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  •  Some experts have said the Nigerian capital market made substantial contributions to the nation s economic growth and national development since independence in 1960 They experts spoke in separate interviews with the News Agency of Nigeria on Saturday in Lagos while reviewing the performance and evolution of the Nigerian capital market since independence Mr David Adonri Executive Vice Chairman HighCap Securities Ltd said the capital market since independence had evolved in supporting the growth and helping in unlocking economic potential for government and the populace in creating wealth Citing how the market had been beneficial to the country Adonri said the Federal Government had always financed its budget by raising capital through bonds from the Nigerian Exchange Ltd NGX According to him the capital market has also taken advantage of technology in its daily processes to increase market efficiency and help companies to raise capital while investors continued to enjoy appropriate returns on their investments Recalling how the capital market played a role during the indigenisation exercises of 1972 and 1978 he noted that the Exchange assisted Nigerians to buy over a lot of foreign enterprises an opportunity they still enjoyed to date Adonri cited how the banking industry through the Exchange in 2005 achieved its recapitalisation exercise which was mandated by the Central Bank of Nigeria CBN to shore up banks capital base from N2 billion to N25 billion In achieving the desired sustainable growth the expert said the gap in economic performance needed to be addressed Adonri however noted that the Nigerian capital market had the potential to intervene in providing solution especially in developing the foundational engineering infrastructure needed for industrialisation and ecological breakthrough Engineering infrastructure are facilities for various areas of activity servicing the economy and the population According to him Nigeria currently lacks engineering infrastructure to enable the country produce the machinery and equipment required to develop Nigerian secondary infrastructure such as roads rails ports hospitals among others He listed the engineering infrastructure to comprise technical education minning metalogical and machine making and agriculture equipment I expect that should be the area of focus for the capital market moving forward so that Nigeria will acquire the engineering infrastructure needed for industrialisation and ecological breakthrough Adonri said Malam Garba Kurfi Managing Director APT Securities coroborated Adonri s view on how the capital market has faired so far Kurfi said the over N26 trillion market capitalisation of the NGX currently above the national budget showed how positively the market had grown over years He said Today we are talking of N26 trillion market capitalisation it shows that the capital market gives Nigerians the opportunity to buy shares and own some companies for wealth creation Today we also have not just Airtel Nigeria but Airtel Africa and this means that shareholders have their shares also in the African market Dangote Group has 17 companies and it shareholders have shares in all these companies In the last 10 years five companies which are Dangote Cement Seplat MTN Airtel BUA Foods BUA Cement got listed on the Nigerian Exchange and contributed over 60 per cent of the market capitalisation According to him the percentage shows the confidence that Nigerians and the private sector have in the capital market and boosting companies willingness to get listed on the Exchange He said the capital market also assisted the Federal Inland Revenue Service FIRS in generating 50 per cent of its revenue from corporate tax paid by quoted companies Another positive development is Pension Fund that invested N14 trillion in the capital market through bonds and equities Kuffi said that might not have been possible without the support of the capital market The managing director however said the capital market could still do better especially if compared with some of its counterparts in other countries Our market capitalisation against Gross Domestic Product GDP is less than 10 per cent New York Stock Exchange s market capitalisation is over 100 per cent when compared to GDP of the U S and same with London s as well as that of Johannesburg is more than 120 per cent of the South Africa GDP However ours is just 10 per cent because big companies like NNPC NLG among others and even those in the power sector and the telcoms such as Glo 9 Mobile and Nitel are not listed Assuming all of them are listed on the exchange our market capitalisation will go up Today we already ahead of the entire budget of Nigeria he added NewsSourceCredit NAN
    Nigeria at 62: Capital market has made commendable progress – Operators
     Some experts have said the Nigerian capital market made substantial contributions to the nation s economic growth and national development since independence in 1960 They experts spoke in separate interviews with the News Agency of Nigeria on Saturday in Lagos while reviewing the performance and evolution of the Nigerian capital market since independence Mr David Adonri Executive Vice Chairman HighCap Securities Ltd said the capital market since independence had evolved in supporting the growth and helping in unlocking economic potential for government and the populace in creating wealth Citing how the market had been beneficial to the country Adonri said the Federal Government had always financed its budget by raising capital through bonds from the Nigerian Exchange Ltd NGX According to him the capital market has also taken advantage of technology in its daily processes to increase market efficiency and help companies to raise capital while investors continued to enjoy appropriate returns on their investments Recalling how the capital market played a role during the indigenisation exercises of 1972 and 1978 he noted that the Exchange assisted Nigerians to buy over a lot of foreign enterprises an opportunity they still enjoyed to date Adonri cited how the banking industry through the Exchange in 2005 achieved its recapitalisation exercise which was mandated by the Central Bank of Nigeria CBN to shore up banks capital base from N2 billion to N25 billion In achieving the desired sustainable growth the expert said the gap in economic performance needed to be addressed Adonri however noted that the Nigerian capital market had the potential to intervene in providing solution especially in developing the foundational engineering infrastructure needed for industrialisation and ecological breakthrough Engineering infrastructure are facilities for various areas of activity servicing the economy and the population According to him Nigeria currently lacks engineering infrastructure to enable the country produce the machinery and equipment required to develop Nigerian secondary infrastructure such as roads rails ports hospitals among others He listed the engineering infrastructure to comprise technical education minning metalogical and machine making and agriculture equipment I expect that should be the area of focus for the capital market moving forward so that Nigeria will acquire the engineering infrastructure needed for industrialisation and ecological breakthrough Adonri said Malam Garba Kurfi Managing Director APT Securities coroborated Adonri s view on how the capital market has faired so far Kurfi said the over N26 trillion market capitalisation of the NGX currently above the national budget showed how positively the market had grown over years He said Today we are talking of N26 trillion market capitalisation it shows that the capital market gives Nigerians the opportunity to buy shares and own some companies for wealth creation Today we also have not just Airtel Nigeria but Airtel Africa and this means that shareholders have their shares also in the African market Dangote Group has 17 companies and it shareholders have shares in all these companies In the last 10 years five companies which are Dangote Cement Seplat MTN Airtel BUA Foods BUA Cement got listed on the Nigerian Exchange and contributed over 60 per cent of the market capitalisation According to him the percentage shows the confidence that Nigerians and the private sector have in the capital market and boosting companies willingness to get listed on the Exchange He said the capital market also assisted the Federal Inland Revenue Service FIRS in generating 50 per cent of its revenue from corporate tax paid by quoted companies Another positive development is Pension Fund that invested N14 trillion in the capital market through bonds and equities Kuffi said that might not have been possible without the support of the capital market The managing director however said the capital market could still do better especially if compared with some of its counterparts in other countries Our market capitalisation against Gross Domestic Product GDP is less than 10 per cent New York Stock Exchange s market capitalisation is over 100 per cent when compared to GDP of the U S and same with London s as well as that of Johannesburg is more than 120 per cent of the South Africa GDP However ours is just 10 per cent because big companies like NNPC NLG among others and even those in the power sector and the telcoms such as Glo 9 Mobile and Nitel are not listed Assuming all of them are listed on the exchange our market capitalisation will go up Today we already ahead of the entire budget of Nigeria he added NewsSourceCredit NAN
    Nigeria at 62: Capital market has made commendable progress – Operators
    Economy3 days ago

    Nigeria at 62: Capital market has made commendable progress – Operators

    Some experts have said the Nigerian capital market made substantial contributions to the nation’s economic growth and national development since independence in 1960. They experts spoke in separate interviews with the News Agency of Nigeria on Saturday in Lagos, while reviewing the performance and evolution of the Nigerian capital market since independence.

    Mr David Adonri, Executive Vice Chairman, HighCap Securities Ltd., said the capital market, since independence, had evolved in supporting the growth and helping in unlocking economic potential for government and the populace in creating wealth.

    Citing how the market had been beneficial to the country, Adonri said the Federal Government had always financed its budget by raising capital through bonds from the Nigerian Exchange Ltd. (NGX).

    According to him, the capital market has also taken advantage of technology in its daily processes to increase market efficiency and help companies to raise capital, while investors continued to enjoy appropriate returns on their investments.

    Recalling how the capital market played a role during the indigenisation exercises of 1972 and 1978, he noted that the Exchange assisted Nigerians to buy over a lot of foreign enterprises, an opportunity they still enjoyed to date.

    Adonri cited how the banking industry through the Exchange in 2005, achieved its recapitalisation exercise, which was mandated by the Central Bank of Nigeria (CBN), to shore up banks’ capital base from N2 billion to N25 billion.

