NSE Indices Lose 1.07% as Market Remains Volatile

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Dipo Olowookere The Securities and Exchange Commission (SEC) has warned members of the public against investing in Poyoyo Investment (Pilvest) Nigeria Limited and Finafrica Investment Limited (Chimark Group). In a notice on its website, the regulatory agency for the Nigerian capital market disclosed that the two organisations are authorised to operate the investment schemes they are offering to the investing public. It, therefore, emphasised that anyone who invests in the companies does so at his/her own risk. “The attention of SEC has been drawn to the electronic and WhatsApp messages being circulated to investors on behalf of Poyoyo Investment

By Adedapo Adesanya The fourth phase of the MTN ICT & Business Skills Training implemented by the MTN Foundation alongside its partners, Google, Cisco and Oracle, was wrapped up neatly with a virtual closing ceremony on December 11, 2020. The training, which was held virtually for four weeks, brought together about 2,000 participants from across five Nigerian states: Abia, Kaduna, Borno, Katsina and Akwa Ibom. The beneficiaries were taught by seasoned facilitators on entrepreneurship, cybersecurity and deploying data and insights to grow their businesses. Participants were divided into four groups to devise solutions to problems experienced by Nigerians. At the

By Dipo Olowookere Acting Chairman of Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, has pledged the commission’s support for the World Food Programme (WFP) towards ensuring that all support deployed by its donors and the government of Nigeria reaches its beneficiaries without any threat of corruption. Mr Magu made the pledge on Tuesday, December 20, 2016 while signing a Memorandum of Understanding (MoU) with the WFP at the EFCC’s Head Office in Abuja. The EFCC boss, who noted that corruption is a serious threat that negatively affects the development of a nation, said the new partnership will in

A major crisis is brewing in the Kogi State chapter of the Peoples’ Democratic Party (PDP) as concerned members are mobilizing to protest the moves by an ex-governor in the state, Mr Ibrahim Idris, to impose his son, Abubakar, as the party’s candidate in the state’s governorship election slated for November. Mr Abubakar Idris declared his intention to run for the office once occupied by his father last year but it is the manner in which the party leadership in the state is being forced into adopting the ex-governor’s son that is setting the stage for a major confrontation. PDP

By Dipo Olowookere The bargain-hunting for fundamentally strong stocks on the floor of the Nigerian Exchange (NGX) Limited expanded investors’ portfolios by 1.10 per cent on Tuesday. This was because the market capitalisation of Customs Street grew by N394 billion to N35.933 trillion from N35.539 trillion at the close of transactions, as the All-Share Index (ASI) increased by 720.53 points to 65,988.81 points from 65,268.28 points. The growth printed by the local bourse came despite the Central Bank of Nigeria (CBN) not announcing its rate decision before the close of business like in the past. The CBN announced the outcome

By Dipo Olowookere South African President, Mr Jacob Zuma, on Tuesday, extended the country’s deepest condolences to the government and people of Germany following what appears to have been a terrorist attack that occurred on Monday evening, when a truck ploughed into a Christmas market in the heart of Berlin, killing over 10 people and injuring nearly 50. “The South African Government condemns in the strongest terms terrorist attacks in any form and from whichever quarter. We send our heartfelt condolences to the families and loved ones of the deceased and we wish all the injured speedy recoveries,” said the

The Technical Review Committee on Appointments, Recruitment and Promotions set up by the Governor of Imo State Chief Emeka Ihedioha has submitted its report. Members of the Committee, led by the Chairman, Austin Otuokere submitted the report to the Deputy Governor of the State, Engr. Gerald Irona at the Government House, Owerri. Presenting the report, the Chairman expressed gratitude to the Governor of Imo State, Chief Emeka Ihedioha and the Deputy Governor, Engr. Gerald Irona for the confidence reposed in them, assuring that the committee did a thorough job. “It is with profound respect that our committee, the technical committee

By Adedapo Adesanya Oil prices continued their bullish stand on Thursday, holding close to their highest in almost three years as the market continues to get support from the draws in crude inventories in the largest producing nation in the world, the United States. The Brent crude added 6 cents or 0.07 per cent to trade at $75.61 per barrel yesterday while the United States West Texas Intermediate (WTI) made a 0.07 per cent or 5 cents gain to trade at $73.35 per barrel. This means that both benchmarks had hit their highest since October 2018. The higher prices are