Unlisted Securities Market Records N42.5m Trades Friday

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has called for collective efforts to shape the energy sector in Nigeria, noting that no meaningful economic growth can be achieved without it. Mr Adelabu said this at the Nigeria Energy 2023 leadership summit recently held in Lagos, with the theme Unlocking new value with reforms, investments, and technology which saw in attendance industry leaders. The Minister said, “Energy is the lifeblood of any modern economy of which Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without energy. “We can be talking of potential

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 Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

By Adedapo Adesanya A 0.54 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, September 25, after the duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc witnessed improvements in the share prices. The milk producer gained N1.39 during the session to end at N73.59 per unit compared with last Friday’s value of N72.20 per unit, while the Nigerian depository company grew by 70 Kobo to sell at N18.20 per share versus N17.50 per share. At the close of transactions, the total value of the unlisted securities market jumped by N6.21

By Dipo Olowookere A multi-year partnership deal has been signed between Western Union Company and Liverpool FC of England. The deal will see Western Union, a leader in global payment and money transfer services, become an official principal partner and the official money transfer partner of Liverpool FC. They will also become the club’s first-ever official shirt sleeve sponsor – with the Western Union logo appearing on LFC shirt sleeves. As the official Money Transfer Partner of Liverpool FC, Western Union will use its global cross-border digital transfer and payments platform to provide money transfer capabilities to the club. Western

By Modupe Gbadeyanka An initiative designed to bridge the skills gap in the leather and non-leather manufacturing industry has been launched by My World of Bags in collaboration with the Mastercard Foundation. The scheme, Kafawa Training Program, will empower beneficiaries, who are mainly youths and make them a formidable force in Africa’s leather and non-leather industries. “There is a breadth of potential in the leather and non-leather manufacturing industries in Nigeria and yet, there is a lack of skilled hands to bring that potential to life,” Mrs Femi Olayebi, the Program Director and founder of My World of Bags, which

By Modupe Gbadeyanka News of an investigation into the financial statements of Oando Plc by the Securities and Exchange Commission (SEC) has left operators in the Nigerian stock market, especially investors, asking few unanswered questions. Last week, Channels TV reported that the capital market regulator was looking into petitions filed by some foreign investors in Oando Nigeria Plc in relation to shareholding structure following the $1.65 billion cash the firm paid in June 2014 to acquire the oil production assets of Conoco-Phillips in Nigeria. Oando acquired ConocoPhillips’ Nigerian business in 2014 aimed at moving the business upstream into oil exploration

Ahmed Rahma A credit facility worth $5 million has been granted to a non-interest bank in Nigeria, TAJBank by the African Export-Import Bank (Afreximbank). Recall that earlier this month, both financial institutions signed a deal to collaborate and this cumulated to the latest development, the approval of the multi-million dollar loan. The credit facility will facilitate the partnership between TAJBank, which recently launched its fourth branch in Sokoto State, and Afreximbank with regards to funding of transactions, which will involve the provision of short and long-term liabilities for trade related projects in Nigeria. The credit facility will also support critical

By Investors Hub Asian stocks rose broadly on Wednesday as investors awaited the FOMC decision and a private survey signaled improvement in manufacturing operating conditions across China in October. Chinese shares rose marginally after the Caixin manufacturing Purchasing Managers’ Index for October matched expectations. The PMI came in unchanged at 51.0 in October, remaining above 50 for the fifth consecutive month. The benchmark Shanghai Composite Index inched up 2.73 points or 0.1 percent to 3,396.07, while Hong Kong’s Hang Seng Index jumped 348.52 points or 1.2 percent to 28,594.06. Japanese shares rallied sharply, with a weakening yen, solid manufacturing data

By Dipo Olowookere India’s leading Hybrid IT infrastructure service provider, Microland, has announced the appointment of Arindam Sengupta, as Senior Vice President, Middle East. Based out of Dubai, Arindam will be responsible for Microland’s business in the Middle East region. “We are very pleased to welcome Arindam to the Microland team. He brings in extraordinary business expertise and sales leadership to Microland. He is well recognised for his strategic focus and execution excellence, as well as his deep understanding of the Middle East market. Arindam’s vast experience in the region will help enhance the Microland brand locally, as well as

By Jerome-Mario Utomi It is in the public domain that the members of the Ekiti State House of Assembly, recently, endorsed the 2023 presidential ambition of Dr Kayode Fayemi, despite that he has not openly declared his intention for the top seat. Speaker of the House, Mr Funminiyi Afuye, who spoke on behalf of the 26-member Assembly, gave the endorsement verdict at the Assembly Complex while receiving a group under the auspices ‘Our Belief Project’. Expectedly, the resolutions by the lawmakers coupled with similar positions in the past have elicited reactions. To many, the development did not come as a

By Dipo Olowookere The Nigerian National Petroleum Corporation (NNPC) has emerged winner of the 2016 Phillips Consulting/WebJurists award for best website and overall social media use among federal parastatals in Nigeria. The honour was jointly awarded by Web Jurists, a website rating outfit in conjunction with Phillips Consulting, a renowned business and management consulting company. Reacting to the honour, NNPC Group Managing Director, Dr. Maikanti Baru, said it was a testimony to the Corporation’s investment in Information and Communications Technology (ICT) over the years, adding that it also testifies to NNPC’s commitment to openness, transparency and accountability in its business