NASD OTC Market Posts N341m Transactions Friday

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Dipo Olowookere Quality phones bundled with SIMs and airtime were handed over to the second batch of returnees from South Africa on Wednesday, September 18, 2019 by a leading telecommunications services provider, Airtel Nigeria. The Airtel team was at the airport on Wednesday to welcome the second batch of returnees as well as perform the customary SIM card registration exercise in fulfilment of guidelines of the Nigerian Communications Commission (NCC) on owning a phone line. Commenting on the development, Airtel explained that the donation was a measure to assist the returnees settle down as well as help them make

By Prince Charles Dickson PhD One who believes that the earth is chasing him, where did he put his feet while running? The Driver Many years ago, I was driving back from Gombe, and on the highway was this public/commercial Opel car carrying five Nigerians. It was at ‘high’ speed, but I overtook the car, blocked them in commando style and came down. I asked the driver, “do you want to kill these passengers? Is your speed check working…” and I turned to the passengers to scold them for not warning the driver. Before I could finish, they descended on

**Confirms Change in Ownership Structure By Dipo Olowookere Vice-President of Regulatory & Corporate Affairs at Etisalat Nigeria, Mr Ibrahim Dikko, has assured subscribers that services of the network will not be disrupted after news went viral today that a consortium of banks led by Access Bank Plc had taken over the firm. Etisalat Nigeria was taken over by the banks and others after months of talks on the repayment plans of the $1.2 billion loan it took few years ago failed. Mr Dikko, in a statement signed by him on Tuesday, confirmed ongoing talks concerning change in the shareholding structure

By Dipo Olowookere Following the launch of MainOne’s Cloud Connect product and successful delivery of the Microsoft ExpressRoute service which connects large enterprises in Nigeria to Microsoft’s Azure Cloud, Microsoft has named the Nigerian tech firm as its provider for Nigeria. MainOne is West Africa’s leading communications Services Company and operator of the premier Tier III Data Centre. With this recognition, MainOne will continue to offer private, high-speed connections for customers to Microsoft Azure thus improving the performance of their enterprise applications and cloud infrastructure services. Speaking on the achievement, Chief Executive Officer of MainOne, Ms Funke Opeke, stated that

By Dipo Olowookere As part of its expansion plans, Ellah Lakes Plc is looking to acquire the entire assets and liabilities of an oil palm processing company in Delta State. The management of Ellah Lakes disclosed this information to the investing public on Thursday via the Nigerian Stock Exchange (NSE), where the company trades its stocks. Business Post reports that Ellah Lakes, which primarily deals in the fishing business, has not been having it good lately. In the third quarter of its present financial year ended April 30, 2020, the company generated zero revenue. This was despite acquiring 100 per

By Modupe Gbadeyanka Governor David Umahi of Ebonyi State has ordered the immediate sack of some non-academic staff of the state university and college of education. Mr Umahi gave the order in Abakaliki on Saturday while receiving the report of a committee to review the activities in the institutions. “It is not economically viable for the institutions to recruit adjunct staff in the non-academic cadre, as the employees will be redundant in their duties. “It does not make ‘economic sense’ for the institutions to employ 400 cleaners as one wonders the scope and nature of work they will be doing.

By Dipo Olowookere Some branches of commercials banks in Ibadan were on Monday sealed by officials of the Oyo State government. This was because the affected financial institutions allegedly failed to pay some levies into the coffers of the state government despite series of warnings to them. When they least expected, officials of the Oyo State Interministerial Enforcement Unit stormed premises of Diamond Bank, Stanbic IBTC Bank, Skye Bank, FCMB and Heritage Bank around Dugbe, Mokola, Idi-Ape, Agodi Gate, Secretariat Road, Challenge, Jericho, Bodija, UI among others. This left business activities at the bank branches disrupted as the task force

By Jerome-Mario Chijioke Utomi In October 2022, when it was first mentioned that a Nigerian national honour of Commander of the Order of the Niger (CON) was to be conferred on the Minister of Education, Mallam Adamu Adamu, by President Muhammadu Buhari, there was a flood of opposition from all quarters. For instance, the National Association of Nigerian Students (NANS), in a statement, said: “Without considering the fact that Nigerian universities students have been at home for close to eight months as a result of the failure of the federal government to meet the demands of Academic Staff Union of