Stock Market Remains Bullish as Honeywell Flour Gains 10%

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Adedapo Adesanya The Nigerian government is targeting an estimated $55.2 billion in oil and gas investments by 2030, according to the Special Adviser to the President Bola Tinubu on Energy, Mrs Olu Verheijen. She said the government has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria. The President’s aide recently organised sessions in Lagos and Abuja in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to review ways to improve the sector and address the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy. Involved in

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Adedapo Adesanya The Federal Government has suspended the January salaries of tertiary institutions academic and non-academic staff who are yet to be registered on the Integrated Personnel and Payroll Information Systems (IPPIS) over non-compliance. In a letter titled Request for Stoppage of Release of Funds for January Salaries to Federal Universities, Polytechnics and Colleges of Education from the Office of the Accountant General of the Federation dated January 23, 2020 addressed to the Minister of Finance and National Planning, Mrs Zainab Ahmed, the FG requested the stoppage of the release of funds for the payment of salaries of the

By Adedapo Adesanya In a fresh round of action, the Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Senate President, Mr Ahmad Lawan, and Speaker of House of Representatives, Mr Femi Gbajabiamila over their failure to probe an alleged misappropriated N4.4 billion public money budgeted for the National Assembly. The suit followed the publication of annual audited reports for 2015, 2017, and 2018 in which the Auditor-General of the Federation raised “concerns about alleged diversion and misappropriation of public funds, sought the recovery of any missing funds, and asked that the evidence of recovery should be

By Aduragbemi Omiyale Professor Michael Obadan and six others have been confirmed as members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). Prof Obadan, an existing member of the committee, was nominated with the others by President Muhammadu Buhari and on Wednesday, the Senate approved their nominations. The others confirmed were Professor Mohammed Adaya Salisu, Dr Mo’Omamegbe (new members), Professor Festus Adeola Adenikinju, Professor Aliyu Sanusi Rafindadi, Dr Robert Asogwa and Mr Aliyu Ahmed (old members). At the plenary today, the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Mr Uba

**As Sell Pressure Pushes T-Bills Yields to 12.37% By Dipo Olowookere The average yields of treasury bills at the secondary market in Nigeria increased on Thursday by 0.07 percent to 12.37 percent amidst renewed sell pressure by investors at the space. Business Post reports that during the session, there were a total of 299 deals worth N198.4 billion transacted by market players across the different maturities. At the close of business, only the long end of the curve suffered a decline in its yield. The one-year debt instrument went down by 0.06 percent to 14.32 percent from 14.34 percent. But

By Dipo Olowookere The share price of Meyer Plc witnessed an appreciation of 56.94 per cent last week on the floor of the Nigerian Exchange (NGX) Limited, closing at N1.13 compared with the 72 kobo it traded a week earlier. It was one of the 33 stocks that appreciated in price in the week, higher than the 20 stocks that grew in value in the previous week. Other price gainers in the five-day trading week were Regency Assurance, which rose by 19.35 per cent to 37 kobo; Conoil, which expanded by 16.85 per cent to N26.00; NAHCO, which jumped by

By Modupe Gbadeyanka Since the present management of Keystone Bank Limited under the leadership of Mr Obeahon Ohiwerei came on board in August 2017, the financial institution has witnessed significant transformation both structurally and in market competitiveness. In a chat with newsmen in Lagos on Monday, Mr Ohiwerei explained that the bank’s current strategic focus anchors on a blend of professionalism and best-in-class yet cost-effective technology to drive customer convenience across all touchpoints. According to him, “What was otherwise a fringe bridge-bank player has increasingly reinvented itself in the market place as medium-sized in scale yet replete with the vibrancy,

By Dipo Olowookere Additional 232,899,013 ordinary shares of 50 kobo each of Stanbic IBTC Holdings Plc have admitted on the trading platform of the Nigerian Stock Exchange (NSE), Business Post has learned. These equities of the company were listed on the nation’s stock exchange on Thursday, September 12, 2019, a regulatory document seen by this newspaper confirmed. It was gathered that the new shares were created by Stanbic IBTC from the scrip dividend offered to shareholders of the financial institution, who opted to convert their cash dividend of N1.50k per share to new equities of the firm for the full

By Dipo Olowookere Takeda Pharmaceutical Company Limited and ARIAD Pharmaceuticals Inc. today announced that they have entered into a definitive agreement under which Takeda will acquire all of the outstanding shares in ARIAD for $24.00 per share in cash, or an enterprise value of approximately $5.2 billion. The transaction has been approved unanimously by the boards of directors of both companies, and is expected to close by the end of February 2017, subject to required regulatory approvals and other customary closing conditions. Sarissa Capital, the holder of 6.6 percent of ARIAD’s common shares, as well as each of the members