adesanya A co-founder of Paystack, Mr Shola Akinlade, has expanded his imprint in football club ownership by acquiring a majority stake of up to 55 per cent in a Danish second-tier football club, Aarhus Fremad. This is coming after he established the club, Sporting Lagos, in his hometown, Lagos in 2022, which plays in the second tier of the Nigerian league, the Nigerian National League, and in the future, will be a cooperative club with Aarhus Fremad following the acquisition. Mr Akinlade, 38, lives today in North Carolina, USA, and after selling Paystack, which he founded with his

By Dipo Olowookere Real Madrid endured a scare from Bayern Munich in the UEFA Champions’ League second match played on Tuesday night in Madrid. The present league leaders in Spain won their first leg 2-1 in German last Wednesday and were hoping to have an easy ride over their guests today. However, the Carlos Ancelotti’s men dragged the match to an extra time after the score-line was 2-1 in favour of Bayern at the end of 90 minutes with a man down, Arturo Vidal, who was shown a second yellow 6 minutes from normal time. Bayern had gone ahead in

By Adedapo Adesanya The African Export-Import Bank (Afreximbank) has announced that Algeria has joined the bank as its 52nd Member State. This is contained in a statement by the bank’s media contact, Mr Amadou Sall, in Abuja on Friday, July 1. Afreximbank member states rose from 38 in 2015 to 51 in 2021 and with Algeria’s accession, the bank is only three states short of achieving full continental coverage. The Cairo-based bank disclosed in the statement today that Algeria’s inclusion in the agreement establishing Afreximbank was formalised on June 8, by Presidential Decree No. 22-212. “The subscription of the country

By Adedapo Adesanya UBN Property Plc bested two heavyweights to help the NASD Over-the-Counter (OTC) Securities Exchange record a marginal 0.01 per cent gain at the final session for the week on Friday, January 13. This bolstered the market capitalisation of the bourse by N110 million yesterday to N927.53 billion from the N927.42 billion it quoted at the previous session. Also, the NASD Unlisted Securities Index (NSI) increased by 0.08 points to end the day at 705.87 points as against the 705.79 points it recorded in the preceding trading day. According to data from the exchange, the share price of

By Dipo Olowookere Some investors in the Nigerian Stock market have expressed dissatisfaction with the resumption of 5 percent Value Added Tax (VAT) commission to be charged on all transactions executed at the exchange from Wednesday, July 24, 2019. Business Post recalls that on July 25, 2014, the federal government, through the then Minister of Finance and Coordinating Minister of the Economy, Mrs Ngozi Okonjo-Iweala, commenced the exemption of VAT payment on all NSE transactions. This exemption had a lifespan of five years, which lapses on July 24, 2019. Already, some stockbrokers have been sending notifications to their clients, informing