Nigeria’s Internet Speed Averages 25Mbps

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By FBS As Black Friday approaches, global broker FBS delves into the relationship between the year’s biggest sales season and its impact on the financial markets. The FBS analysts particularly discover the trends of the world’s largest economy – the American. They analysed reactions across assets and macroeconomic conditions to understand the Black Friday impact better. What influences the Black Friday numbers FBS analysts highlight three critical indicators for gauging Black Friday’s impact on the US economy: the number of buyers, the average amount spent, and the total spending. Over the past 18 years, notably successful in terms of total

By Dipo Olowookere In order to make sending money through digital means easier and hassle free for its customers, one of the leading banks in the country, First Bank of Nigeria Limited, has joined forces with WorldRemit, a renowned online money transfer service providing international remittance services to expatriates and migrant workers. At a media briefing in Lagos on Tuesday, both companies explained that they agreed to work together to make digital money transfer service better. According to the Deputy Managing Director, First Bank of Nigeria, Mr Gbenga Shobo, the bank had, over the years, taken the lead in providing

By Adedapo Adesanya Despite witnessing a rise in the prices of six stocks at the NASD Over-the-Counter (OTC) Securities Exchange, transactions closed bearish by 0.67 per cent in the 29th week of trading in 2022. The NASD Unlisted Securities Index (NSI) went down by 5.16 points to wrap the week at 766.92 points compared with the 772.08 points recorded in the previous week, while the market capitalisation depleted by N10 billion to N1.010 trillion from N1.020 trillion in the preceding week. The negative outcome was triggered by the loss posted by FrieslandCampina Wamco Nigeria Plc in the week, losing 8.2

By Dipo Olowookere Members of the various security agencies in Nigeria have been urged to consider investing in the nation’s capital market by keying into any of the different products tailored to meet their investment needs. This charge was given on Wednesday by the Acting Director-General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, during a one-day enlightenment outreach for officers of the armed forces, police, and other para-military agencies. The seminar was mainly put together to sensitize participants on the investment initiatives in the capital market, and how to protect their sundry investments. Ms Uduk told the

By Nneka Okumazie Does flying a private jet make a person a sinner? Should an individual wait for everyone else to become wealthy to be able use new stuff? If a facility provides efficient transport for the leader of an organization in multiple locations, would it not be better to get it for use? If acquiring something for efficiency would seem to others as luxury, should it be overlooked? If church projects take years of contributions before completion or acquisition and others only see the end, should they communicate that they’ve been on it for long? If people are asked

By Dipo Olowookere Mid-level Nigerian lender, FCMB Plc, maintained an impressive financial performance in the first quarter of 2022 by growing its gross earnings by 34.02 per cent to N58.3 billion from N43.5 billion in the first quarter of 2021. The company’s accounting statements analysed by Business Post showed that it reported an interest income of N46.7 billion in the period under consideration compared with the N33.4 billion posted in the same period of last year, driven by a significant increase in income from loans and advances to customers and others. The interest expense also increased to N18.5 billion from

By Modupe Gbadeyanka The shocking poor performance of Transcorp Plc in the 2019 financial year is giving its board something to worry about. In order to turn the fortunes of the company around, the board is considering some actions. In the 2019 fiscal year, the turnover of the conglomerate depreciated sharply to N76.35 billion from N104.16 billion in 2018. Also, the profit before tax went down to N7.9 billion from N22.4 billion, while the profit after tax fell to N3.79 billion from N20.63 billion, with the earnings per share tumbling to 4 kobo from 23 kobo. Due to the results,

By Dipo Olowookere The secondary market for the trading of treasury bills in Nigeria ended bearish on Monday as a result of a further liquidity squeeze from a wholesale foreign exchange sale by the Central Bank of Nigeria (CBN), which spurred selling interests at the market across the tenors. Business Post observed that yesterday, the most selling interests were on the short end of the curve as reflected in the rise in the yield of the 3-month debt instrument, by 1.13 percent, the highest on Monday. The bill closed at 13.30 percent yesterday. Yield on the one-month tenor appreciated on

By Dipo Olowookere Traders in Abia State have secured a court ruling directing the state government to reduce the number of taxes and levies it collects from them. On October 18, 2018, the traders approached Abia State High Court sitting in Aba, seeking to stop the state government from further collecting what they described as illegal fees. They claimed that the Abia State government forces them to pay Armed Forces Remembrance Day levy, sanitation levy, sweeping levy, environmental levy, clean-up levy, scooping levy, ASEPA levy, fire extinguisher levy, shade numbering levy, security levy, market development levy, infrastructure levy, Bakassi levy