Nigerian Stocks Lose N225b to Begin Week Bearish

By Adedapo Adesanya Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

By Dipo Olowookere Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a pullback of 0.03 per cent on Wednesday after investors took a second look at their exposure to local equities, though as some were dumping, a few were mopping up. According to data obtained by Business Post, traders bought and sold 566.6 million shares worth N5.4 billion during the trading session in 8,201 deals compared with the 676.7 million shares valued at N5.9 billion traded in 7,659 deals on Tuesday, implying a rise in the number of deals by 7.08 per cent and a decline in the trading volume and value

By Modupe Gbadeyanka Start-ups run by African entrepreneurs have been offered a grant of about N104 million ($250,000) to design innovative solutions that will solve the climate crisis of the continent. This funding support is being given by a Lagos-based non-governmental organisation, WeForGood International, with the backing of IHS Nigeria. In a statement, WeForGood stated that the fund would be disbursed to viable eco-friendly sustainable enterprises owned by young African entrepreneurs between 18 and 35 years and would have eco-solutions projects that would enhance environmental sustainability. Speaking at the 2022 Sustainable Solutions Africa Project Conference in Lagos, the CEO of

By Kester Kenn Klomegah As already known, BRICS is an association of five major emerging economies: Brazil, Russia, India, China and South Africa. South Africa joined the association in 2010. The BRICS has a significant influence on regional affairs and very active on the global stage. All of them are members of the G20. While the group has received both praise and criticism from different corners of the world, BRICS is steadily working towards realizing its set goals, bilateral relations among them are conducted on the basis of non-interference, equality and mutual benefits. In this exclusive interview, Dr Byelongo Elisee

By Dipo Olowookere Last week, the All-Share Index (ASI) and market capitalisation of the Nigerian Exchange (NGX) Limited depreciated by 2.93 per cent to 38,324.07 points and N19.975 trillion respectively. Similarly, all other indices finished lower with the exception of the energy, growth and sovereign bond counters, which appreciated by 7.39 per cent, 0.62 per cent and 3.02 per cent, while the ASeM index closed flat. Business Post reports that in the week, investors traded 1.1 billion shares worth N11.5 billion in 17,233 deals in contrast to the 840.3 million shares valued at N9.6 billion transacted in 13,239 deals a

By Dipo Olowookere Mr Oladipupo Jadesimi and Mrs Olapeju Sofowora have been appointed into the board of directors of FCMB Group Plc. They were appointed as Non-Executive Directors following approval by the Central Bank of Nigeria (CBN). A statement issued by the group disclosed that the two newly appointed directors are individuals with enviable achievement records in their respective fields. They bring on board high level competencies and experience, which will undoubtedly have a positive impact on the Board and the FCMB Group as a whole. Mr Ladi Jadesimi has an Oxford M.A. (Honours) in Law and was a jurisprudence

By Adedapo Adesanya The federal government of Nigeria has reiterated that there is no need for panic over the country’s rising debt profile, blaming critics of the administration of President Muhammadu Buhari of amplifying the issue so as to discredit the government. Minister of Information and Culture, Mr Lai Mohammed, made this claim on Monday during a media briefing on the achievements recorded by the present administration in the outgoing 2019. Mr Mohammed noted that the country’s debt was still within a reasonable range, emphasising that the panic was not needed because it was not backed by enough numerical facts,

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has resumed duty after his annual vacation abroad. In a statement signed by the Director of Corporate Communications at the apex bank, Mr Osita Nwanisobi, it was announced that Mr Emefiele, who proceeded on leave in December 2022, resumed work today, Monday, January 16, 2023. He said, “The Governor resumed with renewed vigour to perform his duty ahead of the first Monetary Policy Committee (MPC) meeting of the year scheduled for January 23 to 24, 2023.” He added that Mr Emefiele remains committed to performing

By Investors Hub Asian stocks finished mostly higher on Wednesday as higher commodity prices lifted resource stocks and the Japanese yen weakened on solid U.S. non-manufacturing activity data released overnight. Nevertheless, renewed trade concerns helped to limit overall gains to some extent. China’s Shanghai Composite Index finished marginally higher at 3,115.68, while Hong Kong’s Hang Seng Index gained half a percent to close at 31,259.10. Japanese shares hit a two-week high as technology stocks followed their U.S. peers higher. The Nikkei 225 Index closed up 86.19 points or 0.4 percent at 22,625.73. The broader Topix Index closed 0.2 percent higher

By Modupe Gbadeyanka Some farmers in Ogun State are undergoing training in value chain development in preparation for the 2017 production season. This programme was put in place by the Federal Government in an effort to improve the value chain in the agricultural sector. It was gathered that over 5,000 farmers in five different local governments in Ogun State will benefit from the presidency season Value Chain Development Programme for farmers. According to the Coordinator of the scheme, Mr Samuel Adeogun, the pre-season training was meant to prepare farmers for the 2017 production season and to review activities of previous