NSE Index Adds 0.41% as UBA Trades 2.1b Shares Worth N19.8b

By Dipo Olowookere Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Benita Ayo A while ago, it was announced that certain companies would be struck off the corporate register of the Corporate Affairs Commission. The major reason for this is the failure of defaulting companies to file their Annual Returns with the commission. I have always reiterated the fact that approval of an application to register a company does not signify that its officers can fold their hands and go to sleep. There are bundles of requirements to be fulfilled by such companies one of which is the filing of its Annual Returns. The Annual Return is a yearly account

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a pullback of 0.03 per cent on Wednesday after investors took a second look at their exposure to local equities, though as some were dumping, a few were mopping up. According to data obtained by Business Post, traders bought and sold 566.6 million shares worth N5.4 billion during the trading session in 8,201 deals compared with the 676.7 million shares valued at N5.9 billion traded in 7,659 deals on Tuesday, implying a rise in the number of deals by 7.08 per cent and a decline in the trading volume and value

By Adedapo Adesanya Oil prices fell by 1 per cent on Wednesday after the US Federal Reserve left interest rates unchanged, as widely expected. Brent futures fell 81 cents or 0.9 per cent to settle at $93.53 a barrel, while the US West Texas Intermediate crude (WTI) fell by 92 cents or 1.0 per cent to trade at $90.28 per barrel. Wednesday’s decision means the benchmark short-term interest rate will remain at 5.25 per cent to 5.5 per cent, a 22-year high. This is only the second time since March 2022 that the US central bank meetings have concluded without

By Dipo Olowookere Activities on the floor of the Nigerian Stock Exchange (NSE) started on a positive note on Monday after the market recorded a 0.60 percent growth at the close of transactions. The mopping up of some stocks in the banking, insurance, industrial goods and consumer goods sectors by investors boosted the All-Share Index (ASI) by 158.97 points to 26,695.18 points and the market capitalisation by N76.7 billion to N12.885 trillion. According to data from the NSE, the volume of equities transacted increased by 9.77 percent to 170.5 million from 155.4 million, while the value of trades rose by

By Adedapo Adesanya Minister of Transportation, Mr Rotimi Amaechi, has disclosed that the Lagos-Ibadan rail project may not meet up to the set date of completion, April 2020. This was disclosed by the Minister, who said looking at the work, it was not feasible that the project will be completed soon. He said this when he visited site of the project alongside the Oyo State Governor, Mr Seyi Makinde, on Monday, as they inspected the Lagos-Ibadan standard gauge rail line. Writing via his Twitter handle, @ChibuikeAmaechi, the Minister said, “Looking at the state of work in Apapa, completing the project

By Adedapo Adesanya Trading activities at the NASD Over-the-Counter (OTC) Securities Exchange closed flat at the last session of the this week. As a result, the NASD Unlisted Securities Index (NSI) remained on Friday at 692.71 points, while the market capitalisation ended at N508.84 billion. During trading yesterday, a total of three deals were executed, 200 percent or two deals higher than the single deal achieved on Thursday. Business Post reports that the three deals recorded on Friday were from the transactions carried on the shares of Central Securities Clearing Systems (CSCS) Plc. Investors traded 349,000 stocks of the securities

By Aduragbemi Omiyale Nigeria’s leading security risk management organisation, Halogen Group, has again been voted as the most valued contract security company in the country. The company retained this position for the fourth consecutive year at the 2021 Outstanding Security Performance Awards (OSPAs) held recently. OSPAs is the independent award scheme that rewards outstanding performance in the security sector in the UK, the United States of America, Africa, Europe, and other parts of the world. The award scheme recognises and rewards companies, people, products, and services that have made a significant contribution to the Nigerian security sector and have demonstrated

By Ebitonye Akpodigha One Uduak Etim Thompson, leader of a notorious militant group called Bakasi Strike Force in Calabar, Cross River State, has been apprehended by the Nigerian Navy. The Nigerian Navy disclosed in a statement that Mr Thompson was arrested on Wednesday night along with other Niger Delta criminals. Among crimes said to be perpetrated by the militants are attack on market women and other traders, siphoning of crude oil and destruction of pipelines. A statement signed by Commodore Christian Ezekobe, Director of Navy Public Relations said, “As part of efforts to eliminate unwholesome activities perpetuated by criminals in

By Dipo Olowookere Some loyal customers of Zedvance Finance Limited were on Sunday, February 14, 2021, swept off their feet when officials of the leading consumer finance company came knocking on their doors. The firm, in celebration of love and brand loyalty, made the surprise visits to the customers to share several gifts with them for Valentine’s Day. Zedvance designed the #WithLoveFromZedvance initiative to “show love to our customers and reward their loyalty for having us as their preferred financial partner,” according to the acting Managing Director of the firm, Mr Ever Obi. Some of the customers that received the

By Dipo Olowookere President Muhammadu Buhari on Monday afternoon held a closed-door meeting with leadership of the National Assembly at the Presidential Villa in Abuja. Present at the meeting were the Senate President, Mr Bukola Saraki, and Speaker of the House of Representatives, Mr Yakubu Dogara. According to a tweet posted by the Personal Assistant to President Buhari on New Media, Mr Bashir Ahmad, the meeting was mainly centred on the 2018 budget presently at the parliament waiting for passage. Also, the trio discussed the alleged assault on a serving lawmaker from Kogi State, Senator Dino Melaye, by the police

By Dipo Olowookere Five women are expected to grab the $50,000 put down by Standard Chartered Bank (Nigeria) Limited for the second edition of the SC Women in Technology Incubator programme. The initiative is aimed to support and promote the economic and social development of women in Nigeria through innovation or technology-led entrepreneurship. Through this scheme, the bank will be focusing on capacity building for women-owned small enterprises and sees this as a great opportunity to support greater diversity in gender representation within technology entrepreneurship for women in the country. The Standard Chartered Women in Tech programme targets female-led entrepreneurial