NGX Drops 0.03% as Traders Trim Exposure to Nigerian Stocks

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded yet another positive week-on-week performance after stretching its gains by 1.44 per cent in Week 47. This expanded the portfolios of NASD investors by N17 billion in the week to N1.162 trillion from the N1.145 trillion recorded in Week 46, as the NASD Unlisted Security Index (NSI) increased by 12.16 points to 857.29 points from 845.13 points in the previous week. The trading week was with three price gainers and three losers, with Aradel Holdings Plc on top of the advancers’ chart after it grew by 10 per cent to finish

By Dipo Olowookere Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company. Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week. On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to

By Adedapo Adesanya  Nigeria’s economy, measured through its gross domestic product (GDP), witnessed a 2.54 per cent growth in the third quarter (Q3) of the year 2023. In a report published on Friday by the National Bureau of Statistics (NBS), the 2.54 per cent year-on-year growth in real terms in the third quarter of 2023 is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51 per cent. The bureau further said that the performance of the GDP in the third quarter of 2023 was driven mainly by

By Adedapo Adesanya The defending champions, Senegal, defeated the Pharaohs of Egypt 6-5 on penalties to win the Beach Soccer African Cup of Nation in Mozambique on Friday. Both sides had played a 2-2 draw in full time before having to decide the game by spot kicks, which was won by the defending champions, who have won the AFCON Beach Soccer cup on the last four occasions (2016, 2018, 2021, 2022). The Senegalese, who led 1-0, saw the Egyptians equalize and then return to the lead (2-1). However, the West African country obtained the equalizer (2-2) before the end of

By Ashemiriogwa Emmanuel The external reserves of Nigeria, the largest economy in Africa, grew by 1.7 per cent in one week to $35.4 billion from $34.8 billion, data obtained by Business Post has revealed. The Central Bank of Nigeria (CBN), which publishes the amount left in the nation’s account, disclosed that on Thursday, September 9, 2021, the foreign exchange (FX) buffers stood at $34.8 billion but expanded to $35.4 billion on Thursday, September 16. The week-on-week growth happened few days after the Organization of the Petroleum Exporting Countries (OPEC) release its latest report which showed that the nation’s crude oil

By Modupe Gbadeyanka For the past two years, a total of $500 million has been added to the Sovereign Wealth Fund (SWF), while $87 million has been added to the Excess Crude Account (ECA). This information was revealed by the Acting President, Mr Yemi Osinbajo, during his Democracy Day speech on Monday, May 29, 2017. Mr Osinbajo said the President Muhammadu Buhari administration ensured these funds were saved in the interest of the future of the country. “We have taken very seriously our promise to save and invest for the future, even against the backdrop of our revenue challenges, and

By Aduragbemi Omiyale A global investment firm, JP Morgan, has estimated the net foreign exchange (FX) reserves of Nigeria at $3.7 billion. Data obtained by Business Post from the website of the Central Bank of Nigeria (CBN) showed that as of Thursday, August 17, 2023, the country’s external reserves stood at $33.8 billion. But a report issued on the same day by the American multinational financial services company said the net amount in the nation’s buffers 10 per cent of what is quoted on the apex bank’s platform. Recall that the 2022 financial statements of the CBN released some days

By Jerome-Mario Chijioke Utomi That their surnames (Okowa and Okonta) sound similar and familiar could be enough incentive for one to hastily allege the existence of a biological family line. But in the actual sense of it, this particular occurrence was but a sheer coincidence or betters still, a natural order of things. As we know, Governor Ifeanyi Ekumeme of Delta State hails from Owa Alero, Ika North East Local Government Area of Delta State. He is the first Anioma son to lead the state. Anioma, designated Delta North Senatorial district, means the ‘good land’ with 9 local government areas.

By Modupe Gbadeyanka A 3-storey building on Sonuga Street, Palm Avenue, in the Mushin area of Lagos State collapsed on Friday, with persons trapped. The Lagos State Emergency Management Agency (LASEMA) confirmed the unfortunate incident on Friday afternoon via its social media platforms. The agency said it was making a frantic effort to search and rescue the “trapped victims” under the rubble of the property. Some security operatives are joining it for rescue operations. Images from the incident showed that people were already living in the building before it caved in today, but it is not sure if it has

There are indications that Dana Air, owner of Sri Sai Vandana Foundation, a non-governmental organisation (NGO) and Wema Bank Plc may be prosecuted over the airline’s inflight donation collected between 2014 and 2018 allegedly without following due process. According to reports, Dana Air had started the foundation in 1995 and commenced the donation in partnership with the Sickle Cell Foundation of Nigeria. But after the fatal crash in Lagos in 2012, it allegedly ceased the collaboration and solely ran the inflight donations. The ICIR reports that the foundation between January 2014 and October 2018, received in millions of naira via

By Adedapo Adesanya Nigeria has begun its long journey to end hunger and achieve food security by launching the Special Agro-industrial Processing Zones (SAPZ). The launch ceremony in Abuja on Monday kick-starts the implementation of phase one of the SAPZ program in eight states across the country. These include – Cross River, Imo, Kaduna, Kano, Kwara, Ogun, Oyo, and the Federal Capital Territory, Abuja. The SAPZ program has already garnered huge momentum as an additional 19 state governments have expressed strong interest in participating in the program. The African Development Bank (AfDB) is providing funding of $210 million, with the