UAC Nigeria’s Strategy to Invest for Growth Yields Results in Q3

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Adedapo Adesanya The average price of Premium Motor Spirit (PMS), otherwise known as petrol, surged by 230.8 per cent on a year-to-year basis to N626.70 per litre in August 2023 versus N189.46 per litre in the same period of 2022. This is according to the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch (August 2023), which showed that the average retail price increased on a month-on-month basis by 4.39 per cent from N600.3 per litre in July. The skyrocketing cost of petrol came as President Bola Tinubu, during his inauguration speech on May 29,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

By Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia

By Dipo Olowookere A programme designed by Federal Government to promote community-based on-farm and off-farm business activities across the country has commenced. The scheme tagged ‘Livelihood Improvement Family Enterprise (LIFE) programme’ is an initiative of the Federal Ministry of Agriculture and Rural Development. Business Post gathered that the first phase of the LIFE programme focuses on advocacy, needs assessment and sensitization in 24 states of the federation as well as the FCT. The LIFE Programme was also designed for job and wealth creation among women and youth in rural and suburban households. This will be implemented through training and support

By Adedapo Adesanya The Vice President of Nigeria, Mr Yemi Osinbajo, will on Thursday join the Ogun State Governor, Mr Dapo Abiodun, to flag off a digital empowerment scheme in Abeokuta, the state capital. Tagged Ogun State Digital Economic Empowerment Project, it is a plan of the state government, being organized by the Bureau of Information Technology in conjunction with 21st Century Technologies. In a press release signed by the Chief Press Secretary (CPS) to the Governor, Mr Kunle Somore, the Director of Information Technology in the Bureau, Mrs Olatundun Adekunte, was quoted as saying that the event will hold

By Okechukwu Keshi Ukegbu Abia state government said it has completed design for a 17 kilometre of road within Enyimba Economic City, which will be done by China Civil Engineering Construction Corporation (CCECC) and Group Five of South Africa. Senior Special Assistant to Abia State Governor on Job Creation and Youth Development, Chinenye Nwaogu, disclosed this during the recent launch of Google Digital skills programme, for manufacturers in Aba. He also revealed that the construction work on the project will start at the last quarter of this year, adding that the Federal Government has paid for its 20 percent share

By Modupe Gbadeyanka Visa has announced results of an independent study conducted by Roubini ThoughtLab and commissioned by Visa examining the economic impact of increasing the use of digital payments in major cities around the world. The study estimates that relying more on electronic payments, such as cards and mobile payments, could yield a net benefit of up to $470 billion per year across the 100 cities studied – roughly the equivalent to 3% of the average GDP for these cities. “Cashless Cities: Realizing the Benefits of Digital Payments”, is a unique study that quantifies the potential net benefits experienced

By Adedapo Adesanya The buying and selling of unlisted stocks at the NASD Over-the-Counter (OTC) Securities Exchange closed on a positive note on Friday with a marginal 0.07 per cent growth. This was largely driven by the gains posted by Nigerian Exchange (NGX) Group Plc and Food Concepts Plc as the former appreciated by 14 kobo or 1.1 per cent to close at N13.17 per share compared with the previous N13.03 per share, while the latter grew by 8 kobo or 8.8 per cent to settle at 91 kobo per unit in contrast to 83 kobo per unit it traded

By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has urged President Bola Tinubu to prioritise security, which will make it easier for investment to thrive in the manufacturing sector after he announced measures to minimise the impact of fuel subsidy removal on the business community. The president of the chamber, Mr Michael Olawale-Cole, said this in response to Mr Tinubu’s unveiling of a N75 billion credit facility between July 2023 and March 2024 to 75 enterprises to strengthen the manufacturing sector. He added that his administration would energise MSMEs and the informal sector with N125 billion, among

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded no movement as the benchmark indices remained unchanged at the close of business on Wednesday, November 11. At the bourse, the market capitalisation closed at N528.44 billion as it did at the previous session while the NASD Unlisted Security Index (NSI) equally made no movement from 719.40 points. However, the activity chart showed movements as the trading volume declined by 22.9 per cent as a result of the 78,453 units of securities transacted by investors during the session in contrast to 101,780 units of securities transacted by market participants on

By Modupe Gbadeyanka Federal government has been urged to consider allocating special funds to universities in the country to assist them with research and infrastructural upgrade. This appeal was made by Africa’s foremost businessman and Chairman of Aliko Dangote Foundation, Mr Aliko Dangote, during the 41st convocation of the Ahmadu Bello University, Zaria at the weekend. At the convocation, Mr Dangote made yet another critical intervention in the educational sector by donating a fully equipped 2,160 bed space hostel complex to the institution. The students’ halls of residence comprising of 10 blocks of 360 rooms built at the sum of