NSE Eyes 2020 for Demutualization, Writes SEC for No Objection

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

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 Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Dipo Olowookere The key trading indices of the Nigerian Exchange (NGX) Limited remained in the green territory on Monday as they ended the first trading session of the new week 0.10 per cent higher. This was driven by a sustained buying interest in some large and mid-cap equities like BUA Foods, Ecobank, Dangote Cement, FBN Holdings, Honeywell Flour, Lafarge Africa and others. When the market closed for the day, the All-Share Index (ASI) was up by 42.71 points to 43,897.13 points from 43,854.42 points, while the market capitalisation was up by N23 trillion to N23.651 trillion from N23.628 trillion.

By Modupe Gbadeyanka Stakeholders in the Nigerian textile industry are getting prepared for the second Adire Lagos Experience organised by Ecobank Nigeria Limited. Momentum is gathering for this event slated for June 9 to 11, 2023, because the first edition, held at the ultra-modern Ecobank Pan African Centre (EPAC) complex in Victoria Island, was the talk of the town. Participants used the occasion to network and get the latest designs in the local adire fabric. Ecobank has assured that this year’s programme would be bigger as those expected are top government officials from  Lagos, Ogun and other neighbouring states, the

By Adedapo Adesanya The organised labour has kicked off its protests across the nation against policies instituted by President Bola Tinubu’s administration. Business Post on Wednesday gathered that the picketing has commenced in Lagos, the Federal Capital Territory (FCT), Abuja, Abia, Plateau, Kaduna, Kano, Cross River, Ogun, Imo, Ondo, and Edo, among others. Some officials of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) from the FCT were spotted at the Unity Fountain with hundreds of their members. Affiliated unions of the NLC and the TUC, including the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), the

Whenever a player hits the age of 30, he is considered to be headed towards the end of their career, unless it is a goalkeeper. Outfield players are at a disadvantage when they get to this age because even when negotiating for contracts, they don’t have much power. Their market value declines rapidly and not many clubs are willing to offer them more than a year. Some of the players who have continued to shape football discussion even after hitting 30+ are the two most consistent players of our times – Cristiano Ronaldo and Lionel Messi. The two made moves

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.06 per cent appreciation on the back of another positive price movement in the shares of FrieslandCampina WAMCO Nigeria Plc on Tuesday, December 20. FrieslandCampina WAMCO Nigeria Plc, which has been the bellwether stock this month, closed the day as the single price mover after it gained 29 Kobo to close at N66.29 per unit compared with the previous day’s value of N66.00 per unit. The appreciation in this stock boosted the value of the bourse by N560 million yesterday to N931.50 billion from the N930.94 billion that it

By Ahmed Rahma The Nigerian Centre for Disease Control (NCDC) has said that over 100 million Nigerians would have received the COVID-19 vaccine by March 2021. Speaking on Channels Television on Thursday, the Director-General of NCDC, Mr Chikwe Ihekweazu, stated that efforts to enlighten Nigerians on the benefits of vaccines are currently ongoing around the country. “No medical intervention, not one, has saved more lives since the beginning of mankind than vaccination. “No great hospital, no surgery, no medicine, not even antibiotics, has saved more lives than vaccines. “We’ve just celebrated, in-between this pandemic, the elimination of polio in Nigeria.

By Dipo Olowookere The Naira made its first fall eight days after the Central Bank of Nigeria (CBN) introduced a new foreign exchange policy that gave the local currency a bit of strength at the parallel market against world’s major currencies. The Naira had closed on Monday at N450 per Dollar at the parallel market, but lost N5 on Tuesday to finish at N455 to the Dollar. It was observed that the local currency was traded at its opening rate of N450 per Dollar for most part of the day until in the evening, when it crashed by N5. However,

By Modupe Gbadeyanka **Says 40% of Nigerians Operate Outside Formal Financial System Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr Umaru Ibrahim, has urged retired bankers and senior public servants to acquire agency banking and microfinance bank (MFB) licences in order to make modest contributions to the deepening of financial inclusion in the country. Mr Ibrahim, in a press statement issued by the agency’s Director of Communication and Public Affairs, Mr Sunday Oluyemi, stated that presently, only about 40 percent of Nigerians are either financial excluded or operate outside the formal financial system. He said to bridge this