Tax Evaders Plunged Nigeria into Recession—Boss Mustapha

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Dipo Olowookere The recent reported takeover of Etisalat Nigeria by a consortium of 13 banks in the country over an alleged $1.2 billion debt has no doubt made some people develop cold feet, especially thousands of employees at the telecommunications firm. But a senior management official of the company has allayed such fears, assuring that the development will not result into job loss. During a visit of Vanguard’s reporter to the Etisalat’s corporate head office at Banana Island and its annex office at the Oriental Hotel, Victoria Island, both in Lagos, normal activities were still going on as workers

By Adedapo Adesanya The NASD Over-the-Counter (OTC) returned to the negative zone as bearish price movements in two admitted securities on Friday, November 19 downed the bourse by 0.16 per cent. The losers were led by FrieslandCampina WAMCO Nigeria Plc which ended the session at N120.52 per unit after losing 48 kobo or 0.4 per cent from its previous value of N121 per unit. UBN Property Plc closed the session with a nine kobo or 10.00 per cent loss to settle at 90 kobo per share compared with the previous closing price of 99 kobo per share. The depreciation in

By Modupe Gbadeyanka The trading suspension earlier placed on the shares of Sovereign Trust Insurance Plc has now been lifted, Business Post has learnt. The lifting of the suspension was confirmed on Tuesday, July 11, 2017 through a statement issued by the Nigerian Stock Exchange (SEC). In the statement signed by Mr Godstime Iwenekhai, the Acting Head in charge of Listings Regulation Department at the NSE, the stock market regulator explained that it removed the embargo after the insurance firm “submitted its audited accounts for the period ended 31 December 2016 on July 5, 2017.” Mr Iwenekhai said, “In view

By Dipo Olowookere The shares allotted to shareholders and investors who bought the rights issue of Abbey Mortgage Bank Plc have been listed on the Nigerian Exchange (NGX) Limited. The stocks, a total of 3,692,307,692 units, were listed on the exchange on Wednesday, February 16, 2022, and have now increased the total issued and fully paid up shares of the firm to 10,153,846,154 ordinary shares of 50 kobo each from 6,461,538,462 ordinary shares of 50 kobo each. Recall that recently, Abbey Mortgage Bank sold the rights issue to shareholders at 2 kobo per share on the basis of four new

**Falls to N464/£ After May Survives No-Confidence Vote By Modupe Gbadeyanka The local currency performed well against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Thursday. The Naira was traded at N362.70 against a Dollar at the market window after appreciating by 0.10 percent. This was mainly buoyed by the sufficient supply of the Greenback in the market, thanks to the entry of offshore investors into the Nigerian markets. Also, the regular release of forex by the Central Bank of Nigeria (CBN) to support the local currency has contributed to the recent gains

By Modupe Gbadeyanka The sale of troubled 9mobile, the fourth largest GSM service provider in Nigeria, seems to have been completed following multiple reports in the media space. Barclays Africa, which received bids from interested investors, is said to have chosen Teleology as their preferred buyer and has reportedly officially notified the firm, promoted by the former Chief Executive Officer of MTN, Mr Adrian Wood, to proceed with the payment of a non-refundable cash deposit of $50 million within 21 days from the date of the letter, dated February 21, 2018, or lose the bid to the reserve bidder, Smile

By Adedapo Adesanya The federal government has declared free train rides for citizens from December 24, 2021, to January 4, 2022, as part of Yuletide celebrations. This was disclosed by the Managing Director, Nigeria Railway Corporation, Mr Fidet Okhiria, who was quoted by the News Agency of Nigeria (NAN) on Friday as saying that, ”The decision which was made in collaboration with the Ministry of Transportation, is to ease movement of citizens during the yuletide.” ”This is to help ease the cost of transportation and enable citizens to move easily enjoy the festive period. ”Passengers are, however, advised to ensure

By Adeniyi Ogunfowoke Having a baby can be an exasperating experience. So, it is important for you to seek knowledge especially if you are a Nigerian mother. With this online trend of Googling everything, expecting mothers have access to thousands of materials at your fingertips. Hence, you have to be careful with the information you get online. And, you may have problems sieving the information. In order to prevent any confusion, Jumia Travel a list of authentic baby websites where soon-to-be Nigerian mothers can get information. It important to add that you must visit your doctor regardless of the information