Stakeholders Back Data Processing to Benefit Capital Market Investors

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

By Dipo Olowookere The Nigerian Exchange (NGX) kicked off the first trading session in the last week of the third quarter of the year on a negative note, with the key performance indices going down by 0.66 per cent on Monday. This was partly caused by the reaction of investors to the 30 Kobo interim dividend declaration of the board of Access Holdings Plc. A few days ago, its peer, UBA Plc, raised its interim dividend payment by 150 per cent to 50 Kobo and it was expected that Access Holdings would follow the same path. However, the company disappointed

By Modupe Gbadeyanka The United Nations, through the Nigeria Humanitarian Fund, has allocated $2 million to support the response to a deadly cholera outbreak in Yobe State, north-east Nigeria, that could affect thousands of people. Since the beginning of the outbreak, which was officially declared in four local government areas on 28 March, a total of 404 cases and 15 deaths have been reported, representing a 3.7 percent case fatality rate. The United Nations and its partners activated an immediate emergency response in the affected communities in support of the State Ministry of Health. However, additional resources are needed to

By Modupe Gbadeyanka A N10 billion survival fund has been approved by the federal government for transport workers and operators in the country, with modalities for its disbursement being worked on at the moment. Minister of State for Transportation, Ms Gbemisola Saraki, who announced this recently, said the funds will be domiciled with the Federal Ministry of Trade, Industry and Investment. Speaking when the President of Public Transport Owners of Nigeria Association (PTONA), Mr Isaac Uhunwagho, led his team to her office in Abuja, she said the money will help cushion the sufferings encountered by road transport workers and operators

By Adedapo Adesanya The new Minister of Power, Mr Abubakar Aliyu, who assumed duty on Monday, has said a critical duty of his management is to ensure that “a steady power supply is delivered to Nigerians.” He made this disclosure in Abuja where he urged stakeholders in the power sector to work together as a team in order to ensure Nigerians enjoy uninterrupted electricity. On September 1, 2021, President Muhammadu Buhari sacked the former Minister of Power, Mr Sale Mamman as well as the Minister of Agriculture and Rural Development, Mr Sabo Nanono due to poor performance. While taking over

By Dipo Olowookere The acquisition of Starwood Hotels & Resorts Worldwide has finally been completed by Marriott International, creating the world’s largest and best hotel company. With the deal concluded, Marriott now offers the most comprehensive portfolio of brands including leading lifestyle brands, a significant global footprint, and leadership in the luxury and select-service tiers as well as the convention and resort segment. It was gathered that from now on, Marriott will match member status across Marriott Rewards – which includes The Ritz-Carlton Rewards – and Starwood Preferred Guest (SPG), enabling members to transfer points between the programs for travel

By Dipo Olowookere A fully certified organic food store, with an extensive and complete range of foods, and personal care products, has opened in Lagos. The new company is called A New Earth. Business Post correspondent reports that the firm maintains the strictest quality standards in the industry, and is rigorously committed to sustainable agriculture. A New Earth is a boutique supermarket that first opened its doors on July 1, 2009, in Beirut, Lebanon and has since pioneered all things organic for the past seven years. According to information further gathered, A New Earth thrives to seek out the finest

By Modupe Gbadeyanka The Kwara State government is beginning to worry about the decline in the federal allocation to the state as it might become a challenge if nothing is done urgently to boost earnings. The amount shared to the north-central state of the federation reduced again for the second time in November by 8.11 per cent. Also, the allocation disbursed to the 16 local government areas of the state depreciated in the month under review by 4.12 per cent. On Thursday, the Commissioner for Finance and Planning in Kwara State, Ms Florence Olasumbo Oyeyemi, disclosed in a statement that

By Dipo Olowookere The N100 billion Commercial Paper programme of Coronation Merchant Bank Limited has been admitted on the platform of FMDQ. This followed the approval granted by the Board Listings, Markets and Technology Committee of FMDQ for the registration of the paper. This CP Programme registration positions Coronation Merchant Bank Limited to raise finance for a tenor up to 270 days from the debt market at a time in the future it deems suitable. The short-term finance will be raised via CP issues within the approved CP Programme limit and quoted on FMDQ for visibility of the issue and

By Adedapo Adesanya  The Naira put up a good fight against the United States Dollar at the black market on Tuesday after an abysmal performance on the first trading day of the week on Monday. At the parallel segment of the foreign exchange (forex) market in Nigeria yesterday, the local currency appreciated against the American currency by N1 to trade at N362 to a Dollar. The world currency had traded at N360 for over six months, but suddenly recorded a sharp appreciation against the Nigerian Naira, exchanging at N363 at the market as at Monday before retreating to N362 on