Nestle Lifts NSE Indices by 2.43% as Investors Rake N302b

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By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has disassociated itself from the trending 2019/2020 Annual Chemistry Competition, emphassing that the programme was fictional and the works of fraudsters. The corporation in a statement issued by the Acting Group General Manager, Group Public Affairs Division, Mr Samson Makoji, stated that the online circulated advert, which said the competition was organized to improve the standard of Chemistry education in the country, was phony and advised applicants to be wary of fraudsters. The advert had stated various fictitious monetary values to the categories of winners, listing eligibility of participants to include

By Dipo Olowookere The Central Bank of Nigeria (CBN) has released details of how it plans to sell treasury bills to investors in the third quarter of 2018. In the calendar released on Tuesday, the apex bank would be offering the bills via the Primary Market Auction (PMA). This month, the central bank will conduct two PMAs, same with July, but three in the month of August. Details of the anticipated sales are presented in the picture above.

By Modupe Gbadeyanka A suspect identified as Mr Solomon Oriere has been apprehended by the Lagos State University Teaching Hospital (LASUTH) for allegedly selling COVID-19 vaccination cards to unsuspecting victims. Mr Oriere was nabbed by officials of the hospital on Saturday morning following an investigative report by Premium Times. It was said the suspect sells COVID-19 test results to his victims without putting them through the jabs as required. After the report by the online platform, LASUTH swung into action in an attempt to clear its name from the mess. In a statement, the health facility emphasised that Mr Oriere

By Kestér Kenn Klomegâh From late February to early March, in Ouagadougou, the capital of Burkina Faso, there was the week-long Africa’s largest film festival FESPACO. In fact, FESPACO was launched in 1969. This festival provided some kind of entertainment, but the most important aspect was the platform created a show screening different films with diverse themes. The competition was very keen, with rewards for winners delivering excellent results. Wolfram Vetter, the European Union ambassador in Burkina Faso, called the film festival “an important contribution to peace and reconciliation in Burkina Faso and beyond.” The EU was the event’s largest

By Dipo Olowookere One of the top healthcare companies in Nigeria, May & Baker Plc, is considering selling off or leasing out its facilities at Sapara Street, Ikeja, Lagos to free up capital that could be reinvested into the business. However, before this is done, shareholders of the firm will have to give the board the power to do so. This is one of the decisions the shareholders would be making tomorrow as the company holds its Annual General Meeting (AGM). May & Baker head office and manufacturing facility at Sapara Street, Ikeja, had become grossly underutilised after the healthcare

By Dipo Olowookere Vice President Yemi Osinbajo has expressed confidence that though Nigeria Economy is presently facing structural challenges, the Buhari government is confident that Nigeria will return to positive growth very soon. He made this assurance on Tuesday September 27, 2015, at the Joint Nigeria-India Business Forum which was held sequel to the signing of Bi-lateral Agreement between the two countries, at Sheraton Hotel Abuja. He stressed that this will be possible because the Nigerian Government has responded by adopting policies that will boost economic activities and lay a long term growth. According to him, “Our vision is anchored

By Dipo Olowookere Kogi State finally succumbed to coronavirus after initially resisting the disease for several weeks it first landed in Nigeria. The Nigeria Centre for Disease Control (NCDC) on Wednesday announced that the confluence state recorded two cases of the virus. Before now, Kogi and Cross River States had been the only two of the 36 states of the federation without any case of the pandemic. But yesterday, the NCDC said of the 389 fresh cases of COVID-19 in the country in the last 24 hours, Kogi State led by Mr Yahaya Bello had two. A breakdown of the

By Dipo Olowookere More details are beginning to emerge on the newly launched national carrier for the nation, Nigeria Air. According to reports, federal government, which announced having five percent stake in the new company, Nigeria Air Limited, said it would run the firm for one year before listing the shares through an Initial Public Offering (IPO). Nigeria Air is expected to finally begin operations by December 2018 after obtaining at least five airplanes of the 30 it plans to have. It was earlier disclosed by the Minister of State for Aviation, Mr Hida Sirika, that about $300 million would