SEC Extends Deadline For Trade Group Registration

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

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

Mouka, the market leader in Nigeria’s Sleep industry, has joined the World Sleep Society and thousands of sleep health professionals and advocates raising awareness of the importance of good sleep for healthy living. Celebrated annually on March 17, this year’s World Sleep Day with the theme “Sleep is Essential for Health”, is dedicated to spreading awareness about all aspects of sleep. According to the World Sleep Society, just like eating well and exercising, sleep is a behaviour that is foundational to one’s physical, mental, and social well-being. Speaking on the theme, Mouka’s Managing Director, Mr Femi Fapohunda, stated that healthy

By Ashemiriogwa Emmanuel A federal high court in Abuja recently ordered that the accounts of Bamboo Systems Technology Limited and Bamboo Systems Technology Ltd be temporarily unfrozen. The companies had filed an application, praying for a variation on the grounds that they needed funds to pay rent and workers’ salaries. Recall that about three weeks ago, the apex court in Abuja granted the Central Bank of Nigeria (CBN) request to freeze bank accounts of a few financial technology (fintech) companies for 180 days. The companies affected were Rise Vest Technologies Limited, OPNS, Chaka Technologies Limited, CTL/Business Expenses, Trove Technologies Limited,

By Modupe Gbadeyanka Managing Director/Chief Executive Officer (MD/CEO) of Trustfund Pensions Limited, Mrs Helen Nneamaka Da-Souza, has been elected into the board of Capital Hotels Plc as a director. The election of Mrs Da-Souza took effect from Thursday, October 26, 2017. A statement signed by the scribe of Capital Hotels, Alex Ugwuanyi, stated that Mrs Da-Souza was elected at the meeting of the board of the firm, which took place Thursday, October 26, 2017. Mrs Da-Souza joined Trustfund Pensions Limited as Director, Finance and Administration in 2010 and rose to the position of the MD/CEO in 2013, after holding the

By Ahmed Rahma The Governor of Lagos State, Mr Babajide Sanwo-Olu, has commended the management of the Nigerian Port Authority (NPA) for using technology to address the traffic logjam at the Apapa area of the state. Mr Sanwo-Olu, who spoke when the Managing Director of the NPA, Mrs Hadiza Bala Usman, paid him a courtesy visit at the Government House in Alausa, Ikeja, on Tuesday, said he was excited with the introduction of an electronic call-up system. The system, according to the NPA, would ensure that trucks are allowed on the Apapa corridor via a booking system. The initiative would

By Adedapo Adesanya Nigeria could swap the Naira for the single currency being proposed by the Economic Community of West African States (ECOWAS) if good monetary and fiscal policies are put in place, Business Post analysis shows. Originally intended to be launched in 2000, the ECO, which is the currency being considered, has been postponed multiple times; and the newest target date set is 2020. With this, it means six member countries, including Nigeria, Liberia, Sierra-Leone, and Ghana; could swap their currencies for the ECO. ECOWAS countries like Benin Republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo

By Adedapo Adesanya Nigerians continue to watch on as the Independent National Electoral Commission (INEC) announced the results of the tightest presidential election in a generation. Now, two days after millions of Nigerians cast their ballots, apprehension remains because only around a third of the results have been displayed on the electoral body’s website, but results continue to be announced at the National Collation Centre in Abuja. Preliminary results gathered by Business Post from the results announced by the Resident Electoral Commissioners (RECs) of INEC in the different states of the country show that the candidate of the All Progressives

By Modupe Gbadeyanka Transactions on the floor of the Nigerian Stock Exchange (NSE) closed 0.68 percent higher on Tuesday as a result of renewed bargain hunting by investors. Business Post reports that the growth recorded by the stock market was mainly buoyed by banking stocks, which had its index appreciating by 2.62 percent yesterday. While the All-Share Index (ASI) went up by 208.49 points to settle at 31,007.25 points, the market capitalisation increased by N76 billion to finish at N11.320 trillion. Also, the market breadth, which closed positive on Tuesday, recorded a total number of 24 appreciating equities and 14

By Modupe Gbadeyanka The board of Transnational Corporation of Nigeria (Transcorp) Plc on Friday recommended the payment of 3 kobo per share final dividend to shareholders of the company for the year ended December 31, 2018. The firm proposed the final dividend payment after releasing its 2018 full year financial results to the Nigerian Stock Exchange (NSE). In the period under review, Transcorp grew its profit after tax by 95 percent to N20.627 billion from N10.607 billion in FY 2017. Also, the profit before tax appreciated to N22.402 billion as at December 31, 2018 from N12.306 billion as at December