NGX Index Contracts by 0.03% on Renewed Selling Pressure

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 Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

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 Dipo Olowookere On Tuesday, Etisalat Nigeria confirmed changing its brand name to a new one called 9Mobile after its parent firm, the Etisalat Group in the United Arab Emirates (UAE), pulled out of the business in Nigeria. In a statement issued yesterday, the firm described the name change as a testament to its dynamism, responsiveness and agility as a business, while leveraging on the power of technology to deliver innovative products and services that meet needs of its over 20 million subscribers. In the statement, the CEO of 9Mobile, Mr Boye Olusanya, while explaining why the company settled for

By Modupe Gbadeyanka A standing committee has been established to come up with an acceptable guide to regulate dealings between patients and medical doctors in the country. The panel was set up during a meeting between the Consumer Protection Council (CPC) and the Nigerian Medical Association (NMA) in Abuja recently. Members of the committee would be drawn from both the CPC and the NMA and they advance the finalisation of the document and expand key areas of collaboration for the promotion of high standards of care and patients’ protection. Outcome of the document would form a guide to be called

By Neuvoo Nigeria In today’s modern world, technology is constantly involved in our daily lives, from the moment our cellphones wake us up through a previously set up alarm, until we fall asleep on a meticulously engineered orthopedic bed. No one can escape the barricade of innovation and the way it has affected how we live our lives. We are currently positioned in the threshold of gadgets, Internet and Artificial Intelligence. A big part of our routine takes place in our office, a shop, the factory where we roll cigarettes, or generally speaking, our workplace. However, due to this new

By Dipo Olowookere The Department of Trade and Industry (the dti) will host a Trade and Investment Symposium which will be attended by a business delegation from China’s Zhejiang Province under the China Council for the Promotion of International Trade (CCPIT). The event will take place at the Radisson Blu Hotel in Sandton, Gauteng on Monday, 8 May 2017 from 09H00. Minister of Trade and Industry, Dr Rob Davies, explained that the main objective of the symposium is to bring together South African companies and their counterparts from China, with the aim of establishing long-lasting and mutually beneficial trade and

By Adedapo Adesanya The Nigeria Labour Congres (NLC) has embarked on a two-day warning strike in protest against the federal government’s failure to address the challenges caused by the removal of fuel subsidies. Last week, Business Post reported that the NLC President, Mr Joe Ajaero, said the strike would pause activities for two days of the industrial action. President Bola Tinubu announced in his inaugural speech on May 29 that “fuel subsidy is gone“, which has since led to fuel prices as much as tripling nationwide and a rising cost of living. The labour union is accusing the Tinubu-led government

By Modupe Gbadeyanka The N2.09 billion rights issue floated by Sovereign Trust Insurance Plc few months ago recorded 72.50 percent subscription, the company has announced. The means that the firm received offers worth N1.53 billion during the exercise. A statement issued last week by the Deputy General Manager in charge of Sales & Corporate Communications of the firm, Mr Segun Bankole, stated that of the 4,170,411,648 ordinary shares of 50 kobo each at 50 kobo per share on the basis of one new ordinary share for every two ordinary shares of 50 kobo each held in the company as at

By Dipo Olowookere President Muhammadu Buhari on Saturday said Nigeria would be saving 10 billion dollars annually from the drop in the importation of petroleum products as the nation’s four refineries would soon be fully repaired. The President disclosed this in a nationwide broadcast to mark the nation’s 56th Independence Anniversary on Saturday. He frowned at the situation where half of the nation’s foreign exchange earnings were being spent on importation of petroleum and food items. Mr Buhari attributed the current socio-economic hardship being experienced in the country to inability of the previous administrations to save for the “rainy days’’.

By Dipo Olowookere From May 8-9, 2017, the first ever Africa Regional Internet and Development Dialogue will hold in Kigali, Rwanda. The event is organised by the Internet Society in partnership with UNESCO and Republic of Rwanda Ministry of Youth and ICT. The two-day meeting will bring together experts including government and inter-governmental organization officials, business and educational leaders from throughout the continent to discuss how Africa can use the Internet to advance education, innovation and job creation. The event aims at gathering various organizations working on Internet and development across the region to identify synergies and create opportunities for