Nigerian Equities Gain 1.49% as Buying Pressure Persists

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Investors Hub European stocks are turning in a mixed performance on Friday as Hong Kong braces for a fresh round of protests over the weekend. Meanwhile, the editor of China’s state-backed Global Times tabloid said in a tweet that China is considering putting the drafters of the Hong Kong Human Rights and Democracy Act on the no-entry list, barring them from entering the Chinese mainland, Hong Kong and Macao. While the U.K.?s FTSE 100 Index has slipped by 0.3 percent, the French CAC 40 Index and the German DAX Index are up by 0.2 percent and 0.3 percent, respectively.

By Aduragbemi Omiyale All things being equal, the much-awaited Petroleum Industry Bill (PIB) will be passed by the House of Representatives in April 2021. Speaker of the lower chamber of the National Assembly, Mr Femi Gbajabiamila, said this on Wednesday while declaring open a two-day public hearing on the bill organised by the ad-hoc committee. He explained that the public hearing was put together to get the different views of stakeholders in the industry, urging the participants not to close their minds or ears to the views and the positions that may be advanced by various interest groups. According to

By Modupe Gbadeyanka Ecobank Nigeria Limited has announced the introduction of a special scheme on Back2School loans and remittances for all its customers as part of its understanding of the importance of education and to further support customers with the financial freedom they deserve. The Head of Consumer Products at the bank, Mrs Daberechi Effiong, explained that, “Customers can either opt for the Employee Credit or Cash backed Back2School scheme based on their cashflow.” According to her, the Cash backed scheme gives customers access to competitive interest rates on their funds while accessing the Back2School loan. For the Employee Loan,

By Dipo Olowookere Foremost non-interest bank in Nigeria, Jaiz Bank Plc, is seeking to raise not less than N3.3 billion from investors through a private placement, Business Post reports. The company held an Extraordinary General Meeting on Wednesday at its office in Abuja and it was unanimously agreed that the amount should be sourced via the means. This will require the lender to create additional 5,076,923,077 units of Jaiz Bank shares at 65 kobo each and would be allotted to the new investors. The authorisation for this has been granted by shareholders. However, the company will still seek the approvals

By Dipo Olowookere The sum of $163.9 million has been approved by the Executive Board of the International Monetary Fund (IMF) for Mauritania. The amount was approved under the Extended Credit Facility (ECF) with Mauritania to support the country’s economic and financial reform program. The ECF-supported program is expected to help Mauritania economy foster inclusive and diversified growth to improve the population’s living standards, maintain macroeconomic stability, strengthen debt sustainability, and reduce poverty. An amount of $23.4 million will be made available immediately to Mauritania, while the remaining amount will be phased in over the duration of the program, subject

By Sodeinde Temidayo David Fidelity Bank Plc is set to promote Small and Medium Enterprises (SMEs) capacity in the non-oil exports sector in a bid to promote its resolve to help Nigerian businesses build sustainable export capabilities. This is coming as the leading Nigerian lender is set to host the 11th and 12th editions of its highly acclaimed Export Management Programme (EMP). The EMP was launched in 2016 and is targeted at preparing participants for real-time experiences in the international non-oil export markets and the broader export market at large. The session of the event is set to typically cover

By Dipo Olowookere The second edition of Global Summit of Women Speakers of Parliament (GSWS 2016), hosted by the UAE Federal National Council in collaboration with Inter-Parliamentary Union, under the theme ‘United for Shaping the Future’, concluded in the UAE capital city of Abu Dhabi Tuesday. The event witnessed the participation of 34 high-profile global women speakers of parliament, around 400 parliamentary representatives and more than 1,000 delegates with diverse expertise – including scientists, influencers, policy makers, entrepreneurs and government representatives. A first-of-its-kind in the world, the summit comprised a series of panel sessions that addressed political, social, economic, environmental,

By Modupe Gbadeyanka The presidential candidate of the All Progressives Congress (APC) in the February 25, 2023, election, Mr Bola Tinubu, has praised Nigerian governors, especially those of Kaduna, Kogi, and Zamfara States, for standing by the people of Nigeria. On Wednesday morning, the Supreme Court granted an interim injunction seeking to stop the federal government and the Central Bank of Nigeria (CBN) from banning the use of old N200, N500, and N1,000 notes as legal tender in the country from February 10. In a statement issued by the Director of Media and Publicity of the APC Presidential Campaign Council,