NSE All-Share Index Gains 370 Points On Tuesday

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Adedapo Adesanya The Dangote Group has reiterated its commitment to partnering with research institutions for the advancement of indigenous technology and national development. This pledge was made by Mr Mansur Ahmed, Group Executive Director, Dangote Group, in Lagos during a study tour of the Research and Development Steering Committee of the Tertiary Education Trust Fund (TETFUND) to the Dangote Refinery, Petrochemicals and Fertiliser projects in Ibeju Lekki, Lagos. The delegation, comprising top academicians and researchers, was led by the Executive Secretary of TETFUND, Mr Suleiman Bogoro. Mr Ahmed said collaboration among the government, academia and industry was needed to

By Adedapo Adesanya The federal government is set to launch the National Gas Expansion Programme (NGEP) aimed to herald the autogas scheme from Tuesday, December 1, 2020. A statement signed by the General Manager/Special Assistant on Media to the Minister of State for Petroleum Resources, Mr Garba Deen Muhammad, in Abuja stated that the autogas scheme would deliver at least one million vehicles conversions by the end of 2021. According to him, the autogas scheme would herald the clean energy transition for Nigeria and the delivery of a cheap transportation fuel. The event is expected to be commissioned by President

By Modupe Gbadeyanka The sum of $200 million has been released by Nigerian Content Development and Monitoring Board (NCDMB) to the Bank of Industry (BoI) for the support of indigenous oil and gas service providers in the country. Executive Secretary of NCDMB, Mr Simbi Wabote, speaking on Tuesday at the 7th Practical Nigerian Content Forum in Uyo, Akwa Ibom, stated that the funding package will assist local oil firms create more jobs in the country. He said his agency would ensure that about eight indigenous oil and gas service providers access the fund every six months to boost job creation

By Adedapo Adesanya An additional $50 million line of credit has been given to First City Monument Bank (FCMB) by the African Development Bank (AfDB) to finance small and medium-sized and women-owned businesses. FCMB will use the loan to expand lending activities that will boost the country’s post-pandemic economic recovery and drive more inclusive and climate-resilient growth. It will focus on enterprises in Nigeria’s agribusiness, manufacturing, healthcare, and renewable energy sectors. The bank is also providing a complementary technical assistance package of $285,000 under its Affirmative Finance Action for Women in Africa (AFAWA) initiative. The grant funding, provided by the

By Modupe Gbadeyanka To extend its network reach, provide its enterprise customers and improve its interconnection capabilities, a Nigerian company, MainOne, has adopted Equinix Fabric. Equinix Fabric is an on-demand, software-defined interconnection service which provides global reach to the Equinix network of over 245 International Business Exchange (IBX) data centres located in 71 major metros and 32 countries around the world. Equinix Fabric directly, securely, and dynamically connects distributed infrastructure and digital ecosystems on Platform Equinix. The leading connectivity and data centre services provider in Nigeria said the new development would give customers on-demand and seamless connectivity to cloud providers,

By Modupe Gbadeyanka Data gathered from the Nigeria Interbank Settlement System Plc (NIBSS) has revealed that the value of transactions through point of sales (PoS) payments reached N651.37 billion despite the economic recession in Nigeria. This, it said, increased significantly by 65 percent in 11 months. The figure, which represents transactions from January to November 2016, almost doubles the N395.05 billion recorded in the corresponding period of 2015. NIBSS data showed that with N81.15 billion, November 2016 recorded the highest value of transactions. In November 2015, a total of N40.25 billion transactions were recorded. A breakdown of the value of

By Dipo Olowookere On Wednesday, October 16, 2019, one of the leading financial institutions in Africa, Guaranty Trust Bank (GTBank) Plc released its unaudited financial results for the period ended September 30, 2019 to both the Nigerian and London Stock Exchanges. A review of the results shows positive performance across all financial indices, reaffirming the lender’s position as one of the most profitable and well managed financial institutions in Nigeria. This was reflected in the bank’s profit before tax, which grew by 3.9 percent to 170.7 billion over the N164.2 billion achieved in the corresponding period of September 2018. Also,