Nigerian Exchange Weakens by 0.05% Despite Strong Investor Sentiment

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 Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Dipo Olowookere Relief is on the way for the estimated over 7 million passengers plying Lagos roads on a daily basis, as Heritage Investment Services Limited (HIS) has signed a memorandum of understanding (MoU) with Tuchi Technologies Nigeria Limited to provide affordable mass transit for commuters in Lagos metropolis, which Heritage Bank Plc is the banker to the project. Besides HIS and Tuchi, other parties to the MoU are Solola & Akpana, legal advisers; Kedari Capital, financial advisers and Hedgestone Capital Partners Limited, one of the prospective investors in the project. The affordable mass transit allows passengers to make

By Dipo Olowookere Continental Reinsurance Plc has today announced the jury members for the second edition of the Pan-African Re/Insurance Journalism Awards. Afif Ben Yedder, Founder of IC Publications, publisher of leading magazines African Business and New African, will chair the jury this year. Other panellists of the Pan-African Re/Insurance Journalism Awards are William Wallis, Leader Writer, Financial Times; Nadia Mensah-Acogny, Journalist, Forbes Afrique; Michael Wilson, Business & Finance Journalist (freelancer); and Julia Graham, Technical Director, Airmic. Continental Reinsurance, the private sector champion
of the pan-African reinsurance industry is sponsoring the awards. The awards are open to both English and French-speaking

By Adedapo Adesanya The third trading day of the week, Wednesday, July 31, 2019, saw the Naira depreciate by 71 Kobo at the Investors and Exporters (I&E) window of the foreign exchange (forex) market. The local currency closed at N361.68 against the Dollar from the previous day’s N362.39. This was as the daily market turnover at the segment surged by 55 percent to $123 million from the previous trading day’s $79 million. However at the Central Bank’s official window, the Naira/USD remained flat at N306.85/$ from the previous trading day of the week. Same was the outcome for the Naira

By Adedapo Adesanya The tag team of NASD Plc and Central Securities Clearing Systems (CSCS) Plc ensured that the bull remained on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Thursday, March 10. According to data obtained by Business Post, the NASD OTC market appreciated by 0.05 per cent yesterday as a result of the gains posted by the duo. Consequently, the market capitalisation of the exchange grew by N310 million to N621.25 billion from N620.94 billion, while the NASD Unlisted Securities Index (NSI) increased by 0.36 basis points to end the day at 733.66  points as against 733.30

By Adedapo Adesanya Nigeria’s Gross Domestic Product (GDP) grew by 3.54 per cent in the second quarter of 2022 on a year-on-year basis, lower than the 5.01 per cent reported in the same period of last year but higher than the 3.11 per cent achieved in the first quarter of this year. This information was contained in a statement issued by the Statistician-General of the Federation and Chief Executive Officer, National Bureau of Statistics (NBS), Mr Semiu Adeniran, on the Nigerian Gross Domestic Product Report Q2, 2022 in Abuja on Friday. He said in nominal terms, aggregate GDP stood at

By Modupe Gbadeyanka The House of Representatives on Tuesday recommended the immediate scrapping of the Excess Crude Account (ECA) created to store the extra amount made when crude oil is sold above the benchmark. In its argument yesterday, the green chamber of the National Assembly said the account was illegal and should be abolished with immediate effect. The recommendation for the scrapping of the ECA was contained in a report submitted on Tuesday by the Committee on Finance led by Mr James Abiodun Faleke. The report, which was laid for consideration, was on the Revised 2020–2022 Medium Term Expenditure Framework

By Ashemiriogwa Emmanuel A popular family recreational and educational centre in Lagos, Omu Resort, has started rehabilitation of the Asiwaju Bola Tinubu Way, a road located in its host community. The multi-million naira project, which is part of the company’s Corporate Social Responsibility (CSR) on annual intervention project of maintaining the road, is in partnership with the Bogije Branch of the Dredgers Association of Nigeria (DAN). The management of the conservation centre noted that the poor state of the Asiwaju Bola Tinubu Way makes it difficult for tourists and visitors to access this special area where it has invested billions

By Dipo Olowookere Plans have been concluded by the Nigerian government for the sale of second tranche of the of a green bond programme launched in 2017. During the maiden issuance, which precisely took place in December 2017, the Federal Government of Nigeria sold N10.69 billion worth of the environment-friendly paper to investors. For the second series, which is to be issued very soon, government is planning to offer N15 billion worth of the green bonds to subscribers. To ensure the success of the exercise, the Federal Ministry of Finance, Federal Ministry of Environment and the Debt Management Office (DMO)