Otedola Buys Additional 200 million First Bank Shares for N2.3bn

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya The Kano State Government, through its COVID-19 taskforce technical committee, has introduced a home-based care program to reach people in remote areas as part of efforts to curtail the spread of the pandemic. This was made known in a statement from the state Primary Health Care Management Board and signed by its Information Officer, Mr Maikudi Marafa, on Saturday. According to the state Commissioner of Health, Dr Aminu Tsanyawa, who launched the program on Saturday, efforts have been made to curtail the second wave of the pandemic. The Commissioner stressed that health personnel had been trained and

By Adedapo Adesanya According to the Nigeria Inter-Bank Settlement System (NIBSS), in the last nine months of the year, Nigerians carried out financial transactions worth N6.05 trillion via the Point of Sales (PoS) machines, which is almost the same amount recorded in the full year 2021, which stood at N6.4 trillion. In its latest report for September, NIBSS said transactions on the various PoS terminals climbed to N735.6 billion, adding that the volume of transactions via PoS went up by 14 per cent year-on-year to 100.4 million in September 2022. These transactions, according to NIBSS’ statistics, were carried out over

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Friday commenced the sale of Chinese Yuan to customers with bids received between 9am and 12 noon. Business Post recalled that in May 2018, the Nigerian government signed a Naira-Yuan swap deal with the Chinese government. This was to allow transactions to be completed in the home currency of where the goods are bought from. A statement issued yesterday by the CBN’s Acting Director in charge of Communications Department, Mr Isaac Okorafor, it was disclosed the Yuan sales would be part of the bank’s special secondary market intervention sales through

By Dipo Olowookere The Intergovernmental Institution for the use of micro-algae spirulina against malnutrition (IIMSAM), the Intergovernmental Observer to the United Nations Economic and Social Council, has appointed Mr Mutaz Ghandour, Chairman and CEO of Metito Holdings, as a Goodwill Ambassador. Commenting on this appointment, Mr Mutaz Ghandour, stated that, “The objective of this institution is to eradicate malnutrition in Africa by 2030 in support of the United Nations Sustainable Development Goals. “Human access to basic nutrients, be it food or water, is a basic right yet 1 out of 6 people lack access to safe drinking water, and 1

By Investors Hub European shares are mostly higher on Wednesday after Apple reported sharp growth in its services business and CEO Tim Took said U.S.-China trade tensions are easing. Traders await the start of U.S.-China trade talks later in the day as well as the outcome of a Federal Reserve meeting for further direction. The French CAC 40 Index is up by 0.7 percent and the U.K.?s FTSE 100 Index is up by 1.9 percent, although the German DAX Index has bucked the uptrend and fallen by 0.4 percent. French luxury conglomerate LVMH has jumped after reporting record sales and

By Modupe Gbadeyanka On Saturday, December 11, 2021, at 10 am in Lagos, the Chief Executive Officer of Afriexporter Services and Trading Limited and a leading expert on non-oil imports, Mr Idris Mamukuyomi, will engage some people on ways to achieve financial security through export business. The event is organised by Christ Apostolic Church Victory Land, on 20, Joel Ogunnaike, GRA, Ikeja, Lagos for entrepreneurs, professionals, artisans, job seekers, students and young school leavers. The organisers said the programme is because of the rich potentials in the export business and it was necessary to teach participants how they can tap

By Aduragbemi Omiyale The N10 billion Sukuk Mudarabah of TAJ Bank sold to investors at 15 per cent has been listed on the Nigerian Exchange (NGX) Limited. The paper was issued by the non-interest bank, which operates in Nigeria under Islamic banking principles, under its N100 billion Sukuk Mudarabah Programme to strengthen its capital adequacy ratio. The Sukuk was listed on the exchange on Tuesday, February 14, 2023, and a closing gong ceremony was held to commemorate it. The chief executive of TAJ Bank, Mr Hamid Joda, while speaking at the event, reiterated the strategic importance of Islamic financing and

By Kester Kenn Klomegah Russia’s VTB Capital and Credit Suisse have agreed to pay fines to the United States and British authorities for their role in a business fraud, which has been known as the “hidden debts” scandal since 2013 in Maputo, Mozambique. According to reports, after the final ruling on the case the US Securities and Exchange Commission (SEC) announced that Credit Suisse has agreed to pay almost $475 million to the United States and British authorities “for fraudulently misleading investors and violating the Foreign Corrupt Practices Act (FCPA). Russia’s VTB Capital, currently under sanctions, will pay a $4