NASD OTC Securities Exchange Extends Gains by 0.11%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya Brent crude closed below $75 per barrel on Wednesday, precisely selling at $74.39 per barrel after shedding $2.81 or 3.5 per cent. It was the lowest level for the crude oil grade since June, as a larger-than-expected rise in US fuel inventories added to worries about fuel demand, also pressuring the West Texas Intermediate (WTI) crude futures by $2.74  or 3.8 per cent in the midweek session to $69.58 a barrel. The US Energy Information Administration (EIA) reported a crude oil inventory draw of 4.6 million barrels for the week to December 1. A sizeable inventory build

By Dipo Olowookere The Nigerian Exchange (NGX) Limited recorded a 1.61 per cent growth last week, triggered by gains posted by 42 equities, higher than the 33 equities that closed on the gainers’ chart a week earlier. In the five-day trading week, University Press was the best-performing stock, rising by 28.46 per cent to settle at N1.58. FBN Holdings appreciated by 21.74 per cent to N9.80, Courtville rose by 17.14 per cent to 41 kobo, Ecobank gained 16.67 per cent to sell for N6.30, while Pharma Deko grew by 10.64 per cent to N2.60. During the week, a total of

By Adedapo Adesanya The Chairman of the Nigerian Electricity Regulatory Commission (NERC), Mr James Momoh, was on Sunday inducted into the United States’ National Academy of Engineering. This was announced by the NAE President, Mr John L. Anderson, who noted that Mr Momoh was the only Sub-Saharan African on the 2020 list comprising 86 new members and 18 international members. This brings the total US membership to 2,309 and the number of international members to 281. Election to the NAE is among the highest professional distinctions accorded to an engineer. Academy membership honours those who have made outstanding contributions to

By Modupe Gbadeyanka A partnership deal has been signed between Heritage Bank and Feet ‘N’ Tricks International Limited for the maiden edition of Africa Freestyle Football Championship a resounding success. The premier edition of the tournament which is scheduled to hold from September 13 to 15, 2018 at the Balmoral Convention Centre at the Federal Palace in Lagos is being planned as a perfect fusion of freestyle football and entertainment that would feature top musical and dance artistes. Divisional Head, Corporate Communications, Heritage Bank, Mr Fela Ibidapo who disclosed this at a media launch in Lagos recently said the bank

By Dipo Olowookere One of the respected global rating organisations, Fitch Ratings, has expressed confidence that tier-one Nigerian lender, Access Bank Plc, will remain profitable in 2020. Since the beginning of this year, the world has been battling with a global health pandemic called coronavirus. The disease has forced many countries to lockdown, causing a global economic crisis and recession, with many businesses losing billions of Dollars. But in a statement last week, Fitch said it sees Access Bank remaining “profitable in 2020 due to strong margins (including further improvement in its cost of funding), robust non-interest income and lower

By Modupe Gbadeyanka China’s leading cross-border logistics company, 4PX, has tapped into the logistics infrastructure of Africa’s leading e-commerce platform, Jumia, to service its African customers. The Chinese recently partnered with Jumia to reach more businesses on the continent and expand its tentacles to the continent. Ranked as number 3 in China’s cross-border e-commerce market, 4PX has worked with more than one million sellers and its daily operation capacity exceeds 8 million parcels. Jumia’s logistics infrastructure boasts more than 3,000 drop-off stations and pick-up stations located across Africa. In 2021, the firm seamlessly processed more than 34 million packages with

By Dipo Olowookere The management of Conoil Plc has explained why it did not file the company’s financial statements within the stipulated time. Recall that on Monday, the Nigerian Stock Exchange (NSE) suspended trading of the shares of the oil company at the stock market. But barely 24 hours after the action, the firm released its earnings for the first quarter of this year and followed it with the financial results for the first half of 2018. Conoil, in a statement issued today, explained why it did not file the results before the hammer of NSE fell on it. According

By Adedapo Adesanya Oil prices continued to move closer to the $70 per barrel mark as the market anticipates the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) meeting this week for supply guidance. At the market on Monday, the price of the Brent crude futures increased by 42 cents or 0.61 per cent to $69.74 per barrel, while the West Texas Intermediate (WTI) crude futures rose by 79 cents or 0.87 per cent to sell at $67.41 per barrel. OPEC and its allies are expected to stick with a decision to boost output in July when the

By Adedapo Adesanya The Federal Inland Revenue Service (FIRS) has advised revenue-generating agencies at all levels to embrace automated processes and electronic solutions for effective tax administration. The Executive Chairman of the service, Mr Muhammad Nami, gave the advice in Abuja at the first Nigeria Governors’ Forum (NGF) Technology and Tax Event for heads of State Inland Revenue Services and authorities. The event, organised by NGF in partnership with the World Bank and the International Centre for Tax and Development (ICTD), was aimed at supporting a learning ecosystem for tax administration in Nigeria. Mr Nami, represented by an Executive Director