Tinubu Eyes German Investments in Targeted Sectors

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Dipo Olowookere Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company. Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week. On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Modupe Gbadeyanka Unilever Nigeria Plc has announced a profit after tax of N3 billion for the year ended December 31, 2016, from N1.1 billion it achieved in 2015. This represents a profit growth of about 172 percent. Unilever is a firm involved in the manufacture and marketing of foods and food ingredients, and home and personal care products. One of its main rivals in Nigeria, Nestle Nigeria Plc, reported a loss of about 76 percent in the year under review. According to its audited financial statements posted on the website of the Nigerian Stock Exchange (NSE), the company said

By Ahmed Rahma An agency banking scheme for players in the Small and Medium Enterprise (SME) has been introduced by Ecobank Nigeria. The initiative is to support the federal government and Central Bank of Nigeria (CBN) vision for financial inclusion across the country. About 100,000 entrepreneurs are being targeted to benefit from this scheme aimed to help small business owners to diversify their income streams. The Head of SME at Ecobank, Mr Emeka Agada, explained that the programme will make it easy for entrepreneurs and small businesses to become the bank’s agents. “This laudable initiative is to empower small businesses

Mobile betting has never been so thrilling and effective in Nigeria as it is now with the 1xBet application. The state of the wagering experience on your gadget sometimes seems to be even smoother compared to the desktop version. The bookmaking company has invested tons of money and time in application development, and now the whole effort pays off with satisfied Nigerian customers and a large, loyal 1xBet playerbase. In this article, we’re going to take a closer look at the undertaking of downloading a 1xBet mobile app and highlight the advantages of the app. 1xBet, the bookie that was

By Aduragbemi Omiyale Residents of Delta State will enjoy 2023 Christmas like never before as the management of Leisure Park has decided to take this year’s Christmas extravaganza to the South-South state. Tagged Christmas in Delta, the event will commence on December 1, 2023, and will run through to January 14, 2024, across multiple locations in the 25 local government areas of the state. The Public Relations Officer of Leisure Park, Mr Godday Umukoro, said in a statement that this was part of the company’s determination to ensure Deltans see Christmas in another prism. According to him, Christmas in Delta

By Dipo Olowookere Not less than 39 stockbroking companies in the country have had their operating licences revoked by the Nigerian Stock Exchange (NSE). Business Post reliably gathered that the affected firms had their expulsion confirmed by the Council of the NSE on December 13, 2018. As a result, investors have been cautioned not to deal with stockbrokers, who have been kicked out of the system. They have been advised to approach the expelled stockbroking firms and request for transfer of their stocks to any active licensed dealing companies. A document obtained by Business Post on Friday revealed that the

By Modupe Gbadeyanka Customers of Verve will get the chance to win over N50 million and other prizes in the Verve Good Life Promo 2.0 launched by the company. The campaign was designed to reward Verve cardholders with exciting gifts and cash prizes from February 1 to March 31, 2022. The leading payment cards and digital tokens brand in Africa said the eight-week promo is in collaboration with First City Monument Bank (FCMB), Union Bank, United Bank for Africa (UBA) and Zenith Bank. During the promo period, inactive Verve cardholders from the participating banks can look forward to an exciting

By Modupe Gbadeyanka Nigeria’s (B1 stable) dollar liquidity constraints are likely to persist for the foreseeable future, despite the recent improvements in foreign exchange earnings and availability, Moody’s Investors Service said in a report today. This was disclosed in a report titled ‘Government of Nigeria FAQ On Exchange Rate Policy, Balance of Payments Position and Growth Outlook.’ “Despite the recent improvement in foreign exchange liquidity, dollar usage in Nigeria is unlikely to return to previous levels,” said Aurélien Mali, a Moody’s Vice President, Senior Credit Officer and co-author of the report. “Oil prices are highly unlikely to return to the

By Adedapo Adesanya The Naira is fast losing its value against the United States Dollar in the various segments of the foreign exchange (FX) market as a result of the bottlenecks end-users go through to obtain the foreign currencies amid disruption in the supply end of the chain. At the peer-to-peer (P2P) window on Wednesday, the Nigerian currency was exchanged with the greenback at N622/$1 compared with the previous day’s rate of N615/$1, indicating a depreciation of N7 or 1.14 per cent. At the black market, according to data sourced by Business Post, the domestic currency depreciated by N2 or 0.33