Profit-taking Weakens Domestic Stock Market by 0.46%

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 Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adeniyi Ogunfowoke Making the decision to become an entrepreneur is a fearless step from being an employee of a business to the leader of your own business. One of the first challenges they are likely to face is that they no longer have line managers to set goals and deadlines for them. Therefore, the responsibility of inspiration and motivation becomes their personal task. This is where some entrepreneurs fall short. As such, these insights shared by Jumia Travel, the leading online travel agency, will help them stay motivated. Set goals and values Entrepreneurs must have personal goals and core

By Modupe Gbadeyanka The need for deposit money banks (DMBs) operating in Nigeria to raise fresh funds to boost their capital adequacy ratios (CARs) otherwise known as capital base, has been emphasised by the International Monetary Fund (IMF). Speaking at a function in Lagos over the weekend, IMF’s Mission Chief for Nigeria, African Department, Mr Amine Mati, explained that the recapitalisation was needed to ensure the aim of the Economic Recovery and Growth Plan (ERGP) formulated by the present administration of President Muhammadu Buhari was met. The ERGP, a Medium Term Plan for 2017 to 2020, was designed by the

By Sodeinde Temidayo David The Nigerian Exchange (NGX) Limited in partnership with the International Finance Corporation (IFC) held a webinar on August 6 to discuss the promotion of gender equality among publicly quoted companies. The session was used to unveil the Nigeria2Equal initiative, which was announced last year at the 2020 International Women’s Day symposium hosted by the exchange and the IFC. The moderator, Ms Anne Njambi Kabugi, who is the Regional Gender Lead – Africa of IFC, disclosed that the scheme comes in four categories. According to her, the first category is on gender balance in leadership and workforce,

By Adedapo Adesanya The foreign capital inflow into the Nigerian oil and gas industry dipped by 72.6 per cent to $53.51 million in 2020 from $195.61 million in 2019. According to data from the National Bureau of Statistics (NBS) in its Nigerian Capital Importation Report for the fourth quarter and full-year 2020, the oil and gas sector accounted for 0.55 per cent of total capital imported into the country in 2020, compared to 0.85 per cent in 2019. The NBS disclosed that total capital imported into all sectors of the Nigerian economy in 2020 stood at $9.68 billion, 57.8 per

By Modupe Gbadeyanka Lagos State government says it has extended the period of payment of Land Use Charge (LUC) to Friday, April 14, 2017, in order to allow more property owners in the state to enjoy the discount applicable to prompt payment of the bill. Revealing this on Thursday, the State Ministry of Finance urged property owners who are yet to make payment to seize this opportunity and benefit from the 15 percent discount by paying their LUC bill immediately. In the statement issued by the Ministry, it explained that the Land Use Charge which is one of the key

By Adedapo Adesanya The governing council of the country’s local content agency, the Nigerian Content Development and Monitoring Board (NCDMB), has approved $50 million to boost research in the oil and gas sector. It was stated that the money would be used for the establishment of research and development of Nigerian Content Research and Development Fund (NCR&DF). According to the Minister of State for Petroleum Resources, Mr Timipre Sylva, the NCDMB Governing Council at a meeting held in June approved the deployment of $50 million Research Fund for sustainable funding of NCDMB’s mandate on Research & Development as enshrined in

By Modupe Gbadeyanka The new pricing methodology and par value rules have triggered excitement among stakeholders in the Nigerian capital market. The new pricing method took effect from Monday, January 29, 2018. It was put in place to improve liquidity, narrow spreads and ensure that all price-improving transactions had material impact. Analysts say the new policies will support more efficient price discovery and liquidity improvement on the exchange. With the new price method, the price floor for stocks listed on the Nigerian Stock Exchange (NSE) now stands at N0.01 from a previous floor of N0.50 per share. In addition, the

By Modupe Gbadeyanka Tomorrow, Tuesday, March 5, 2019, shareholders of Access Bank and Diamond Bank will gather at two separate venues to deliberate on the proposed merger between both financial institutions. While shareholders of Access Bank will meet at the Balmoral Convention Centre, Federal Palace Hotel, Victoria Island, Lagos, those of Diamond Bank will converge few kilometres away at Grand Banquet Hall, Civic Centre, Victoria Island, Lagos. The main purpose of the Extraordinary General Meetings (EGMs) is to give their respective boards the authority to make the banks a corporate entity. Business Post reports that Diamond Bank will first hold