NASD OTC Market Closes Flat for Seventh Straight Session

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Modupe Gbadeyanka Consummate brand marketing expert, Titi Seun-Oremade, has been appointed as General Manager of leading Integrated Marketing Communications (IMC) firm in Nigeria, Sodium Brand Solutions. The appointment of Seun-Oremade, which took immediate effect, was confirmed on Tuesday in a statement issued by the agency. Founder and Chief Executive Officer of Sodium Brand Solutions, Mr Abisoye Fagade, remarked that, “We are delighted to have Titi Seun-Oremade join our leadership. “Titi joined Sodium Brand Solutions from inception as the first employee and has been very instrumental in the growth of the company, helping it win major multinational and local accounts

By Dipo Olowookere A delegation of the Institute of Public Analysts of Nigeria (IPAN) recently paid a courtesy visit to the Standards Organisation of Nigeria (SON). The IPAN team was led by the Vice President, Mr Femi Oyediran, who commended the long existing collaboration between the institute and SON in areas of standards elaboration and capacity development. He advocated for improvement in the relationship and pledged the institute’s commitment to assisting SON achieve its mandate. Responding, the SON DG, Mr Osita Aboloma, welcomed the IPAN delegation and acknowledged the critical role of its members particularly in quality assurance of products.

By Modupe Gbadeyanka Airtel Africa Plc has explained why its subsidiary in Nigeria, Airtel Nigeria, pulled out of the 5G auction carried out on Monday, which was won by one of its business rivals in the country. On December 13, 2021, the Nigerian Communications Commission (NCC) conducted an auction for the allocation of two slots for the 3.5GHz spectrum licence at the Transcorp Hotel Abuja. Three companies, Airtel Nigeria, MTN Nigeria and Mafab Communications Limited, participated but Airtel pulled out after its final bid of $270 million was surpassed by the other two. The exercise generated mixed reactions, especially because

By Modupe Gbadeyanka The Nigerian equities market closed on a positive note on Monday, though with a marginal growth of 0.02 percent against the 0.74 percent gain of the last trading session on Friday. At the close of market activities, the year-to-date return expanded to 11.34 percent. However, the market breadth finished negative with 21 price risers and 26 price fallers. The All-Share Index (ASI) slightly increased by 8.59 points to settle at 42,579.48 points, while the market capitalisation garnered N3.08 billion to close at N15.280 trillion. On the price movement chart, International Breweries emerged the highest price gainer, growing

By Modupe Gbadeyanka The Minister of Labour and Employment, Mr Chris Ngige, has charged the new board of the Nigeria Social Insurance Trust Fund (NSITF) to abhor corruption as the era of looking at the agency was gone for good. Mr Ngige, while inaugurating the board on Tuesday in Abuja, said the new team must live down the past and lead a rewarding change in the fortunes of the NSITF. He also charged the members to work to reposition and revitalise the organisation to fulfil its mandate in accordance with the Act establishing it. The Minister also directed that procurement

By Dipo Olowookere Banking stocks suffered the most among 25 top losers in the equities’ market as share price decline left investors with a net capital loss of N372 billion. There were 10 banking stocks among the top 25 that lost 30 per cent and above in the past eight months. Some of the top losers recorded as much as 60.1 per cent in equities price reduction. Conversely, only one banking stock made the few top gainers’ within the period. Altogether, there are 15 banking stocks quoted on the Nigerian stock market. Three other banking stocks recorded various gains, while

By Dipo Olowookere South African anti-apartheid campaigner, Ms Winnie Madikizela Mandela, has died at the age of 81. Spokesman of the deceased’s family, Mr Victor Dlamini, confirmed in a statement that Ms Mandela died on Monday afternoon at her residence in South Africa. “She died after a long illness, for which she had been in and out of hospital since the start of the year. “She succumbed peacefully in the early hours of Monday afternoon surrounded by her family and loved ones,” Mr Dlamini stated. Winnie was the former wife of South Africa’s first black president, Mr Nelson Mandela, who

By Walter Duru, Ph.D On Tuesday, April 9, 2019, Lagos State Governor, Akinwunmi Ambode, inaugurated a 20-man Transition Committee, ahead of the May 29, 2019 governorship inauguration ceremony of his successor, Mr Babajide Sanwo-Olu, and charged them with clearly defined mandates. The committee is saddled with, among other things, the onerous responsibility for ensuring a smooth transition of power from the out-going administration to the incoming one- to be led by Governor-elect, Sanwo-Olu. This inauguration of a 20-man Transition Committee by the Lagos State Government may have stoked the debate in some quarters questioning the propriety of the actions of