Nigerian Stock Market Sinks Further by N16b

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Ahmed Rahma President Muhammadu Buhari has approved the appointment of Mr Abubakar Fikpo as the acting Director-General of the National Directorate of Employment (NDE). The Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, confirmed this in a statement issued in Abuja on Monday. The media aide to the President disclosed that the approval followed Mr Fikpo’s nomination by the Minister of State for Labour and Employment, Mr Festus Keyamo. Mr Buhari had earlier directed Mr Keyamo, who supervises the agency, to nominate an acting DG after the sack of Dr Nasiru Argungu as the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed 0.01 per cent higher on Wednesday, April 19, on the back of the positive performance of Afriland Properties Plc. The real estate company excited its shareholders recently with the payment of a 10 Kobo per share dividend for the 2022 financial year, and this has continued to attract more investors to the firm, resulting in an uptick in the share price. At the midweek session, the stock gained 6 Kobo to settle at N2.26 per unit compared with the previous day’s closing price of N2.20 per unit. As a result,

By Adeniyi Ogunfowoke When it comes to doing business in Nigeria, it is believed that the Igbos of eastern Nigeria are number one. You cannot compete with them. You find them in every good business from retail to shipping, hotel, hospitality, import and export. They are always there. As in their adrenalin for doing business is out of this world. From the old to the young ones, they blessed with natural business acumen and they have hugely taken advantage of it to create wealth for themselves. In line with this, Jumia Travel, the leading online travel agency identifies 5 reasons

By Modupe Gbadeyanka Leading African investment banking group, United Capital Plc, has entered into partnership with global financial and corporate institutions to set up a Franco-African Investment Fund (FFA), with investible funds of €77 million. According to a statement issued by the firm on Tuesday, the aim of the fund is to accelerate the growth of innovative and entrepreneurial African and French small and medium scale enterprises (SMEs) with development projects on both continents. It is important to note that this is the first cross border investment fund dedicated to the development of African and French SMEs, and will have

By Adeniyi Ogunfowoke Cash or money is important to the proper, effective and smooth running of any business or enterprise. It is, therefore, safe to say that without money, your business will collapse. As a result, Jumia Travel, the leading online booking agency discusses some cash flow problems that are likely to affect the smooth running of your business. This will ensure that you are fully prepared for any uncertainties. It must be mentioned that 90 percent of small businesses or startups fail due to poor cash flow. Delayed payment After providing a service, you expect to be paid immediately,

By Aduragbemi Omiyale In order to drive efficient metering to enhance the performance of the energy sector, some technicians in the Nigerian Electricity Supply Industry (NESI) are undergoing a training programme in Lagos. The training, under the end-user Metering Capacity Building (MCB) programme, was put together by MOJEC International, a leading manufacturer of electricity meters, in partnership with Sahara Foundation, Energy Training Centre (ETC) and Ikeja Electric. It was majorly to upgrade the known of the metering technicians to make them more competent and bolster overall transmission and distribution capacity in addition to significant CAPEX improvements in the NESI. Efficient

By Modupe Gbadeyanka A new report by PwC has disclosed that the entertainment and media (E&M) industry in Nigeria will generate a revenue of $9.9 billion by 2022 from the $3.8 billion raked in 2017. In its ‘Entertainment and Media Outlook: 2018 – 2022: An African Perspective’ released today and obtained by Business Post, PwC said last year, Nigeria saw a huge 25.5 percent rise in E&M revenue, although $605 million of this $764 million rise was attributable to Internet access. “A 21.5 percent CAGR rate is anticipated to 2022, with revenue reaching $9.9 billion in that year. Again, Internet

By Dipo Olowookere The rates of treasury bills crashed on Wednesday as the Central Bank of Nigeria (CBN) carried out its first auction in 2018 at the primary market. This was mainly due to the fact that the exercise recorded oversubscriptions across all tenors on offer by the apex bank. Business Post gathered that the CBN had offered N161.6 billion worth of treasury bills to traders, but eventually received subscriptions worth N388.5 billion from investors. Much of the subscription was witnessed on the 364-day instrument, receiving a total of N319.19 billion from traders after the apex bank had offered to