Stock Recommendation for the Week (April 9)

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Modupe Gbadeyanka The appointment of Rupali Gupta as Head of Investor Relations has been announced by Africa50, the pan-African infrastructure investment platform capitalized by the African Development Bank, 23 African countries, and two African Central Banks. A statement issued by the organisation explained that Rupali will lead fundraising and development of investor relations with public and private partners and shareholders worldwide. The Indian citizen will bring substantial experience to this role, having used her in-depth understanding of investor preferences and institutional relationships to raise over $2 billion for four emerging market funds. Commenting on the appointment, Africa50 CEO, Alain

By Kester Kenn Klomegah In separate early April discussions with South African and Ethiopian leaders, Russian President Vladimir Putin pledges Russia’s support in collaborating with Africa fight coronavirus that is currently spreading among the population across the continent. With the Ethiopian Prime Minister Abiy Ahmed, the Kremlin press reported that “while discussing the situation caused by the spread of the coronavirus, both parties stressed the importance of invigorating efforts of the entire international community, including the IMF and the World Bank, to combat the infection. They have also considered some topical aspects of developing bilateral relations.” South African President Cyril

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed the second trading week of the year in the negative territory, depreciating by 0.91 per cent. At the close of transactions, the NASD Unlisted Security Index NSI declined by 1.41 points to settle at 740.04 points as against 741.45 points it finished a week earlier. In the same vein, the market capitalisation of the NASD OTC reduced by N1.01 billion to finish at N530.99 billion compared with N532.00 billion it ended at the preceding week. Business Post reports that the bearish outcome seen in the week was caused by the

By Modupe Gbadeyanka Mr Jubril Mobolaji Lawal has been appointed by Guaranty Trust Bank Plc (GTBank) as its Executive Director. The appointment of Mr Lawal was announced on Wednesday in a statement issued by the financial institution. It was stated in the statement that his appointment has received the approval of GTBank’s Board of Directors and the Central Bank of Nigeria (CBN). In the statement, it was revealed that Mr Lawai has over 24 years of banking experience which spans through Corporate Banking, Commercial Banking, Credit Risk Management and Investment Banking. He was said to have joined GTBank in 1992

By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has announced the postponement of the 2020 edition of the Lagos International Trade Fair due to the economic disruptions brought about by the COVID-19 pandemic and the recent #EndSARS protests that rocked the nation. According to the chamber, the fair which will feature both physical (in-person) and virtual (online) platforms, was initially scheduled to hold from November 6 to November 15, 2020, at the Tafawa Balewa Square, Lagos, but will now hold from Friday, December 4 to Sunday, December 13, 2020. According to the Director-General of the LCCI, Mr

By Dipo Olowookere Chairman of OAK Pensions, Dr Awa Ibraheem, has expressed satisfaction with the growth in profit of the company in the 2016 financial year. At the firm’s 11th Annual General Meeting (AGM) held in Lagos recently, Mr Ibraheem said the increased earnings will definitely excite shareholders. During the period under review, OAK Pensions raised its profit to N230.9 million from N130.6 million in the previous year. This, according to the Chairman, was due to different careful implementation of policies to grow the company put in place by management. One of these policies was increasing its accessibility in all

By Dipo Olowookere A credit facility worth $100 million has been given to Nigerian company known as Indorama Eleme Fertilizer and Chemicals Limited for the production of fertilizers in the country. The loan was granted by the African Development Bank (AfDB) and is expected to address the problem of inadequate fertilizer utilization, which is considered one of the principal constraints to agricultural growth and development in Nigeria, and the entire African continent. The firm is expected to use the loan to double its fertilizer production from 1.4 million tons of urea to 2.8 million tons per annum. Business Post reports

By Modupe Gbadeyanka With inauguration of President Muhammadu Buhari for a second term around the corner, a key ally and National Leader of governing All Progressives Congress, Asiwaju Bola Ahmed Tinubu Monday in Makkah, Saudi Arabia, appealed to elderly Nigerians to avoid inflammatory statements that could undermine peaceful co-existence among the nation’s diverse communities. Speaking after an Iftar dinner meeting with President Buhari, along with Sultan of Sokoto, Mr Muhammadu Sa’ad Abubakar and Emir of Kazaure, Dr. Najib Hussaini Adamu, the former Lagos State governor said all citizens should consider the enormity of challenges facing the nation, and support the