Petrol Prices: NLC Declares Nationwide Strike from June 7

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed Week 39 mixed as the unlisted securities index rose by 0.83 per cent, while the market capitalisation depreciated by 2.63 per cent after VFD Group Plc finally delisted after three years of trading on the platform. According to data from the bourse, the NASD index went up by 6.70 points to 815.65 points from 808.95 points, while the value of the exchange shrank by N30 billion to N1.110 trillion from N1.140 trillion. In the week, Nipco Plc improved its value by 9.8 per cent to close at N95.00 per share

By Modupe Gbadeyanka Nigeria’s business activity improved in September despite cost pressures limiting demand, according to the latest Purchasing Managers’ Index (PMI) released by Stanbic IBTC Bank Plc. The lender said in the period under review, the private sector had a reading of 51.1 points compared with the 50.2 points achieved in August 2023. It was the rise in business activity in the country was influenced by the growth in order, though the rates of expansion in each were only modest. New orders increased for the sixth month running in September as some firms signalled an improvement in demand. While

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Modupe Gbadeyanka One of the major pay TV providers in Nigeria, StarTimes, has announced the introduction of daily and week subscriptions in addition to the already monthly subscription. Announcing this on Thursday, October 19, 2017 via its Twitter handle, the firm said subscribers can now pay for what they view at a very cheap rate. “NIGERIA: What if we told you that you can now pay per day, per week & per month? “Nigeria: It gets better. You can now watch as much as 30 Channels with N60 ONLY. “Nigeria: Entertainment just got subsidized. Enjoy over 40 TV channels

By Adedapo Adesanya High demand for Dollars at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Wednesday weakened the value of the Nigerian Naira by 0.11 per cent or 50 Kobo. This happened as President Muhammadu Buhari unveiled the redesigned Naira notes by the Central Bank of Nigeria (CBN) at the State House in Abuja at the Federal Executive Council (FEC) meeting yesterday. At the unveiling of the new N200, N500, and N1,000 notes, Mr Buhari said the redesigned naira denominations would help the CBN implement better monetary policy objectives and enrich the collective memory

Kenya’s renewable energy sector is on the cusp of big things. With a Government committed to a 5000Mw plan by 2017; an established feed-in-tariff; and an increasing demand for electricity as industrialisation continues at pace, the conditions are set for geothermal, wind and solar power to take off in a big way. Two main forces are driving this change. First is the enviable economic growth that Kenya has enjoyed in recent years, and is forecast to maintain in the future. Rapid economic growth will drive greater demand for power: from businesses, to produce goods and services; and from consumers as

By Modupe Gbadeyanka The United Bank for Africa Plc has announced its audited 2016 Half Year Financial Results for the period ended June 30, 2016. Business Post learnt the results showed that UBA recorded gross earnings of N166 billion, net operating income of N109 billion and profit before tax of N40 billion. Also, the bank recorded a significant growth in total assets, rising 20% to N3.3 trillion, crossing the three trillion mark. Following the sterling performance, Business Post gathered, the bank’s Board has recommended the payment of N0.20 interim dividend on every ordinary share of N0.50 each. Speaking on the

By Adedapo Adesanya The Naira weakened by N1 against the Dollar at the unregulated segment of the foreign exchange (FX) market on Wednesday, June 30. At the last trading session of the month of June, the local currency depreciated to N503/$1 in contrast to N502/$1 it traded at the previous session. However, at the same parallel market, the local currency remained flat against the Pound Sterling as it closed at N710/£1 but lost N3 against the Euro to sell for N598/€1 compared to N595/€1 of the previous day. At the Investors and Exchange (I&E) FX window, the Naira also depreciated

By Adedapo Adesanya The Media Rights Agenda (MRA) has accused the federal government of encouraging attacks on journalists and media organisations in Nigeria. In a statement signed by its Communications Officer, Mr Idowu Adewale, the group claimed that the attacks on media practitioners were mostly executed by security agents or other government officials and hoodlums. The organisation observed that, at least, seven media professionals and a media organization had fallen victim to various forms of attacks in recent times. The statement stressed that the central government’s failure to act on bringing justice to the perpetrators of such crimes was a

By Nkem Ndem For any start-up idea to move from the idea stage to realization, it requires a lot of resources, and one thing that can quickly take a great idea from a hobby to a full-blown business is money. Unfortunately, raising funds, particularly, getting a loan for a startup can be an ordeal for anyone, especially Nigerians. Jumia Travel, Africa’s No.1 online hotel booking site shares 4 ways Nigerian founders can boost their chances for start-up loans. Ensure your personal capital is substantial It may come as a surprise, but lenders actually want to see that you have some

By Dipo Olowookere The last trading day of the week ended positive on Friday as equities extended the positive momentum of the previous session. This was mainly influenced by the impressive third quarter earnings that came in during the week, which gave investors the appetite to pick up some shares that could yield good returns in the next few weeks. At the close of transactions yesterday, the Nigerian Stock Exchange (NSE) was facing north by 0.70 percent, shrinking the year-to-date loss to 14.59 percent. While the All-Share Index (ASI) increased by 227.28 points to settle at 32,664.63 points, the market