    In achieving the desired sustainable growth, the expert said the gap in economic performance needed to be addressed.

    Adonri, however, noted that the Nigerian capital market had the potential to intervene in providing solution, especially in developing the foundational engineering infrastructure needed for industrialisation and ecological breakthrough.

    Engineering infrastructure are facilities for various areas of activity servicing the economy and the population.

    According to him, Nigeria currently lacks engineering infrastructure to enable the country produce the machinery and equipment required to develop Nigerian secondary infrastructure such as roads, rails, ports, hospitals, among others.

    He listed the engineering infrastructure to comprise technical education, minning, metalogical and machine making and agriculture equipment.

    “I expect that should be the area of focus for the capital market moving forward, so that Nigeria will acquire the engineering infrastructure needed for industrialisation and ecological breakthrough,” Adonri said.

    Malam Garba Kurfi, Managing Director, APT Securities, coroborated Adonri’s view on how the capital market has faired so far.

    Kurfi said the over N26 trillion market capitalisation of the NGX, currently above the national budget, showed how positively the market had grown over years.

    He said, “Today, we are talking of N26 trillion market capitalisation.

    it shows that the capital market gives Nigerians the opportunity to buy shares and own some companies for wealth creation.

    “Today, we also have not just Airtel Nigeria, but Airtel Africa and this means that shareholders have their shares also in the African market.

    Dangote Group has 17 companies and it shareholders have shares in all these companies.

    “In the last 10 years, five companies which are Dangote Cement, Seplat, MTN, Airtel, BUA Foods, BUA Cement got listed on the Nigerian Exchange and contributed over 60 per cent of the market capitalisation.

    ” According to him, the percentage shows the confidence that Nigerians and the private sector have in the capital market and boosting companies’ willingness to get listed on the Exchange.

    He said the capital market also assisted the Federal Inland Revenue Service (FIRS) in generating 50 per cent of its revenue from corporate tax paid by quoted companies.

    Another positive development is Pension Fund that invested N14 trillion in the capital market through bonds and equities.

    Kuffi said that might not have been possible without the support of the capital market.

    The managing director, however, said the capital market could still do better, especially if compared with some of its counterparts in other countries.

    “Our market capitalisation against Gross Domestic Product(GDP) is less than 10 per cent.

    “New York Stock Exchange’s market capitalisation is over 100 per cent when compared to GDP of the U.

    S and same with London’s as well as that of Johannesburg is more than 120 per cent of the South Africa GDP.

    “However, ours is just 10 per cent because big companies like NNPC, NLG, among others, and even those in the power sector and the telcoms such as Glo, 9 Mobile and Nitel are not listed.

    “Assuming all of them are listed on the exchange, our market capitalisation will go up.

    Today we already ahead of the entire budget of Nigeria,” he added.


    NewsSourceCredit: NAN

  •  The Nigerian Exchange Ltd NGX was upbeat on Monday as market capitalisation increased by N87 billion or 0 33 per cent to close at N26 532 trillion from N26 445 trillion recorded on Friday Also the All Share Index ASI increased by 162 70 basis points representing a rise of 0 33 per cent to close at 49 189 32 from 49 026 62 posted on Friday Renewed investors interest in BUA Cement Guaranty Trust Holding Company GTCO and Zenith Bank were the primary drivers of the overall strong performance of the market Consequently the year to date YTD return rose to 15 22 per cent The market breath closed negative as as 12 stocks advanced and 17 stocks declined Multiverse Mining amp Exploration led the gainers table during the day gaining by 10 per cent to close at N3 10 per share FCMB followed with a gain of 8 02 per cent to close at N3 50 while Union Bank of Nigeria UBN inched up by 7 83 per cent to close at N6 20 per share Japaul Gold amp Ventures grew by 7 41 per cent to close at 29k per share NGX Group appreciated by 5 88 per cent to close at N18 per share On the other hand Academy Press topped the losers chart depreciating by 10 per cent to close at N1 53 per share NEM Insurance trailed with a loss of 8 91 per cent to close at N4 91 while Neimeth declined by 8 33 per cent to close at N1 43 per share Champion Breweries was down by 7 86 per cent to close at N3 40 while Chams lost by 7 41 per cent to close at 25k per share Transactions in the shares of Courteville Business Solutions topped the activity chart with 24 36 million shares valued at N10 96 million FCMB followed with 20 million shares worth N69 43 million while Zenith Bank traded 8 87 million shares valued at N177 14 million Transcorp traded 5 92 million shares valued at N6 15 million while United Bank for Africa UBA transacted 5 88 million shares worth N42 64 million NewsSourceCredit NAN
    Stock market rebounds by N87bn, index up 0.33%
     The Nigerian Exchange Ltd NGX was upbeat on Monday as market capitalisation increased by N87 billion or 0 33 per cent to close at N26 532 trillion from N26 445 trillion recorded on Friday Also the All Share Index ASI increased by 162 70 basis points representing a rise of 0 33 per cent to close at 49 189 32 from 49 026 62 posted on Friday Renewed investors interest in BUA Cement Guaranty Trust Holding Company GTCO and Zenith Bank were the primary drivers of the overall strong performance of the market Consequently the year to date YTD return rose to 15 22 per cent The market breath closed negative as as 12 stocks advanced and 17 stocks declined Multiverse Mining amp Exploration led the gainers table during the day gaining by 10 per cent to close at N3 10 per share FCMB followed with a gain of 8 02 per cent to close at N3 50 while Union Bank of Nigeria UBN inched up by 7 83 per cent to close at N6 20 per share Japaul Gold amp Ventures grew by 7 41 per cent to close at 29k per share NGX Group appreciated by 5 88 per cent to close at N18 per share On the other hand Academy Press topped the losers chart depreciating by 10 per cent to close at N1 53 per share NEM Insurance trailed with a loss of 8 91 per cent to close at N4 91 while Neimeth declined by 8 33 per cent to close at N1 43 per share Champion Breweries was down by 7 86 per cent to close at N3 40 while Chams lost by 7 41 per cent to close at 25k per share Transactions in the shares of Courteville Business Solutions topped the activity chart with 24 36 million shares valued at N10 96 million FCMB followed with 20 million shares worth N69 43 million while Zenith Bank traded 8 87 million shares valued at N177 14 million Transcorp traded 5 92 million shares valued at N6 15 million while United Bank for Africa UBA transacted 5 88 million shares worth N42 64 million NewsSourceCredit NAN
    Stock market rebounds by N87bn, index up 0.33%
    Economy1 week ago

    Stock market rebounds by N87bn, index up 0.33%

    The Nigerian Exchange Ltd. (NGX) was upbeat on Monday as market capitalisation increased by N87 billion or 0.33 per cent to close at N26.532 trillion from N26.445 trillion recorded on Friday.

    Also, the All-Share Index (ASI) increased by 162.70 basis points, representing a rise of 0.33 per cent to close at 49,189.32 from 49, 026.62 posted on Friday.

    Renewed investors’ interest in BUA Cement, Guaranty Trust Holding Company (GTCO) and Zenith Bank were the primary drivers of the overall strong performance of the market.

    Consequently, the year-to-date (YTD) return rose to 15.22 per cent.

    The market breath closed negative as as 12 stocks advanced and 17 stocks declined.

    Multiverse Mining & Exploration led the gainers’ table during the day, gaining by 10 per cent to close at N3.10 per share.

    FCMB followed with a gain of 8.02 per cent to close at N3.50, while Union Bank of Nigeria (UBN) inched up by 7.83 per cent to close at N6.20 per share.

    Japaul Gold &Ventures grew by 7.41 per cent to close at 29k per share.

    NGX Group appreciated by 5.88 per cent to close at N18 per share.

    On the other hand, Academy Press topped the losers’ chart, depreciating by 10 per cent to close at N1.53 per share.

    NEM Insurance trailed with a loss of 8.91 per cent to close at N4.91, while Neimeth declined by 8.33 per cent to close at N1.43 per share.

    Champion Breweries was down by 7.86 per cent to close at N3.40, while Chams lost by 7.41 per cent to close at 25k per share.

    Transactions in the shares of Courteville Business Solutions topped the activity chart with 24.36 million shares valued at N10.96 million.

    FCMB followed with 20 million shares worth N69.43 million, while Zenith Bank traded 8.87 million shares valued at N177.14 million.

    Transcorp traded 5.92 million shares valued at N6.15 million, while United Bank for Africa(UBA) transacted 5.88 million shares worth N42.64 million.


