Senate Tasks CBN, Banks to Reduce Interest Rates

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

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 The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.18 per cent gain to open the week in positive territory on Monday, December 4, with the unlisted security index rising by 1.59 points to end the day at 862.40 points compared with last Friday’s closing value of 860.81 points. The improvement recorded by the bourse yesterday raised the value of the unlisted stock exchange by N2.5 billion to close at N1.169 trillion, in contrast to the preceding session’s N1.166 trillion. The gain posted by the bourse was driven by the N13.70 added to the share price of 11

By Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

By Modupe Gbadeyanka Senior citizens residents in Abia State may soon start to enjoy free healthcare services courtesy the Abia State government. At a celebration to mark the World Health Organization Day for the aged at the Michael Okpara Auditorium, wife of the Governor, Mrs Nkechi Ikpeazu, disclosed that this service would be available in all Community Health Centres in the state. During the event, the senior citizens were celebrated by the government and were given free medical screening and others. An Mrs Ikpeazu said it has been the desire of Governor Okezie Ikpeazu for a long time to bring

By Investors Hub European stocks are extending losses from the previous session as increased fears of a global trade war dented investor sentiment and spurred demand for safe-haven assets. While the U.K.?s FTSE 100 Index has fallen by 0.4 percent, the French CAC 40 Index and the German DAX Index are down by 1.3 percent and 1.4 percent, respectively. Credit Suisse Group has moved to the downside after the Swiss banking giant announced that proposed total compensation for CEO Tidjane Thiam for 2017 would be 9.70 million Swiss francs, 5 percent lower than the prior year. German biotechnology company MorphoSys

By Benita Ayo There is a myth surrounding the much touted Certificate of Occupancy, known otherwise as the ‘C of O’. it is a document evidencing title to a property which is issued solely by a state government. The process of its issuance emanates from when an applicant applies to the state government through the Executive Secretary of the Land Use and Allocation Committee (LUAC), where the land is situate for a portion of State Land. Where the application is successful, the state government issues an allocation letter advising the schedule of fees to be paid for the newly allocated

By Dipo Olowookere It was a positive start to a new month for the Nigerian Stock Exchange (NSE) on Wednesday, July 1, 2020, as the bourse rebounded by 0.47 percent after the previous day’s loss. Gains in the industrial goods stocks like BUA Cement and Lafarge Africa as well as Cadbury Nigeria in the consumer goods sector supported the market yesterday, ensuring that the losses by 22 stocks did not affect the overall performance of the exchange, which printed only 12 gainers. Data sourced by Business Post from the NSE indicated that the banking sector depreciated by 0.88 percent, followed

By Adedapo Adesanya * Cost of other alternatives transport soar in Review Month ** Ripples of fuel subsidy spur rise in food, rent, others *** President Tinubu launches palliative measures to cushion effect The average fare paid by commuters for bus journeys within the city per increased by 97.9 per cent from N649.59 in May 2023 to N1,285.41 in June 2023 as Nigerians grapple with a rise in prices after President Bola Tinubu announced the removal of fuel subsidy. This was contained in the Transport Fare Watch June 2023 released by the National Bureau of Statistics (NBS) over the weekend,

By Modupe Gbadeyanka The management of Dangote Petroleum Refinery has agreed to select competent Nigerian vendors that will participate in the construction of the plant from the Nigerian Oil and Gas Industry Joint Qualification System (NOGICJQS), the database of available capacities in the oil and gas industry managed by the Nigerian Content Development and Monitoring Board (NCDMB). Chief Operating Officer of the Dangote Refinery Project, Mr Giuseppe Surace, committed to this at the technical meeting held between top officials of the company and NCDMB at the refinery project site in Lekki, Lagos State few days ago. Mr Surace affirmed that

By Adedapo Adesanya As part of continued efforts to get an increased share of Nigeria’s oil and gas revenue, the Akwa Ibom State Government has sought for a partnership with the Nigerian National Petroleum Corporation (NNPC) Limited for the refining of aviation fuel in the state. Governor Udom Emmanuel made a request for a license from NNPC Limited for the establishment of a modular refinery for aviation fuel to service the state’s growing aviation industry and the country at large. Mr Udom said the request was imperative as the state was currently constructing an international airport with a smart airport

By Dipo Olowookere A businessman based in Lagos has taken leading financial institution in Nigeria, United Bank for Africa (UBA), to court for an alleged breach of deed of a property sub-lease. In a statement of claim filed by counsel of the businessman, Mr Akinpelu Salau, the claimant said a deed of sub-lease, which commenced on October 1, 2006, was breached by UBA on his building situated at Plot 15, Aina Layout, Lagos Abeokuta Road, Dopemu, Lagos State. The claimant, Mr Lasisi Ayomumoye, is asking for N36.8 million from the bank for a breach of deed of the property sub-lease.