Three Securities Shore Up NASD Market Capitalisation by N14.99bn

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

By Adedapo Adesanya Stanbic IBTC Holding Plc ended the first three months of the year with a profit after tax amounting to N20.6 billion, the company disclosed in its interim consolidated statement for the period ended March 31, 2020. The Q1 2020 financial statements’ analysis showed that the net profit was N1.4 billion or 7.3 percent higher than the N19.2 billion achieved in the same period of 2019. Similarly, the company recorded a profit before tax of N24.4 billion, 3.8 percent higher than N23.5 billion realized in the same period in 2019. In the period under consideration, Stanbic IBTC said

By Dipo Olowookere There was a broad increase in the average money market rates on Monday as a result of the continued soaking of system liquidity and wholesale foreign exchange interventions of $210 million by the Central Bank of Nigeria (CBN). Business Post reports that the average rates jumped to a five month high of 40.38 percent at the close of transactions yesterday. This was after the Open Buy Back (OBB) and Overnight (OVN) rates appreciated by 17.25 percent and 13.09 percent respectively. While the OBB rate closed at 39.17 percent from 24.33 percent, the OVN rate finished at 41.58

By Modupe Gbadeyanka Stock market in Nigeria finished in the green territory on Thursday despite the controversy trailing who might sign the 2017 budget recently passed by the National Assembly. There have talks on who will assent to the 2017 appropriation bill when finally approved by the executive. President Muhammadu Buhari is presently away in London for a medical follow-up, but he transmitted power to his Vice, Mr Yemi Osinbajo. Some hours ago, the Acting President said he would sign the budget when satisfied with it, but an aide to the President claimed the budget would be sent to London

By Modupe Gbadeyanka All is now set for the Ijebu Heritage Half Marathon scheduled for Saturday, July 17, 2021, in Ijebu-Ode as the sponsor, Bigi brand of Rite Foods Limited, has put all things in place to energize dehydrated participants with the freshness and vigour it offers. The 21-kilometre race competition is initiated by the Ogun State Government. The take-off point is the Tunde Debasco Road, Ejirin, with the endpoint at the Otunba Dipo Dina International Stadium, Ijebu Ode. Information has it that several local and international athletes have indicated their willingness to participate in the competition and the ancient

By Adedapo Adesanya As part of plans to improve on local milk production, Promasidor Nigeria Limited has signed a partnership agreement with the Ekiti State Government to drive its backward integration initiative through the state-owned Ikun Dairy Farm. The agreement which was signed by Ekiti State Governor, Mr Kayode Fayemi, and the Managing Director of Promasidor Nigeria Limited, Mr Anders Einarsson, in Abuja, will enable Promasidor utilise the facilities at Ikun Dairy Farm to improve local sourcing of materials for production of its dairy products, which include Cowbell and Loya among others. Speaking on the partnership, Mr Fayemi said that

By Adedapo Adesanya  Major crude futures prices returned to gaining ways by 3 percent on Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) and its producer allies are considering further output cuts to counter the effect of the coronavirus on global oil demand. As at Wednesday night, the Brent crude was trading up by $1.66 or 3.08 percent to $55.64 per barrel, while the US West Texas Intermediate crude was up by $1.55 or 3.12 percent to settle at $51.16 per barrel. The OPEC+ joint technical committee on Tuesday weighed the effect of the coronavirus outbreak on demand

By Modupe Gbadeyanka Chairman of the League Management Company (LMC), Mr Shehu Dikko, has disclosed that his organisation was targeting between September and October 2017 to list Nigerian clubs on the Nigeria Stock Exchange (NSE). Speaking on Wednesday in Abuja, Mr Dikko pointed out that at the moment, some companies have applied to be part of the exercise. At the 2nd Annual General Meeting (AGM) of the LMC held in Enugu on December 11, 2016, eight clubs were unanimously approved for the listing. They are Wikki Tourists, Gombe United, Shooting Stars Sports Club (3SC), MFM FC, Rangers International, Enyimba International,

By Dipo Olowookere A promo aimed to appreciate and reward its loyal customers whilst engendering a good savings culture in the country has been launched by Keystone Bank Limited. The initiative is tagged ‘Keystone Growbiz Account Save and Win Promo’ and is open to both new and existing customers of the bank. A statement from the lender today said the promo is scheduled to run till November 30, 2019 and will see lucky winners walk away with cash prizes and gift items such as refrigerators, television and lots of consolation prizes. It was explained that to participate, new and existing