NGX Lifts Suspension on NEM Insurance After Share Reconstruction

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Dipo Olowookere Residents of Lagos have been assured access to quality and affordable healthcare services, irrespective of their cultural, social and religious backgrounds. This assurance was given by the General Manager of the Lagos State Health Management Agency (LASHMA), Mrs Emmanuella Zamba, at a recent event held at the Isolo General Hospital, Isolo. The programme was to sensitise and enrol elderly citizens on the Ilera Eko Health Plan introduced by the Lagos State government. About 108 elderly citizens present that day were registered on the scheme. At the event, which was held in partnership with 60PLUS Advocacy Initiative, a

By Dipo Olowookere The local stock exchange finished the first trading session of the week on a positive note after it appreciated by 0.41 per cent on Monday. The growth came after a hard-fought battle between the bulls and the bears, which wanted to take control of Customs Street during the session. Business Post reports that the Nigerian Exchange (NGX) Limited finished the day with 33 price losers and 32 price gainers, indicating a negative market breadth index and a slightly weak investor sentiment. This was mainly due to profit-taking in the banking space, which closed lower by 0.83 per

By Modupe Gbadeyanka The sum of N303.8 million has been disbursed to 463 civil servants in Kwara State as mortgage loans to renovate or improve existing properties that are personally owned by them or through family ownership. The credit facility was given to the beneficiaries on Monday by the Federal Mortgage Bank of Nigeria (FMBN) under the FMBN home renovation loan scheme. The Managing Director of the agency, Mr Ahmed Dangiwa, explained that the loan window affords Nigerians who are contributors to the National Housing Fund (NNF) an opportunity to access mortgage loans. Mr Dangiwa, who was represented by the

By Adedapo Adesanya Nigeria’s leading transportation technology company, Plentywaka, has partnered with a leading interstate transport company, GUO to expand both companies’ travel offerings. The partnership will see GUO enable its ticket booking on the Plentywaka app, therefore, joining its interstate travel network, Travelwaka and will also onboard 600 new buses from GUO onto its platform, leading to the opening up of new routes on the Travelwaka platform. Major routes expected to debut on the platform include Lagos-Abuja along with about 200 others. The recently-launched Travelwaka is majorly a booking platform for a network of interstate transport companies now including

By Adedapo Adesanya The Naira appreciated against the greenback at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market on Tuesday and depreciated against the American currency at the Investors and Exporters (I&E) window. Business Post reports that in the P2P segment, the value of the local currency to the US Dollar was N739/$1 yesterday compared with the previous session’s N741/$1 and in the I&E segment, it closed at N441.17/$1 compared with last Friday’s value of N439.17/$1, indicating a decline of N2 or 0.46 per cent. It was observed that forex scarcity was one of the reasons the local

By Aduragbemi Omiyale Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said he will seek the face of God concerning calls from different quarters to contest for the number one position of the country next year. Nigeria prepares to go to the polls in 2023 to elect a president to govern its affairs for the next four years as President Muhammadu Buhari ends his eight-year tenure on May 29, 2023. One of the names flying around to succeed Mr Buhari is Mr Emefiele, who presently is in charge of the nation’s monetary policies. Normally, he is

By Dipo Olowookere The support of bankers in the fight against corruption in the country has been solicited for by the Economic and Financial Crimes Commission (EFCC). Head of Operations at the Benin Zonal office of the commission, Mr Mailafia Yakubu, at his maiden meeting with the compliance officers of banks in the zone yesterday, said the anti-graft war was a collaborative one. He charged compliance officers of banks in the zone which comprises Edo, Delta, Ondo and Anambra states to work with the EFCC in tackling economic and financial crimes. Mr Yakubu explained that the meeting became imperative due

By Dipo Olowookere On Friday, the Ondo State House of Assembly received the 2018 budget proposal of N171 billion presented by Governor Rotimi Akeredolu for approval. The Governor, during the presentation, informed the parliament that the budget was designed to achieve stability, fiscal re-prioritisation and consolidation to create the base for sustainable growth and development. Christened ‘Budget of Progress,’ the appropriation bill has N81.521 billion allotted for recurrent expenditure and N68.096 for capital spending. Mr Akeredolu listed the objectives of the budget as intensifying efforts on independent revenue initiatives, massive infrastructure development, wealth creation through empowerment of youths, artisans, farmers