NLNG Offsets $5.45b Loan, Generates $25b

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

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 Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

First City Monument Bank (FCMB) is set to substantially increase its support to agribusiness, its value chain and growth of the Nigerian economy after signing a Memorandum of Understanding with the World Savings and Retail Banking Institute (WSBI). The memorandum outlines a framework to deepen agency banking, financial inclusion and savings culture in the informal and agribusiness sectors. As part of the terms of the partnership, in addition to the stated areas of support, WSBI will provide technical oversight supervision on a regular basis to ensure the achievement of mutually agreed goals set by both institutions. According to the memorandum,

By Adedapo Adesanya Four companies plunged the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory in the 24th week of trading in 2022 by 1.41 per cent, diminishing the NASD Unlisted Securities Index (NSI) by 10.91 points to 764.41 points from 775.32 points recorded in the previous week. Also, the losses recorded by the quads of Niger Delta Exploration and Production (NDEP) Plc, FrieslandCampina Wamco Nigeria Plc, Capital Bancorp Plc, and Central Securities Clearing Systems (CSCS) Plc reduced the market capitalisation of the bourse by N10 billion to N1.01 trillion from N1.02 trillion. NDEP Plc lost 2.7 per cent

By Adedapo Adesanya Financial technology companies (FinTechs) will benefit massively from the African Continental Free Trade Area Agreement (AfCFTA), says Nigeria’s National Action Committee on AfCFTA. The team, which is in Lagos on a visit to sensitise stakeholders in the media, manufacturing, trade, and financial services sector, said the deal will help all members get preferential market access over non-members. According to Mr Francis Anatogu, the Senior Special Assistant to the President on Public Sector Matters, the agreement hopes to create a single market for well-produced goods and services on the continent. He added that the adopted multilateral contract will

By Dipo Olowookere Season 5 of the annual entrepreneurial reality show, The Next Titan, has commenced and headline sponsor of the programme, Heritage Bank Plc, has again thrown its weight behind it, promising to continue to do so as long as the show remains focused to its primary goal of lifting and encouraging the spirit of entrepreneurship. The Next Titan is Nigeria’s foremost entrepreneurial reality TV show; whose importance lies in igniting entrepreneurial spirit and showcasing the possibility for transforming lives with just a business idea that can be scaled to greatness. Business Post gathered that season 5 of the

By Adedapo Adesanya FrieslandCampina WAMCO Nigeria Plc ensured that the NASD Over-the-Counter (OTC) Securities Exchange closed the week 40 on a positive note. The milk-producing company has been in the news lately over its acquisition of PZ Cussons’ Nutricima dairy business. The deal gives Friesland an additional production capacity to meet the growing demand for locally produced evaporated and powdered milk. With a current market capitalisation of N137.2 billion, the stock price of the company gained N2.99 or 2.17 per cent last week to close at N140.49 per share compared with N137.50 per share it closed the preceding week. The

By Investors Hub The major US index futures are pointing to a modestly higher opening on Thursday, with stocks poised to extend the upward trend seen over the past several sessions. Stocks may continue to benefit from recent upward momentum, although trading activity may be subdued ahead of the release of the closely watched monthly jobs report on Friday. Employment is expected to rise by 90,000 jobs in September after climbing by 156,000 jobs in August. The unemployment rate is expected to hold at 4.4 percent. Stocks turned in a relatively lackluster performance during trading on Wednesday but managed to

By Dipo Olowookere A new appointment has been announced by the management of Flour Mills of Nigeria Plc, one of the companies listed on the Nigerian Stock Exchange (NSE). A statement issued by the firm disclosed that Mr Anders Kristiansson has now been appointed as its new Chief Finance Officer (CFO). This followed the resignation of Mr Jacques Vauthier, who finally leaves the position at the end of the year. The market leader in food and agro-allied products in Nigeria expressed its gratitude to Mr Vauthier, who has been with the group for over seven years, for his time and

By Bliss Okperan Despite the economic headwinds witnessed in Nigeria in 2022, the 36 states of the federation and the Federal Capital Territory (FCT) increased their Internally Generated Revenue (IGR). New data released by the National Bureau of Statistics (NBS) on Monday revealed that sub-nationals generated an IGR of N1.926 trillion compared with the N1.896 trillion generated in 2021, indicating an improvement of 1.58 per cent. Recall that last year, the country battled with Naira depreciation, inflation and others, forcing some citizens and organisations to cut down on their spending. But despite these economic challenges, the 36 states and the