NDEP, Two Others Pull Down NASD Exchange by 0.62%

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of

By Adedapo Adesanya The federal government has exempted imported Liquefied Petroleum Gas (LPG) and its equipment from the payment of customs duty and value-added tax (VAT), a move expected to result in a drop in the cost of cooking gas in the country and bring much-needed succour to Nigerians. This was disclosed by the Minister of Finance, Mr Wale Edun, in a letter (dated November 28, 2023) to the Special Adviser to the President on Energy; the Comptroller-General of the Nigeria Customs Service (NCS); and the Chairman of the Federal Inland Revenue Service (FIRS). Recall that in 2019, the federal

By Modupe Gbadeyanka The board of Greif Nigeria Plc has agreed to delist shares of the company from the Nigerian Stock Exchange (NSE) next year. However, to make this effective, the board of directors is calling for an Extra-Ordinary Meeting (EGM) to be held on January 23, 2020 to seek approval of the company’s shareholders. Also, at the EGM, the board wants the authorisation of the investors to sell the company’s properties in Lagos; the one at its present head office and another property around the area. A notice from Greif Nigeria said the board took the decisions to exit

The Executive Secretary of the Adamawa Christian Pilgrims Welfare Board, Mr Jinga Mayo, has been convicted by Adamawa State High Court. Justice Nathan Musa, in his judgement, directed Mr Mayo to spend the next five years behind bars for converting the sum of N69.2 million received to execute pilgrim operations in Israel to his personal use. The convict was before the court by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on a three-count charge for embezzlement, and for making false statement. In count one, he was charged for knowingly furnishing false return of the sum of N69,198,600.00

By Modupe Gbadeyanka In order to make its customers have seamless online transactions through a safe and secure way, Ecobank has introduced a virtual card. The digital payment solution has been integrated into the digital banking channel of the financial institution known as Ecobank Mobile App. A statement issued by the lender at the weekend said all Ecobank current, savings and Xpress account holders who are onboarded on the Ecobank Mobile app can now access a virtual card for their online payment needs. “The Ecobank Virtual Card is a safe and secure way to make online payments without having to

By Dipo Olowookere The shares of VFD Group Plc have been listed on the trading platform of the Nigerian Exchange (NGX) Limited, Business Post reports. The equities of the company became tradable on the nation’s main stock exchange on Friday, October 6, 2023, after exiting its previous trading abode, the NASD over-the-counter (OTC) Securities Exchange. The firm took a total of 190,027,365 units of its stocks to the bourse for listing at a unit price of N244.88, according to a notice to the investing public today. It was disclosed that the organisation would trade its securities on the stock exchange

By Kester Kenn Klomegah The Russian-Nigerian Business Council, with participation of a delegation from Abuja Chamber of Commerce and Industry and the Nigerians in the Diaspora in Europe (NIDOE), held its annual meeting, pledged to strengthen cooperation in various economic sectors after reviewing the performance for the year 2018. The Russian-Nigerian Business Council was established to facilitate a constructive dialogue between Russian and Nigerian entrepreneurs interested in developing business cooperation between the two countries, and to enhance the role of the Russian business community in implementing state policy concerning the Russian-Nigerian economic ties. The primary objective of the organization is

By Modupe Gbadeyanka The first in a series of workshops aimed at empowering key stakeholders across the Nigerian capital market on responsible investment will take place on Tuesday, December 1, 2020. The event is organised by the Nigerian Stock Exchange (NSE) in collaboration with the Principles for Responsible Investment (PRI). A statement issued by the organisers disclosed that the speakers will share valuable insights on the international and regional trends in RI, as well as introduce participants to tools and resources available for implementing RI in Nigeria. It was stated further that the webinar themed Responsible Investing: Challenges and Opportunities

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has emphasised that it does not intend to withdraw the redesigned N200, N500 and N1,000 notes from circulation. The apex bank was reacting to widespread reports that it was walking back on the plans to redesign the country’s top three highest denominations. In a statement on Sunday, the apex bank’s Acting Director of Corporate Communications, Mr Isa AbduMumima, described the reports as unfounded speculation, noting that there was no plan to phase out the three newly redesigned banknotes. “The attention of the Central Bank of Nigeria (CBN) has been drawn to

By Adedapo Adesanya The Naira weakened against the US Dollar at the black market, the Peer-2-Peer (P2P) and the Investors and Exporters (I&E) segments of the foreign exchange (FX) market on Wednesday, January 4. In the P2P forex segment, the value of the local currency dropped N9 against the American currency to quote at N758/$1 compared to the preceding session’s N749/$1. In the parallel market, the domestic currency lost N3 against the US currency to settle at N740/$1, in contrast to Tuesday’s rate of N737/$1, as the demand for FX by those travelling abroad and for payment of school fees