Stock Watch: Qfac Pick of the Day – Fidelity Bank Plc

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Modupe Gbadeyanka Federal Government has introduced a new tax regime in a bid to grow its revenue base so as to reflate dwindling economy. At the Federal Executive Council (FEC) held on Wednesday in Abuja, which was presided over by the Acting President, Mr Yemi Osinbajo, the FG said that the Value Added Tax (VAT) on luxury goods will go up, while for basic goods will remain unchanged. However, Minister of Finance, Mrs Kemi Adeosun, said the National Assembly will decide the rate.” Briefing newsmen yesterday, the Minister pointed out that VAT on luxury goods must increase because in

By Modupe Gbadeyanka The federal government, through the Central Bank of Nigeria (CBN), is looking to borrow the sum of N1.003 trillion from investors in the treasury bills market in the fourth quarter of 2019. The apex bank, in its Nigerian Treasury Bills Issue Programme for Fourth Quarter 2019 released this week, said it would source for the money via the primary market auction. According to the circular, the central bank would offer the T-bills in three maturities; 91-day, 182-day and 364-day. Business Post reports that a total of N90.625 billion of the 3-month debt instrument would be auctioned in

By Modupe Gbadeyanka Permanent Secretary of Lagos State Ministry of Information and Strategy, Mr Fola Adeyemi, has called on the staff of the Ministry to be more effective in the discharge of their duties to residents of the State, saying that the destiny of over 20 million Lagosians rests on the effectiveness of the State Public Service. The Permanent Secretary, who made the call today while speaking at the first day of the year prayer and praise session held at the Conference Room of the Ministry, implored staff to strive more towards excellent service delivery. He said that the pace

By Modupe Gbadeyanka A foremost financial institution, Standard Chartered, has developed a new sustainable supply chain assessment tool. The tool can be used by companies to benchmark the resilience and sustainability of their supply chains, based on comparisons with peers across regions and sectors. The system called Supply Chain Performance Indicator allows companies to do a “health check” on their operations and highlights which areas they need to focus on to achieve their aspirations. The assessment is based on five indicators: environmental soundness and transparency of direct suppliers and of indirect or deep-tier suppliers; financial robustness; flexibility and adaptability; and

By Dipo Olowookere Popular Nigerian actor, Mr Anayo Modestus Onyekwere, otherwise known as Kanayo O Kanayo (KOK), has advised the Federal Government not to see leader of Indigenous People Of Biafra (IPOB), Mr Nnamdi Kanu, as an ordinary noisemaker. The actor gave this advice on Friday morning on a television programme on TVC, Your View, where he was the celebrity guest, which was monitored by Business Post. KOK said the government, if possible, must sit down with Mr Kanu and other Biafra agitators, to hear what they actually want and see how things can be sorted out amicably. He described

An integrated customer experience company known as mSurvey has revealed results for the year 2018 in their quarterly Customer Loyalty Benchmark Report. The report which highlighted the state of customer experience in Kenya across 10 industries showed that delivery of customer experience remains inconsistent across all industries with the exception of the Energy and Health industries which maintained consistent performance throughout 2018.  The report further revealed a significant drop in customer experience delivery in the course of 2018 marked by a steady decrease in Net Promoter Scores (NPS) across 8 industries. The drop can be attributed to the growing constraint

By Dipo Olowookere Monday, October 14, 2019 has been fixed for a court-ordered meeting for shareholders of Dangote Flour Mills Plc to approve the sale of the firm to Olam International Limited through its subsidiary, Crown Flour Mills Limited. Olam is looking to pay N120 billion for the acquisition of the company’s five billion shares not held by Crown Flour Mills at the rate of N24 each. A statement released by Dangote Flour Mills disclosed that the “meeting will be held at 10:00am on Monday, October 14, 2019 at Muson Centre, Onikan, Lagos Island, Lagos.” It was stated that registration

By Dipo Olowookere The board of directors of Lafarge Africa Plc has announced an emergency meeting slated for Tuesday, October 16, 2018 (today). A statement issued today and signed by the scribe of the cement maker, Adewunmi Alode, explained that the meeting is mainly to consider the third quarter results for the period ended September 30, 2018. “We  hereby  notify  the  Nigerian  Stock  Exchange  and  the  investing  public  that an emergency meeting of the Board of Directors of Lafarge Africa Plc has been scheduled to hold today, October 16, 2018 to consider the third quarter financial results of the company