NASD OTC Exchange Drops to N1.102trn

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded yet another positive week-on-week performance after stretching its gains by 1.44 per cent in Week 47. This expanded the portfolios of NASD investors by N17 billion in the week to N1.162 trillion from the N1.145 trillion recorded in Week 46, as the NASD Unlisted Security Index (NSI) increased by 12.16 points to 857.29 points from 845.13 points in the previous week. The trading week was with three price gainers and three losers, with Aradel Holdings Plc on top of the advancers’ chart after it grew by 10 per cent to finish

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 Adedapo Adesanya  Nigeria’s economy, measured through its gross domestic product (GDP), witnessed a 2.54 per cent growth in the third quarter (Q3) of the year 2023. In a report published on Friday by the National Bureau of Statistics (NBS), the 2.54 per cent year-on-year growth in real terms in the third quarter of 2023 is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51 per cent. The bureau further said that the performance of the GDP in the third quarter of 2023 was driven mainly by

By Dipo Olowookere Founder of foremost budgets critic platform, BudgIT, Mr Seun Onigbinde, has been appointed by federal government as a Technical Adviser in charge of Budget and Planning in the Ministry of Budget and National Planning. He will be working directly with the Minister of State, Budget and National Planning, Mr Clement Agba. Mr Onigbinde, a native of Oyo State born in Osogbo, Osun State, is a Nigerian entrepreneur and open data analyst. He has been very critical of the administration of President Muhammadu Buhari, calling for more transparency in the running of affairs of the nation by the ruling

By Adedapo Adesanya The Federal Airports Authority of Nigeria (FAAN) has said airline operators may increase fares by 45 percent once the aviation sector kick-starts operations. The sector has been under ‘lockdown’ following the closure of the airspace by the federal government for over a month. The airports are expected to be reopened on June 7 if the coast is clear. The General Manager, Corporate Affairs of FAAN, Mrs Henrietta Yakubu, speaking at an aviation webinar organized by Women in Aviation (WIA) Nigeria with the theme Aviation: The New Norm in the post COVID-19, said that air passengers should also

By Dipo Olowookere A deal for the supply of about 5,000 metric tonnes of cassava has been signed by Ellah Lakes Plc, a company listed on the Nigerian Stock Exchange (NSE). This development was confirmed by Ellah Lakes in a notice to the investing public on Monday. Ellah Lakes Plc is a Nigerian agriculture business that specialises in oil palm plantations in Edo and Delta States and is diversifying across oil palm value chain. In the disclosure today, the firm said the produce offtake agreement it had was with Pure Flours Limited (PFM), a subsidiary De United Foods Industries Limited,

By Modupe Gbadeyanka The United States of America (USA) has congratulated people of The Gambia on their peaceful and democratic presidential election held on December 1, 2016. In a statement issued by the Secretary of State, Mr John Kerry, in Washington DC on December 3, the American government also commended President Yayha Jammeh for respecting the results and for agreeing to peacefully transfer power to the president-elect. “We are grateful to the Independent Electoral Commission for its transparent and efficient management of the electoral process,” the statement said. The US also congratulated the “President-elect, Mr Adama Barrow, on his historic

By Dipo Olowookere It was a negative start to a new month at the Nigerian Exchange (NGX) Limited on Monday as investors embarked on profit-taking, causing the market to melt by 0.15 per cent. Business Post reports that the investor sentiment was negative yesterday as there were 32 depreciating stocks and 20 appreciating stocks, indicating a negative market breadth. Eterna was the heaviest price loser at the trading session, losing 9.94 per cent to settle at N7.79, followed by UPDC, which went down by 9.44 per cent to trade at N1.63. Courtville depreciated by 9.09 per cent to 40 kobo,

By Dipo Olowookere Notable rating agency, Moody’s Investors Service, on Monday assigned first-time ratings to three Nigerian tier-two lenders. The three mid-tier banks are First City Monument Bank Limited (FCMB), Fidelity Bank Plc and Diamond Bank Plc. While the long term global scale local-currency bank deposit and issuer ratings of B2 were assigned to FCMB and Fidelity Bank, Diamond Bank had the long term B3 global scale local-currency bank deposit and issuer ratings. A statement issued by Moody’s noted that the three mid-tier Nigerian banks account for approximately 12 percent of the country’s banking assets. Moody’s also assigned local currency

By Adedapo Adesanya The National Insurance Commission (NAICOM) has set a September 2021 deadline for insurance companies across the country to complete their recapitalization process. The commission made this known in circular numbered; NAICOM/DPR/CIR/25-04/2020, dated Wednesday, June 3, 2020, and sent to all insurance and reinsurance companies. In the notice signed by its Director, Policy and Regulation, Mr Pius Agboola, entitled Segmentation of Minimum Paid-Up Share Capital Requirement for Insurance and Reinsurance Companies in Nigeria, NAICOM noted that the COVID-19 pandemic has affected the previous deadline of December 2020. As a result, there have been a review of the recapitalisation

To commemorate this year’s pan-African Women’s Day and in line with the global theme which addresses maternal and neonatal mortality in Africa, the female staff of Jumia Nigeria have rallied support for new mothers and other patients who couldn’t meet the discharge requirement as a result of unpaid medical bills at the Ikorodu General Hospital by helping them to offset their outstanding bills. As a result, the patients have now been discharged and equipped with financial support to cater for the new babies. The contributions were channelled through the ‘Visit A Hospital Today’ non-governmental organisation (NGO) in Lagos. The African