    NewsSourceCredit: NAN

  •  The stock market closed on Thursday on a negative note as market capitalisation decreased by N124 billion or 0 47 per cent to close at N26 533 trillion from N26 657 trillion on Wednesday The All Share Index ASI also dropped by 231 57 points or 0 47 per cent to close at 49 190 34 from 49 421 91 recorded on Wednesday Market breadth closed negative as 13 stocks declined while 10 advanced Trans Nationwide Express led the gainers with 8 70 per cent to close 75k per share This was followed by NEM Insurance with 2 67 per cent to close at N5 39 per share while Cutix gained by 2 50 per cent to close at N2 05 per share Also Academy Press appreciated by 2 41 per cent to close at N1 70 per share and International Breweries rose by 2 020 per cent to close at N5 05 per share On the other hand Conerstone was last with a decline of 10 per cent to close at 54k per share Multiverse Mining and Exploration followed with 9 96 per cent to close at N2 82 per share Cadbury Nigeria fell by 9 62 per cent to close at N2 82 while BUA Cement declined by 6 18 per cent to close N50 10 per share Also Guinness Nigeria declined by 5 50 per cent to close at N83 per shares NGX Group recorded the highest volume of 30 75 million shares sold at N553 54 million Zenith Bank followed with N24 39 million shares traded at N488 01 million Fidelity Bank transacted 13 84 million shares worth N50 66 while FBN Holdings sold 11 03 million shares valued at N110 81 Access Holdings sold 8 23 million shares worth N68 21 million A total of 126 84 million shares valued at N1 78 billion were exchanged in 3 117 deals compared with a total of 51 88 million shares valued at N590 01 billion exchanged in 2 981 deals on Wednesday NewsSourceCredit NAN
    Stock market drops by N124bn as sell pressure persists
     The stock market closed on Thursday on a negative note as market capitalisation decreased by N124 billion or 0 47 per cent to close at N26 533 trillion from N26 657 trillion on Wednesday The All Share Index ASI also dropped by 231 57 points or 0 47 per cent to close at 49 190 34 from 49 421 91 recorded on Wednesday Market breadth closed negative as 13 stocks declined while 10 advanced Trans Nationwide Express led the gainers with 8 70 per cent to close 75k per share This was followed by NEM Insurance with 2 67 per cent to close at N5 39 per share while Cutix gained by 2 50 per cent to close at N2 05 per share Also Academy Press appreciated by 2 41 per cent to close at N1 70 per share and International Breweries rose by 2 020 per cent to close at N5 05 per share On the other hand Conerstone was last with a decline of 10 per cent to close at 54k per share Multiverse Mining and Exploration followed with 9 96 per cent to close at N2 82 per share Cadbury Nigeria fell by 9 62 per cent to close at N2 82 while BUA Cement declined by 6 18 per cent to close N50 10 per share Also Guinness Nigeria declined by 5 50 per cent to close at N83 per shares NGX Group recorded the highest volume of 30 75 million shares sold at N553 54 million Zenith Bank followed with N24 39 million shares traded at N488 01 million Fidelity Bank transacted 13 84 million shares worth N50 66 while FBN Holdings sold 11 03 million shares valued at N110 81 Access Holdings sold 8 23 million shares worth N68 21 million A total of 126 84 million shares valued at N1 78 billion were exchanged in 3 117 deals compared with a total of 51 88 million shares valued at N590 01 billion exchanged in 2 981 deals on Wednesday NewsSourceCredit NAN
    Stock market drops by N124bn as sell pressure persists
    Economy2 weeks ago

    Stock market drops by N124bn as sell pressure persists

    The stock market closed on Thursday on a negative note as market capitalisation decreased by N124 billion or 0.47 per cent to close at N26.533 trillion from N26.657 trillion on Wednesday.

    The All-Share Index (ASI) also dropped by 231.57 points or 0.47 per cent to close at 49,190.34 from 49,421.91 recorded on Wednesday.

    Market breadth closed negative as 13 stocks declined, while 10 advanced.

    Trans-Nationwide Express led the gainers with 8.70 per cent to close 75k per share.

    This was followed by NEM Insurance with 2.67 per cent to close at N5.39 per share, while Cutix gained by 2.50 per cent to close at N2.05 per share.

    Also, Academy Press appreciated by 2.41 per cent to close at N1.70 per share and International Breweries rose by 2.020 per cent to close at N5.05 per share.

    On the other hand, Conerstone was last with a decline of 10 per cent to close at 54k per share.

    Multiverse Mining and Exploration followed with 9.96 per cent to close at N2.82 per share.

    Cadbury Nigeria fell by 9.62 per cent to close at N2.82, while BUA Cement declined by 6.18 per cent to close N50.10 per share.

    Also, Guinness Nigeria declined by 5.50 per cent to close at N83 per shares.

    NGX Group recorded the highest volume of 30.75 million shares sold at N553.54 million.

    Zenith Bank followed with N24.39 million shares traded at N488.01 million.

    Fidelity Bank transacted 13.84 million shares worth N50.66, while FBN Holdings sold 11.03 million shares valued at N110.81. Access Holdings sold 8.23 million shares worth N68.21 million.

    A total of 126.84 million shares valued at N1.78 billion were exchanged in 3,117 deals compared with a total of 51.88 million shares valued at N590.01 billion exchanged in 2.981 deals on Wednesday.


