Sell-off in CSCS Chops NASD Market Capitalisation by 0.69%

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

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By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Modupe Gbadeyanka Nigeria has been advised by the European Union (EU) to devalue the Naira so as to revamp the country’s ailing economy. Speaking with newsmen on Monday in an interview, the Counsellor, Head of Trade and Economics Section of EU, Mr Fillippo Amato, submitted that, “To come out of recession, the country has to take brave decisions, regardless of how unpopular they may be such as fully and effectively devaluing the Naira.” He said, “Devaluing the Naira is a measure, which will finally reassure investors and attract new capitals to the country.” Speaking further, he remarked that, “At

By Kestér Kenn Klomegâh African Union (AU), an organization uniting 55 independent African states, has consistently focused on women’s empowerment, supporting their status and fighting for their basic civil rights. African women, in practical terms, remain overwhelmingly important on AU’s agenda and its activity these several years. Chairperson of the African Union Commission, Mousa Faki Mahamat, on Women’s Day 2023, has stressed critical ways to bridge the gender digital divide and make women play important roles across Africa. Mousa Faki Mahamat expressed strong delight that this year’s celebration with all members of the African Union, having launched the implementation Roadmap

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 1.31 per cent on Friday after being subjected to profit-taking by investors desperate to book profit. Data showed that the banking index went down by 1.27 per cent as the industrial goods space declined by 0.05 per cent. However, the insurance sector appreciated by 0.48 per cent, while the consumer goods counter increased by 0.13 per cent, with the energy space closing flat. At the close of business, the All-Share Index (ASI) decreased by 715.74 points to settle at 53,804.46 points, in contrast to the previous day’s 54,520.20 points, as

By Modupe Gbadeyanka Season two of Ecobank Super Rewards promo has commenced and 50 customers of the bank will get cash prizes every week, a statement from the lender has said. It was disclosed that the campaign was brought back due to popular demand from customers, who said they were impressed with the excitement generated in season one. According to Ecobank Nigeria, the campaign will run for four months between October 2021 and January 2022 and will produce 800 winners who will get N25,000 weekly. In addition, four millionaires will emerge in each of the four delineated regions of Lagos,

By Dipo Olowookere Popular Nigerian artiste, Folarin ‘Falz’ Falana, has reacted to the ultimatum given to him to withdraw his recent music video titled ‘This is Nigeria.’ On Tuesday, a Muslim group known as Muslim Rights Concern (MURIC) had directed Falz to withdraw the said music within seven days or face a legal action. MURIC, in a statement issued by its leader, Prof Ishaq Akintola, claimed Falz “denigrated Islam, demonized Nigerian Muslims and subjected them to public opprobrium” in the video by portraying women in hijab (Islamic veil) as choreographers dancing the ‘shaku-shaku’, a dance he said was “associated with

By Modupe Gbadeyanka Despite recording 30.4 percent increase in its revenue in the 2017 financial year, which ended on September 30, 2017, one of the leading foam makers in Nigeria, Vitafoam, posted a huge loss in the period under review. In its audited financial results released to the Nigerian Stock Exchange (NSE) on Monday, January 08, 2018, the firm said its revenue grew from N13.57 billion in the 2016 financial year to N17.7 billion in 2017. This was boosted by some strategic initiatives put in place by the management to enhance the company’s earnings. However, the issue of foreign exchange

By Dipo Olowookere The chief executive of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, has said the exchange would consider policy advocacy aimed to encourage more companies from listing their shares on the bourse. Speaking at an engagement session with institutional clients on Monday, July 26, 2021, Mr Popoola admitted that there was a dearth of listings on the exchange, but said efforts were being made to address the issue. He identified two major areas around attracting more listings to the market first by considering the driving factor behind major spiked in listing activity and then considering barriers to