NASD Postpones Investor Call with NDEP Plc

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Adedapo Adesanya The distributors of petrol and other fuels in Nigeria said they can no longer sustain the distribution of the products nationwide as the price of diesel used to power their trucks is now N1,100/litre in many locations. The marketers, under the aegis of the National Oil and Gas Suppliers Association of Nigeria (NOGASA), raised the concern in a statement on Tuesday. The president of the group, Mr Benneth Korie, said that diesel has witnessed incessant hikes in recent months, lamenting that the development has been worsened by marketers’ inability to secure cheap bank loans that will enable

By Adedapo Adesanya After three sessions of gains that followed extended production cuts from Saudi Arabia and Russia, oil prices fell on Tuesday as investors took profits, leaving the Brent crude futures down by 9 cents to $94.34 a barrel after it hit a session peak of $95.96, as the US West Texas Intermediate crude futures dropped 28 cents to close at $91.20 per barrel after earlier reaching $93.74 a barrel, also the highest since November. Despite the profit-taking, expectations remain that Brent will trade in a range of $90-100 per barrel over the coming months, with a year-end target

By Modupe Gbadeyanka Minister of Labour and Employment, Mr Chris Nwabueze Ngige, has expressed sadness over the sudden death of the General Secretary of the Radio, Television and Theatre Arts Workers Union (RATTAWU), Comrade Henry Odugala. Expressing utter disbelief at his sudden demise, Mr Ngige said that labour has lost one of its leaders whose insistence on social dialogue as a way to industrial harmony was exemplary. “This is a huge loss to labour and the nation, and his immense contributions to the struggle for better working conditions for journalists will be greatly missed,” he added. “The issue of improved

By Dipo Olowookere Dangote Industries Limited has been awarded a grant by the US Trade and Development Agency (USTDA) to support its efforts to develop a 100 MW solar photovoltaic power plant with Black Rhino, an African infrastructure investor, in Kano State. Announcing the grant today, the American agency said the feasibility study will assess the viability of Nigeria’s transmission grid to off-take from a solar PV power plant with generation of up to 100 MW. Specifically, the study will assess the transmission system infrastructure capacity and stability. According to USTDA’s Regional Director for Sub-Saharan Africa, Lida Fitts, “This grid

By Modupe Gbadeyanka General Cable Corporation has released results for the first quarter ended March 31, 2017 and during the period, it reported diluted earnings per share were $0.24, while the operating income stood at $24 million. The Company generated adjusted earnings per share for the quarter of $0.27 and adjusted operating income of $45 million. Commenting on the results, President and CEO of the firm, Mr Michael McDonnell, stated that, “We’re very pleased with our strong first quarter results. First quarter adjusted operating income was above expectations driven in part by the execution of our strategic initiatives in North

By Adedapo Adesanya The federal government, through the Debt Management Office (DMO), has paid the $500 million Eurobond it obtained a few years ago from offshore investors. Eurobond is a debt instrument that’s denominated in a currency other than the home currency of the country or market in which it is issued. They are frequently grouped together by the currency in which they are denominated, such as eurodollar or Euro-yen bonds. The Eurobond was issued in July 2013, as part of a dual-tranche $1 billion Eurobond, for a tenor of 10 years at a coupon of 6.375 per cent per

By Adedapo Adesanya The bulls tightened their grip on the NASD Over-the-Counter (OTC) Securities Exchange on Thursday on the back of a 0.33 per cent growth posted at the close of transactions. The stay of the bulls was influenced by the 2.5 per cent of N3 growth printed by FrieslandCampina WAMCO Nigeria Plc as its share price ended at N118.00 per unit as against N115.00 per unit of the last session. This helped to overpower the loss reported by Acorn Petroleum Plc, which depreciated by 7.1 per cent or one kobo to close at 14 kobo per share in contrast

By Adedapo Adesanya  Air Liquide Nigeria Plc has postponed its 61st Annual General Meeting (AGM) scheduled to hold on Thursday, June 18, 2020, due to the prevailing COVID-19 pandemic in the country. On Tuesday, June 9, Nigeria recorded a new highest daily figure of confirmed COVID-19 cases as 663 new infections were reported in the country, according to  the Nigeria Centre for Disease Control (NCDC). With the latest update, the total tally of infected people in the country rose to 13,464. Previously, the highest daily number recorded was 553 recorded on May 31. In a notice signed by the company’s

By Dipo Olowookere After suffering losses for the first two trading sessions of this week, equities in the local market rebounded at the midweek session by 0.23 per cent, thanks to bargain hunters. The renewed buying interest in the local stocks increased the market capitalisation of the Nigerian Stock Exchange (NSE) yesterday by N50 billion to N21.525 trillion from N21.475 trillion and lifted the All-Share Index (ASI) by 96.09 points to 41,147.72 points from 41,051.63 points. The level of activity was mixed as a total of 649.6 million shares worth N4.6 billion were traded in 6,296 deals on Wednesday in

By Investors Hub Asian stocks extended gains to close broadly higher on Friday after U.S. House Republicans voted to approve a tax reform bill, a step forward on President Donald Trump’s tax reform plan. The dollar weakened against the yen, while oil held steady but was on track for its first weekly fall in six on supply worries. Japanese shares extended gains from the previous session, although the yen’s strength limited the upside. The Nikkei 225 Index rose 45.68 or 0.2 percent to finish at 22,396.80, and the broader Topix index closed 0.1 percent higher at 1,763.76. Rubber, metal and