    NewsSourceCredit: NAN

  •  The Federal Government says the promise by Alhaji Atiku Abubakar to break the jinx in infrastructure financing if elected president in 2023 is worn According to the Federal Government President Muhammadu Buhari has long done so The Minister of Information and Culture Alhaji Lai Mohammed said this at a media briefing on Thursday in Abuja The News Agency of Nigeria reports that the minister was reacting to the recent Economic Blueprint unveiled by Atiku the opposition Peoples Democratic Party PDP s presidential candidate in the 2023 elections We state unequivocally that the worst jinx in infrastructure financing was the PDP administration from 1999 to 2015 Indeed the Buhari administration has long broken that jinx leveraging on such innovative schemes as the Presidential Infrastructure Development Fund PIDF Sukuk and the Road Infrastructure Tax Credit Scheme RITCS he said According to the minister the PIDF is being used to finance the Lagos Ibadan Expressway 2nd Niger Bridge and the Abuja Kaduna Zaria Kano road while Sukuk has delivered a total of 1 881 kilometres of roads between 2017 and 2020 He said the RITCS was used for the construction and rehabilitation of Lokoja Obajana Kabba Ilorin road reconstruction of Apapa Wharf road construction of Apapa Oworonsoki Ojota road and the Bonny Bodo road with bridge Mohammed said that the NNPC funded part of the RITCS was also delivering nine roads in North Central three in North East two in North West two in South East three in South South and two in South West for a total of 1 804 kilometres of roads He said the Buhari administration s warm handshake with the private sector had delivered and was delivering an unprecedented number of projects The projects according to the minister included the 650 000bpd Dangote Refinery Dangote Fertilizer plant Lekki Deep Sea Port BUA Cement the 5 000bpd Waltersmith Modular Refinery in Imo State and the 2 500bpd Duport Modular Park in Edo They also included the 2 000bpd Atlantic Modular Refinery in Bayelsa State the 12 000bpd Azikel Modular Refinery also in Bayelsa the five LPG Bottling plants and six LPG depots in 10 northern states and Abuja Others are the 48 000 base oil production plant in Rivers and the 10 000 Metric Tonnes Per Day methanol production plant in Bayelsa just to mention a few The minister said the refineries and other projects were the result of a warm handshake between the Nigerian Content Development and Monitoring Board and private sector actors On power the minister said Atiku s promise to propose legislation to among others give states the power to generate transmit and distribute electricity was also not new It is amazing that His Excellency the former vice president has not heard or read that the Senate has passed the electricity bill 2022 that will allow states to generate and distribute power as well as solve the sector s challenges he said Mohammed said contrary to Atiku s position the Federal Government s investments in additional generation capacity were not futile and had consideration for the complementary transmission and distribution infrastructure He said the Nigeria Siemens partnership consummated in 2019 to improve the seemingly intractable power sector on which the PDP frittered more than 16 billion dollars to procure nothing but darkness would be a game changer The three phase project will deliver 7 000MW in the first phase 11 000MW in the second phase and 25 000MW in the third phase This will positively impact job creation boost investor confidence accelerate economic growth and reduce cost of doing business For those who may be in doubt let me say that this project is a game changer As you may have read electricity equipment ordered under the project have started arriving in the country When they are installed there will be a major improvement in the supply of electricity across the country he said The minister also faulted Atiku on his promise that poverty reduction would be the centerpiece of our economic development agenda He said the Buhari administration s National Social Investment Programme NSIP is unprecedented in impacting the lives of poor Nigerians directly and indirectly and creating jobs especially for the youths women and the elderly NewsSourceCredit NAN
    Infrasture Financing: Atiku has no jinx to break – FG
     The Federal Government says the promise by Alhaji Atiku Abubakar to break the jinx in infrastructure financing if elected president in 2023 is worn According to the Federal Government President Muhammadu Buhari has long done so The Minister of Information and Culture Alhaji Lai Mohammed said this at a media briefing on Thursday in Abuja The News Agency of Nigeria reports that the minister was reacting to the recent Economic Blueprint unveiled by Atiku the opposition Peoples Democratic Party PDP s presidential candidate in the 2023 elections We state unequivocally that the worst jinx in infrastructure financing was the PDP administration from 1999 to 2015 Indeed the Buhari administration has long broken that jinx leveraging on such innovative schemes as the Presidential Infrastructure Development Fund PIDF Sukuk and the Road Infrastructure Tax Credit Scheme RITCS he said According to the minister the PIDF is being used to finance the Lagos Ibadan Expressway 2nd Niger Bridge and the Abuja Kaduna Zaria Kano road while Sukuk has delivered a total of 1 881 kilometres of roads between 2017 and 2020 He said the RITCS was used for the construction and rehabilitation of Lokoja Obajana Kabba Ilorin road reconstruction of Apapa Wharf road construction of Apapa Oworonsoki Ojota road and the Bonny Bodo road with bridge Mohammed said that the NNPC funded part of the RITCS was also delivering nine roads in North Central three in North East two in North West two in South East three in South South and two in South West for a total of 1 804 kilometres of roads He said the Buhari administration s warm handshake with the private sector had delivered and was delivering an unprecedented number of projects The projects according to the minister included the 650 000bpd Dangote Refinery Dangote Fertilizer plant Lekki Deep Sea Port BUA Cement the 5 000bpd Waltersmith Modular Refinery in Imo State and the 2 500bpd Duport Modular Park in Edo They also included the 2 000bpd Atlantic Modular Refinery in Bayelsa State the 12 000bpd Azikel Modular Refinery also in Bayelsa the five LPG Bottling plants and six LPG depots in 10 northern states and Abuja Others are the 48 000 base oil production plant in Rivers and the 10 000 Metric Tonnes Per Day methanol production plant in Bayelsa just to mention a few The minister said the refineries and other projects were the result of a warm handshake between the Nigerian Content Development and Monitoring Board and private sector actors On power the minister said Atiku s promise to propose legislation to among others give states the power to generate transmit and distribute electricity was also not new It is amazing that His Excellency the former vice president has not heard or read that the Senate has passed the electricity bill 2022 that will allow states to generate and distribute power as well as solve the sector s challenges he said Mohammed said contrary to Atiku s position the Federal Government s investments in additional generation capacity were not futile and had consideration for the complementary transmission and distribution infrastructure He said the Nigeria Siemens partnership consummated in 2019 to improve the seemingly intractable power sector on which the PDP frittered more than 16 billion dollars to procure nothing but darkness would be a game changer The three phase project will deliver 7 000MW in the first phase 11 000MW in the second phase and 25 000MW in the third phase This will positively impact job creation boost investor confidence accelerate economic growth and reduce cost of doing business For those who may be in doubt let me say that this project is a game changer As you may have read electricity equipment ordered under the project have started arriving in the country When they are installed there will be a major improvement in the supply of electricity across the country he said The minister also faulted Atiku on his promise that poverty reduction would be the centerpiece of our economic development agenda He said the Buhari administration s National Social Investment Programme NSIP is unprecedented in impacting the lives of poor Nigerians directly and indirectly and creating jobs especially for the youths women and the elderly NewsSourceCredit NAN
    Infrasture Financing: Atiku has no jinx to break – FG
    Economy2 weeks ago

    Infrasture Financing: Atiku has no jinx to break – FG

    The Federal Government says the promise by Alhaji Atiku Abubakar to ‘break the jinx’ in infrastructure financing, if elected president in 2023, is worn.

    According to the Federal Government, President Muhammadu Buhari has long done so.

    The Minister of Information and Culture, Alhaji Lai Mohammed said this at a media briefing on Thursday in Abuja.

    The News Agency of Nigeria reports that the minister was reacting to the recent Economic Blueprint unveiled by Atiku, the opposition Peoples Democratic Party (PDP)’s presidential candidate in the 2023 elections.

    “We state unequivocally, that the worst jinx in infrastructure financing was the PDP administration from 1999 to 2015. “Indeed, the Buhari administration has long broken that jinx, leveraging on such innovative schemes as the Presidential Infrastructure Development Fund (PIDF), Sukuk and the Road Infrastructure Tax Credit Scheme (RITCS),” he said According to the minister, the PIDF is being used to finance the Lagos-Ibadan Expressway, 2nd Niger Bridge and the Abuja-Kaduna-Zaria-Kano road, while Sukuk has delivered a total of 1,881 kilometres of roads between 2017 and 2020. He said the RITCS was used for the construction and rehabilitation of Lokoja-Obajana-Kabba-Ilorin road, reconstruction of Apapa Wharf road, construction of Apapa-Oworonsoki-Ojota road and the Bonny-Bodo road with bridge).

    Mohammed said that the NNPC-funded part of the RITCS  was also delivering nine roads in North-Central, three in North-East, two in North-West, two in South-East, three in South-South and two in South-West for a total of 1,804 kilometres of roads.

    He said the Buhari administration’s “warm handshake’’ with the private sector had delivered and was delivering an unprecedented number of projects.

    The projects according to the minister, included, the 650,000bpd Dangote Refinery, Dangote Fertilizer plant, Lekki Deep Sea Port, BUA Cement, the 5,000bpd Waltersmith Modular Refinery in Imo State and the 2,500bpd Duport Modular Park in Edo. They also included the 2,000bpd Atlantic Modular Refinery in Bayelsa State; the 12,000bpd Azikel Modular Refinery also in Bayelsa; the five LPG Bottling plants and six LPG depots in 10 northern states and Abuja.

    Others are the 48,000 base oil production plant in Rivers and the 10,000 Metric Tonnes Per Day methanol production plant in Bayelsa, just to mention a few.

    The minister said the refineries and other projects were the result of a ”warm handshake” between the Nigerian Content Development and Monitoring Board and private sector actors.

    On power, the minister said Atiku’s promise to propose legislation to, among others give states the power to generate, transmit and distribute electricity, was also not new.

    “It is amazing that His Excellency the former vice president has not heard or read that the Senate has passed the electricity bill 2022 that will allow states to generate and distribute power as well as solve the sector’s challenges,’’ he said.

    Mohammed said contrary to Atiku’s position, the Federal Government’s investments in additional generation capacity were not futile and had consideration for the complementary transmission and distribution infrastructure.

    He said the Nigeria-Siemens partnership consummated in 2019 to improve “the seemingly-intractable power sector on which the PDP frittered more than 16 billion dollars to procure nothing but darkness would be a game changer.

    “The three-phase project will deliver 7,000MW in the first phase, 11,000MW in the second phase and 25,000MW in the third phase.

    “This will positively impact job creation, boost investor confidence, accelerate economic growth and reduce cost of doing business.

    “For those who may be in doubt, let me say that this project is a game changer.

    As you may have read, electricity equipment ordered under the project have started arriving in the country.

    “When they are installed, there will be a major improvement in the supply of electricity across the country,’’ he said.

    The minister also faulted Atiku on his promise that poverty reduction would be the ‘centerpiece of our economic development agenda’.

    He said the Buhari administration’s National Social Investment Programme (NSIP) is unprecedented in impacting the lives of poor Nigerians directly and indirectly and creating jobs, especially for the youths, women and the elderly.


