The market capitalization of the top five banks in the country, Zenith, Access, GTB, FBN and UBA increased to N2.44 trillion at the close of business at the weekend. According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks appreciated by 0.5 percent with investors gaining N12.35 billion during the trading week. The gain Read More
The Security and Exchange Commission, SEC, has blamed the rise in unclaimed dividends from N158 billion in 2018 to N170 billion in 2021 to the introduction of the Bank Verification Number, BVN, which sought to link actual names to bank accounts. The Director General of SEC, Mr. Lamido Yuguda, who disclosed this at a virtual post Capital Market Committee, CMC, Read More
Equity prices on the floor of Nigerian Exchange (NGX) close higher for a third successive trading sessions, gaining N21 billion. The result showed that Market capitalisation of listed equities increased by 0.10 per cent to N20.574 trillion from N20.553 trillion reported the previous day. The NGX All Share Index also appreciated by 41.60 basis points to 39490.06 points from 39448.46 Read More
Trading activities on the floor of Nigerian Exchange (NGX) yesterday opened on a negative note, shedding N126 billion, despite the inflow of companies half year results and interim dividend declared within the period. Operators attributed the decline in share price on profit taking embarked by investors during the day. Specifically, Market Capitalisation of listed equities declined by 0.62 per cent Read More
The All Progressives Congress (APC) has said the opposition Peoples Democratic Party (PDP) was not qualified to criticise the current administration on the worsening insecurity in Nigeria. Responding to an earlier statement released by the PDP, APC reassured Nigerians that “the security of the nation is of the highest priority to the President Muhammadu Buhari administration and this government is Read More
The Nigerian Exchange (NGX) recent report on domestic and foreign portfolio participation in equities trading showed that total equities market transactions increased in June 2021 compared to the volume of transactions executed in May 2021. The report revealed that domestic institutional investors gradually took position amid releases of corporates’ half-year financial results which have been generally positive and the prospect Read More
Mouka, Nigeria’s manufacturer of mattresses, pillows and other bedding products has once again reinforced its position as the innovation trailblazer in the bedding industry. Mouka has recently announced the launch of its eco-friendly mattress called Eco-Comfy. Mouka’s Eco-Comfy mattress is made up of 100 percent recyclable polyester fibre which promotes airflow around the body, keeping the consumer cool and comfortable Read More
The Independent Petroleum Marketers Association of Nigeria (IPMAN), late Tuesday, shut down its operation in Calabar depot over what they described as incessant harassment of its members by the Police. IPMAN chairman in Cross River, Mr. Robert Obi, who spoke on behalf of the petroleum marketers, said his members were withdrawing all the services in the area of lifting and Read More
Trading activities on the floor of Nigerian Exchange NGX yesterday closed northward, gaining N163 billion as investors reposition their portfolio along the sectors and stocks that posted impressive result. Operators said that most invested are now interested in stocks that reported positive performance and expected to declare interim dividend. They also pointed out that apart from expectation of more interim Read More
Fifa has banned its former vice president and the ex-president of the Confederation of African Football (Caf) Issa Hayatou for a year. Football’s world governing body found the 74-year-old Cameroonian responsible for having breached the article relating to ‘duty of loyalty’ in its Code of Ethics. Fifa’s investigation centred on Hayatou’s involvement in the deals struck with Lagardere Sports over Read More
Last week, the performance of the domestic equities market was mixed as the benchmark index closed in the green on 2 of the 5 trading sessions. Consequently, the All Share Index (ASI) declined by 31bps w/w to settle at 38547.08 points while YTD loss worsened to -4.3%. Market capitalisation fell by ₦62.9bn in value to close at ₦20.1trn. Activity level Read More
The organizers of the Big Brother Naija, BBNaija, reality show on Saturday, 24 July 2021, announced the 11 male housemates, with the 11 female housemates announced on Sunday. Here is a quick look at the Big Brother housemates for 2021. After weeks of speculation, Big Brother finally unveiled this Season’s theme and introduced Africa to the first batch of BBNaija Read More
Former President, Dr. Goodluck Jonathan, has said great opportunities abound in Bayelsa State for foreign investors. The former Nigerian leader stated this at a state banquet organised by the Bayelsa state government in honour of the South Korean Ambassador to Nigeria, Kim Young-Chae, on Friday night in Yenagoa. Amb. Young-Chae was on a two-day visit to the state. Describing Bayelsa Read More
The key market indices of the Nigerian Exchange improved further by 0.21 per cent on Friday, ahead of the Monetary Policy Committee (MPC) meeting. The MPC is expected to hold its fourth meeting of the year on July 26 and July 27. Specifically, the All-Share Index which opened at 38,585.52 inched higher by 82.38 points or 0.21 per cent to Read More
Oil prices slipped on yesterday after an unexpected rise in U.S. crude oil inventories and as rising COVID-19 infections threaten demand, but prices held on to most of their gains from the previous session on expectations that supplies will remain tight through year-end. Brent crude fell 11 cents, or 0.2 per cent to $72.12 a barrel after rising 4.2 per Read More
Crude oil futures rebounded on Tuesday as market participants vied to take advantage of oil’s two-month low hit in the previous session. Monday’s selloff, spurred by demand destruction fears amid rising COVID-19 cases, pushed oil about 7% lower and hit other riskier assets. While equities avoided a new selloff on Tuesday, U.S. Treasury and German bond yields also slipped as Read More
Researchers have seen an energetic leap in renewable energy initiative by emerging markets as they spring in a swift, frisky curvet investing in that space.They expressed the opinion that the amount of electricity generated from burning fossil fuels has likely peaked worldwide, as emerging markets invest in clean and cheap renewables over coal, oil and gas. That is the finding Read More
Yobe state governor Mai Mala-Buni, has said that the deployment of a modern firefighting truck by the Federal Fire Service (FFS) to the state will boost emergency response services. The excited governor Buni made the statement during the commissioning of one contemporary fire-fighting truck, Thursday in Yobe state. The Governor represented by the state’s deputy, Idi Gubana said that the Read More
Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), have warned that restricting the license of refined petroleum products to a few local refiners would pose monopoly risk which would not be good for other players in the industry. In a joint press statement by both bodies signed by Clement Isong Read More
A firm, Golden Agri Inputs Ltd. subsidiary under the Agro-Allied Division of Flour Mills of Nigeria (FMN) has signed a Memorandum of Understanding with the Kaduna state, with aim to launch a Maize and Soybean Value Chain Development Programme for farmers called YALWA in the state. The “YALWA” program established to aggressively double maize and soybean output in Nigeria through Read More
The Senate has approved President Muhammadu Buhari’s request for the authourisation of N2.343 trillions! ($6.183 billion USD) as External Borrowing in the 2021 Appropriation Act. This was just as it directed the Minister of Finance, Budget and National Planning, Zainab Ahmed, the Director General of the Debt Management Office, Patience Oniha, and the Governor of the Central Bank of Nigeria, Read More
One of Nigeria’s leading broadband services providers, Smile Communications Nigeria is set to introduce four new local call options with extended validity to its range of SmileVoice ONLY plans. The new options, according to the telecom firm, are developed to complement the three existing 30-day SmileVoice ONLY plans. Leading the pack is the new 60-day validity plan, which comes in Read More
Mobile telecommunication giant, MTN has said it will in the next three years invest $25 million to enhance the development of the country’s digital ecosystem. The telecom giant also assured that it would commit $150 million towards improving the network and IT systems, to connect the remaining 15 percent of Ghanaians across the country that are in the remotest communities Read More
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