NNPC, Sahara Group Invest $300m to ‘Circulate’ Clean Energy in Africa

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of

By Modupe Gbadeyanka Governor Hope Uzodinma of Imo State has been congratulated by the Conference of Nigeria Political Parties (CNPP) on his reelection for a second term in office for four years. Mr Uzodinma contested in the exercise as the candidate of the All Progressives Congress (APC) on Saturday, November 11, 2023. On Sunday morning, the Independent National Electoral Commission (INEC), through its Returning Officer, Mr Abayomi Fashina, the Vice Chancellor of the Federal University, Oye Ekiti, declared the Governor as winner of the governorship poll. In a statement signed by the Deputy National Publicity Secretary of CNPP, the umbrella

By Adedapo Adesanya The President of the African Development Bank (AfDB) Group, Mr Akinwumi Adesina, has warned Africa to prepare for an inevitable global food crisis. Speaking as a guest at the Atlantic Council’s Africa Center recently, the bank chief called for an increased sense of urgency amid what he described as a once-in-a-century convergence of global challenges for Africa. According to Mr Adesina, the continent’s most vulnerable countries have been hit hardest by conflict, climate change and the COVID-19 pandemic, which had upended economic and development progress in Africa. He warned that Africa, with the lowest GDP growth rates,

By Modupe Gbadeyanka The Delegation of the European Union to Rwanda has signed off on a €10 million grant payment to the government of Rwanda. The grant will go towards the continued rehabilitation and maintenance of 200 kilometres of rural roads in Rwanda. The Head of the Delegation of the European Union to Rwanda Ambassador Michael Ryan remarked: “Rural roads provide the backbone of economic activity for nearly 80% of Rwanda’s citizens, most of who depend on farming and small scale commerce for their livelihoods. EU financial support has the ultimate objective of reducing poverty and improving living conditions for

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded on Thursday by 0.17 per cent following the rush for Access Bank Plc stocks by investors, especially the dividend hunters. After the close of trading activities on Wednesday, the lender released its much-anticipated earnings for the period ended June 2021 and it proposed the payment of an interim dividend of 30 kobo. This announcement, coupled with the improvement in its results, spurred bargain hunting at the stock market yesterday, with Access Bank stocks emerging as the most traded, selling 51.1 million units valued at N471.2 million. It was trailed by Transcorp,

By Modupe Gbadeyanka This Wednesday and Thursday, shareholders of Dangote Cement and Greif Nigeria Plc will meet in Lagos to either approve or disapprove requests of their respective boards. On Wednesday, January 22, 2019 at the Eko Convention Centre, Lagos at 11am, investors of Dangote Cement will gather for an Extraordinary General Meeting (EGM) to decide on the share buy-back programme proposed by the board. The board said the company intends to repurchase a total of 1.704 billion ordinary shares of Dangote Cement from the stock market, representing 10 percent of the total issued shares of the cement giant; 17,040,507,405

The Global Transactions Forecast (Forecast) issued by global law firm Baker McKenzie and Oxford Economics (OE) has showed that the value of domestic Initial Public Offering (IPO) in Nigeria this year should reach $340.8 million, $139.7 million in 2020 and $216.3 million in 2021. According to the Head of Capital Markets at Baker McKenzie in Johannesburg, Wildu Du Plessis, “Political instability caused a big collapse in capital raising in Nigeria in recent years, but it’s good to see that Nigeria is recovering and that there is a return of predicted IPOs for 2019, 2020 and 2021. Hopefully this is the

By Dipo Olowookere A huge amount of money has been pumped into NEM Insurance Plc, which is expected to result into good yields for the company and its shareholders. Recently, an investment firm, Eaton Acquisitions Limited, acquire about 4 percent stake in the company with the acquisition of 130 million shares of NEM Insurance worth N520 million at the unit price of N4. The cross deal was negotiated between Stanbic IBTC stockbrokers and TRW Stockbrokers, representing the seller and the buyer respectively. Business Post reports that as at the close of transactions on Monday, NEM Insurance was traded on the

By Adedapo Adesanya The prices of crude oil were down on Tuesday as the market was seized by expectations that the United States Federal Reserve will bump up the interest rate more than expected. Brent crude lost $1.18 or 0.97 per cent to trade at $121.09 per barrel while the US West Texas Intermediate (WTI) crude slid $2.00 or 1.65 per cent to sell at $118.93 per barrel. The market is expecting the US central bank to hike rates by 50 basis points at its meeting on Wednesday but after a surprisingly strong consumer price index (CPI) data for May,