Stock Investors Gain N1.1trn Thursday as Market Cap Hits N18.468trn

By Adedapo Adesanya Nigeria has repaid a total of $12.56 billion in external debt as of 2022, data from Intelpoint showed. According to the latest debt figures, Nigeria’s total public debt rose by 75.3 per cent to N87.38 trillion at the end of the second quarter of 2023 against N49.85 trillion recorded in the first quarter of the year. The rise came as the country securitised the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN) to the federal government. The overdraft is a loan facility through which the CBN finances the shortfalls in the government’s

Forex trading is an exciting and money-making venture, whether you do it as a hobby or a full-time job. In this article, Traders Union (TU) experts will talk about becoming a full-time trader and its advantages and disadvantages. They will also explain how much you can earn. Main steps to become a full-time trader So how to become a full-time trader? There are different options. TU’s analysts will explain each one: Forex prop company Pros: Access to funding: you can get funding from the company to increase your capital. Zero risk: your risk is low because the company provides the

By Dipo Olowookere The trio of Universal Insurance, Oando and UBA were the busiest stocks on the floor of the Nigerian Exchange (NGX) Limited last week, trading 2.212 billion units valued at N8.907 billion in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total trading volume and value, respectively. In the week, investors transacted 3.911 billion shares worth N30.379 billion in 38,536 deals versus the 2.933 billion shares worth N47.449 billion exchanged in 44,654 deals in the preceding week. Financial stocks dominated with 2.774 billion units valued at N15.241 billion in 16,379 deals, contributing 70.92 per

By Dipo Olowookere An independent non-executive director on the board of directors of Nestle Nigeria Plc, Mrs Ndidi Okonkwo Nwuneli, has tendered her resignation. A notice from the company on Tuesday explained that Mrs Nwuneli resigned from the board because of her ongoing fellowship at the Harvard Kennedy School. Mrs Nwuneli, whose resignation was accepted by the board, was appointed as an independent non-executive director of Nestle Nigeria in February 2014. During her time, she contributed to the success story of the company, which is one of the leading makers of beverages and household items in the country. According to

By Adedapo Adesanya The African Development Bank (AfDB) Group has announced the debarment of Burmeister & Wain Scandinavian Contractor for a period of 21 months, for engaging in sanctionable practices in a power generation project financed by the Bank in Mauritius. In a statement released on Monday, June 8, the Abidjan-based regional bank noted that in 2014 and 2015, Burmeister & Wain participated in tenders for the redevelopment of the Saint Louis power plant in Mauritius, a project financed by the bank. Following an investigation conducted by the bank’s Office of Integrity and Anti-Corruption, it concluded that it is more

By Adedapo Adesanya The Nigeria Centre for Disease Control and Prevention (NCDC) on Saturday night reported 13 new cases of COVID19, bringing total cases in the country to 318, and death toll to double digits of 10. The agency confirmed that from the fresh cases, 11 were discovered in Lagos State as the state continues to increase by the day. Other cases were discovered in both Delta and Kano States. With the addition of the two states, the virus has now spread to 19 of the 36 states of the federation. “As at 9:30pm 11th April there are 318 confirmed

By Modupe Gbadeyanka Celebrated queen of blogging in Africa, Ms Linda Ikeji, has shared her life experiences on the popular, Against the Odds with Peace Hyde. She spoke on how she started as a fashion model to being the biggest blogger in the land as well as talking about the perils of building a successful brand. Ms Ikeji also spoke on her humble beginnings, explaining how poverty pushed her to discover her true calling in life. In the interview, viewers will read her journey to building one of the most prolific online blogs in West Africa as well as the

By Modupe Gbadeyanka Foremost pick-up and delivery firm in Nigeria, Red Star Express, has announced the appointment of Mr Sule Umar Bichi as a non-executive director of the company. A statement by the company, which is the sole licensee of FedEx in Nigeria, explained that the appointment of Mr Bichi took effect on October 27, 2016. It was further revealed that Mr Bichi is a graduate of Accounting from Bayero University, Kano and also a fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Institute of Directors (FloD). He also holds a Masters Degree (M.Sc.) in Economics from

By Adedapo Adesanya The Department of Petroleum Resources (DPR) has debunked reports making the rounds that it has revoked the refining licences issued to 32 private companies. In a statement in Abuja on Tuesday, the Head of Public Affairs of the DPR, Mr Paul Osu, disclosed that the validation periods for the 32 refinery licences had simply elapsed, following the attainment of stipulated milestones as stated during their issuance. He explained that new licences would be issued for the refineries when the recipients apply for revalidation for migration to other milestones. He said: “Our attention has been drawn to a

By Sodeinde Temidayo David The National Agency for Food and Drug Administration and Control (NAFDAC) has warned Nigerians against the use of formalin for the preservation of frozen poultry products and other food items. NAFDAC’s spokesman, Mr Abubakar Jimoh, disclosed that crooked business people were in the habit of using formalin for preserving frozen foods, particularly chicken and turkey. The formalin is capable of preserving such products for weeks before they get to consumers, but the consumption of the chemical is dangerous to health. Formalin is a poisonous chemical popularly used to preserve corpses in mortuaries and according to the

By Investors Hub Asian stocks closed Monday’s session on a lackluster note after U.S. President Donald Trump announced an agreement temporarily ending the record-setting government shutdown without getting the $5.7 billion he had demanded from Congress for a border wall. Investors looked ahead to the next round of U.S.-China trade talks as well as the next key Brexit debate in the House of Commons for further direction. U.S.-China trade talks will resume in Washington this week, with markets hoping for a thaw in the escalating tensions after U.S. Treasury Secretary Steven Mnuchin said the two countries were “making a lot of progress”