POS Transactions Rise 70% in March 2020

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Adedapo Adesanya Oil fell on Monday as traders approached the market with caution over plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to cut production in the first quarter of 2024. Brent crude futures lost 85 cents or 1.08 per cent to finish at $78.03 a barrel while the US West Texas Intermediate (WTI) crude futures depreciated by $1.03 or 1.39 per cent to sell at $73.04 per barrel. OPEC+ announced voluntary production cuts at its meeting last week and this has raised doubts about whether or not producers would fully implement them. Investors

The $4,600 reportedly paid by captain of Team Nigeria at the ongoing Rio Olympics, John Mikel Obi, in Sao Paulo on their way to Salvador has been refunded. Business Post learnt that the refund was made by the Federal Ministry of Youth and Sports, through the Minister, Solomon Dalung. Mr Dalung, who was represented by the Permanent Secretary in the Ministry, Mr Chinyeaka Ohaa, assured the players and officials of the team that they will be given all that is due to them. The Minister said he appreciates the spirit of the team despite the challenges they have faced even

By Dipo Olowookere The music scene in Nigeria is unarguably one of the biggest in Africa. In fact, it is like what the American music industry is to the world and the key stakeholders are loving the attention. A popular female artiste, Yemi Alade, attested to this when she told CNN International in the latest episode of Africa Avant-Garde that, “The music industry in Nigeria is ever-growing, it is huge. The music has spiralled out of control. It’s international, the entire world is into it, the spotlight is on Africa and we’re loving it.” Unfortunately, the outside world sees the

By Dipo Olowookere Leading mobile communications infrastructure company, IHS Holding Ltd, has secured a credit facility of $231 million from South African GSM service provider, MTN Group. The facility was given to HIS Holding in form of a shareholder loan. MTN Group is Africa’s biggest mobile phone operator and it explained on Thursday that the loan will lead to a loss of $228 million on transfer, which will impact headline earnings per share (HEPS) for 2017, the main profit measure in South Africa that strips out certain one-off items, but not earnings before interest, tax, depreciation and amortisation (EBITDA). IHS

By Dipo Olowookere Transactions kicked off on Monday on the floor of the Nigerian Stock Exchange (NSE) on a bad note with the market closing in the red zone. Profit taking by investors plunged the equity market down yesterday by 0.97 percent with the year-to-dare returns shrinking to 5.99 percent. The All-Share Index (ASI) went down by 395.33 points to close at 40,533.37 points, while the market capitalisation depreciated by N142.8 billion to finish at N14.641 trillion. Business Post reports that Monday’s performance was attributed to losses recorded in the consumer goods and the oil gas sectors, which went down

By Dipo Olowookere All may not be too well with RT Briscoe Plc as the company’s auditors, PKF Professional Services, have said if urgent steps are not taken; the automobile firm may be forced to wind down. On Monday, September 21, 2020, the Nigerian Stock Exchange (NSE) made the financial statements of RT Briscoe for the year ended December 31, 2019, available to the investing public. An analysis of the results done by Business Post showed that the organisation is struggling to remain in business. This is because the firm is not generating enough funds to meet its normal obligations.

By Ebitonye Akpodigha Niger State Governor, Mr Abubakar Sani Bello, has charged the traditional institution to remain vigilant for further maintenance of peace and to curtail any act capable of breaking law and order. He made the appeal while presenting staff of office to the 17th Emir of Borgu, Barrister Muhammed Sani Haliru Dantoro, Kitoro IV in New Bussa, Borgu Local Government Area of the state. The Governor stressed the need for cautioned and vigilance on the part of the royal fathers so as to help fish out questionable characters in the society. “I call on all traditional rulers to

By Modupe Gbadeyanka The financial results released to the Nigerian Stock Exchange (NSE) on Monday by Stanbic IBTC Holdings Plc revealed that the group recorded an impressive performance in the first three months of 2017 compared with what it achieved in the corresponding period in 2015. Business Post gathered from the financial statements that the firm’s profit after tax as at March 31, 2017 stood at N16.07 billion compared with N7.8 billion as at March 31, 2016. Also, its profit before tax in the period under review, according to the audited results, stood at N18.6 billion against N10.2 billion achieved

By Modupe Gbadeyanka Food items worth about N200 million have been distributed to no fewer than 371, 000 IDPs in Borno State by the Dangote Foundation. Chief Executive of the Foundation, Mrs Zouera Youssoufou, who made the donation and distribution of the food materials on behalf of Mr Aliko Dangote, explained that the gesture was part of the organisation’s humanitarian efforts. “The Foundation is providing food items worth N200 million to support the IDPs in the state. Today, the items the Aliko Dangote Foundation have delivered include: rice, spaghetti, sugar, salt, millet, maize, noodles, semolina and wheat meal,” she said.