Oyo Offers to Assist Investors, Young Entrepreneurs

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Adedapo Adesanya The Nigeria Labour Congress (NLC) has said it would ensure that the next national minimum wage to be negotiated in 2024 reflects the prevailing cost of living. The union also lamented that following the removal of fuel subsidy by the federal government, life has become extremely unbearable for workers. Addressing participants at the opening of the 19th edition of the NLC’s Harmattan School in Abuja, President of the NLC, Mr Joe Ajaero, said it had become necessary for governments at all levels to recognise that life and living conditions were exceedingly difficult, especially for working people in

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Dipo Olowookere Tragedy was averted in the household of Akwa Ibom Governor, Mr Emmanuel Udom, when he escaped death by whisker on Saturday morning. It was learnt that the Governor was at Reigners Bible Church, located along Uyo Village Road, Akwa Ibom, for an ordination programme when the church building caved in. The Governor was said to be very lucky to have escaped death unlike others who reportedly could not make it out alive. It was reported that his decision to be at the church programme late was his saving grace. According to reports, the pastor of the church

By Modupe Gbadeyanka The Oyo State government on Sunday, August 19, 2018 finally demolished the building housing Mr Yinka Ayefele’s radio station, Fresh FM in Ibadan, the state capital. The demolition was carried out despite the popular gospel singer going to court to stop the action. It was gathered that the demolition of the Music House, as the building is called, was done about 6am today. Here are few images from the exercise. Details later.

By Modupe Gbadeyanka The positive performance recorded by stocks in the industrial and banking sectors provided the needed energy for the Nigerian Stock Exchange (NSE) to open week on a bullish note. The equity market, at the close of business on Monday, marginally went up by 0.06 percent as a result of gains recorded by the GTBank and Dangote Cement. These two stocks also lifted their respective sectors by 0.43 percent and 0.56 percent. Business Post reports that the stock market also reacted to the impressive Q1 earnings of some companies released today, whetting investors’ appetite to add more stocks

By Modupe Gbadeyanka A new loyalty programme aimed to reward about 28,000 cardholders in Nigeria has been launched by Visa. The new scheme will also offer customers of the payments firm 10 per cent cashback when they spend up to N25,000 using their Visa credentials online or via Point of Sale (POS) terminals. According to the company, the loyalty programme, which will last till September 30, 2020, is part of Visa’s effort to champion cashless transactions. It was stated that the offer is available to customers of all issuing banks of Visa cards. “We are delighted to bring tailored offers

By Dipo Olowookere Shareholders of Nigerian Breweries Plc, one of the main brewery firms in the country, will have to make do with the 69 kobo being proposed by the board of directors as the final dividend per share for the year 2020. When compared with the final dividend paid for the 2019 financial year, N1.51 per unit, it is 54.3 per cent lower and the reason for this huge cut can be attributed to the harsh economic situation in the country, compounded by COVID-19, which has significantly reduced the purchasing power of Nigerians. The disposable income of consumers in

By Dipo Olowookere The average yields of treasury bills traded at the secondary market closed at 13.26 percent on Tuesday after increasing by 0.46 percent. This was as negative sentiment at the market continued yesterday with yields rising across all maturities. Business Post reports that the one-month paper appreciated by 0.45 percent, the 3-month note by 0.97 percent, the 6-month bill by 0.56 percent, the 9-month debt instrument by 0.19 percent and the 12-month paper by 0.14 percent. At the market yesterday, the Central Bank of Nigeria (CBN) continued with its Open Market Operations (OMO) interventions. The apex bank offered

By Kestér Kenn Klomegâh Despite its current war conditions perpetuated by neighbouring Russia, Ukraine has prioritized Africa in its foreign policy. Ukrainian Foreign Ministry Dmitry Kuleba has already undertaken two official tours of African countries. Ukraine has cordial working relations with the continental organization, the African Union. An objective that has been set for the Ukrainian Foreign Ministry is to broaden Ukraine’s presence in Africa, Kuleba said. During the last Africa Day held on May 25, Kuleba strongly reiterated that Ukraine would engage with Africa in a constructive direction. Ukrainian Foreign Minister Kuleba, in an address on the occasion of

By Adedapo Adesanya The Supreme Court has struck out a suit filed by President Muhammadu Buhari and the Attorney General of the Federation (AGF), Mr Abubakar Malami, challenging Section 84(12) of the Electoral Act. On Friday, the case was expunged on the grounds that it lacks the jurisdiction to entertain it and is an abuse of the court process. A notice for the judgment delivery was served on President Buhari and the National Assembly on Thursday, inviting them to appear before the court today for the judgment. The President and the Minister of Justice had filed a suit at the