    NewsSourceCredit: NAN

  •  The Presidency says Nigeria in collaboration with the Africa Business Roundtable will be organising the second edition of the Nigeria International Economic Partnership Forum NIEPF in New York United States NIEPF is a global economic investment platform and is scheduled for Sept 22 on the sidelines of the 77th United Nations General Assembly taking place in the American city According to a statement by Malam Garba Shehu the President s spokesman the investment platform is being organised as part of continued efforts to further open up the country s economy to international capital and attract foreign investment Holding alongside the annual global gathering the NIEPF is expected to draw the presence of world leaders in politics economy media as well as Civil Society Oganisations and international media to focus on the vast economic potentials of Nigeria and Africa s leading economy he said Shehu discosed that President Muhammadu Buhari would deliver the keynote address at the event He said the president would also host a High Level Presidential Session with fellow Presidents and Heads of delegations on Issues That Need Joint Action for African Countries on the Development Drive such as the Post COVID 19 recovery and financing priorities It will also discuss Africa s Investment Climate and Market as well as De risking the Continent According to him NIEPF will bring together top Nigerian government functionaries as well as renowned and highly respected global public and private sector players rubbing minds on Nigeria s Economic Outlook He said they would also focuse on Nigeria in The Global Economy and International Partnership for Nigeria on The Development Drive In view of the wide spectrum of personalities attending the forum there will be cluster thematic sessions on i Growing Nigeria s Agriculture for Food Security amp Access to Export Market with special focus on Impact of the Russia Ukraine War which presents opportunities for G720 Nigeria Partnerships in Agriculture ii Scaling Up International Resources for Financing Education in Africa with emphasis on Making facilities to Link Government Deal Sponsors and International Pools of Capital in Education iii Nigeria s Oil and Gas Sector Reforms Results and the Road focusing on Scaling Up Investment into the Gas Market Plants Parks Cylinders Reinjection Other issues slated for discussion include Scaling Up International Resources for Healthcare in Africa bordering on Upgrading and expanding Nigeria s Healthcare Infrastructure towards making Nigeria the healthcare hub for Africa Climate Change and Paths to Clean Environment with emphasis on Paths to Clean Economy Clean Energy and Clean Development Financing Nigeria s Infrastructure with emphasis on Developing infrastructures such as Farm to market corridor Farm to ports corridor Export transport corridor Railway network Road network upgrade and expansion Airport upgrade including dedicated airports for exports Power generation transmission and distribution Speakers and panelists at the event include Aliko Dangote President of Dangote Group Bill Gates Co Founder of Bill and Melinda Gates Foundation Satya Nadella Chairman Business Council of the United States and Chief Executive Officer Microsoft Corp Others are Antony Blinken Secretary of State of the United States Florie Liser President of the Corporate Council on Africa and Members of the Business Council of International Understanding and Geoffrey Onyeama Minister of Foreign Affairs Dr Zainab Shamsuna Ahmed Minister of Finance Budget and National Planning John Kerry US Special Presidential Envoy for Climate and Abdul Samad Rabiu Executive Chairman of BUA Group Rabiu is also the President of the France Nigeria Business Council Mark Zuckerberg Chief Executive Officer of Facebook Dr Ngozi Okonjo Iweala Director General of the World Trade Organisation Dr Akinwumi Adesina President of the African Development Bank and Amina Mohammed Deputy Secretary General of the United Nations will also speak at the event NewsSourceCredit NAN
    Nigeria hosts global investment forum in New York – Presidency
     The Presidency says Nigeria in collaboration with the Africa Business Roundtable will be organising the second edition of the Nigeria International Economic Partnership Forum NIEPF in New York United States NIEPF is a global economic investment platform and is scheduled for Sept 22 on the sidelines of the 77th United Nations General Assembly taking place in the American city According to a statement by Malam Garba Shehu the President s spokesman the investment platform is being organised as part of continued efforts to further open up the country s economy to international capital and attract foreign investment Holding alongside the annual global gathering the NIEPF is expected to draw the presence of world leaders in politics economy media as well as Civil Society Oganisations and international media to focus on the vast economic potentials of Nigeria and Africa s leading economy he said Shehu discosed that President Muhammadu Buhari would deliver the keynote address at the event He said the president would also host a High Level Presidential Session with fellow Presidents and Heads of delegations on Issues That Need Joint Action for African Countries on the Development Drive such as the Post COVID 19 recovery and financing priorities It will also discuss Africa s Investment Climate and Market as well as De risking the Continent According to him NIEPF will bring together top Nigerian government functionaries as well as renowned and highly respected global public and private sector players rubbing minds on Nigeria s Economic Outlook He said they would also focuse on Nigeria in The Global Economy and International Partnership for Nigeria on The Development Drive In view of the wide spectrum of personalities attending the forum there will be cluster thematic sessions on i Growing Nigeria s Agriculture for Food Security amp Access to Export Market with special focus on Impact of the Russia Ukraine War which presents opportunities for G720 Nigeria Partnerships in Agriculture ii Scaling Up International Resources for Financing Education in Africa with emphasis on Making facilities to Link Government Deal Sponsors and International Pools of Capital in Education iii Nigeria s Oil and Gas Sector Reforms Results and the Road focusing on Scaling Up Investment into the Gas Market Plants Parks Cylinders Reinjection Other issues slated for discussion include Scaling Up International Resources for Healthcare in Africa bordering on Upgrading and expanding Nigeria s Healthcare Infrastructure towards making Nigeria the healthcare hub for Africa Climate Change and Paths to Clean Environment with emphasis on Paths to Clean Economy Clean Energy and Clean Development Financing Nigeria s Infrastructure with emphasis on Developing infrastructures such as Farm to market corridor Farm to ports corridor Export transport corridor Railway network Road network upgrade and expansion Airport upgrade including dedicated airports for exports Power generation transmission and distribution Speakers and panelists at the event include Aliko Dangote President of Dangote Group Bill Gates Co Founder of Bill and Melinda Gates Foundation Satya Nadella Chairman Business Council of the United States and Chief Executive Officer Microsoft Corp Others are Antony Blinken Secretary of State of the United States Florie Liser President of the Corporate Council on Africa and Members of the Business Council of International Understanding and Geoffrey Onyeama Minister of Foreign Affairs Dr Zainab Shamsuna Ahmed Minister of Finance Budget and National Planning John Kerry US Special Presidential Envoy for Climate and Abdul Samad Rabiu Executive Chairman of BUA Group Rabiu is also the President of the France Nigeria Business Council Mark Zuckerberg Chief Executive Officer of Facebook Dr Ngozi Okonjo Iweala Director General of the World Trade Organisation Dr Akinwumi Adesina President of the African Development Bank and Amina Mohammed Deputy Secretary General of the United Nations will also speak at the event NewsSourceCredit NAN
    Nigeria hosts global investment forum in New York – Presidency
    General news2 weeks ago

    Nigeria hosts global investment forum in New York – Presidency

    The Presidency says Nigeria, in collaboration with the Africa Business Roundtable, will be organising the second edition of the Nigeria International Economic Partnership Forum (NIEPF) in New York, United States.

    NIEPF is a global economic investment platform, and is scheduled for Sept. 22, on the sidelines of the 77th United Nations General Assembly taking place in the American city.

    According to a statement by Malam Garba Shehu, the President’s spokesman, the investment platform is being organised as part of continued efforts to further open up the country’s economy to international capital and attract foreign investment.

    ”Holding alongside the annual global gathering, the NIEPF is expected to draw the presence of world leaders in politics, economy, media as well as Civil Society Oganisations and international media to focus on the vast economic potentials of Nigeria and Africa’s leading economy,” he said.

    Shehu discosed that  President Muhammadu Buhari would deliver the keynote address at the event.

    He said the president would also host a High-Level Presidential Session with fellow Presidents and Heads of delegations on Issues That Need Joint Action for African Countries on the Development Drive such as the Post COVID-19 recovery and financing priorities.

    It will also discuss Africa’s Investment Climate and Market as well as De-risking the Continent.

    According to him, NIEPF will bring together top Nigerian government functionaries as well as renowned and  highly respected global public and private sector players rubbing minds on Nigeria’s Economic Outlook.

    He said they would also focuse on  Nigeria in The Global Economy; and International Partnership for Nigeria on The Development Drive.

    ”In view of the wide spectrum of personalities attending the forum, there will be cluster thematic sessions on: (i) Growing Nigeria’s Agriculture for Food Security & Access to Export Market with special focus on  Impact of the Russia-Ukraine War which presents opportunities for G720-Nigeria Partnerships in Agriculture.

    (ii) Scaling Up International Resources for Financing Education in Africa with emphasis on Making facilities to Link Government, Deal Sponsors and International Pools of Capital in Education.

    (iii) Nigeria’s Oil and Gas Sector: Reforms, Results and the Road focusing on Scaling Up Investment into the Gas Market—Plants, Parks, Cylinders, Reinjection.

    ”Other issues slated for discussion include: Scaling Up International Resources for Healthcare in Africa bordering on: ”Upgrading and expanding Nigeria’s Healthcare Infrastructure towards making Nigeria the “healthcare hub” for Africa.

