Stock Market Gains N70b Amid 2017 Budget Crisis

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya Forty-seven per cent of Nigerians are actively engaged with crypto, a new study shows as the country finds safety in the currency amid worries about the foreign exchange rate. According to insights by CoinJournal shared with Business Post, cryptocurrencies, including Bitcoin (BTC) and various alternatives, are no longer just investments for speculation, “They represent a significant change in how people view and use money, providing decentralized options compared to traditional financial systems.” CoinJournal analyzed the data for the past three years, providing a comprehensive understanding of the current status of cryptocurrency adoption in 2023, as well as

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Dipo Olowookere The first trading session of the new week at the exchange located on Customs Street, Victoria Island, Lagos closed bullish as Nigerian stocks appreciated by 0.89 per cent on Monday. The gains recorded by 26 equities, which overpowered the losses printed by eight shares pushed the All-Share Index (ASI) higher by 340.48 points to 38,722.87 points from the previous 38,382.39 points and lifted the market capitalisation by N178 billion to N20.260 trillion from N20.082 trillion. Business Post observed that the growth achieved yesterday was influenced by gains across the key sectors of the market with the exception

By Modupe Gbadeyanka Many Nigerians are finding it difficult to cope with the rising cost of food items at the market because their sources of income have not been increasing commensurately. In fact, some are struggling to put food on their tables as a result of this issue and in view of this, Ecobank Nigeria Limited is organising a webinar aimed to educate Nigerians on how to survive this trying period. The bank said it would hold a digital conference as part of its commemoration of this year’s Workers’ Day and the event is tagged Inflation and Your Money –

By Aduragbemi Omiyale A veteran Nollywood actor, Mr Chiwetalu Agu, has been arrested by the Nigerian Army and accused of inciting members of the public against the federal government. The star was apprehended in Onitsha on Thursday by troops while he was in his bus and dragged out for putting on an attire carrying the flag of Biafra. When he was picked up and dragged on the floor, according to the video of the incident in circulation, the action of the army attracted some passers-by because of the personality involved. However, the army, in a statement denied brutalising the screen-god

By Modupe Gbadeyanka Yamaha Motor Company Ltd announced that in the first half of its fiscal year ending December 31, 2017, consolidated net sales of 828.1 billion yen were up 6.4 percent from the previous year. The company achieved all-time highs in operating income of 82.2 billion yen (up 25.7 percent), ordinary income of 83.5 billion yen (up 51.1 percent), and net income for the period attributable to parent company shareholders of 60.8 billion yen (up 87.5 percent). In emerging markets, motorcycle sales rose and operating income was significantly higher thanks to sales of higher priced products and cost reductions

By Dipo Olowookere The National Insurance Commission (NAICOM) has directed insurers and reinsurers operating in Nigeria to submit their recapitalisation plan on or before Tuesday, August 20, 2019. In a circular signed by Mr Pius Agboola, the Director in charge of Policy & Regulation Directorate at NAICOM, the insurance companies must in the plan categorically state their capital status based on an earlier circular issued in May 20, 2019, the the agency had announced a recapitalisation policy for the industry. The agency noted that this capital status would be based on the last Audited Financial Statements. It further said the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded no movement on Wednesday as the major performance indicators closed in the flat territory. At the midweek trading session at the bourse, the market capitalisation remained unchanged at N531.67 billion, while the NASD Unlisted Security Index (NSI) did not move an inch from the previous 740.98 points. However, there were movements on the activity chart as there was a decrease in the total volume of securities traded at the session by investors to 47,544 units of securities. During the previous trading day, investors transacted 1.6 million units of securities, representing

By Dipo Olowookere The Independent National Electoral Commission (INEC) has declared Governor Godwin Obaseki as the winner of the September 19, 2020, gubernatorial election in Edo State. Mr Obaseki defeated his closest rival, Pastor Osagie Ize-Iyamu in the keenly contested poll by over 84,000 votes and won 13 of the 18 local government areas of the state. The winner won the exercise under the umbrella of the Peoples’ Democratic Party (PDP), while Mr Ize-Iyamu contested the election holding the broom of the All Progressives Congress (APC). According to the electoral umpire, the candidate of the PDP polled a total of

Thanks to the marvels of our constantly advancing and eternally impressive technological advancements, flicking on a light switch or plugging in a laptop is even simpler than primitive tasks like combing your hair or putting on clothes.  But when you’re in business, power is even more useful than keeping the lights on.  A stable, reliable supply of electricity keeps your operations safe and productive, keeps you in touch with your customers, streamlines your operations, and keeps those profits flowing as consistently as the power to your computers, machines and premises. Digging a little deeper, though, reveals the true marvel of