Business

The Chairman of Senate Committee on Capital Market & Institutions, Sen. Osita Izunaso, has appointed a former Imo State Commissioner for Finance, Prof. Uche Uwaleke of Nasarawa State University Keffi as his Special Adviser in order to help move the market forward. This is contained in a letter of appointment personally signed by the Chairman, Senate Committee on Capital Market…

The Central Bank of Nigeria (CBN) says currency issue expenses gulped N96.46 billion in 2022. This is contained in the apex bank’s recently released audited financial statement for the year ended December 31, 2022. In the report, the CBN said: “Currency issue expenses relates to expenses incurred in relation to the printing, processing, distribution, and disposal of currency notes. This…

JP Morgan has estimated Nigeria’s net foreign exchange reserve to be around $3.7 billion much lower than the net figure of $14 billion reported at the end of 2021. The Global financial service firm disclosed this in its latest report on Nigeria titled “Nigeria: Reform pause rather than fatigue”. The bank noted that the lower-than-reported FX reserve is the result…

As part of its commitment to Corporate Social Responsibility (CSR), the Dangote Cement Plc, Obajana Plant, Kogi State, has commenced the training of youth in technical skills under the tutelage of technical units of Dangote Cement Transport, Obajana.  The participating youth were selected from the host communities of Oyo, Iwaa, Apata, and Obajana.   The Technical Skills Acquisition programme, according to…

The equities market of the Nigerian Exchange Limited (NGX) closed in the bear territory last week following profit-taking activities on all trading sessions this week save for Friday. Thus, the NGX All-Share Index declined week-on-week (W-o-W) by 0.93 per cent to close at 64,721.09 points. Similarly, market capitalisation lost N150 billion W-o-W to N35.422 trillion. Sector-wise, the NGX Consumer Goods…

The Central Bank of Nigeria (CBN) has announced the official launch of its Price Verification System (PVS) portal, following a successful pilot phase and extensive training sessions held with all Nigerian banks. Starting from August 31, 2023, the CBN mandates that all applications for Forms M must be accompanied by a valid Price Verification Report, which can be generated exclusively…

The Board of Coronation Insurance Plc has indefinitely postponed a court-ordered shareholders’ meeting towards the proposed delisting from Nigerian Exchange Limited (NGX). Coronation Insurance had received an offer from Coronation Capital (Mauritius) Limited to acquire shares of the company at 65kobo per share and subsequently delist from NGX. The company said the offer price has been set at 65 Kobo…

Bearish sentiment persisted on equities market of Nigerian Exchange Limited (NGX) on Thursday as market capitalisation dropped by N97billion. The All Share Index (ASI) down by 176.32 basis points or 0.27 per cent to close at 64,448.96 points. Also, market capitalisation declined by N97 billion to close at N35.273 trillion. Investor sentiment, as measured by market breadth closed positive as…

The board of Access Holdings Plc on Wednesday announced a delay in the release of its half year (H1) financial results ended June 30, 2023 due to an ongoing audit of its subsidiaries. This was disclosed in the company’s statement to the Nigerian Exchange Limited (NGX) According to the statement signed by the Company Secretary, Sunday Ekwochi, the delay in…

An economist, Mr. Marcel Okeke has commended the Federal Government on the Taiwo Oyedele-led Committee on fiscal policy and tax reforms, stressing that it will bring new revenue-generation ideas for Nigeria. He further expressed optimism that the committee would work towards harmonising taxes to provide relief for companies and individuals. Okeke made the observations recently at the well-attended monthly forum…