    ”Climate Change and Paths to Clean Environment with emphasis on Paths to Clean Economy, Clean Energy and Clean Development.

    ”Financing Nigeria’s Infrastructure with emphasis on Developing infrastructures such as Farm to market corridor, Farm to ports corridor, Export transport corridor, Railway network, Road network upgrade and expansion, Airport upgrade, including dedicated airports for exports, Power generation, transmission and distribution.

    Speakers and panelists at the event include Aliko Dangote, President of Dangote Group; Bill Gates, Co-Founder of Bill and Melinda Gates Foundation; Satya Nadella, Chairman Business Council of the United States and Chief Executive Officer Microsoft Corp. Others are Antony Blinken, Secretary of State of the United States, Florie Liser, President of the Corporate Council on Africa, and Members of the Business Council of International Understanding and Geoffrey Onyeama, Minister of Foreign Affairs, Dr Zainab Shamsuna Ahmed, Minister of Finance, Budget and National Planning, John Kerry, US Special Presidential Envoy for Climate; and Abdul-Samad Rabiu, Executive Chairman of BUA Group, Rabiu is also the President of the France-Nigeria Business Council.

    Mark Zuckerberg, Chief Executive Officer of Facebook, Dr Ngozi Okonjo-Iweala, Director General of the World Trade Organisation, Dr. Akinwumi Adesina, President of the African Development Bank and Amina Mohammed, Deputy Secretary General of the United Nations will also speak at the event.


    NewsSourceCredit: NAN

  •  The Federal Government is set to disburse the Cabottage Vessel Financing Fund CVFF to enable indigenous shipping operators to compete favourably with their foreign counterparts The CVFF is an intervention fund created by the Federal Government for the development of indigenous shipping capacity It is meant to enable indigenous shippers to maintain existing vessels or acquire new ones Minister of Transportation Malam Mu azu Sambo made the declaration about the planned disbursement of the fund when he visited the National Inland Waterways Authority Area Office in Port Harcourt on Friday The ministry stated on Saturday in Abuja that the minister described the CVFF as a low hanging fruit that would support maritime economy which could replace oil revenues if properly handled While inspecting work at the BUA Ports and Terminal Ltd situated at the Rivers Port Sambo expressed delight at the progress of work and urged the operators to ensure completion by 2025 He assured that as part of the railway modernisation policy rail lines would be linked to the seaports for effective and efficient haulage of cargoes NewsSourceCredit NAN
    FG set to disburse Cabottage Fund to assist indigenous shippers – Minister
     The Federal Government is set to disburse the Cabottage Vessel Financing Fund CVFF to enable indigenous shipping operators to compete favourably with their foreign counterparts The CVFF is an intervention fund created by the Federal Government for the development of indigenous shipping capacity It is meant to enable indigenous shippers to maintain existing vessels or acquire new ones Minister of Transportation Malam Mu azu Sambo made the declaration about the planned disbursement of the fund when he visited the National Inland Waterways Authority Area Office in Port Harcourt on Friday The ministry stated on Saturday in Abuja that the minister described the CVFF as a low hanging fruit that would support maritime economy which could replace oil revenues if properly handled While inspecting work at the BUA Ports and Terminal Ltd situated at the Rivers Port Sambo expressed delight at the progress of work and urged the operators to ensure completion by 2025 He assured that as part of the railway modernisation policy rail lines would be linked to the seaports for effective and efficient haulage of cargoes NewsSourceCredit NAN
    FG set to disburse Cabottage Fund to assist indigenous shippers – Minister
    General news1 month ago

    FG set to disburse Cabottage Fund to assist indigenous shippers – Minister

    The Federal Government is set to disburse the Cabottage Vessel Financing Fund (CVFF) to enable indigenous shipping operators to compete favourably with their foreign counterparts.

    The CVFF is an intervention fund created by the Federal Government for the development of indigenous shipping capacity.

    It is meant to enable indigenous shippers to maintain existing vessels or acquire new ones.

    Minister of Transportation, Malam Mu-azu Sambo made the declaration about the planned disbursement of the fund when he visited the National Inland Waterways Authority, Area Office in Port Harcourt on Friday.

    The ministry stated on Saturday in Abuja that the minister described the CVFF as a low-hanging fruit that would support maritime economy, which could replace oil revenues if properly handled.

    While inspecting work at the BUA Ports and Terminal Ltd. situated at the Rivers Port, Sambo expressed delight at the progress of work and urged the operators to ensure completion by 2025. He assured that as part of the railway modernisation policy, rail lines would be linked to the seaports for effective and efficient haulage of cargoes.


    NewsSourceCredit: NAN

  •  The Nigerian bourse rebounded on Wednesday with market capitalisation gaining N104 54 billion or 0 39 per cent to close at N26 880 trillion in contrast with N26 775 trillion posted on Tuesday Similarly the All Share Index grew by 193 82 points or 0 39 per cent to 49 836 51 compared with 49 642 69 achieved on Tuesday The upturn was impacted by gains recorded in medium and large capitalised stocks amongst which are BUA Foods WAPCO FBN Holdings and Accesscorp Market breadth closed positive as 20 stocks appreciated while 10 declined Guinness Nigeria led the gainer s table with 9 88 per cent to close at N87 90 per share Caverton Offshore Support Group followed with a gain of 9 62 per cent to close at N1 14 while Transcorp Nigeria grew by 8 65 per cent to close at N1 13 per share Nigerian Exchange Group advanced by 6 43 per cent to close at N22 35 per share LASACO Insurance gained by 5 10 per cent to close at N1 03 per share On the other hand Consolidated Hallmark Insurance led the laggard s table depreciating by of 7 69 per cent to close at 60k per share Unilever Nigeria followed with a loss of 7 22 per cent to close at N12 20 while Sovereign Trust Insurance declined by 7 14 per cent to close at 26k Also UPDC Real Estate Investment Trust depreciated by 7 04 per cent to close at N3 30 per share JaizBank fell by 4 44 per cent to close at 86k Analysis of today s market activities showed trade turnover settled higher relative to the previous session with the value of transactions up by 5 35 per cent A total of 367 34 million shares valued at N3 24 billion were exchanged in 3 725 deals Sterling Bank recorded the highest volume with 162 45 million traded shares valued at N238 94 million Access Holdings followed by trading 27 7 million shares worth N228 03 million while United Bank for Africa UBA sold 26 58 million shares valued N191 27 million FBN Holdings transacted 22 4 million shares worth N244 67 million Fidelity Bank sold 20 17 million shares valued at N63 77 million NewsSourceCredit NAN
    Equity market rebounds, indices gain by 0.39%
     The Nigerian bourse rebounded on Wednesday with market capitalisation gaining N104 54 billion or 0 39 per cent to close at N26 880 trillion in contrast with N26 775 trillion posted on Tuesday Similarly the All Share Index grew by 193 82 points or 0 39 per cent to 49 836 51 compared with 49 642 69 achieved on Tuesday The upturn was impacted by gains recorded in medium and large capitalised stocks amongst which are BUA Foods WAPCO FBN Holdings and Accesscorp Market breadth closed positive as 20 stocks appreciated while 10 declined Guinness Nigeria led the gainer s table with 9 88 per cent to close at N87 90 per share Caverton Offshore Support Group followed with a gain of 9 62 per cent to close at N1 14 while Transcorp Nigeria grew by 8 65 per cent to close at N1 13 per share Nigerian Exchange Group advanced by 6 43 per cent to close at N22 35 per share LASACO Insurance gained by 5 10 per cent to close at N1 03 per share On the other hand Consolidated Hallmark Insurance led the laggard s table depreciating by of 7 69 per cent to close at 60k per share Unilever Nigeria followed with a loss of 7 22 per cent to close at N12 20 while Sovereign Trust Insurance declined by 7 14 per cent to close at 26k Also UPDC Real Estate Investment Trust depreciated by 7 04 per cent to close at N3 30 per share JaizBank fell by 4 44 per cent to close at 86k Analysis of today s market activities showed trade turnover settled higher relative to the previous session with the value of transactions up by 5 35 per cent A total of 367 34 million shares valued at N3 24 billion were exchanged in 3 725 deals Sterling Bank recorded the highest volume with 162 45 million traded shares valued at N238 94 million Access Holdings followed by trading 27 7 million shares worth N228 03 million while United Bank for Africa UBA sold 26 58 million shares valued N191 27 million FBN Holdings transacted 22 4 million shares worth N244 67 million Fidelity Bank sold 20 17 million shares valued at N63 77 million NewsSourceCredit NAN
    Equity market rebounds, indices gain by 0.39%
    Economy1 month ago

    Equity market rebounds, indices gain by 0.39%

    The Nigerian bourse rebounded  on Wednesday with market capitalisation gaining N104.54 billion or 0.39 per cent to close at N26.880 trillion in contrast with N26.775 trillion posted on Tuesday.

