Stocks Shed N110bn as Investors Await Buhari’s Team

By Dipo Olowookere The House of Representatives Committee on Customs and Excise chaired by Mr Leke Abejide, has promised to ensure that all customs duties and levies collected by the Nigeria Customs Service (NCS) are accounted for and remitted to the nation’s purse. He gave this assurance during the inaugural meeting of the panel on Wednesday in Abuja, using the occasion to roll out the seven-point agenda of his group. The lawmaker, who contested in the recently-concluded governorship election in Kogi State under the African Democratic Party (ADC), listed the key focus of the team as oversight of the Nigeria

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Modupe Gbadeyanka When it comes to advertising campaigns in Nigeria, especially among the leading telecommunications companies, Airtel Nigeria seems to be the king. Most of its advert campaigns have always been national anthems and this has made mobile phone users subscribe to their services, including voice calls and data. Last year, at the Lagos Advertising and Ideas Festival Awards (LAIF), Airtel won a total of 20 awards and the organisers described this feat as unprecedented. LAIF is an award platform designed to recognise creative excellence as well as promote excellence in the field of advertising and marketing communications. At

By Dipo Olowookere Portfolios of investors on the Nigerian Stock Exchange (NSE) reduced on Wednesday by N7 billion as a result of the losses printed by 23 equities. Business Post reports that the negative performance of these stocks led by Ardova Plc weakened the market at the midweek session by 0.04 per cent. Consequently, the All-Share Index (ASI) went down by 12.48 points to 35,021.26 points from 35,033.74 points, while the market capitalisation decreased to N18.304 trillion from N18.311 trillion after the N7 billion loss. During the session, 283.1 million shares worth N3.4 billion were traded by investors in 3,855

By Modupe Gbadeyanka Last week, the money market rates closed lower, responding to financial system liquidity dynamics which recently has remained high at above N500 billion following the strategic intermittent mop-ups by the Central Bank of Nigeria (CBN). The Open Buy Back (OBB) and Overnight (OVN) rates pointed south reflecting improvement in system liquidity which opened at N501.4 billion on Monday as OBB and OVN rates fell to 3.3 percent and 3.5 percent, down 0.4ppt and 0.5ppt from the previous week’s close. This momentum was sustained till midweek as rates fell to 2.7 percent and 3 percent respectively following a

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange moved up by 2.04 percent into the positive zone at the wrap of trading activities on Monday, March 9, 2020. This was despite poor performance recorded by Central Securities Clearing System (CSCS) Plc, which was the only stock that had a price movement at the bourse. The security went down by 13 kobo from N12 per share to N11.87 per share. However, its loss did not stop the NASD Unlisted Security Index (NSI) from moving up by 2.04 percent or 14.14 points to 706.93 points from 692.79 point published last Friday.

By Modupe Gbadeyanka The warehouse of a company based in Ogba, Lagos State, Canvest Nigeria Limited, has been sealed by officials of the Lagos State Consumer Protection Agency (LASCOPA). A statement issued by the Lagos State government said the firm was closed down because it was allegedly repackaging expired curry powder for sale to unsuspecting members of the public. Business Post gathered that the warehouse operated by Canvest Nigeria located at Plot 4, Cocoa Industrial Road, Ogba, Ikeja, was used to repackage unwholesome and expired curry powder with the name Chinchilli and Ducros for sale. Ducros curry power is produced

In November 2018, Schlumberger pulled out of the Madu /Anyala field development project offshore Nigeria. It was 17 months after the oil service giant had inked a tripartite agreement to be financier and technical service provider on the project, with the Nigerian Independent First E&P, operator of the asset, and NNPC, the state-owned partner. Schlumberger’s decision to pull its $724Million funding for this development in Oil Mining Leases (OMLs) 83 and 85, has been kept out of public scrutiny by all the parties involved. But as the company moves on to another Nigerian field development project, questions are being raised:

By Kester Kenn Klomegah Over the past few years, Russia’s sphere of influence in Africa has been strengthening and broadening with much focus on helping to maintain peace and security and making an investment in exploiting natural resources in Africa. The first historic Russia-Africa summit held in October 2019 has further and concretely laid out a comprehensive roadmap with which to forge a future relationship with the continent. Within that framework, the United Russia Party organized and hosted on March 24 – 25 the Russia-Africa inter-party conference. Held under the theme Russia – Africa: Reviving Traditions the primary aim was

By Dipo Olowookere The International Monetary Fund (IMF) has projected that the present global health crisis could make Nigeria lose more than $26 billion from crude oil sales. In a statement issued on Thursday night, the international lender also said it expects the country’s economy to contract by about 3.4 percent in 2020, a 6-percentage point drop compared to pre-COVID-19 projections. Nigeria, Africa’s largest economy, has crude oil as its main export commodity, representing around 90 percent of its exports. Since prices of the commodity crashed few months ago, the country has recorded shortfall in revenue and few weeks ago,