Nigerian Equities Stumble by 0.88% as 21 Stocks Depreciate

By Dipo Olowookere Renewed buying interest in consumer goods stocks saved the Nigerian Exchange (NGX) Limited from collapsing on Tuesday, as it finished higher by 0.71 per cent at the close of trading activities. The trading session saw Ellah Lakes ending as the best-performing stock after its value rose by 10.00 per cent to N3.63, leading the gainers’ chart of 35 members. Berger Paints rose by 9.95 per cent to close at N11.60, eTranzact grew by 9.93 per cent to N8.08, Oando improved by 9.92 per cent to N13.30, and Chams also jumped by 9.92 per cent to N1.33. Business

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Adedapo Adesanya The distributors of petrol and other fuels in Nigeria said they can no longer sustain the distribution of the products nationwide as the price of diesel used to power their trucks is now N1,100/litre in many locations. The marketers, under the aegis of the National Oil and Gas Suppliers Association of Nigeria (NOGASA), raised the concern in a statement on Tuesday. The president of the group, Mr Benneth Korie, said that diesel has witnessed incessant hikes in recent months, lamenting that the development has been worsened by marketers’ inability to secure cheap bank loans that will enable

By Precious Olisa The Nigerian Extractive Industries Transparency Initiative (NEITI) has said the Nigerian National Petroleum Company (NNPC) Limited only remitted 57.27 per cent of the revenue it generated in 2021 to the federal government. The agency made this claim in a report released earlier this week, noting that the country generated $23.05 billion from the oil and gas sector in 2021 compared with the $20.43 billion achieved in 2020, with the NNPC and others keeping some funds back. Analysis showed that about $8.67 billion came from the sale of crude oil and gas, $13.37 billion was from taxes and

By Adedapo Adesanya Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has attributed the current economic crisis in the country to the removal of fuel subsidy by President Bola Tinubu, though he assured that the federal government would intensify efforts to tackle the problem of hyperinflation in the economy and boost the gross domestic product (GDP). Speaking at a two-day retreat of the presidential committee on fiscal policy and tax reforms in Abuja on Thursday, Mr Edun assured Nigerians that better days are ahead with the implementation of the Renewed Hope agenda of President Tinubu.

By Dipo Olowookere The Group Deputy Managing Director of Notore Chemical Industries Plc, Mr Ohis Ohiwerei, has assured that the company will take various steps to boost profitability in the current financial year. In a statement signed by him, the company’s executive said parts of these strategies towards achieving this goal include exploring various financial initiatives to reduce the finance cost and diversifying revenues to boost profitability. He described the fertiliser market in Nigeria in the first quarter of the year as robust as Notore sold all the urea that it produced during the period in both domestic and international

By Modupe Gbadeyanka Group Managing Director of United Bank for Africa (UBA), Mr Kennedy Uzoka, has revealed the lender’s intention to begin operations in Britain. Mr Uzoka, according to Reuters, made this disclosure on Tuesday during the bank’s H1 2017 Conference Call & Earnings Presentation. He noted that an application has already been filed to the Financial Services Authority of the United Kingdom for a banking license. The UBA chief said the decision of the lender to spread its tentacles to the UK was in its bid to further connect Africa to the world through global financial centres, complementing its

By Adedapo Adesanya Oil prices tumbled more than 2 per cent on Friday as expanding lockdowns in the largest importing country, China, weighed on market sentiment about immediate global oil demand. This deflated the price of the Brent crude by $1.52 or 2.69 per cent to $54.90 per barrel and weakened the West Texas Intermediate (WTI) crude by $1.52 or 2.65 per cent to $52.13 per barrel. The situation in China has put 22 million people on lockdown, weighing on the oil market. China is grappling with its worst resurgence of the coronavirus since the summer of 2020. According to

By Nkem Ndem Nigerians in today’s times are different from those that existed in the past and that is understandable as the society seem to have changed with the times. Aside from the fact that government officials are rarely within the coveted demographic of 18-34 as it was in the past and extended adolescence is now a very real epidemic as a lot of people are unwilling to really grow up anymore; a majority of citizens seem to have lost sight of the important things in life and so, they Ignore certain hard truths. There is no need for study

By Adedapo Adesanya The newly released figures by Nigerian Bureau of Statistics (NBS) contained in the Foreign Trade and Goods report indicated that Nigeria recorded more of in exports than imports in the second quarter of 2019 than it did in the first quarter of the year. The report showed that in the second quarter of 2019, the value of Nigeria’s total trade stood at N8.603 trillion with exports taking 53.4 percent equivalent to N4.596 trillion while imports comprised 46.6 percent valued at N4.007 trillion. This also spelt that the value of total trade in Q2 2019 was higher by

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Senate President, Mr Godswill Akpabio, and 13 other former governors, who have now become senators, to “disclose the total amount of life pensions, if any, that have been received from your states as former governors.” In a statement on Sunday, SERAP Deputy Director, Mr Kolawole Oluwadare, urged the new lawmakers to “promptly clarify if you have collected and/or currently collecting life pensions as former governors from your respective states, to stop collecting any such pensions and return the pensions collected to the treasury.” According to the group,

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed significant buying interests in financial, consumer goods and energy stocks on Friday. Business Post reports that Ecobank, Access Bank, UBA, Total Energies, Ardova and 34 others attracted the patronage of both local and offshore investors during the session. At the close of trading activities, the market closed higher by 0.43 per cent, with the All-Share Index (ASI) rising by 195.82 points to 46,205.05 points from 46,009.23 points and the market capitalisation growing by N105 billion to N24.898 trillion from N24.793 trillion. The best-performing stock yesterday was Cornerstone Insurance, which gained 10.00