Trading Day After Independence Day Holiday Closes Red

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Modupe Gbadeyanka A new bond maturity has been introduced by Nigeria through the Debt Management Office (DMO) as part of efforts to give investors more options. The new paper has a tenor of 25 years and would be offered for sale this week when the debt office auctions some bonds to investors. Business Post gathered that the creation of the fresh maturity comes months after Nigeria, Africa’s largest economy, also introduced a 30-year bond, which has been embraced by subscribers. On Wednesday, July 22, 2020, the debt office will sell some bonds to investors at the local debt market

A global biopharmaceutical company dedicated to improving the lives of people worldwide, Sanofi, is calling on technology entrepreneurs and startups in Nigeria to participate in its 2020 AfricaTech Challenge. AfricaTech is a lab dedicated by Sanofi at VivaTech to encourage open innovation by African technology startups. The AfricaTech Challenge initiative is part of Sanofi’s strategy to promote entrepreneurship and development in the health sector in Africa. Viva Technology (VivaTech) is the biggest tech event in Europe. It gathers under one roof the brightest entrepreneurs, executives, investors, students and academics to collaborate, network, pitch, get inspired and showcase their innovations. In

By Kestér Kenn Klomegâh Popularly referred to as the Abidjan-Lagos corridor, this is a long highway which stretches from Abidjan to Lagos, crossing five independent states (Côte d’Ivoire, Ghana, Togo, Benin, and Nigeria) from west to east, and includes two political capitals and many regional economic centres. By European standards too long, but this highway, which has a length of approximately 965 kilometres, is considered the most mega-project to undertake in Africa. Due to the countries’ linguistic, cultural and political differences, the region’s economic potential has not yet been fully exploited. There has been little alignment of standards and construction

By Modupe Gbadeyanka A new film entitled CHARMED, which tells the story of a successful and cocky young man who has everything going for him until he suddenly begins to experience a run of bad luck, is about to hit the cinemas. According to information made available to us, the new movie will be released in the cinemas on Friday, November 23, 2018. CHARMED is a production of Verte View, written by Kemmie Ola, produced by Benjamin Abejide Adeniran and directed by Adeola Osunkojo. The flick stars Bimbo Ademoye, Elozonam, Omowunmi Dada, Chris Iheuwa, Moyo Lawal and BellaRose Okojie. Imagine

By Aduragbemi Omiyale A student of Aladumo International School, Rivers State, Ariella Anwana, has won the fourth edition of the Bookville Reading Competition, organized by one of the foremost bookstores in Nigeria, Bookville World and sponsored by leading consumer finance company, Zedvance Finance Limited. The Book Reading Competition, initiated to encourage reading for pleasure as an avenue to spice up literature as well as give children an incentive to open a book, was held from May 8 to June 19, 2021, in Port Harcourt, Rivers State and had over 100 entries. The first runner-up of the contest was Onyeka-Daniel Ivana

By Adedapo Adesanya MTN Nigeria has reshuffled its top management team with the appointment of Mr Karl Toriola as its new Chief Executive Officer (CEO) effective March 1, 2021. This was disclosed on Monday in a notice to the Nigerian Stock Exchange (NSE) and signed by the company’s secretary, Mrs Uto Ukpanah, who explained that the March 2021 handover date is to provide enough time for a smooth transition. Mr Toriola, who currently serves as the vice president West and Central Africa (WECA), excluding Nigeria and Ghana, is taking over from the current CEO, Mr Ferdinand Moolman, who will exit

By Adedapo Adesanya Nigeria’s insurance sector, in the second quarter of this year 2022, recorded N369.28 billion premium, indicating 20.1 per cent growth compared to the performance in the same period the previous year. This was contained in the latest sector performance statistics released by the National Insurance Commission (NAICOM), which indicated a 65.0 per cent quarter-on-quarter performance. Describing this as a notable performance, NAICOM said the performance analysis was an insight into the market behaviour of the insurance sector in the period under review. Giving a premium contribution analysis by each class of business, the commission said out of