Shareholders Laud Dangote Cement’s ‘Robust Dividend’ Payment

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Dipo Olowookere The management of AIICO Insurance Plc has revealed the strategy it intends to deploy to boost its share price on the floor of the Nigerian Stock Exchange (NSE). The Managing Director/CEO of the underwriting firm, Mr Babatunde Fajemirokun, while addressing some market participants recently, said his team will adopt a regular management/shareholders engagement policy to support the equity price of the company. However, he stressed that this plan will likely kick off in 2021, noting that the platform would be used to update investors on the various plans being put in place by the management to improve

By Sodeinde Temidayo David First City Monument Bank (FCMB) Limited, under its Hub One forum, in collaboration with Passion Incubator, is set to host a crowdfunding platform compliance roundtable with the support of the apex regulatory agency for the Nigerian capital market, the Securities and Exchange Commission (SEC). The roundtable engagement event is aimed at bridging the knowledge gap between crowdfunding platforms and intermediaries on the new SEC rules on crowdfunding, the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet. The event titled Building A

By Dipo Olowookere The news last Monday of a merger between Chemical and Allied Products (CAP) Plc and Portland Paints and Products Nigeria Plc pushed the stocks of the latter higher by 32.20 per cent last week. In the four-day trading week, shares of the paint maker moved from N2.05 per unit to N2.71 per unit, closer to the N2.90 CAP is offering holders of Portland Paints equities. The proposed consideration represents a 45 per cent premium to the last traded share price of Portland Paints on October 16, 2020, being the last business day prior to the date on

By Adedapo Adesanya Nigerian agri-tech startup, AgroEknor, has disclosed that it was working on transforming the value chain of superfoods with scalable digital infrastructure through backward integration. Through this value chain, investments and solutions are provided for agro products which have created higher income opportunities for smallholder farmers and also reduced wastage in the agricultural value chain. The startup came about after the team spent around 12 months researching which products were most viable for trade. “We were able to identify the opportunity with superfoods. We then joined a few industry groups and began to engage potential partners and stakeholders

By Adedapo Adesanya The third trading day of the week, Wednesday, July 31, 2019, saw the Naira depreciate by 71 Kobo at the Investors and Exporters (I&E) window of the foreign exchange (forex) market. The local currency closed at N361.68 against the Dollar from the previous day’s N362.39. This was as the daily market turnover at the segment surged by 55 percent to $123 million from the previous trading day’s $79 million. However at the Central Bank’s official window, the Naira/USD remained flat at N306.85/$ from the previous trading day of the week. Same was the outcome for the Naira

By Modupe Gbadeyanka MRS Holdings Plc has disclosed that its net profit for the third quarter of 2016 rose to N1.1 billion compared to N730 million it was in the same period last year. In its financial result, the company’s gross income for the quarter improved to N82.3 billion against N64.5 billion it recorded in 2015. Its cost of sales increased to N74.9 billion compared to N59.7 billion achieved last, which Business Post gathered was as a result of the forex issue affecting the Nigerian economy. In the report, MRS revealed that it was in a lawsuit against a certain

Investors Hub Reports reaching us indicate that the European stocks are turning in a mixed performance on Wednesday. While the UK’s FTSE 100 Index is down by 0.3 percent, the German DAX Index and the French CAC 40 Index are up by 0.2 percent and 0.3 percent, respectively. Worries over North Korea appeared to ease somewhat with opinion polls showing centrist independent Emmanuel Macron is leading the first round of French presidential election. In economic news, Eurozone inflation slowed as initially estimated to a three-month low of 1.5 percent in March after a 2 percent increase in February, the latest

By Aduragbemi Omiyale One of the firms in the assets management landscape, Investment One Funds Management Limited, has been acquired by a leading financial powerhouse, Guaranty Trust Holding Company (GTCO) Plc. This is part of the efforts of GTCO to expand its operations and serve several clients in the financial services sector in Nigeria. A notice filed to the Nigerian Exchange (NGX) Limited on Monday disclosed that Investment One Funds Management was taken over after the acquisition of a 100 per cent stake in the firm. GTCO is the parent company for Guaranty Trust Bank (GTBank Limited), the banking arm