NGX Considers Policy Advocacy to Woo Companies

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Dipo Olowookere The management of BOC Gases Nigeria Plc has announced the increase of the stake of TY Holdings Limited in the company to 72 per cent. Business Post reports that TY Holdings, owned by a retired army general, Mr Theophilus Yakubu Danjuma, recently acquired 60 per cent of the organisation’s stocks amounting to 249,746,823 units from BOC Holdings UK. Before the purchase, he had only 12 per cent shareholding of the firm but the latest acquisition increased his stake to 72 per cent, making him the largest shareholder. A statement signed by the company secretary, Mrs Ronke Segun-Alabi,

By Modupe Gbadeyanka About 7,000 tradesmen and artisans captured in Ona Ara local government area of Oyo State have given biometric identity cards. The biometric data capturing of informal sector operatives was initiated by the administration of Mr Abiola Ajimobi to enable the state government have a unified identity for all tradesmen and artisans in the state and create a database for proper planning and ensure compliance to tax payment. At the inauguration of the project last September, the Governor said the initiative plans to capture about 440,000 tradesmen and artisans in the state. At the presentation of the cards

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the bearish territory for the second session this week following a 0.93 per cent loss it printed on Tuesday. The negative movement in the value of Central Securities Clearing Systems (CSCS) Plc and Nigerian Exchange (NGX) Group Plc further depressed the market capitalisation of the exchange by N4.95 billion to close at N525.23 billion in contrast to N530.18 billion it quoted at the previous session. Similarly, the two stocks sliced the NASD Unlisted Security Index (NSI) by 6.97 points to 738.91 points from 745.88 points it recorded

By Dipo Olowookere Nigerian stocks appreciated by 0.43 per cent on Friday on the back of sustained bargain hunting and improved trading activity. During the last trading session for the week, investors exchanged 287.0 million equities worth N3.0 billion in 3,578.00 as against the 228.1 million shares worth N2.6 billion traded in 3,656 deals the previous day. This increase was buoyed by financial stocks with Access Bank trading 46.8 million units worth N351.8 million, while GTBank transacted 42.7 million units valued at N1.3 billion. Linkage Assurance sold 29.3 million stocks for N23.7 million, FBN Holdings exchanged 22.8 million equities worth

By Modupe Gbadeyanka Executives of an American Private Equity firm headquartered in New York, USA, Milost Global, have arrived Nigeria to conclude some deals. The Milost team, which touched down the country yesterday, would be in Nigeria for a week, where they will meet with officials of the Central Bank of Nigeria, the Nigerian Stock Exchange (NSE) amongst others. According to a statement issued by the firm on Monday, “The purpose of the Milost African tour among other things in Nigeria is to meet up with the management of our portfolio companies such as, Primewaterview Holding Nigeria Limited, Femab Properties

By Dipo Olowookere The Nigerian Exchange (NGX) Limited extended its rally on Friday by 0.10 per cent, following the upward price movement in UBA, GlaxoSmithKline (GSK), Ellah Lakes, Consolidated Hallmark Insurance and 12 others. Business Post reports that apart from the energy index, which shed 0.02 per cent, and the industrial goods sector, which further closed flat for the second straight session, the three other key sectors closed higher. Data from the local stock exchange revealed that the insurance counter appreciated by 0.67 per cent, the consumer goods sector improved by 0.64 per cent, and the banking space grew by

By Kester Kenn Klomegah Russia’s VTB Capital and Credit Suisse have agreed to pay fines to the United States and British authorities for their role in a business fraud, which has been known as the “hidden debts” scandal since 2013 in Maputo, Mozambique. According to reports, after the final ruling on the case the US Securities and Exchange Commission (SEC) announced that Credit Suisse has agreed to pay almost $475 million to the United States and British authorities “for fraudulently misleading investors and violating the Foreign Corrupt Practices Act (FCPA). Russia’s VTB Capital, currently under sanctions, will pay a $4

By Modupe Gbadeyanka An employee of First Bank Plc, Mr Momojimoh Abdumalik, has been accused of fraudulently withdrawing the sum of N6.964 million from the account of Ondo State Revenue Collection domiciled with the bank. As a result, Mr Abdumalik has been arraigned before Justice Abdu Dogo of the Federal High Court, Akure, Ondo State. He was taken to court on Thursday, January 10, 2019, by the Economic and Financial Crimes Commission (EFCC), Benin Zonal Office, on a one-count charge of fraud. The accused person, a cashier with First Bank of Nigeria, was said to have committed the alleged offence