Nigerian Stock Market Remains Weak on Absence of Positive Triggers

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Precious Olisa This news may not be palatable to developers and Nigerians planning to start a building project, as the Cement Producers Association of Nigeria has warned that the price of a 50kg bag of cement may start selling for N9,000 when the dry season begins in November. At the moment, the product is sold at over N5,000. In a statement jointly signed on Sunday by the National Chairman of the group, Mr David Iweta, and its National Secretary, Mr Ufomba, the manufacturers said the rise in the price of cement would be caused by the decision of the

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Dipo Olowookere Things further went south on the floor of the Nigerian Stock Exchange (NSE) on Monday after 13 stocks led by Cutix and Neimeth recorded various price declines. The market lost 0.06 per cent in the session to expand the year-to-date loss to 9.57 per cent as a result of the selloffs. At the close of transactions, it reduced the All-Share Index (ASI) by 14.24 points to 24,273.42 points from 24,287.66 points and sliced the market capitalisation by N7 billion to N12.663 trillion from N12.670 trillion. The market breadth finished negative yesterday following the depreciation of 13 stocks

By Ahmed Rahma The Africa Brand Magazine has planned to host the Africa Oil and Gas Brands Awards to honour, support and reward the key players in the sector. According to the editor-in-chief of the Africa Brands magazine, Mr Desmond Esorougwe, the oil and gas industry needs support, commendation and reward, especially key actors who have made remarkable changes. Mr Esorougwe, speaking during the media briefing to unveil the 2020 Africa Oil and Gas Brands Award, explained that, “The Africa Oil & Gas Brands Awards 2020 is a celebration of leadership innovation and growth of the industry in Africa.” He

By Dipo Olowookere The management of Multiverse Mining and Exploration Plc has announced the appointment of Mr Mamman Bukar Zargana as a Non-Executive Director of the company with effect from August 1, 2018. His appointment was approved during the 38th Board of Directors meeting of the firm held on July 10, 2018. Mr Zargana is currently the Managing Director/Chief Executive Officer of Mainstreet Capital Limited and has almost 20 years’ experience in investment banking spanning investment banking practice, industry knowledge, strong corporate governance and compliance strategy. His core competence is in Leadership and Management; Valuation and Fairness Option; Portfolio/Funds Management;

By Dipo Olowookere The 14-member Governing Council for the Olabisi Onabanjo University (OOU), Ago-Iwoye, has been inaugurated by the Ogun State Governor, Mr Ibikunle Amosun. The ceremony took place on Friday at the Oke Mosan, Abeokuta office of the Governor. In his speech, Mr Amosun thanked the Council members for accepting the call to serve while restating his resolve not to get directly involved with the management of the institution. He, therefore, charged the members to uphold the good record achieved by their immediate past predecessors and ensure that the OOU remains the number one state university in the country.

By Aduragbemi Omiyale Nigeria and Ghana’s Securities and Exchange Commissions (SECs) have expressed their desire to extend the cross-border securities transactions between them to other countries in Africa, especially those in the West African region. The Director-General of SEC Nigeria, Mr Lamido Yuguda, during a meeting with his Ghanaian counterpart, Mr Daniel Ogbarmey Tetteh, said the aim is to provide an enabling environment for investors within the region. He said given the enormous potential of cross-border listings, capital markets in the region are expected to develop a tool of cooperation that enables them to effectively police their respective markets and

By Nneka Okumazie The devastating death of worship leader, Michael Arowosaiye, should have been an opportunity to call for broad support and compassion by all. But the enemies of the church of God thought it was an opportunity to use his death to shame the church. They were quick to blame the church and haul all kinds of insults at the church and the lead pastor. Regardless of the church he last attended or the reason for his death, it should have made everyone afraid and think of how to be more helpful, gracious and forgiving to others in general.

By Adedapo Adesanya The federal government has unveiled plans toward being part of the global digital economy that will help boost national development in 2020. Minister of Communications and Digital Economy, Mr Isa Pantami, rolled out these strategies at a media parley in the nation’s capital, Abuja, last Friday, where he reiterated Nigeria’s commitment towards transitioning to a digital economy. He stated that starting with the new year, the ministry would be working effectively towards the eight pillars of the policy which are: Developmental Regulation, Digital Literacy and Skills, Solid Infrastructure, Service Infrastructure, Promotion of Digital Services, Software Infrastructure, and