    Similarly, the All Share Index grew by 193.82 points or 0.39 per cent to 49,836.51, compared with 49,642.69 achieved on Tuesday.

    The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are: BUA Foods, WAPCO,  FBN Holdings and Accesscorp.

    Market breadth closed positive as 20 stocks appreciated while 10 declined.

    Guinness Nigeria led the gainer’s table with 9.88 per cent to close at N87.90 per share.

    Caverton Offshore Support Group followed with a gain of 9.62 per cent to close at N1.14, while Transcorp Nigeria grew by 8.65 per cent to close at N1.13 per share.

    Nigerian Exchange Group  advanced by 6.43 per cent to close at N22.35 per share.

    LASACO Insurance gained by 5.10 per cent to close at N1.03 per share.

    On the other hand, Consolidated Hallmark Insurance led the laggard’s table, depreciating by of 7.69 per cent to close at 60k per share.

    Unilever Nigeria followed with a loss of 7.22 per cent to close at N12.20, while Sovereign Trust Insurance declined by 7.14 per cent to close at 26k.

    Also, UPDC Real Estate Investment Trust depreciated by 7.04 per cent to close at N3.30 per share.

    JaizBank fell by 4.44 per cent to close at 86k.

    Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 5.35 per cent.

    A total of 367.34 million shares valued at N3.24 billion were exchanged in 3,725 deals.

    Sterling Bank recorded the highest volume with 162.45 million traded shares valued at N238.94 million.

    Access Holdings followed by trading 27.7 million shares worth N228.03 million, while United Bank for Africa (UBA) sold 26. 58 million shares valued N191.27 million.

    FBN Holdings transacted 22.4 million shares worth N244.67 million, Fidelity Bank sold 20.17 million shares valued at N63.77 million.


    NewsSourceCredit: NAN

  •  BUA Foods Plc an indigenous foods company has announced the resignation of Mr Isyaku Rabiu as executive director of the company The resignation which was effective August 17 was contained in a regulatory disclosure by the company to the Nigerian Exchange Ltd NGX According to the disclosure the development was in order for the company to meet the regulatory requirements of the Securities and Exchange Commission Corporate Governance Guidelines 2020 and the Nigerian Code of Corporate Governance The guideline on family and interlocking directorship stipulates that not more than two members of the same family shall sit on the board of a public company at the same time Prior to his appointment as a member of the Board of BUA Foods in November 2021 which later became publicly listed BUA Foods Plc in January 2022 Rabiu was a Director of IRS Pasta and Flour Limited The company later merged with other companies to form BUA Foods He however remains an executive of BUA Foods Plc with his portfolio remaining unchanged the disclosure read NewsSourceCredit NAN
    Rabiu resigns from board of BUA Foods
     BUA Foods Plc an indigenous foods company has announced the resignation of Mr Isyaku Rabiu as executive director of the company The resignation which was effective August 17 was contained in a regulatory disclosure by the company to the Nigerian Exchange Ltd NGX According to the disclosure the development was in order for the company to meet the regulatory requirements of the Securities and Exchange Commission Corporate Governance Guidelines 2020 and the Nigerian Code of Corporate Governance The guideline on family and interlocking directorship stipulates that not more than two members of the same family shall sit on the board of a public company at the same time Prior to his appointment as a member of the Board of BUA Foods in November 2021 which later became publicly listed BUA Foods Plc in January 2022 Rabiu was a Director of IRS Pasta and Flour Limited The company later merged with other companies to form BUA Foods He however remains an executive of BUA Foods Plc with his portfolio remaining unchanged the disclosure read NewsSourceCredit NAN
    Rabiu resigns from board of BUA Foods
    Economy1 month ago

    Rabiu resigns from board of BUA Foods

    BUA Foods Plc, an indigenous foods company, has announced the resignation of Mr Isyaku Rabiu, as executive director of the company.

    The resignation, which was effective August 17, was contained in a regulatory disclosure by the company to the Nigerian Exchange Ltd. (NGX).

    According to the disclosure, the development was in order for the company to meet the regulatory requirements of the Securities and Exchange Commission Corporate Governance Guidelines (2020) and the Nigerian Code of Corporate Governance.

    The guideline on family and interlocking directorship stipulates that not more than two members of the same family shall sit on the board of a public company at the same time.

    “Prior to his appointment as a member of the Board of BUA Foods in November 2021 (which later became publicly listed BUA Foods Plc in January 2022), Rabiu was a Director of IRS Pasta and Flour Limited.

    “The company later merged with other companies to form BUA Foods.

    “He, however, remains an executive of BUA Foods Plc with his portfolio remaining unchanged,” the disclosure read.


    NewsSourceCredit: NAN

  •  Trading activities on the Nigerian Exchange Ltd NGX closed on a positive note on Wednesday with indices growing by 0 22 per cent following gains by BUA Cement Nestle and Stanbic Bank Specifically the market capitalisation gained N65 billion or 0 25 per cent to close at N26 253 trillion against N26 188 trillion recorded on Tuesday Also the All Share Index rose by 120 48 points or 0 25 per cent to close at 48 675 24 compared with 48 554 76 posted on Tuesday Market breadth closed positive with 14 stocks gained and 11 stocks declined NEM Insurance led the gainers table during the day with 44k to close at N4 84 per share Stanbic IBTC Holdings followed with a gain of N2 50 to close at N30 50 while Ecobank Transnational added 80k to close at N10 80 per share Cutix appreciated by 14k to close at N2 04 and Mutual Benefits Assurance rose by 2k to close at 31k per share On the other hand Fidson Healthcare topped the losers chart shedding 99k to close at N9 11 per share FTN Cocoa Processors trailed with a loss of 3k to close at 30k while Northern Nigeria Flour Mills declined by 1k to close at N7 50 per share Unity Bank was down by 7k to close at 42k while First City Monument Bank FCMB lost 1k to close at N313 per share Investors traded a total of 167 57 million shares valued at N3 37 billion in 2 269 deals representing 19 60 per cent increase in volume This was against the 154 290 million shares worth N2 70 billion exchanged in 3 751 deals the previous day Access Holdings was the most active stock exchanging 27 9 million shares worth N231 14 million United Bank for Africa UBA followed with an account of 22 9 million shares valued at N160 91 million while FBN Holdings traded 22 5 million shares worth N241 98 million Guaranty Trust Holding Company GTCO sold 16 1 million shares valued at N323 99 million while Zenith Bank exchanged 11 86 million shares worth N261 11 million NewsSourceCredit NAN
    Stock market rebounds, indices record 0.25% growth
     Trading activities on the Nigerian Exchange Ltd NGX closed on a positive note on Wednesday with indices growing by 0 22 per cent following gains by BUA Cement Nestle and Stanbic Bank Specifically the market capitalisation gained N65 billion or 0 25 per cent to close at N26 253 trillion against N26 188 trillion recorded on Tuesday Also the All Share Index rose by 120 48 points or 0 25 per cent to close at 48 675 24 compared with 48 554 76 posted on Tuesday Market breadth closed positive with 14 stocks gained and 11 stocks declined NEM Insurance led the gainers table during the day with 44k to close at N4 84 per share Stanbic IBTC Holdings followed with a gain of N2 50 to close at N30 50 while Ecobank Transnational added 80k to close at N10 80 per share Cutix appreciated by 14k to close at N2 04 and Mutual Benefits Assurance rose by 2k to close at 31k per share On the other hand Fidson Healthcare topped the losers chart shedding 99k to close at N9 11 per share FTN Cocoa Processors trailed with a loss of 3k to close at 30k while Northern Nigeria Flour Mills declined by 1k to close at N7 50 per share Unity Bank was down by 7k to close at 42k while First City Monument Bank FCMB lost 1k to close at N313 per share Investors traded a total of 167 57 million shares valued at N3 37 billion in 2 269 deals representing 19 60 per cent increase in volume This was against the 154 290 million shares worth N2 70 billion exchanged in 3 751 deals the previous day Access Holdings was the most active stock exchanging 27 9 million shares worth N231 14 million United Bank for Africa UBA followed with an account of 22 9 million shares valued at N160 91 million while FBN Holdings traded 22 5 million shares worth N241 98 million Guaranty Trust Holding Company GTCO sold 16 1 million shares valued at N323 99 million while Zenith Bank exchanged 11 86 million shares worth N261 11 million NewsSourceCredit NAN
    Stock market rebounds, indices record 0.25% growth
    Economy1 month ago

    Stock market rebounds, indices record 0.25% growth

    Trading activities on the Nigerian Exchange Ltd., (NGX) closed on a positive note on Wednesday, with indices growing by 0.22 per cent following gains by BUA Cement, Nestle  and Stanbic Bank Specifically, the market capitalisation gained N65 billion or 0.25 per cent to close at N26.253 trillion against N26.188 trillion recorded on Tuesday.

