UBN Property Offers 5 Kobo Dividend as Profit Drops 39%

By Bliss Okperan Nigeria’s internet speed averages 25 megabits per second (Mbps), according to data from Surf Shark, a cybersecurity company focused on developing humanised privacy and security solutions. The ranking, contained in the 5th annual (Digital Quality of Life Index (DQL), showed that the country dropped two places to 7th from 9th within the last two years. A quick average analysis shows that at an average of 25 Mbps, Nigeria is far from the world’s fastest fixed internet Singapore, which is 300 Mbps and is ahead compared to the slowest fixed internet in the world, Yemen, which is 11

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Adedapo Adesanya Oil prices moderated in choppy trade on Monday as Russia relaxed its fuel ban amid a widening demand worry. Brent crude futures lost 2 cents during the session to trade at $93.29 per barrel, and the US West Texas Intermediate (WTI) crude depreciated by 35 cents to close at $89.68 per barrel. Last week, prices were down after a hawkish Federal Reserve rattled global financial markets and raised concerns that interest rates could stay higher for longer affecting oil demand. This snapped a three-week rally of more than 10 per cent after Saudi Arabia and Russia constrained

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3

By Adedapo Adesanya It was good news for the Brent crude as it went up more than 4 percent on Wednesday to rise back above $60 per barrel after three days of losses due to pressures from the US-China trade war and speculations about a weakening global economy. Brent crude, the international benchmark, rose by 4.1 percent to trade $60.64 per barrel, rebounding after falling by as much as 2.5 percent in the previous session. West Texas Intermediate (WTI), the US crude, gained 4.2 percent to $56.19 per barrel, boosted by stronger market sentiment on Wednesday. This put WTI on

By Dipo Olowookere Nigerian Breweries Plc has restated its commitment to excellence in the practice of journalism as the 10th edition of the Nigerian Breweries Golden Pen Awards opened with a promise to honour journalists who abide by the fine ethics of the profession. Corporate Affairs Adviser of the leading brewer in the country, Mr Kufre Ekanem, at a media parley on Wednesday in Lagos, disclosed that for this 10th edition of the award, the Nigerian Breweries Golden Pen Reporter of the Year will smile home with a cash prize of N2 million plus a gift item; the first runner

By Investors Hub Most Asian stocks rose on Monday as upbeat jobs and manufacturing data from the U.S. bolstered optimism in the world’s largest economy and U.S. President Donald Trump revealed that his summit with North Korean leader Kim Jong Un is back on. Chinese stocks closed higher even as trade worries persisted after China warned that it will withdraw from commitments made so far on trade if Trump carries out his threat to impose tariffs on the country. The benchmark Shanghai Composite Index rose 16.05 points or 0.5 percent to 3,091.19, while Hong Kong’s Hang Seng Index jumped 505.07

By Adedapo Adesanya FBN Holdings Plc and Sanlam Emerging Markets Proprietary Limited have announced the completion of the sale and transfer of FBN Holding’s 65 percent stake in FBN Insurance to Sanlam Limited. The Boards of Directors of both organisation stated this in a divestment announcement sent to the Nigerian Stock Exchange (NSE) on Tuesday, June 2, 2020. The divestment announcement was jointly signed by Mr Urum Kalu Eke, FBN Holdings Group Managing Director and Mr Heinie Werth, Sanlam Chief Executive Officer. The statement said the divestment confers full ownership of FBN Insurance and its subsidiary, FBN General Insurance Limited

By Investors Hub Asian stocks ended mixed on Wednesday as investors digested a slew of regional data and looked ahead to cues from the U.S. Federal Reserve meeting for any indications on interest rates. Underlying sentiment remained cautious in the wake of falling oil prices, rising bond yields and U.S. President Donald Trump’s tough rhetoric on immigration and North Korea during his first State of the Union address. China’s Shanghai Composite Index dipped 6.50 points or 0.2 percent to 3,481.51 after a government report showed activity in China’s vast manufacturing sector expanded at a slower pace in January. The official

By Adedapo Adesanya The Akwa Ibom State Government has appealed to the Nigerian National Petroleum Corporation (NNPC) to relocate some of its subsidiaries to the 21-storey smart office accommodation at the Dakkada Towers in the state. Governor Udom Emmanuel made this request when he hosted the management of NNPC Upstream, led by the Group Executive Director, Mr Adokiye Tombomieye, who are in the state for a 3-day retreat on the restructuring of NNPC from its Corporation status to a Limited Liability Company. Governor Udom particularly asked for the relocation of the headquarters of the National Petroleum Investment Management Services (NAPIMS)

By Dipo Olowookere A company based in Kwara State, Nigeria has emerged winner of the first Africa edition of the Scaling Up Nutrition Pitch Competition. The firm, Kennie-O Cold Chain Logistics, won the grand prize after competing with the continent’s most exciting enterprises working to improve access to nutritious foods. The competition was held at the Nutrition Africa Investor Forum in Nairobi, Kenya. Kennie-O Cold Chain Logistics was established in 2014 to provide reliable cold chain solutions for Nigeria’s food industry, thereby reducing post-harvest losses. Collecting the award, owner of the firm, Ope Olanrewaju said, “Winning the pitch competition is

By Modupe Gbadeyanka The implementation of the new interchange fee regime for operators in the payment cards industry will commence on May 1, 2017, the Central Bank of Nigeria (CBN) has declared. The apex bank explained that the interchange fee will replace the Merchant Service Charge (MSC). Director of Banking & Payments System Department of the CBN, Mr Dipo Fatokun, in a circular dated November 1, 2016 and signed by him, noted that by the time the new regime is effective, Merchants and Acquirers would be mandated to negotiate the MSC, while it (CBN) will control the interchange fees paid