NGX Group Exits NASD, May List Shares on Main Exchange at N17.17

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders 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 Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

In line with global practices, the Nigerian Communications Commission (NCC), has concluded plans to launch a number of Emergency Communications Centres (ECC) across the country. This is part of its mandate to “Promote and enhance public safety through the use of a particular number which shall be designated as the Universal Safety and Emergency Assistance Number for telephone services generally.” The Centres will be launched in various states of the federation and the Federal Capital Territory (FCT). In this regard, Nigerians can now access help from any Response Agency such as the Police, Federal Road Safety Corps (FRSC), Nigeria Security

A latest Cross-Border IPO Index by Baker McKenzie for the first half of 2019 has revealed that capital raised by African issuers declined by 28 percent year on year to $341 million compared with $472 million in the same period on 2018. The report, which reached this conclusion based on data sourced from Refinitiv, attributed the decline to the 80 percent drop in domestic capital raising in Africa, standing at only $85 million from four IPOs, compared with $419 million from the same number of IPOs in H1 2018. According to the Index, the largest IPO to come out of

By Modupe Gbadeyanka A meeting of the Board of Directors of Zenith Bank Plc has been scheduled to hold on Tuesday, January 24, 2017. The programme is slated to take place in Lagos by 9am, a statement issued by Zenith Bank last Friday revealed. According to the statement, the board is meeting to “deliberate on the audited account of the bank, and consider proposals which includes amongst others, the proposal for recommendation of dividend for shareholders approval at the next Annual General Meeting (AGM).” This, it explained, is in “line with listing regulations of the Nigerian Stock Exchange (NSE). Zenith

By Adedapo Adesanya The Food and Agriculture Organization (FAO) of the United Nations in a partnership with the Global Environment Facility (GEF) has approved three FAO-led projects in Nigeria and four others countries, totalling $18 million in funding. The three new projects in Nigeria, Venezuela and a regional initiative encompassing Malawi, Mozambique, and Uganda will improve the management of protected areas, protect biodiversity in lowland forests, and build water security and resilience. Mrs Maria Helena Semedo, FAO Deputy Director-General said, “Resilient and productive land and aquatic ecosystems are the foundation of sustainable agri-food systems transformation. “The approval of these three

By Adedapo Adesanya The Coordinating Minister of Health and Social Welfare, Dr Muhammad Pate, has said Nigeria could become a hub for vaccine production and distribution in Africa, banking on his experience at GAVI. According to him, this can be achieved with the country’s large population, skilled workforce, and existing pharmaceutical industry. “On local vaccine manufacturing, as you are all aware, until I came back as a Minister, I was going to work with GAVI, an international organisation created in 2000 to improve access to new and underused vaccines for children living in the world’s poorest countries. And GAVI also

By Aduragbemi Omiyale President Bola Tinubu has asked the military in the Niger Republic to stay away from politics, warning that the Economic Community of West African States (ECOWAS) will not condone a coup in the country. In a statement signed by him on Wednesday, the Nigerian leader said the leadership of ECOWAS will do everything within its powers to ensure democracy is rooted in the Republic of Niger. Mr Tinubu was reacting to reports that some military officials had restricted the movement of the President of Niger Republic, Mr Mohamed Bazoum, who assumed office in April 2021. “It should

By Modupe Gbadeyanka More important personalities in the country are throwing their weights behind a book being put together by a celebrity journalist, Mr Lanre Alfred, titled Nigeria @60: Foremost Nigerians of the Last 60years. Mr Alfred is the former Society Editor of ThisDay newspaper and his book is aimed at recounting the national history and put on display the roles of the selected players in national development over the years. It also presents a challenge for those key players, who are alive to strive to improve on their roles while also giving the rest of the citizenry the opportunity

By Adedapo Adesanya The National Insurance Commission (NAICOM) has called on insurance brokers and executives to make their presence felt in rural areas across the country to drive the acceptance for insurance and also bring about financial inclusion. This call was made by the Acting Commissioner of the body, Mr Sunday Thomas, when he welcomed a delegation of the Nigerian Council of Registered Insurance Brokers (NCRIB) led by Mrs Bola Onigbogi during a courtesy visit to the Commission in Abuja. According to the Acting Commissioner, people will show interest and accept insurance if brokers who are the intermediate entities extend