Stock Prices of CWG, 55 Others Shed Weight in One Week

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 Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

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 Dipo Olowookere It is really not a good outcome for Unity Bank Plc in the first half of 2017 following a drop in its profit when compared with the corresponding period of last year. In the financial statements released yesterday to the Nigerian Stock Exchange (NSE), the lender suffered a fall in its post-tax profit. Specifically, the profit for the period depreciated by N257.6 million, closing at N2.1 billion on June 30, 2017, against N2.4 billion 12 months ago. However, the bank’s gross income appreciated to N42.4 billion in the period under review from N39.5 billion last year. Furthermore,

By Dipo Olowookere As part of their shared mission to boost financial inclusion throughout Nigeria, Oradian and the Association of Non-Bank Microfinance Institution of Nigeria (ANMFIN) have launched a strategic partnership. The partnership will enable ANMFIN to promote access to financial services for Nigerian clients on a larger scale by using ANMFIN Cloud Express, a core banking system specially built for ANMFIN and its microfinance institution (MFI) members. ANMFIN Cloud Express, powered by Instafin, is a cloud-based toolset tailored to enable smaller Nigerian microfinance institutions (MFIs) to benefit from a cloud-based solution. President of ANMFIN, Princess Adesola Ogunleye, stated that,

Dipo Olowookere The Special Assistant to Governor Rotimi Akeredolu of Ondo State on Political Matters, Mr Augustine Pelemo, the has been sacked with immediate effect. The Governor’s aide, who works from office of the Deputy Governor in Akure, the state capital, was directed to leave the position for posting a birthday message on Facebook, a popular social media platform. Mr Pelemo had on Sunday wished wife of the Deputy Governor, Mrs Ajewole Agboola Ajayi, a happy birthday, but what got him into trouble was addressing the woman as the Acting First Lady of Ondo State. Barely 24 hours after the

By Adedapo Adesanya The House of Representatives has asked the Central Bank of Nigeria (CBN) to direct commercial banks to urgently overhaul their online and electronic banking platforms. At Thursday’s plenary, the green chamber said this would ease the electronic banking operations that the banks were implementing in line with the cashless/Naira redesign policy of the apex bank and reduce the pains of Nigerians. The resolution came off a motion on notice moved by a lawmaker from Edo State, Mr Sergius Ose-Ogun, in the lower house. “The House notes that Section 88 (1) and (2) of the Constitution of the

By Adedapo Adesanya The United States Agency for International Development (USAID) has launched a two-year $9.5 million Advancing Nutrition Activity to improve the nutritional health of citizens in three states – Bauchi, Kebbi, and Sokoto. The nutrition programme will address the immediate and underlying causes of malnutrition, provide technical support, share innovations, and conduct research to improve nutritional outcomes. According to a statement on Monday, the launch, which was held on March 29, was also an opportunity to showcase the USAID/Nigeria Multi-Sectoral Nutrition Strategy (2020-2025) developed in partnership with the Nigeria government and other key stakeholders. Food insecurity and malnutrition

By Dipo Olowookere Despite the positive Gross Domestic Product (GDP) numbers released by the National Bureau of Statistics (NBS) on Monday, trading on the Nigerian Stock Exchange (NSE) opened for the week on a bearish note with 0.82 percent loss. According to the stats office, the nation’s GDP grew by 1.81 percent in the third quarter of 2018, though lower than the 1.9 percent projected by most analysts. It was observed that the decline recorded yesterday was majorly buoyed by the poor performances of some blue-chip stocks at the market. For example, Nestle Nigeria, which topped the losers’ chart, lost

By Dipo Olowookere A new report published by Mergermarket in partnership with specialist risk consultancy, Control Risks, has expressed concerns that political risk will remain a major concern for dealmakers in Africa in 2018. According to the report titled ‘Resourceful dealmaking: Outlook for M&A in Africa,’ there has been a dramatic fall in M&A activity, with declines of 25 percent in volume and 26 percent in value in the first half of 2017, compared with a relatively buoyant 2016. Imad Mesdoua, senior political risk consultant at Control Risks, disclosed that, “The drop-off signifies growing investor anxiety surrounding governance issues and

By Dipo Olowookere It was a mixed session on Tuesday at the secondary market for treasury bills with the average yields marginally going down by 0.005 percent to settle at 14.66 percent at the close of business. Investors kept a watchful eye on outcome of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN), which ended yesterday. The apex bank chief, Mr Godwin Emefiele, who announced outcome of the meeting to newsmen in Abuja, said the benchmark rate was again left at 14 percent. On the treasury bills yields, only two tenors, the one-month and 12-month