NSE’s New Equities Market Structure Takes Effect July 2

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Modupe Gbadeyanka The appointment of Mr Mauricio Alarcon as the new Managing Director of Nestle Nigeria has been announced by the company. Business Post learnt that Mr Alarcon is replacing Mr Dharnesh Gordhon, who has taken up a new position at Nestle Indonesia. Mr Alarcon, Nestle Nigeria Plc disclosed, will take over the position from October 1, 2016. The new MD joined Nestle Mexico in 1999 as an Area Sales Manager in the company’s Ice Cream business. He was later move from there to the position of Marketing Advisor at Nestlé’s Strategic Business Unit in Switzerland; then Marketing Manager

By Jerome-Mario Chijioke Utomi There exist some points that highlight as impressive the recent launch at the State House, Abuja, of the National Development Plan (NDP) 2021-2025, a successor plan to both the Economic Recovery and Growth Plan (ERGP 2017-2020) and the Vision 20:2020, by the President Muhammadu Buhari led federal government. The plan, according to Minister of Finance, Budget and National Planning, Zainab Ahmed, sets the tone for Nigeria’s next economic destination and would prioritize robust infrastructure, economic stability, improved social indicators and living conditions of Nigerians. First, infrastructural provisions enable development and also provide the services that underpin

By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) has announced the list of successful bidders for the 2017/2018 crude oil term contract. In a statement issued on Tuesday by the agency’s Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, it was disclosed that 39 bidders made the list. Mr Ughamadu also noted that out of the successful bidders, 18 are Nigerian companies, while 11 are international traders. He further said five foreign refineries made the list, three National Oil Companies (NOCs) and two NNPC trading arms. A total of 224 bids were submitted by companies seeking to

By Adedapo Adesanya The prices of Brent crude futures and the US West Texas Intermediate (WTI) crude futures went down by about 1 per cent on Monday after six straight weekly gains. The decline posted by the crude oil benchmarks occurred as investors braced for weaker demand from China and the United States, the world’s two biggest economies. Brent shed 90 cents or 1.04 per cent to trade at $85.34 a barrel and WTI depreciated by 88 cents or 1.06 per cent to quote at $81.94 a barrel. In China, lower-than-expected demand put a lid on prices after the country’s

By Adedapo Adesanya The Chief Executive Officer (CEO) of the NASD over-the-counter (OTC) Securities Exchange, Mr Bola Ajomale, has said companies cannot trade stocks simultaneously on the platform and the Nigerian Exchange (NGX) Limited. Mr Ajomale made this disclosure at an event organised by the regulatory agency for the unlisted securities market in Nigeria in collaboration with a brokerage firm, Capital Bancorp. When asked at the webinar attended by Business Post about the possibility of a public limited company (PLC) trading its shares on both exchanges at the same time, Mr Ajomale said it is not possible. “Can a company

By Dipo Olowookere As part of its determination to bring succour to motorists in the country, Interswitch Group, the Nigeria Pan-African integrated digital payments company, has launched three transport ticketing products developed exclusively for the Nigerian market. The three new products are the BeCard, the BeVal and the BeReader, but the company said it could expand this offer throughout Africa. It was gathered that these products were developed as part of the multi-billion Naira deal signed with Bekoz UK Ltd, a British transport ticketing company, to enhance transportation ticketing in Nigeria. The deal, which is worth £56 million (approx. N26

By Adedapo Adesanya Ugandan President, Mr Yoweri Museveni, has won the controversial presidential election with 58.6 per cent of the votes cast, according to the country’s electoral commission. The incumbent will now serve a sixth term as president of the East African nation following some of the worst pre-election violence since the 76-year-old took office in 1986. His main opposition, Bobi Wine, has alleged vote-rigging throughout the process and had strong support in urban centres where frustration with unemployment and corruption remain high. The result, which was announced by the Ugandan election commission chairman, Mr Simon Mugenyi Byabakama, showed that

By Dipo Olowookere The Nigerian Exchange (NGX) was taken down by 0.04 per cent on Tuesday by profit-taking in some mid and large-cap stocks across the key sectors of the market. The selling pressure was much that it weakened the 0.61 per cent gained by the banking industry during the second trading session of the week. The energy counter fell by 0.25 per cent, the insurance index went down by 0.18 per cent, the consumer goods sector decreased by 0.05 per cent, and the industrial goods space also shrank by 0.05 per cent. Consequently, the All-Share Index (ASI) depleted by