NGX Performance Indices Drop 0.66% on Access Holdings’ Disappointing Interim Dividend

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Ashemiriogwa Emmanuel One of the key players in the Nigerian lubrication and manufacturing industry, Mr Lanre Bhadmus, has lamented that the poor electricity supply in the country was threatening the existence of the sector. Mr Bhadmus, who is the Chairman and Chief Executive Officer of Lanre Bhadmus Industries Limited, said unless urgent steps are taken to address the issue, Nigeria’s lube industry could go the way of the textile sector. Many years ago, the textile industry in Nigeria was booming, attracting investors but the poor business environment caused by unfavourable government policy killed the industry and today, it is

By Modupe Gbadeyanka Entries for the 2019 edition of the annual National Essay Competition organised by the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, UBA Foundation, have commenced. At a media launch to herald the competition in its ninth series last week, the CEO of UBA Foundation, Mrs Bola Atta, explained that the educational contest will provide an opportunity for students in secondary schools across the country to put in their entries and to win prizes in the form of educational grants to study in any university of their choice on the African continent. At

By Dipo Olowookere Shares of Mutual Benefits Assurance, Ardova and others were the worst-performing at the nation’s stock market on Tuesday as investors offloaded them. Mutual Benefits lost 10 per cent to settle at 36 kobo per unit, while Ardova depreciated by 9.97 per cent to close at N16.25 per share. Also, Champion Breweries declined by 9.69 per cent to N2.05 per unit, The Initiates went down by 9.62 per cent to 47 kobo per share, while Sterling Bank dropped 8.75 per cent to N1.46 per unit. On the flip side, Academy Press was the best-performing stock yesterday with a

By Dipo Olowookere On Wednesday, October 25, 2017, the Federal Government of Nigeria (FGN), through the Debt Management Office (DMO), will conduct a bond auction exercise at the domestic market. The debt office would be hoping to raise between N90 billion and N110 billion from the bond exercise. According to the calendar released by the DMO recently for its bond sale for the fourth quarter of this year, there would be two instruments on offer, all re-openings, the FGN JUL-2021 (5-year Re-Opening) and the FGN MAR-2027 (10-year Re-Opening). The DMO said it would auction the N45-N55 billion FGN JUL 2021

By Dipo Olowookere Stakeholders in the maritime industry have commended organisers of the annual The Maritime Standard Awards, which held its fourth edition on Monday, October 23, 2017 at the iconic Atlantis Ballroom, on The Palm. During the ceremony, a new standard was set for regional awards ceremonies, with exceptional levels of grandeur, glamour and professionalism. Hosted by well-known Bollywood actress and model, Lara Dutta, the awards attracted a top calibre audience of over 700 executives from across the shipping, ports and related sectors, from almost 70 different countries. The high profile event, held under the patronage of His Highness

By Modupe Gbadeyanka A total of about 8,000 accredited poor Nigerians from the selected 12 Local Government Areas of Osun State will benefit in the conditional cash transfer of the Federal Government. The disbursement of the N5000 monthly stipend, which is currently on-going in some states of the federation, has started in the state. The Unit Head for the cash transfer in Osun State, Mrs Adeola Oyebamiji, said during the disbursement exercise of the December and January months’ stipend in Ife north local government Secretariat that subsequent payment would be made via bank transfer to all beneficiaries. Mrs Oyebamiji said

By Adedapo Adesanya The Lagos State Government, through the Lagos Metropolitan Area Transport Authority (LAMATA), has reassured citizens that the state would have an operational railway line by 2022. This was disclosed by the Managing Director of LAMATA, Mrs Abimbola Akinajo, while speaking at a milestone meeting on the implementation of the Lagos Rail Mass Transit (LRMT) Red and Blue Line projects with the contractors and consultants. Mrs Akinajo said the meeting was to reiterate the already established positions on the timeline for the delivery of the rail lines to passenger operation. The Red Line is one of seven rail

By Modupe Gbadeyanka Efforts are presently being made by the board and management of Deap Capital Management and Trust Plc to resolve the company’s indebtedness and return it to profitability. Last week, it was reported that assets belonging to Deap Capital were confiscated by the Asset Management Corporation of Nigeria (AMCON) over N1.6 billion. The debt was said to have been purchased from Zenith Bank and First City Monument Bank in 2011 during the first phase of eligible bank assets (EBA) purchases. It was further reported that the action followed an order granted to AMCON by Justice John Tsoho of