Nigeria’s Economy Grows 3.54% in Q2 2022 Amid Inflationary Pressures

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya  Oil prices gained on Tuesday following a report that the Organisation of Petroleum Exporting Countries (OPEC)  and its allies would consider deeper production cuts when they meet in December. As a result of this, major futures logged their first gain in three sessions. On Tuesday, the Brent crude oil rose by 1.22 percent or 72 Cents to trade higher at $59.59 per barrel, while the US West Texas Intermediate crude gained 1.64 percent or 88 cents to settle at $54.39 per barrel. Members of the oil cartel and their allies will consider making further reductions to crude

By Modupe Gbadeyanka A Yoruba Youth socio-cultural group called Igbimo Odo Yoruba has rejected plans by the Federal Government to establish cattle colonies across the country for herdsmen. Leader of the group, Comrade Olufemi Lawson, in a statement on Monday, emphasised that the position of the Yoruba youth was in reaction to a statement credited to the Minister of Agriculture, Mr Audu Ogbeh, that the cattle colonies were to curb increasing cases of clashes between farmers and herdsmen in the country. Mr Lawson said the youths will vehemently resist any attempt by the Federal Government to introduce the cattle colonies

By Dipo Olowookere Activities at the trading floor of the NASD OTC Market ended the week on Friday bearish with major indices pointing south. Specifically, the NASD Unlisted Securities Index (USI) depreciated by 0.2 percent, closing at 705.75 points, lower than the 707.45 points recorded the previous Friday. Consequently, total market capitalization declined 0.2 percent at the close of business on Friday, finishing lower at N477.60 billion compared with N478.15 billion a week earlier. The topped losers’ chart was led by Niger Delta Exploration & Production Plc, which lost 10 percent of its share value to settle at N149 per

By Modupe Gbadeyanka A former acting branch manager of Sterling Bank Plc, Mr Oliver Anidiobi, has been remanded in prison pending hearing of his bail application fixed for June 7, 2019. The accused person was arraigned on Tuesday, May 7, 2019 by the Economic and Financial Crimes Commission (EFCC), Enugu Zonal Office before Justice C.O. Ajah of Enugu State High Court for a N187 million fraud. Mr Anidiobi, who was also the Account Relationship Officer of OHHA Microfinance Bank, is facing a 32-count charge bordering on forgery and stealing from the microfinance bank. Investigations by the EFCC revealed that he

By Aduragbemi Omiyale Some stock market experts have attributed the recent rise in the fortunes of equity investors to the audacious economic reforms of President Bola Tinubu. Since he was sworn in on May 29, 2023, the Nigerian Exchange (NGX) Limited has witnessed a significant rejuvenation because of the renewed interest in the market. Analysis showed that in the first half of this year, equity investors, who have endured long periods of bearish sentiments, have become N5.3 trillion richer despite the rising inflation, social unrest, global uncertainty and other economic challenges which surely had an impact on the market during

By Aduragbemi Omiyale For the second year running, Ecobank Group has been named as Africa’s Best Bank for SMEs (small and medium-sized enterprises) for providing funding support to small business owners on the continent. The pan-African lending institution retained this position at the prestigious Euromoney Awards for Excellence held recently. In selecting Ecobank as Africa’s Best Bank for SMEs, the judges based their decision on the company’s longstanding and unwavering commitment to satisfying the needs of SMEs. “This award reflects Ecobank’s absolute commitment to supporting African SMEs and our continuous suite of innovations – financial and non-financial – to spur

By Dipo Olowookere One of the leading telecommunication service providers in the country, Airtel Nigeria, has unveiled its Home Broadband Service in line with its commitment to deepen internet connectivity as well as empower telecoms consumers to share data with a number of people without worrying about cost and other limitations. The new Airtel Home Broadband delivers superfast broadband service via data terminals such as dongle, MiFi and routers as it comes in various packages and affordable price range to suit the lifestyles of different customer segments. Customers can get unlimited data on packages such as Unlimited 10, Unlimited 15

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) recorded a total turnover of 912.2 million shares worth N12.1 billion in 17,083 deals last week, lower than the 1.5 billion shares valued at N20.3 billion transacted the previous week in 23,263 deals. According to data from the exchange, these trades were dominated by financial stocks, which accounted for 624.2 million shares valued at N7.1 billion executed in 9,640 deals, contributing 68.43 percent and 58.79 percent to the total equity turnover volume and value respectively. This was followed by conglomerates equities, which accounted for 93.2 million shares worth N452.1 million in 861