SEC Takes Full Custody of Investors’ Funds to Deepen Market

By Dipo Olowookere Renewed buying interest in consumer goods stocks saved the Nigerian Exchange (NGX) Limited from collapsing on Tuesday, as it finished higher by 0.71 per cent at the close of trading activities. The trading session saw Ellah Lakes ending as the best-performing stock after its value rose by 10.00 per cent to N3.63, leading the gainers’ chart of 35 members. Berger Paints rose by 9.95 per cent to close at N11.60, eTranzact grew by 9.93 per cent to N8.08, Oando improved by 9.92 per cent to N13.30, and Chams also jumped by 9.92 per cent to N1.33. Business

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By Adedapo Adesanya The Dangote Group Executive, Mr Devakumar Edwin, has said that the Dangote Refinery will not rely solely on Nigerian crude for its operations. This was one of the points made by the official as he gave a detailed production timeline that shed light on crude and product flows as well as delays on the 10-year project to S&P Global Commodity Insights. The company had announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually reach 650,000 barrels per day by November. The $19.5 billion refinery, which

By Adedapo Adesanya The key performance indicators of the NASD Over-the-Counter (OTC) Securities Exchange remained unchanged at the close of transactions on Tuesday amid a mixed activity level chart. Business Post reports that the stalemate occurred after the NASD OTC exchange recorded no price gainer or loser, as the prices of stocks on the platform closed flat. Also, the total value of the alternative equity market, measured by the market capitalisation, remained unchanged at N1.138 trillion, and the NASD Unlisted Securities Index (NSI) closed flat at 805.29 points. During the trading session, investors traded a total of 501,437 units of

By Modupe Gbadeyanka Minister of Finance, Mrs Kemi Adeosun, has been appointed as Chairman of the board of Nigeria Bulk Electricity Trading Company (NBET), following its reconstitution by federal government. Also, appointed by federal government is the Director-General of Bureau of Public Enterprises (BPE), Mr Alex Okoh, who will serve as the Vice-Chairman of NBET board, while Minister of Power, Works and Housing, Mr Babatunde Fashola, will serve as a non-executive director. Other non-executive directors of the NBET board are Director-General of the Debt Management Office (DMO), Ms Patience Oniha; Director-General of Budget Office of the Federation, Mr Ben Akabueze;

By Dipo Olowookere Access Bank’s baseline credit assessment (BCA) has been downgraded by Moodys’ Investors Service to b3 from b2, with its long-term CRRs dropped to B2 from B1, its long-term CRA lowered to B2(cr) from B1(cr) and the national scale CRRs dropped to Aa3.ng from Aa1.ng. In a release by the rating agency, it was explained that the decision to lower the Nigerian lender’s rating was because of the possible weakening of the bank’s credit profile following the merger with Diamond Bank, despite the immediate improvement to Access Bank’ funding structure and long-term profitability. It said following the merger,

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has promised to revamp depots of the corporation across the country and also to work on its pipeline network. He further stated that management of the state-owned oil firm will establish more NNPC Retail outlets across the country, noting that the ultra-modern mega stations would help in stabilizing the downstream petroleum sector in the country. Speaking at the formal opening of an ultra-modern mega fuel station along the Sagamu Interchange on the Lagos-Ibadan Expressway, Mr Baru remarked that the concept of the mega station, which took roots

By Adedapo Adesanya FrieslandCampina WAMCO Nigeria Plc recorded an N8.50 or 6.54 per cent price appreciation on Monday to trade at N130 per share compared with the previous N121.50 per share. Business Post reports that the milk production company granted easy access to the bulls to the NASD Over-the-Counter (OTC) Securities Exchange yesterday. It was observed that the share price of the company was strengthened during the session on the news that shareholders of PZ Cussons Nigeria Plc were meeting soon to ratify the sale of Nutricima Limited to FrieslandCampina, which is expected to boost both the top line and

By Dipo Olowookere The Nigerian Communications Commission (NCC) has released data from the ongoing Subscriber Identification Module (SIM) cards registration exercise to the National Identity Management Commission (NIMC). The release is to give a boost to efforts of the Federal Government towards harmonising biometric data capturing by different agencies in the country. Executive Vice Chairman of NCC, Prof Umar Danbatta, while receiving the Director-General of NIMC, Mr Aliyu Aziz, at his office, said that, “I will like to pledge our commitment to this cooperation between the NIMC and the NCC to ensure that we have a secure and reliable database

By Modupe Gbadeyanka Chair of the judging panel of the 2016 Etisalat Prize for Literature, Helon Habila, has announced the 2016 longlist of nine books. The longlist is made up of entries from first-time authors whose books were published in the past 24 months. The longlisted books are Mr and Mrs Doctor by Julie Iromuanya (Coffee House Press, USA), The Yearning by Mohale Mashigo (PanMacmillan, South Africa), Piggy Boy’s Blues by Nakhane Toure (Blackbird Books imprint of Jacana Media, SA), The Peculiars by Jen Thorpe (Penguin Random House, USA) and Born on a Tuesday by Elnathan John (Cassava Republic, Nigeria).

Foremost philanthropist and richest man in Africa, Mr Aliko Dangote, has been rated 11th of the 50 World’s Greatest leaders for 2019. The rating carried out by the Fortune Magazine, an American multinational business magazine headquartered in New York City, United States, was released recently and focused mainly on the businesses run by the men and how they have used it to impact their society positively. The time-tested magazine, which first edition was published in February 1930, said the world’s greatest leaders both men and women are transforming the world and inspiring others to do so in business, government, philanthropy

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has assured Nigerians of the availability of premium motor spirit (PMS), commonly known as petrol, before, during, and after the 2023 general elections. The Chairman of IPMAN in Rivers State, Mr Joseph Obele, gave the assurance but warned against panic buying of petroleum products ahead of the polls. Mr Obele, who is also the governorship candidate of the African Action Congress (AAC) in Rivers State, commended the management of NNPC Retail Limited for improving the supply of products to the state. He also disclosed that fuel queues were gradually