Nestle Nigeria, 17 Others Strangle NSE Index by 0.39%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Jerome-Mario Utomi There exists a time-honoured notion among management experts that for every given task, there is always a strategy to achieve the desired results. In planning, you may have more than one strategy which could be labelled as ‘Plan-A’ and ‘Plan-B’ or even more. Chiedu Ebie, Chairman of the newly constituted Governing Board of the Niger Delta Development Commission, recently demonstrated the understanding that NDDC as an interventionist agency is not left out in clarion formulation of strategies needed for getting hold of stakeholders and converting their support to a springboard for the right vision that will set

By Dipo Olowookere Unity Bank has expressed worry over the alarming trend of business failures among start-ups in Nigeria. The Nigerian lender made this displeasure known at a workshop organized by Mitwork Limited for up and coming entrepreneurs in Lagos. At the programme, which took place at Nouveau Centre, Victoria Island, Unity Bank urged successful entrepreneurs to provide mentorship for newcomers in the Small and Medium Enterprises (SMEs) sector. Speaking on the topic ‘Effective Structuring for Business Successes’, Unity Bank’s Head of SME Banking, Mr Opeyemi Ojesina, attributed the trend to the ‘band wagon’ mentality, which characterizes the nature of

By Dipo Olowookere Imo State Governor, Mr Rochas Okorocha, has appealed to residents of the state not to panic over heavy presence of soldiers in the state capital, Owerri. In a statement issued on Saturday evening by his Chief Press Secretary, Mr Sam Onwuemeodo, the Governor explained that soldiers were in the state for the Chief Of Army Staff’s Conference, which would be declared open by President Muhammadu Buhari on Monday, December 5, 2016. Mr Okorocha said the “soldiers would be in Owerri to brainstorm on the way forward for the Nigerian Army and the nation at large.” Over 460

By Dipo Olowookere President has cancelled his trip to London earlier scheduled for Friday, June 25, 2021, for an undisclosed reason. On Thursday, the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, had issued a short statement to say that Mr Buhari would travel to the United Kingdom for medicals. He was expected to spend about two weeks on the trip. “President Muhammadu Buhari will proceed to London, the United Kingdom on Friday, June 25, 2021, for a scheduled medical follow-up. “He is due back in the country during the second week of July 2021,” Mr

The lawmaker representing Lagos Central Senatorial District at the Nigerian National Assembly, Mrs Oluremi Tinubu, will be among those expected to be present at the 2019 edition of Ebute-Metta Talent Hunt Show. The contest was put together by Squard Media Group to discover raw talents in the area, who would then be groomed to become prominent names in the entertainment industry in Nigeria in the future. The event will take place for two days, with the first day fixed for Friday, December 13, for a summit starting by 10am. The seminar is to educate secondary school students in the area.

By Adedapo Adesanya As a step towards the recapitalisation journey of AIICO Insurance Plc was today taken with the N3.5 billion rights issue aimed to raise the capital of the company. In a statement from the firm’s Head, Strategic Marketing & Communications, Mr Segun Olalandu, disclosed that the exercise will run through Wednesday, October 7, 2020. According to him, the underwriter will offer in the rights issue a total 4,357,770,954 ordinary shares of 50 kobo each at 80 kobo per unit on the basis of five new ordinary shares for every 13 ordinary shares held as at the close of

Nigeria has the biggest percentage of crypto owners in Africa, according to Statista. More than 15 million Nigerians—mostly young tech-savvy people—own cryptocurrencies like Bitcoin and Ethereum. Unsurprisingly, Nigeria is the biggest market for crypto sports betting sites. To be fair, Nigeria is Africa’s most populated country. It has a population of 200M+ people, making it an excellent target audience for iGaming businesses. But why is the country falling in love with crypto gambling? Crypto is a Viable Store of Value The biggest reason for crypto gambling’s popularity in Nigeria has everything to do with Bitcoin being a store of value.

By Modupe Gbadeyanka The operating licences of 21 stockbroking firms have been revoked by the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE). A circular obtained at the weekend showed that 17 of the companies were de-registered by SEC, while three were expelled for failing to activate their licences and one booted out over allegations bordering on fraud. In the circular dated March 29, 2017 and signed by the Head of Broker Dealer Regulation Division at the NSE, Mr Olufemi Shobanjo, the stockbroking firms were warned not to engage in any activity in the capital market. This