Shares of FTN Cocoa Surge 54.55% in One Week

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

Traders Union (TU) experts know that every investor has their own special way of investing that sets them apart from the rest. A famous investor, Carl Icahn, is one of those exceptional figures who did things differently and achieved a lot. Understanding what he did and how he did it can be really helpful for new traders. It’s like having a practical guide that can turn a beginner into a pro trader quickly. Discover Carl Icahn trading strategy by reading on. Biography of Carl Icahn Born on February 16, 1936, in Far Rockaway, Queens, New York, Carl Icahn grew up

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Dipo Olowookere The collection of personal income tax and levies from traders in Ebonyi State has been suspended by Governor David Umahi. This followed complaints from market women in the state through their leader, Mrs Akoji Agnes, of illegal revenue collections by some fraudsters and illegal revenue collectors in the state. Giving the directive on Monday, the Governor further said the collection of revenue by local councils in the state is also suspended till further notice. Mr Umahi said those who have stalls or shops in any market in the state should pay only the consolidated revenue agreed by

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has reacted to the mixed reactions that trailed its ban on cryptocurrency trading in the country last week. The apex bank-led by Mr Godwin Emefiele had in a circular last week directed commercial banks and other financial and non-financial institutions not to trade or have any relationship with those involved in the digital currency. It warned that any company caught contravening this directive would be severely sanctioned, noting that the use of any digital currency was illegal in Nigeria. This action caused the CBN to have many enemies as some commentators

By Modupe Gbadeyanka The Conference of Nigeria Political Parties (CNPP) further called on President Muhammadu Buhari to urgently sign the re-amended electoral bill into law. The group re-echoed this call in a statement signed by its Secretary-General, Mr Willy Ezugwu on Monday in reaction to the conduct of the area council election in the Federal Capital Territory (FCT), Abuja by the Independent National Electoral Commission (INEC). The umbrella association of all registered political parties and political associations in the country urged the electoral umpire to “continue to improve on the conduct of free and fair elections ahead of 2023 general

By Adedapo Adesanya Economic activities in the south eastern part of Nigeria will likely be halted on Tuesday, September 14, 2021, as the outlawed secessionist group, the Indigenous People of Biafra (IPOB), has asked residents of the region to observe a sit-at-home order to commemorate victims of the invasion of the compound of its leader, Mr Nnamdi Kanu, at Afaraukwu Ibeku Umuahia, Abia State, by the Nigerian Army in 2017. The Media and Publicity Secretary of IPOB, Mr Emma Powerful, in a statement said, “We the global movement of the Indigenous People of Biafra (IPOB) wish to remind all Biafrans,

By Dipo Olowookere Fitch Ratings has announced affirming the ratings on Zenith Bank, United Bank for Africa (UBA), Guaranty Trust Bank (GTBank) and Access Bank [ZUGA Banks], all with stable outlook. In a statement issued by the agency, it was stated that the Long-Term Issuer Default Rating (IDR) on Zenith Bank and UBA were left at ‘B+’, while the Long-Term Issuer Default Rating (IDR) on Access Bank was affirmed at ‘B’, the Long-Term Foreign Currency Issuer Default Rating (IDR) on GTBank was affirmed at ‘B+’. Fitch said the Viability Rating (VR) of Zenith Bank is among the highest it assigned

By Investors Hub The major U.S. index futures are pointing to a sharply lower opening on Wednesday, with stocks likely to move back to the downside following the rebound seen in the previous session. News that China has issued a list of 106 U.S. products that will be subject to additional tariffs is likely to weigh on Wall Street. The Chinese Ministry of Commerce said it plans to impose a 25 percent tariff on $50 billion worth of U.S. exports, including aircraft, cars, soybeans, and whiskey. The announcement by China came shortly after the U.S. Trade Representative published a proposed

By Dipo Olowookere The management of Sterling Bank Plc has announced the issuance of about N35 billion commercial papers (CP) to boost its operations in the country. The mid-tier bank, in a statement to the Nigerian Stock Exchange (NSE) today, said the exercise was under its N100 billion CP programme launched on December 13, 2016. In the statement obtained by Business Post from the website of the stock exchange, the financial institution explained that it issued the N35 billion papers in Series 6 and Series 7. While the Series 6 CP was issued for a tenor of 177 days at

By Dipo Olowookere The Lagos State House of Assembly has argued that repealing the law that grants pension and other emoluments to governors and deputies after leaving office would expose them to security risks. This submission was made on Monday when the bill submitted last year by Governor Babajide Sanwo-Olu to repeal the law was read on the floor for a second time. The bill is titled A Bill for a law to repeal the law to provide for the payment of pensions and other fringe benefits to public office holders in Lagos State and for other connected matters. In