Stock Market in ‘Distress’ by 0.72% as Investors ‘Cash Out’ N148bn

By Adedapo Adesanya Oil fell on Monday as traders approached the market with caution over plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to cut production in the first quarter of 2024. Brent crude futures lost 85 cents or 1.08 per cent to finish at $78.03 a barrel while the US West Texas Intermediate (WTI) crude futures depreciated by $1.03 or 1.39 per cent to sell at $73.04 per barrel. OPEC+ announced voluntary production cuts at its meeting last week and this has raised doubts about whether or not producers would fully implement them. Investors

Cryptocurrencies, including Bitcoin 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. According to a report by CoinJournal, which analysed owners of cryptocurrencies between 2020 and 2023, 47 per cent of Nigeria’s population are actively engaged with crypto, with Turkey experiencing a notable 31 per cent jump in cryptocurrency ownership from 2020 and currently shares the top spot with Nigeria, while 31 per cent of the people in the United Arab Emirates (UAE) own digital currencies in 2023. Nigeria

By Dipo Olowookere Over the weekend, the board of Cement Company of Northern Nigeria (CCNN) Plc released the 2018 earnings report of the cement maker. However, the performance during the year was not too impressive, though the revenue generated improved by 61.94 percent to N31.7 billion from N19.6 billion. The gross profit also appreciated by 83.40 percent to N14.2 billion from N7.8 billion, while the finance income rose to N137.6 million from N108.2 million a year earlier. However, cost of sales skyrocketed to N17.5 billion from N11.8 billion, while the administrative expenses shot up to N5 billion from N2.5 billion,

By Adedapo Adesanya The Standards Organisation of Nigeria (SON) has urged the Association of Nigerian Licensed Customs Agents (ANLCA) to expose unscrupulous members hiding under the association to perpetrate heinous activities. This appeal was made by the Director-General of SON, Mr Farouk Salim, at an interactive session with executives of ANLCA in Lagos. He noted that exposing these clearing agents would serve to protect and improve the image of the association as well as safeguard lives and properties of Nigerians. He said, “The impact of substandard goods on the nation is huge, leading to loss of jobs and sometimes lives

By Modupe Gbadeyanka On Monday, President Muhammadu Buhari signed the Finance Bill 2019 into law, approving the 50 percent in the value added tax (VAT) from 5 percent to 7.5 percent. On Tuesday, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, released a statement through her media aide, Mr Yunusa Tanko Abdullahi, listing some items exempted from VAT under the new law. She listed these commodities as basic food items (agro and aqua based staple foods) such as additives, cereals, cooking oils, culinary herbs, fish of all kinds (other than ornamented), flour and starch, fruits, live or

By Oladimeji Odeyemi Those who are students of history particularly that of Yoruba history will remember the very Didactic story of a certain kingmaker in the Old Oyo Empire in Circa 1750 that was responsible for the installation of four Alaafins; Labisi, Awonbioju, Agboluaje and Majeogbe and also killed them all. To the discerning and prescient mind, a certain parallel is to be found in the story of Bashorun Gaa and Chief Olusegun Aremu Obasanjo (former President of Nigeria), both kingmakers at different times and eras, yet possessing the same mindset and idiosyncrasies — a certain human function no doubt,

By Adedapo Adesanya The Ekiti State Government has disclosed that it loses N19.2 million to ghost workers in the 16 local government areas of the state on monthly basis. This was contained in the report of an 11-member Committee on Local Government Staff Verification set up by Governor Kayode Fayemi. The committee’s report said the amount represents salaries and emoluments drawn monthly by 362 ghost workers discovered in the just concluded verification exercise. The state government noted that some people were allegedly hiding under ghost workers to pilfer the state’s resources, which warranted the government to set up the 11-member

By Adedapo Adesanya The first trading session of the new month of February ended on a flat note on Monday at the NASD Over-the-Counter (OTC) Securities Exchange. During the session, the major performance indicators remained unchanged as investors stayed on the sidelines to watch happenings at the macroeconomic environment. At the close of business, the market capitalisation closed at N520.48 billion, while the NASD Unlisted Security Index (NSI) remained at its previously quoted 725.39 points. However, the activity level reduced as the total volume of securities traded at the session by investors decreased to 17,150 units from 112,542 units of

By Modupe Gbadeyanka The Nigeria Customs Service (NCS) has appointed NOVA Merchant Bank as a duty collecting bank. This development will enable the young bank handle duty payments for its clients in addition to process and issue custom bonds along with guarantees on their behalf. A statement issued by the financial institution said this is in fulfilment of its commitment to constantly find new ways to serve its customers better. The bank now has the authorisation to collect import, excise and other duties for the customs. “We are excited about this appointment because it would enhance efficiency and improve turnaround

By Modupe Gbadeyanka The free electronic dividend (e-dividend) registration, which ended on December 31, 2017, has now been extended to Wednesday, February 2018. The initiative was put in place by the Securities and Exchange Commission (SEC), the apex regulatory agency in the Nigerian capital market. The e-dividend payment system was introduced to allow shareholders and investors get their money paid directly into their bank accounts. When deadline for the free registration ended last year, some stakeholders in the capital market appealed to SEC to extend the exercise. The regulator had earlier announced that though the registration was ongoing, shareholders, who