NGX RegCo’s Code of Conduct for Stockbrokers Takes Effect October 3

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

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 Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

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 Adedapo Adesanya The bearish trend at the NASD Over-the-Counter (OTC) Securities Exchange was halted on Thursday after a marginal growth of 0.01 per cent influenced by CitiTrust Holdings Plc. This boosted the market capitalisation by N70 million during the session to N1.006 trillion from N1.006 trillion in the previous session, while the NASD Unlisted Securities Index (NSI) grew by 0.05 points to 764.51 points from Wednesday’s 764.46 points. It was observed that the market’s newcomer, CitiTrust Holdings Plc, gained 25 kobo or 4.17 per cent to quote at N6.25 per share compared with the previous day’s N6.00 per share.

By Dipo Olowookere No fewer than 33 stockbrokers, accountants, directors, compliance officers, registrar and information and technology specialists among others have been blacklisted by the Nigerian Stock Exchange (NSE). The affected persons were found guilty of going against rules governing the Nigerian capital market. Most of the affected persons committed various crimes ranging from unauthorised sale of clients’ shares, diversion of funds, professional misconduct and aiding and abetting criminal activities. A breakdown showed that stockbrokers were more than half of the blacklisted persons while compliance officers also featured prominently. The NSE, through its Disciplinary Committee and Securities and Exchange Commission

By Modupe Gbadeyanka Efforts being made by the Nigerian Content Development and Monitoring Board (NCDMB) to attract investments into Nigeria have been commended by the House of Representatives. Recently, members of the House Committee on Local Content paid an oversight visit to the agency’s premises and project sites in Yenagoa, Bayelsa State and were impressed with what they saw. The lawmakers lauded NCDMB for its diligent implementation of the Nigerian Content Act and speedy execution of its headquarters building project and the Polaku pipemill project. Speaking at the Polaku pipemill site, Chairman of the Committee, Mr Emmanuel Ekon, noted that

By Modupe Gbadeyanka A research centre on malaria, tuberculosis and HIV/AIDS constructed in partnership with the Sustainable Development Goals (SDGs) at the Benue State University Teaching Hospital, Makurdi, has been commissioned by Governor Samuel Ortom. During the ceremony, Mr Ortom thanked the Federal Government for choosing Benue State among the North Central states to site the project, assuring that his administration would support the research centre to achieve the purpose it was established. According to the Governor, the centre would provide the information necessary for government to formulate and implement policies that would reduce the diseases prevalent in the state.

By Adedapo Adesanya Senator Dino Melaye has been unseated as the Senator representing Kogi West, following a decision by the Kogi state national assembly/state assembly election tribunal. In a judgement delivered on Friday, the tribunal led by A.O. Chijioke ordered a re-run in the district for the filling of the vacant senatorial seat. Looking back, Smart Adeyemi, candidate of the All Progressives Congress (APC) following the February 26 election, had approached the tribunal and challenged Melaye’s victory on the grounds that there were cases of irregularities including over-voting and non-compliance with the electoral act. “We’ve decided to fight the results

By Dipo Olowookere The sufferings of Nigerians at the moment are increasing by the day as most petrol stations in Lagos are compounding their woes, fuelling their anger. At the fuel stations monitored by Business Post on Monday and Tuesday, consumers are forced to pay for the product in cash, with card payments rejected by attendants. Some motorists who spoke with this reporter expressed their frustration over the development, accusing the oil marketers of conniving with the government to put them through untold hardship. “This country is frustrating. The government has made getting cash very difficult through its Naira redesign

By Aduragbemi Omiyale One of the underwriting companies in Nigeria, African Alliance Insurance Plc, has disclosed that it is almost getting fresh capital of up to N7 billion from “an independent investor” to help shore up its capital base. The firm revealed this in its audited financial statements for the year ended December 31, 2022, filed to the Nigerian Exchange (NGX) Limited and analysed by Business Post. The external auditors, Ukwuegbu, Ogbeleje & Co, in their note, pointed out that the existence of African Alliance Insurance was at risk because of a deficiency in its solvency margin. A solvency margin

By Investors Hub The major U.S. index futures are currently pointing to a lower opening on Friday following the upward move seen for five consecutive sessions. Profit taking may contribute to initial weakness on Wall Street along with concerns about the ongoing government shutdown and skepticism about a potential trade deal between the U.S. and China. Stocks managed to recover from an early downward move on Thursday, however, as recent upward momentum helped the major averages extend their recent winning streak. Early trading may be impacted by reaction to a report from the Labor Department showing a slight drop in consumer prices