Nigeria Must Control AfCFTA $3.4trn Economic Bloc—FG

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

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 Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

**As All-Share Index Drops to 29,000 Region By Dipo Olowookere The six-hour trading period on the floor of the Nigerian Stock Exchange (NSE) yesterday ended again on a negative note. This was as a result of the further loss registered by the local bourse on Wednesday buoyed by profit-taking, which led to the reduction in the market value by N209 billion. The stock market is yet to record any gain this week and from the look of things, the exchange might not close in the green territory this week. During the midweek trading session, the stock market depreciated by 1.85

By Dipo Olowookere There was a 60 per cent spike in the share price of Ikeja Hotel on the floor of the Nigerian Exchange (NGX) last week. The rise in the value of the hospitality stock was a result of a renewed interest in the company, which is gradually taking back its place in the sector after going through a tough time in the past. The equity value of the organisation, which opened the week at N1.00, closed last week at N1.60. It led the gainers’ log, which had 43 members, higher than 33 of the preceding week. In the

By Adedapo Adesanya In its bid to support the local economy, the National Insurance Commission (NAICOM) has warned insurance companies not to consider foreign investment extensions post-recapitalisation, noting that funds raised will be invested locally. According to the insurance regulator, the ongoing recapitalisation in the sector will see emphasis on supporting big businesses, pay claims, and support the Nigerian economy considering current happenings. This was disclosed by the Acting Commissioner for Insurance, NAICOM, Mr Sunday Thomas, at a forum in Lagos, adding that the recapitalisation will not lead to more branches in foreign countries that likened to, “big as a

By Dipo Olowookere The different strategies being put in place by the management of Unity Bank to make the company a strong competitor in the sector seem to be working. On Tuesday, the lender released its financial statements for the half year ended June 30, 2019 and from the analysis done by Business Post, the performance of the bank was impressive. According to the results, there were significant growths in both the topline and bottomline, which would excite shareholders. In the period under review, the bank improved its gross income by 17 percent, recording N10.6 billion in H1 2019 versus

By Dipo Olowookere This piece of news will excite pensioners in the country patiently waiting on the Federal Government to give a position on backlog of pension arrears. Business Post learnt that President Muhammadu Buhari has revealed that his administration is currently addressing inherited outstanding pension liabilities of the Federal Government within the scarce resources available to it. Speaking while declaring open the third edition of the World Pension Summit ‘Africa Special’, with the theme: “Pension Innovation: The African Perspective”, held in Abuja recently, the President said that pension matters occupied a strategic place not only as a vital component

By Dipo Olowookere Last Friday, after the stock market had closed for the week, the Central Bank of Nigeria (CBN) came with a big announcement which sent shivers down the spine of investors. Governor of the CBN, Mr Godwin Emefiele, said at a media briefing that one of the financial institutions trading its shares on the Nigerian Stock Exchange (NSE), Skye Bank Plc, had been liquidated with its assets and liabilities transferred to a bridge bank called Polaris Bank Limited. The news came as a huge shock to observers, shareholders of the bank as well as investing public, who mostly

By Dipo Olowookere Members of the Nigeria Entertainment industry of Delta State origin have lined up behind the former governor of the state, Dr. Emmanuel Ewetan Uduaghan, and his ambition to represent Delta South in the upper chambers of the National Assembly. The entertainers led by popular comedian, Mr Francis Agoda, a.k.a, I Go Dye and Akpobome Ogude, a.k.a, Ogus Baba, stormed the Warri country home of the ex-governor to give their unalloyed support to him recently. Conveying the goodwill message to the former number one citizen of the state, Mr Ogus Baba as he is popularly called thanked Dr.

By Adedapo Adesanya The Nigeria Employers’ Consultative Association (NECA) has expressed dissatisfaction over some of the provisions of the finance bill 2022, including the increased Tertiary Education Tax (TET) from 2.5 per cent to 3.0 per cent. NECA’s Director-General, Mr Adewale-Smatt Oyerinde, expressed this worry in a statement on Wednesday in Lagos, explaining that the TET was increased without regard for the current economic situation faced by businesses. According to him, organised businesses are currently burdened with over 50 different taxes, levies and fees – both legally and illegally. “These taxes include company income tax; stamp duties; petroleum profit tax;