Universal Insurance, Oando, UBA Emerge Busiest Stocks in One Week

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded yet another positive week-on-week performance after stretching its gains by 1.44 per cent in Week 47. This expanded the portfolios of NASD investors by N17 billion in the week to N1.162 trillion from the N1.145 trillion recorded in Week 46, as the NASD Unlisted Security Index (NSI) increased by 12.16 points to 857.29 points from 845.13 points in the previous week. The trading week was with three price gainers and three losers, with Aradel Holdings Plc on top of the advancers’ chart after it grew by 10 per cent to finish

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

**Denies maltreating her By Dipo Olowookere One of the lenders in Nigeria, Diamond Bank Plc, has refuted reports making the rounds that it treated harshly a woman recently defrauded of her pension funds domiciled with the bank. A consumers’ activist, Mrs Sola Salako Ajulo, who is also the President/Founder of Consumer Advocacy Foundation of Nigeria (CAFON), had posted on her Facebook wall that a pensioner, Mrs Comfort Ashaye, was allegedly chased away by a Diamond Bank Manager in Ikeja, Lagos after she had gone to lay complaint of her accumulated pension of N572,000 which developed wings from her account. But

By Ndem Nkem Entrepreneurship once considered a man’s domain in Nigeria, has since made way for women as economic opportunities have risen over the years for women who want to start and run enterprises. Unfortunately, while more women are becoming entrepreneurs, they seem not to be catching up with their male counterparts. Women-owned businesses still face a set of challenges that continue to limit their growth. To shed light on some of these obstacles, Jumia Travel lists 5 reasons women-owned businesses are not thriving in Nigeria Limited access to funding This is the biggest challenge faced by women-owned businesses across

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned from the Eid-el-Maulud holiday on Wednesday, October 20 on a positive note with the bulls retaining control of the floor by a further gain of 0.38 per cent. This was made possible by the growth in the share prices of three securities; Niger Delta Exploration and Production (NDEP) Plc, NASD Plc and Central Securities Clearing Systems (CSCS) Plc. The price of NDEP Plc went up by N5 or 2 per cent to close at N250.00 per unit as against N245.00 per unit of the preceding session, while NDEP Plc rose

By Adedapo Adesanya Procures 40,000 Electricity Meters The management of Kaduna Electric Distribution Company has urged customers in states under its jurisdiction to apply and get metered under the Meter Asset Provider (MAP) scheme. The company disclosed this in a statement by the Head, Corporate Communication of Kaduna Electric, Mr Abdulazeez Abdullahi. Mr Abdullahi added that four approved Meter Assets Providers (MAPs) for Kaduna Electric have procured 40,000 electricity meters for deployment to customers in the third quarter of this year. He disclosed that the energy firm has cleared its backlog of customers awaiting meters in its franchise states which

By Dipo Olowookere Shareholders of Vitafoam Nigeria Plc will earn more cash rewards for the 2022 fiscal year as the board has increased the dividend payout for the period under consideration. In the 2021 accounting year, the board paid N1.50 as the final dividend for each stock of the company held by investors and this year; this has been raised by 1.33 per cent to N1.50 despite the fact that the firm recorded a shortfall in its net profit. Analysis of the financial statements of the organisation for the year ended September 30, 2022, indicated that the pre-tax profit decreased

By Investors Hub Asian stocks ended mixed on Tuesday as rising trade tensions and the sell-off in emerging market currencies, particularly in Argentina and Turkey, kept investors in a defensive mode. China’s Shanghai Composite index rallied 29.85 points or 1.1 percent to 2,750.58, while Hong Kong’s Hang Seng Index jumped 260.80 points or 0.9 percent to 27,973.34. Japanese stocks ended flat ahead of U.S.-Canada trade talks as well as the August U.S. jobs data due this week. The benchmark Nikkei 225 Index ended largely unchanged with a negative bias at 22,696.90, while the broader Topix Index closed 0.1 percent lower

By Modupe Gbadeyanka In order to drive greater financial inclusion and prosperity across Africa, Interswitch has partnered with an enterprise blockchain infrastructure services company, Interstellar. Interswitch said the long-term strategic partnership agreement is to jointly develop blockchain-powered infrastructure services and solutions. The leading integrated payments and digital commerce solutions company said it will integrate Interstellar’s Blockchain technology stack (STARGATE) into its industry-leading payments and digital commerce technology. Both companies have been preparing for the blockchain revolution in the African market with several ongoing initiatives including a Pan-African Payment Ecosystem (PAPE) powered by a private permissioned blockchain network which includes a

By Modupe Gbadeyanka No fewer than 350 members of staff of Heritage Bank Plc have been elevated in line with the lender’s commitment geared towards greater efficiency and resource optimization. A statement issued by the financial institution explained that the promotion was part of its growth and industry innovative agenda designed to strengthen its business across all markets where it operates. Heritage Bank explained in the statement made available to Business Post on Monday that the promotion was commended by human resources analysts and greeted with joy and enthusiasm by the workforce of the bank was selected after the completion