Nigeria to Begin $6.2bn Eurobond Sale September—Minister

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

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 Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Modupe Gbadeyanka Lafarge Africa Plc has hinted that it will approach its shareholders in June to get their approval to raise about N140 billion from the capital market. This move comes after the cement firm declared a full-year pre-tax loss of N22.82 billion in 2016 against N29.29 billion profit it made a year earlier. However, in the first quarter of 2017, the company returned to profit, declared a pre-tax profit of N5.2 billion. Lafarge Africa said it would raise the N140 billion in fresh equity and convert some loans into shares as part of a planned rights issue. The

Ecobankmobile *326# and Terra Kulture are reliving “Fela’s Republic and the Kalakuta Queens’ making this a December to remember. While ‘Fela and the Kalakuta Queens’ was majorly an exploration of the life of Fela Kuti and his wives, Fela’s Republic and the Kalakuta Queens has infused the celebration of the unapologetic and prophetic messages enshrined in his music into the original storyline. Following the success of ‘Fela and the Kalakuta Queens’ in Lagos, Abuja, Cairo and Pretoria, Bolanle Austen-Peters Productions partnering Ecobankmobile *326# is reliving the sequel, ‘Fela’s Republic and the Kalakuta Queens’ to Terra Kulture audiences through the yuletide

By Cowry Asset In the just concluded week, OTC bond prices declined across the maturities due to sell pressure. Specifically, the 20-year, 10.00% FGN July 2030 bond, the 10-year, 16.39% FGN JAN 2022 paper, the 7-year, 16.00% FGN JUN 2019 paper and the 5-year, 14.50% FGN JUL 2021 paper depreciated by N0.08, N0.05, N0.06 and N0.30 respectively while their corresponding yields rose to 14.96% (from 14.94%), 14.85% (from 14.84%), 15.09% (from 15.05%) and 15.15% (from 15.04%). Elsewhere, FGN Eurobonds prices also declined for all maturities amid renewed profit taking activities on the London Stock Exchange. Specifically, the 10-year bonds, 6.75%

By Modupe Gbadeyanka Some deserving alumni of the prestigious Lagos Business School (LBS) were recently honoured at the annual Alumni President’s Dinner to celebrate its 25th anniversary. At the grand event precisely held at Harbour Points, Victoria Island, Lagos on July 2, an award was presented to the distinguished alumni 2017, Engr. Peter Bamkole, Director of the Enterprise Development Centre, Pan-Atlantic University, for his contribution towards the development of small and growing businesses in Nigeria and Africa. The President’s award was presented to the Gamaliel and Susan Onosode Foundation, while prizes were also giving out for active participation in alumni

By Dipo Olowookere The road leading to the popular Eko Bridge from Alaka will be closed, the Lagos State Ministry of Transportation has said. According to a statement issued by the state government, the bridge will be shut down from 11pm on Saturday, November 24, 2018 to 5am on Sunday, November 25, 2018 and also on Monday, November 26, 2018 from 11pm to 5am on Tuesday, November 27, 2018 for emergency rehabilitation of the deteriorated road pavement. Commissioner for Transportation in Lagos State, Mr Ladi Lawanson, was quoted in the statement as saying that, “Only the service lane from the

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.47 per cent growth on Friday on the back of renewed bargain hunting activity across most sectors of the market. Business Post reports that the banking index rose during the session by 2.20 per cent as the energy index appreciated by 1.30 per cent, with the consumer goods, insurance and industrial goods counters rising by 0.24 per cent, 0.16 per cent and 0.11 per cent respectively. At the close of business, the All-Share Index (ASI) jumped by 197.75 points to finish at 41,882.97 points compared with the previous day’s 41,685.22

By Ahmed Rahma Owners of hotels in Imo State under the aegis of the Imo State Hoteliers Association (ISHA) have decried the low patronage, blaming the police for this. The group, during its year-end party held recently at the Harvester’s  Hotel and  Suites in Owerri, said people do not patronise their members because of insecurity in the state, alleging that the security operatives have failed to perform their duties. “Visitors who patronise the hotels do not come because of insecurity, the police are no longer doing their duties in the state,” the chairman of ISHA, Mr Chima Chukwunyere said. He charged the

By Investors Hub European stocks have risen on Tuesday as investors express hopes for a trade deal between the U.S. and China and the Italian government approved a decree aimed at shoring up troubled lender Banca Carige. While the French CAC 40 Index has jumped by 1.6 percent, the German DAX Index and the U.K.?s FTSE 100 Index are up by 1.2 percent and 1.1 percent, respectively. Shares of Carrefour have rallied in Paris after Bank of America Merrill Lynch upgraded its rating on the company?s stock to buy. Rolls- Royce Holdings has also jumped in London after Britain’s Serious