Stockbrokers to Flag Trading of 500,000 Stocks, Others from January 2021

By Adedapo Adesanya The Dangote Group Executive, Mr Devakumar Edwin, has said that the Dangote Refinery will not rely solely on Nigerian crude for its operations. This was one of the points made by the official as he gave a detailed production timeline that shed light on crude and product flows as well as delays on the 10-year project to S&P Global Commodity Insights. The company had announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually reach 650,000 barrels per day by November. The $19.5 billion refinery, which

By Benita Ayo A while ago, it was announced that certain companies would be struck off the corporate register of the Corporate Affairs Commission. The major reason for this is the failure of defaulting companies to file their Annual Returns with the commission. I have always reiterated the fact that approval of an application to register a company does not signify that its officers can fold their hands and go to sleep. There are bundles of requirements to be fulfilled by such companies one of which is the filing of its Annual Returns. The Annual Return is a yearly account

By Adedapo Adesanya Oil prices fell by 1 per cent on Wednesday after the US Federal Reserve left interest rates unchanged, as widely expected. Brent futures fell 81 cents or 0.9 per cent to settle at $93.53 a barrel, while the US West Texas Intermediate crude (WTI) fell by 92 cents or 1.0 per cent to trade at $90.28 per barrel. Wednesday’s decision means the benchmark short-term interest rate will remain at 5.25 per cent to 5.5 per cent, a 22-year high. This is only the second time since March 2022 that the US central bank meetings have concluded without

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited is looking to drive gender equality and sustainable development in the country through strategic instruments like gender bonds and gender-themed sustainable financing mechanisms. The local bourse said it hopes to achieve this goal by collaborating with a global organisation like the United Nations Women (UN Women). According to the Divisional Head of Business Support Services and General Counsel at NGX, Ms Irene Robinson-Ayanwale, there is a need to galvanize public and private sector stakeholders to the development and adoption of gender-responsive instruments in Nigeria’s capital market and mobilise public and private capital

By Modupe Gbadeyanka One of the top paint makers in Nigeria, Portland Paints, has opened its N1.02 billion Rights Issue through the sale of 600 million ordinary shares of 50 kobo each at N1.70 per share. The firm had written to the Nigerian Stock Exchange (NSE) to get its approval to raise N1.02 billion. The provisional allotment for the rights issue is on the basis of three new ordinary shares for one ordinary share and the application list will close on Wednesday, March 1, 2017. Speaking on the development, Chairman of Portland Paints and Products Nigeria (PPPN) Plc, Mr Larry

One of Nigeria’s leading Public Relations and Integrated Communications Consulting firms, Chain Reactions Nigeria Limited, has announced Mr Uche Ugorji as Vice President, Strategy and Business Development. Mr Israel Jaiye Opayemi, who is the Managing Director and Chief Strategist of Chain Reactions Nigeria, which is the Nigerian affiliate to Edelman, the world’s largest Public Relations firm, said in a statement that the appointment of Mr Ugorji was part of a holistic and aggressive business development drive the company was embarking upon. Mr Opayemi, who said the appointment was effective Friday 1, November 2019, stated that Mr Ugorji was picked with

By Modupe Gbadeyanka Treasury bills market remained broadly bearish on Monday despite the significantly buoyant level of system liquidity with yields trending higher across the curve. According to Zedcrest Research, this came on the back of continued selloffs across the short and mid tenured bills, as market players anticipate higher stop rates at the forthcoming Primary Market Auction (PMA) for T-bills. Most bids were set as high as 13 percent on the short and mid-tenured bills by market players. During the market yesterday, the Central Bank of Nigeria (CBN) floated an OMO auction to manage the excessive system liquidity levels.

By Dipo Olowookere Leading technology-driven company focused on the digitisation of payments in Nigeria and other African countries, Interswitch Limited, has raised fresh capital of up to N20 billion through the sale of some corporate bonds. The paper, with a lifespan of seven years, were issued at a coupon rate of 15 percent to investors via a Special Purpose Vehicle (SPV) Interswitch Africa One PLC. The exercise was from the company’s N30 billion debt issuance programme registered with the Securities and Exchange Commission of Nigeria (SEC). According to a statement from the firm, the Series 1 Issue was 2.6x subscribed

By Adedapo Adesanya The 46th week of trading in 2022 at the NASD Over-the-Counter (OTC) Securities Exchange was bearish as the bourse depreciated week-on-week by 0.45 per cent. This resulted in the N4.18 billion loss reported by investors at NASD Exchange in the five-day trading week, with the total value of the market declining to N935.07 trillion from N939.25 billion in Week 45. In the same vein, the NASD securities index went down by 3.19 points to close at 711.61 points, in contrast to the 714.80 points achieved in the preceding week. The negative outcome for the week came despite the

By Dipo Olowookere Transactions on the floor of the Nigerian Exchange (NGX) Limited further closed bullish on Thursday by 0.55 per cent as investors renewed their confidence in the local stock market. The growth posted yesterday was influenced by the demand for equities with strong fundamentals across the key sectors of the bourse and this resulted in the 5.17 per cent rise posted by the energy space. The insurance sector appreciated by 1.13 per cent, the banking counter improved by 0.86 per cent, the consumer goods index rose by 0.67 per cent, while the industrial goods sector closed flat. When

By Adedapo Adesanya Nigeria’s Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, has reiterated the federal government’s commitment to deepening the Nigerian capital market, through improved tax incentives and other policies that will boost investments. The Minister disclosed this when she visited the Nigerian Stock Exchange (NSE) on Monday for the closing gong and interactive session with stakeholders. She said government understood how important the important the capital market was to drive promised growth. “We are committed to moving away from blunt and expensive fiscal incentives, like Import duty waivers or lengthy tax holidays that reward investors merely

By Adedapo Adesanya The Naira recorded no movement against the United States Dollar at the Investors and Exporters (I&E) as well as at the Peer-to-Peer (P2P) segments of the foreign exchange (FX) market on Wednesday, March 30. At the P2P window, the exchange rate of the Naira to the Dollar remained unchanged at N584/$1 amid stability at the digital currency market, which usually affects it. Yesterday, the crypto market remained largely bullish as seven of the 10 benchmarked tokens tracked by Business Post across several trading platforms closed in the green territory. Solana (SOL) recorded an 8.6 per cent increase