NASD OTC Exchange Drops 0.20% After FrieslandCampina Stocks Fall

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Modupe Gbadeyanka Sahara Foundation has taken a significant step to promote environmental sustainability and encourage the adoption of recycling as a socio-cultural practice to drive desired behavioural change in waste management in Lagos State. The organisation made this move in partnership with the Lagos State Employment Trust Fund (LSETF) and Wecyclers, a social enterprise with expertise in recycling. The idea is to experiment with this project, a series of recycling exchange hubs, in 12 of the 20 local government areas of the state. In line with the Sustainable Development Goals (SDG) 11 and 17, which speak to Sustainable Cities

By Adedapo Adesanya The Ibadan Electricity Distribution Company (IBEDC) has begun the official distribution of 10,000 prepaid meters to households across Osun State. The free meters distribution, which was launched under the National Mass Metering Programme (NMMP), kicked off from Aratumi Community, Ilesa Garage Area of Osogbo. At the launch, Mr Adewale Obajemu, IBEDC Head Metering, said the exercise was in tandem with the 2020 free meter distribution (metering programme) of the federal government to non-metered households across the country. Mr Obajemu said the distribution/metering was totally free and at no cost to their customers, adding that customers were not

By Dipo Olowookere The sum of N21 billion would be shares by shareholders of Stanbic IBTC Holdings Plc as part of their reward for being part of the company for the 2019 financial year. This amounts to N2 for each stock of the organisation held by investors as at the close of business on Wednesday, March 18, 2020. Also, cash reward is subject to deduction of appropriate withholding tax and approval at the Annual General Meeting (AGM) fixed for Wednesday, June 17, 2020 at Eko Hotel & Suites, Victoria Island, Lagos, at 10.00am. According to Stanbic IBTC, the register of

By Modupe Gbadeyanka Two new appointments have been announced by the Nigerian Stock Exchange (NSE). The two persons are joining the executive management team of the nation’s stock market regulator and they are Mr Jude Chiemeka and Mr Olumide Bolumole. A statement on Monday said while Mr Chiemeka is becoming the Divisional Head of T​rading Business at the NSE, Mr Bolumole is now the Divisional Head of Listing Business. Mr Chiemeka comes with over 24 years’ experience in Securities Trading and Asset Management across markets in Africa. He joined NSE from United Capital Securities Limited a subsidiary of United Capital

By Dipo Olowookere The sustained demand for domestic stocks further raised the Nigerian Exchange (NGX) Limited by 0.40 per cent on Friday, with the All-Share Index (ASI) crossing the 54,000-point threshold at the close of business. The index, which measures the general performance of the bourse, appreciated by 214.97 points to settle at 54,213.09 points compared with the preceding day’s 53,998.12 points, as the market capitalisation expanded by N117 billion to close at N29.528 trillion as against Thursday’s closing value of N29.411 trillion. The growth reported yesterday was supported by buying pressure across sectors of the market, though the consumer

By Modupe Gbadeyanka Mr Roosevelt Michael Ogbonna has been announced as the new Group Deputy Managing Director of Access Bank Plc. This followed the recent resignation of Mr Obinna Nwosu to pursue other personal endeavours. A statement issued by the top Nigerian lender on Wednesday disclosed that Mr Ogbonna is a consummate banking professional with over 1 9 years’ working experience cutting across Treasury, Commercial and Corporate Banking. He has been the Group Executive Director in charge of Commercial Banking Division since October 2013. He joined Access Bank in 2002 from Guaranty Trust Bank Plc. The new Group Deputy Managing

By Dipo Olowookere Former Senate Leader, Senator Ali Ndume, may be suspended from the red chamber for one year. This followed the Point of Order he raised on the floor last week, calling the attention of his colleagues to an allegation against the Senate President, Mr Bukola Saraki, over the purchase of a Range Rover Jeep, which was said to have cost the Senate N298 million, with the Customs duties unpaid. He had also alerted his colleagues to the alleged certificate forgery against Senator Dino Melaye. These allegations went viral and almost ridiculed the Senate. But the Senate Committee on