NSE Indices Remain Bearish, Shed 0.39% Thursday

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange suspended trading in the shares of VFD Group Plc months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited to allow it gain access to public equity markets, increase its visibility, and strengthen its financial position. The group joined the NASD trading platform in 2020. In a notice, the NASD OTC Exchange said investors would not be able to trade securities of VFD Group Plc with effect from Friday, September 22, 2023 (today). This is per the company’s request to delist from

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia

By Dipo Olowookere The management of Fidelity Bank Plc says it is considering instituting a legal action against some of its former employees, who staged protests at its branches in Ikeja last week and in Victoria Island, Lagos this week. In a statement made available to Business Post on Thursday, lender expressed dismay at the actions of the demonstrators, which it described as harassment. Fidelity Bank said in the statement signed its Divisional Head, Brand & Communications, Mr Charles Aigbe, that, “The actions, aimed at preventing innocent customers from carrying out their banking transactions, are the handiwork of a few

It was rain of accolades for former Group Managing Director/CEO of United Bank for Africa (UBA) Plc, Mr Phillips Oduoza, in Lagos last week. Captains of industry and leading voices of Nigerian society witnessed the launch of a book in his honour. The book titled “Dynamics of the Nigerian Financial System” edited by Professor Michael M. Ogbeide is a compilation of essays on the Nigerian financial system in honour of Oduoza, who retired on July 31, 2016, having completed his two terms of three years each at the helm of the pan African financial institution. Speaking during the occasion, Chairman

By Modupe Gbadeyanka The issuance of licences for the operation of Free Trade Zones (FTZs) in Nigeria has been suspended by the federal government. The suspension was announced on Monday by the Minister of Industry, Trade and Investment, Mr Niyi Adebayo, during the inauguration of the panel instituted to evaluate the performance of FTZs. He explained that the committee was established to recommend to the government the strategy on FTZs based on a thorough evaluation of the current operations of the zones. Mr Adebayo said until the team headed by him completes the assignment, there would not be a further

By Adeniyi Ogunfowoke Finance has always been a problem for many businesses and startups. A large number of them have folded up due to lack of funding. However, we hear in the news almost on a daily basis that a Nigerian startup has won thousands of dollars from investors and Venture Capitalists. Jumia Travel, the leading online travel agency, discloses ways to attract investors to your travel startup. Show results first It may be a bit difficult for a relatively new startup to secure funding because it cannot show any business results. So, before seeking investors, you should work on

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange continued to languish in the bearish territory following a 0.02 per cent slide on Thursday, September 15 caused by the losses posted by Niger Delta Exploration and Production (NDEP) and NASD Plc. NDEP Plc declined by N5 to close at N195.00 per share as against the N200.00 per share it closed at the last session and NASD Plc depreciated by 19 Kobo to settle at N12.51 per unit in contrast to Wednesday’s N12.70 per unit. As a result of this, the NASD unlisted securities index (NSI) moderated by 0.17 points to

By Modupe Gbadeyanka A powerful, but yet simple to use Unified Digital Experience Platform (UDxP) that will accelerate a CSP’s journey into digital services has been launched by global leader in providing mobility solutions, Comviva. This new initiative enables the firm to deliver an integrated, automated, intelligent bouquet of services to customers, while ensuring a frictionless experience across channels. Telecom service providers have provided the backbone to digitization for many industries. However, they have been slow to digitize their own operations and offerings, putting them at risk of becoming minor players in the emerging digital economy, leading them to lose

By Kester Kenn Klomegah Russia has evaded neighbouring Ukraine located in Eastern Europe. As one of the former Soviet republics looking to climb onto the global stage and steadfastly develop the future, it, therefore, sets ambition to join the North Atlantic Treaty Organization (NATO) and the European Union (EU). On the other hand, these two directions of its ambitions have angered Russia. As already known, Ukraine is in Eastern Europe and shares a border with Russia. It used to be part of the Soviet Union but became an independent country in 1991. Under the directorship of Russian President Vladimir Putin,

By Dipo Olowookere In order to pay the November 2017 salary of those on its payroll, the Nasarawa State government says it will secure a loan of N1.8 billion from local sources. Speaking on Thursday during a Joint Account Allocation Committee (JAAC), Nasarawa State Commissioner for Local Government and Chieftaincy Affairs, Mr Haruna Osegba, stated that commercial banks were willing to provide the credit facility to the state government. He said the money, when finally secured, would be used to offset November salaries of its workers, emphasising that modalities for getting the loan were already in place. “As a responsible