Onyema Seeks Collective Effort to Improve Nigerian Markets

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Dipo Olowookere Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company. Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week. On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

By Dipo Olowookere The stock market closed bearish on Thursday after Nigerian equities slightly slumped by 0.01 per cent on the back of mild profit-taking by investors. Yesterday, the All-Share Index (ASI) reduced by 5.65 points to settle at 37,866.90 points compared with 37,872.55 points of the preceding session. In the same vein, the market capitalisation went down by N3 billion to close at N19.729 trillion as against the N19.732 trillion it ended at the previous trading day. It was observed that market participants decided to stay away from the market for now and this resulted in weak trading activity

By Modupe Gbadeyanka The Energy Guide Label, a seal to guide Nigerians on the amount of energy consumed by air conditioners, lamps and refrigerators, has been launched by the Standards Organisation of Nigeria (SON) in collaboration with the Nigerian Energy Support Programme (NESP). The project is funded by the European Union and the German Government. Speaking at the launch of the label in Lagos, Minister of State, Federal Ministry of Industry, Trade and Investment, Hajia Aisha Abubakar, declared that the label will guide future manufacture and importation of lamps, refrigerators and air conditioners as well as other electrical appliances/equipment in

By Ahmed Rahma The federal government has approved the implementation of new measures to tackle the second wave of coronavirus disease in Nigeria. These measures were approved by President Muhammadu Buhari, the Chairman of the Presidential Task Force on COVID-19, Mr Boss Mustapha, disclosed at a press briefing held in Abuja on Monday. Mr Mustapha stated that parts of these measures include the reduction of guests at weddings, conferences and sporting facilities to 50. “The PTF has surveyed developments and actions taken by governments around the world, assessed our domestic environment and has accordingly submitted its recommendations to Mr President on

By Adedapo Adesanya The Nigerian Gas Association (NGA) has tasked the federal government to fast-track clearing of the legacy gas supply debts in the power sector. According to the body, the debts are impediments to progress in Africa’s largest economy. Nigeria’s largely untapped natural gas resources could provide the means for the country to fund its way through the global energy transition. President of NGA, Mr Ed Ubong, maintained that as soon as the government clears the debt, it can then hold private stakeholders accountable for the promises made to bolster the sector with more gas supply. Mr Ubong noted

**Threatens to Expose Party’s Members Behind Protest By Dipo Olowookere Popular entertainment and social activist, Mr Charles Oputa, otherwise known as Charly Boy, has been informed to forget about nursing the notion that President Muhammadu Buhari will resign from office. A group known as the APC Youths Renaissance, in a statement signed by its National Secretary, Mr Collins Edwin, and made available to Business Post on Sunday claimed that the planned protest against Mr Buhari by coalition of civil society groups led by Charly Boy was sponsored by some politicians. President Buhari has been away for nearly three months to

By Modupe Gbadeyanka Mr Joseph Oyenani Makoju has been announced as the substantive Managing Director/Chief Executive Officer of Dangote Cement Plc. Before now, Mr Makoju had been the acting MD/CEO of the Africa’s largest cement producer located in Nigeria. A statement issued by the firm said his appointment took effect from Friday, April 20, 2018. Mr Makoju was appointed to the Board of Dangote Cement Plc in 2010 as a Non-Executive Director and on December 22, 2017, he became the acting MD/CEO of the firm. He holds a B.Sc. and an M.Phil in Mechanical Engineering from the University of Nottingham

By Jerome-Mario Utomi The conflicting reactions that recently trailed the appointment of Abdulrasheed Bawa, a Nigerian detective and certified anti-money laundering specialist by President Muhammadu Buhari as the new Chairman of the Economic and Financial Crimes Commission (EFCC) reveals one thing. It shows that the road to restoration of trust among Nigerians by the federal government is a long one. Bawa, an indigene of Kebbi State, going by media reports, is a young man born on April 30, 1980, and holds a Bachelor’s Degree in Economics. Essentially, such an appointment ordinarily was supposed to elicit a unison excitement among Nigerians

By Adedapo Adesanya Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit asking the Federal High Court in Abuja to stop President Muhammadu Buhari from spending N26 billion in the 2022 presidency budget on local and foreign travels, meals and refreshments, ‘sitting allowance’, ‘welfare package’, and office building. In the suit number FHC/ABJ/CS/1361/2021 filed last Friday by its lawyers, Mr Kolawole Oluwadare and Ms Adelanke Aremo, SERAP is seeking: “an order of mandamus to direct and compel President Buhari to cut the N26bn presidency budget on local and foreign travels, meals and refreshments, and to send a supplementary appropriation