FG Okays New Measures to Curb Second Wave of COVID-19

By Adedapo Adesanya Tata International is set to expand operations in Nigeria through a strategic partnership with the Lagos Free Zone (LFZ) following the signing of a fresh arrangement. The agreement was signed in the presence of the Managing Director of Tata International Limited, Mr Anand Sen, by the Managing Director of Tata Africa Holdings Pty Ltd, Mr Len Brand. This move will help Tata International build on its existing relationship in the country since 2006 when it established operations in Nigeria. “As a brand synonymous with quality products and ethical business operations in Africa, Tata International is excited to

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has written to the World Bank to suspend issuing loans to Nigeria’s 36 states over allegations of mismanaging public funds which may include loans obtained from the institution. In the letter dated November 25, 2023, the group specifically wants the bank’s President, Mr Ajay Banga, “to promptly, transparently and effectively conduct an investigation into the spending of loans and other facilities by the country’s 36 state governors and to suspend any loans and funding if there is relevant admissible evidence of mismanagement or diversion of public funds by any of

By Adedapo Adesanya Fils has launched a platform to help global businesses turn intent into action when integrating sustainable values into the core of digital payments. The new innovation paves the way for trust and safety in carbon markets, bringing together buyers with capital, and suppliers with high-integrity carbon credits, at the rate and scale required to rebalance the planet.  Designed as a holistic, enterprise-grade B2B2C product offering, Fils leverages the power of leading technologies for its end-to-end infrastructure to transform various industries, including financial services, hospitality, and e-commerce. This makes it easier for businesses to act on the core

By Adedapo Adesanya  The International Finance Corporation (IFC) has announced a collaboration with Allied Climate Partners (ACP) that will help create a pipeline of viable climate investments in emerging markets including Southeast Asia, Africa, the Caribbean and Central America, and India. ACP’s new platform is backed by philanthropic capital and designed to mobilize investment in climate-related projects in emerging economies to create significant environmental, economic, and social impact. In a statement seen by Business Post, the parties said the collaboration with IFC will provide advisory and structuring support, technical assistance, and sustainability and impact-management support as needed to help bring

By Dipo Olowookere Shareholders of Neimeth International Pharmaceuticals Plc will have their dividends paid to their bank accounts on Friday, March 12, 2021, the firm has said. The cash reward is for the accounting year ended September 30, 2020, and the amount to be paid is 6.5 kobo for each share of the company with investors. In a notice to the Nigerian Stock Exchange (NSE), Neimeth disclosed that the money would be paid only to shareholders whose names appear in the register of members as at the close of business on February 23, 2021. The dividend, which is subject to

By Dipo Olowookere The stock market was depressed on Tuesday following sustained profit-taking embarked upon by investors. This drowned the bourse by 0.09 percent at the close of business. Equities in the insurance sector were the most hit and this brought its index down by 2.09 percent. The energy space lost 0.57 percent, consumer goods index decreased by 0.24 percent, while the banking counter dropped 0.11 percent. The industrial goods index appreciated by 1.03 percent. For the benchmark index, the All-Share Index (ASI) depreciated yesterday by 23.37 points to 24,930.88 points, while the market capitalisation went down by N12 billion

By Dipo Olowookere Investors are beginning to have confidence in the domestic stock market as the Nigerian Exchange (NGX) Limited appreciated by 0.95 per cent on Wednesday. Business Post reports that 40 equities finished on the gainers’ chart during the trading session, while seven shares were on the losers’ table, indicating a positive market breadth and a bullish investor sentiment. This helped push the All-Share Index (ASI) above 52,000 points after it increased by 491.13 points to 52,097.62 points from 51,606.49 points, as the market capitalisation grew by N267 billion to N28.367 trillion from N28.100 trillion. Academy Press and Livestock

By Adedapo Adesanya One of the world’s fastest-growing economies, India, is set to ban and criminalise the use of cryptocurrencies. A bill to make this a reality has already been moved. This was disclosed by a senior government official, according to Reuters, with the move signifying a potential blow to millions of investors piling into the appealing asset class. The bill, one of the world’s strictest policies against cryptocurrencies, would criminalize possession, issuance, mining, trading, and transferring crypto-assets, said the official, who has direct knowledge of the plan. The measure is in line with a January government agenda that called

By Adedapo Adesanya The recent spate of tension across states in the country has mostly kept investors away from the foreign exchange market as the demand for the US Dollar dropped on Wednesday, October 21 at the Investors and Exporters (I&E) segment. During the session, the value of transactions recorded at the market, which specially caters for exporters and investors, reduced significantly by 81.5 per cent or $26.62 million to $6.05 million from $32.67 million recorded previously, according to data sourced from the FMDQ Securities Exchange. Despite the huge decline in the daily turnover, the value of the local currency

By Dipo Olowookere Analysts at ARM Research have disclosed that beyond 2017, they expect a more improved performance by Seplat Petroleum Development Company Plc (Seplat). In its report released yesterday titled ‘Seplat Plc – In the clear,’ ARM research noted that starting off in 2018, it expects the company’s exports to rise largely reflecting the planned completion of the Escravos pipeline which offer a third export route for the company. ARM Research said it revised its estimates for Seplat and increased its fair value estimate (FVE) to N518.74/share (previously N346/share) after the lifting of the force majeure on the TransForcados

By Dipo Olowookere Dangote Cement, the flagship company of Africa’s richest man, Mr Aliko Dangote, on Friday, April 26, 2019, released its financial position as at the end of March 31, 2019. From the results briefly analysed by Business Post, the leading cement maker in Nigeria recorded decline across key performance indicators. For instance, the revenue generated by the company in the period under review dropped to N240.2 billion from N242.1 billion and a closer look into the cause of this showed that there was a slight drop in the cement production volume to 5.97 million tonnes in Q1 2019

By Investors Hub The major U.S. index futures are pointing to a slightly higher opening on Thursday, with stocks likely to continue to show a lack of direction following the mixed performance seen in the previous session. Traders may remain reluctant to make significant moves as they weigh lingering trade war concerns against largely upbeat corporate earnings news. Stocks showed a lack of direction during trading on Wednesday after trending higher over the past few sessions. The major averages spent the day bouncing back and forth across the unchanged line. The major averages eventually ended the session mixed. While the