Three Stocks Boost NASD OTC by 0.94% in One Week 

By Adedapo Adesanya Nigeria has repaid a total of $12.56 billion in external debt as of 2022, data from Intelpoint showed. According to the latest debt figures, Nigeria’s total public debt rose by 75.3 per cent to N87.38 trillion at the end of the second quarter of 2023 against N49.85 trillion recorded in the first quarter of the year. The rise came as the country securitised the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN) to the federal government. The overdraft is a loan facility through which the CBN finances the shortfalls in the government’s

By Precious Olisa This news may not be palatable to developers and Nigerians planning to start a building project, as the Cement Producers Association of Nigeria has warned that the price of a 50kg bag of cement may start selling for N9,000 when the dry season begins in November. At the moment, the product is sold at over N5,000. In a statement jointly signed on Sunday by the National Chairman of the group, Mr David Iweta, and its National Secretary, Mr Ufomba, the manufacturers said the rise in the price of cement would be caused by the decision of the

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Adedapo Adesanya The Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

By Dipo Olowookere The dream of enjoying uninterrupted power supply in Nigeria has already become a reality with the introduction of the Y’ello Box The device is already powering the lives and businesses of more than 100,000 Nigerians through solar electricity service. The Y’ello Box is a solar electricity system that officially launched earlier this year and allows families and business owners to harness the power of the sun cheaply and efficiently in a way never seen before. In homes, clinics, schools and businesses across Nigeria, people are running fans, charging phones, watching TVs and lighting rooms, all using affordable,

By Modupe Gbadeyanka Eastman Kodak Company today announced it has selected ARCHOS, a pioneer in consumer electronics and a strong pan-European company, as a brand licensee in the European tablet market. The agreement with ARCHOS is the latest extension of Kodak’s brand licensing program and follows on the heels of the successful European launch of the KODAK EKTRA Smartphone. “We are very proud to become one of Kodak’s licensees to jointly develop their brand into the tablet world. We truly look forward to putting these devices into people’s hands”, said ARCHOS CEO, Loïc Poirier. ”We are excited to be adding

By Dipo Olowookere The sale of N100 billion non-interest bearing bond otherwise known as Sukuk will wrap up today, Friday, September 22, 2017. The exercise kicked off on Thursday, September 14, 2017, and was earlier slated to end on Wednesday, September 20, 2017, but was extended by two days. The sale of the N100 billion sovereign sukuk is conducted by the Debt Management Office (DMO) on behalf of the Nigerian government. The N100 billion Ijarah (lease) Sukuk is with a tenor of seven years offered at a rental rate of 16.47 percent and has been certified as ethically compliant by

By Modupe Gbadeyanka The possibility of rural communities in Nigeria to tap into the cotton industry, which boasts of an annual turnover of $50 billion has been emphasised by the Director-General of the Food and Agriculture Organisation (FAO), Mr Qu Dongyu. At an event to mark the World Cotton Day event last Thursday at the World Trade Organization’s headquarters, the agric expert said managing trade policy and climate risks were critical to supporting the more than 25 million farmers who grow cotton. According Mr Dongyu, “Cotton represents so much more than just a commodity: It is a culture, a way

By Aduragbemi Omiyale The next stage of the Nigerian Idol Season 7 will get tougher as 75 contestants will try to outwit one another to make it to the round of 25 before finally fighting for the top 10. Over 4,000 budding music acts were auditioned for this year’s music talent discovery show since December 2021, with 75 of them getting the golden tickets to make it to the theatre week with their sonorous and melodious voices. Contestants were selected in teams, with praises and encouragement from Yinka Davies, a popular vocalist, dancer, lyricist, and a guest judge, Dapo Oyebanjo,

By Ahmed Rahma The Federal Road Safety Corps (FRSC) has declared that the corps will embark on aggressive enforcement of traffic regulations in 2021 and beyond. This was stated by the Corps Marshal of the FRSC, Mr Boboye Oyeyemi, via a statement issued by the Corps Public Education Officer (CPEO), Assistant Corps Marshal (ACM) Bisi Kazeem on Sunday. The FRSC chief disclosed that this move was sequel to the mass return movements of road users from the end of the year activities, coupled with the review of the operational activities by the FRSC, as part of the end of year

By Aduragbemi Omiyale The inflation rate in Nigeria will moderate to 16.89 per cent in August 2021 from the 17.38 per cent reported in July 2021, analysts at Meristem Research have projected. The decline in the headline August inflation will be propelled by a decline in the prices of food items at the market in the month under review, they noted. “The harvest of major food items like yam, maize, beans, crude palm oil and vegetables began in August. The improvement in supply should translate into lower pressures on the prices of these items,” the analysts said in a report

By Dipo Olowookere The dearth of positive triggers further left the Nigerian Exchange (NGX) Limited in the negative territory on Thursday as it depreciated by 0.27 per cent at the close of business. Investors have refused to change their negative posture, preferring to liquidate their equities and monitor the implantation of the federal government’s fiscal policies. The loss of confidence in the market weakened the All-Share Index (ASI) yesterday by 176.32 points to 64,448.96 points from 64,625.28 points and softened the market capitalisation by N97 billion to N35.273 trillion from N35.370 trillion. Analysis showed that the banking and the industrial