NNPC Remits 57.27% of Generated Revenue to FG

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By Adedapo Adesanya Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

By Dipo Olowookere The payment of 7 kobo per ordinary share final dividend has been proposed by the board of Transcorp Hotels Plc for the year ended December 31, 2019. According to the hospitality firm, this cash reward would be paid electronically to shareholders on Thursday, March 26, 2020 after their approval at the company’s Annual General Meeting (AGM) on Tuesday, March 24, 2020 at Transcorp Hilton Hotel, Abuja. The company further said the money would be paid to shareholders whose names appear on the register of members as at Thursday, March 12, 2020 and who have completed the e-dividend

By Modupe Gbadeyanka On July 19, 2017, the Central Bank of Nigeria (CBN) will auction N204.95 billion in treasury bills, Business Post has learnt. Two times every month, the apex bank issues treasury bills aimed to raise funds for government to finance budget deficit. Information gathered by our correspondent revealed that the central bank hopes to raise N36.78 billion in three-month bills, N39.17 billion in six-month bills and N129 billion in one-year bills. Treasury Bills are short-term debt instruments issued by the Federal Government through the central bank to provide short term funding for the government. They are by nature,

By Dipo Olowookere The bulls made a return to the Nigerian Stock Exchange (NSE) on Thursday after they were chased out by profit-takers, who brought in bears to devour the market. At the equity market yesterday, gains in some large-cap stocks propelled the local bourse to a 0.38 per cent growth, which reduced the year-to-date loss to 4.92 per cent. It equally boosted the All-Share Index (ASI) by 96.06 per cent to 25,520.97 points from 25,424.91 points and jerked up the market capitalisation by N50 billion to N13.314 trillion from N13.264 trillion. Business Post observed that the growth witnessed yesterday

By Adedapo Adesanya President of the Cocoa Farmers Association of Nigeria (CFAN), Mr Adeola Adegoke, has said the group would soon start collecting bio-data from all cocoa farmers in the country. Mr Adegoke said this task would be done in collaboration with the cocoa value-chain stakeholders across the cocoa-producing states and cocoa communities’ traditional leaders. According to him, this would enable the investors, policymakers, and other relevant stakeholders to know all the information they need about their cocoa beans, cocoa plantation environment, inputs/GAP, and activities in cocoa plantations. Speaking on Thursday at the first National Cocoa Festival tagged Stakeholders’ Collaboration

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN), as part of its commitment to keep the exchange rate of the Naira and Dollar stable at the foreign exchange (forex) market, started the supply of forex to authorized traders at the market. The first was to make forex readily available to investors as well as exporters of some essential products and materials and it created the Investors and Exporters (I&E) FX window. Thereafter, the apex bank started the regular supply of forex to Bureau De Change Operators (BDCs) and since then, the exchange rate at the commercial banks and BDCs

By Dipo Olowookere Investor sentiment on the Nigerian Exchange (NGX) Limited was strong on Monday, but losses posted by Airtel Africa and four others plunged the bourse into a 2.53 per cent loss at the close of trades. Airtel Africa lost 10.00 per cent yesterday to settle at N1,620.00, Sovereign Trust Insurance fell by 7.14 per cent to trade at 26 Kobo, AIICO Insurance depreciated by 7.02 per cent to 53 Kobo, Dangote Sugar went down by 2.80 per cent to N15.60, and Fidson decreased by 2.51 per cent to N8.94. The poor performances of these equities outweighed the positive

By Dipo Olowookere A leading telecom service provider, Kirusa, has announced the launch of celeb and sports content services on InstaVoice® Channels platform, with Tigo Rwanda, a leading mobile network in the country. The celeb content service, which is offered as a part of InstaVoice Channels, brings celebrities and their fans together. Using the voice blogging feature, celebrities express their emotions and share their joyous and challenging moments daily; the voice messages are delivered instantly to the fans, creating a “Voice Twitter” like experience. With the launch of this content service, Tigo subscribers can receive voice updates from popular Rwandan