    Also, the All-Share Index rose by 120.48 points or 0.25 per cent to close at 48,675.24 compared with 48,554.76 posted on Tuesday.

    Market breadth closed positive with 14 stocks gained and 11 stocks declined.

    NEM Insurance led the gainers’ table during the day with 44k to close at N4.84 per share.

    Stanbic IBTC Holdings followed with a gain of N2.50 to close at N30.50, while Ecobank Transnational added 80k to close at N10.80 per share.

    Cutix appreciated by 14k to close at N2.04 and Mutual Benefits Assurance rose by 2k to close at 31k per share.

    On the other hand, Fidson Healthcare topped the losers’ chart, shedding 99k to close at N9.11 per share.

    FTN Cocoa Processors trailed with a loss of 3k to close at 30k, while Northern Nigeria Flour Mills declined by 1k to close at N7.50 per share.

    Unity Bank was down by 7k to close at 42k, while First City Monument Bank(FCMB) lost 1k to close at N313 per share.

    Investors traded a total of 167.57 million shares valued at N3.37 billion in 2,269 deals representing 19.60 per cent increase in volume.

    This was against the 154.290 million shares worth N2.70 billion exchanged in 3,751 deals the previous day.

    Access Holdings was the most active stock, exchanging 27.9 million shares worth N231.14 million.

    United Bank for Africa (UBA) followed with an account of 22.9 million shares valued at N160.91 million, while FBN Holdings traded 22.5 million shares worth N241.98 million.

    Guaranty Trust Holding Company (GTCO) sold 16.1 million shares valued at N323.99 million, while Zenith Bank exchanged 11.86 million shares worth N261.11 million.


    NewsSourceCredit: NAN

  •  Crucial indices of the Nigerian Exchange Ltd NGX downgraded further on Thursday dropping by 0 29 per cent following selloffs in highly capitalised stocks The market capitalisation shed N78 billion or 0 29 per cent to close at N26 723 trillion against N26 05 trillion on Tuesday On market movers the weak performance was driven by selloffs in stocks of BUA Cement MTNN as well as Acess Bank Holdings and Okumu Oil Similarly the All Share Index which opened at 49 691 17 dipped by 144 79 points or 0 29 per cent to close at 49 546 38 N E M Insurance Company recorded the highest loss to lead the laggards table dropping by 9 98 per cent to close at N3 97 per share Okomu Oil came second with a loss of 9 96 per cent to close at N27 50 while University Press dropped by 9 91 per cent to close at N15 50 per share Lasaco Assurance depreciated by 9 57 per cent to close at N28 70 while Caverton Business solutions also declined by 3 96 per cent to close at N1 05 per share Conversely FTN Cocoa Processors led the gainers table increasing by 10 per cent to close at 33k per share Regency Alliance Insurance followed with a gain of 8 7 per cent to close at N52 55 while Prestige Assurance Company gained 8 33 per cent to close at N3 99 per share Red Star Express appreciated by 5 88 per cent to close at N9 50 while Multiverse Mining and Exploration a chalked up by 8 70 per cent to close at N2 10 per share The volume of shares traded closed lower as investors bought and sold 146 99 million shares worth N2 65 billion in 3 180 deals This was against the N4 12 billion on 128 79 million shares exchanged in 3 492 deals on Wednesday FBN Holdings was the most active stock during the day trading 39 million shares worth N431 89 million United Bank for Africa followed with an account of 13 million shares valued at N91 23 million while Access Bank traded 39 22 million shares worth N80 41million Guaranty Trust Holding sold 6 51m shares worth N132 16 million while Stanbic IBTC Bank exchanged 6 1million shares worth N172 86 million NewsSourceCredit NAN
    Crucial indices on NGX decline further by 0.29%
     Crucial indices of the Nigerian Exchange Ltd NGX downgraded further on Thursday dropping by 0 29 per cent following selloffs in highly capitalised stocks The market capitalisation shed N78 billion or 0 29 per cent to close at N26 723 trillion against N26 05 trillion on Tuesday On market movers the weak performance was driven by selloffs in stocks of BUA Cement MTNN as well as Acess Bank Holdings and Okumu Oil Similarly the All Share Index which opened at 49 691 17 dipped by 144 79 points or 0 29 per cent to close at 49 546 38 N E M Insurance Company recorded the highest loss to lead the laggards table dropping by 9 98 per cent to close at N3 97 per share Okomu Oil came second with a loss of 9 96 per cent to close at N27 50 while University Press dropped by 9 91 per cent to close at N15 50 per share Lasaco Assurance depreciated by 9 57 per cent to close at N28 70 while Caverton Business solutions also declined by 3 96 per cent to close at N1 05 per share Conversely FTN Cocoa Processors led the gainers table increasing by 10 per cent to close at 33k per share Regency Alliance Insurance followed with a gain of 8 7 per cent to close at N52 55 while Prestige Assurance Company gained 8 33 per cent to close at N3 99 per share Red Star Express appreciated by 5 88 per cent to close at N9 50 while Multiverse Mining and Exploration a chalked up by 8 70 per cent to close at N2 10 per share The volume of shares traded closed lower as investors bought and sold 146 99 million shares worth N2 65 billion in 3 180 deals This was against the N4 12 billion on 128 79 million shares exchanged in 3 492 deals on Wednesday FBN Holdings was the most active stock during the day trading 39 million shares worth N431 89 million United Bank for Africa followed with an account of 13 million shares valued at N91 23 million while Access Bank traded 39 22 million shares worth N80 41million Guaranty Trust Holding sold 6 51m shares worth N132 16 million while Stanbic IBTC Bank exchanged 6 1million shares worth N172 86 million NewsSourceCredit NAN
    Crucial indices on NGX decline further by 0.29%
    Economy2 months ago

    Crucial indices on NGX decline further by 0.29%

    Crucial indices of the Nigerian Exchange Ltd. (NGX) downgraded further on Thursday, dropping by 0.29 per cent following selloffs in highly capitalised stocksThe market capitalisation shed N78 billion or 0.29 per cent to close at N26.723 trillion against N26.05 trillion on Tuesday.

    On market movers, the weak performance was driven by selloffs in stocks of  BUA Cement, MTNN as well as Acess Bank Holdings and Okumu Oil.Similarly, the All-Share Index which opened at 49.691.17 dipped by 144.79 points or 0.29 per cent to close at 49,546.38.N.

    E.M. Insurance Company recorded the highest loss to lead the laggards’ table, dropping by 9.98 per cent to close at N3.97 per share.

    Okomu Oil came second with a loss of 9.96 per cent to close at N27.50, while University Press dropped  by 9.91 per cent to close at N15.50 per share.

    Lasaco Assurance  depreciated by 9.57 per cent to close at N28.70, while Caverton Business solutions also declined by 3.96 per cent to close at N1.05 per share.

    Conversely, FTN Cocoa Processors led the gainers’ table, increasing by 10 per cent to close at 33k per share.

    Regency Alliance Insurance followed with a gain of  8.7 per cent to close at N52.55, while Prestige Assurance Company  gained 8.33 per cent to close at N3.99 per share.

    Red Star Express appreciated by 5.88 per cent to close at N9.50, while Multiverse Mining and Exploration a chalked up by 8.70 per cent to close at N2.10 per share.

    The volume of shares traded closed lower as investors bought and sold 146.99 million shares worth N2.65 billion in 3,180 deals.

    This was against the N4.12 billion on 128.79 million shares exchanged in 3,492 deals on Wednesday.

    FBN Holdings was the most active stock during the day, trading 39 million shares worth N431.89 million.

    United Bank for Africa followed with an account of 13 million shares valued at N91.23 million, while Access Bank traded 39.22 million shares worth N80.41million.

    Guaranty Trust Holding sold 6.51m shares worth N132.16 million, while Stanbic IBTC Bank exchanged 6.1million shares worth N172.86 million.


    NewsSourceCredit: NAN