Bears maintain grip on Nigerian stocks as benchmark index dips 0.13%

By www.businessamlive.com The bears at the Nigerian equities market maintained a firm grip in Monday’s trading session as benchmark index, the NSEASI declined 13bps to settle at 35,399.28 points while year-to-date (YTD) loss further dipped to -7.4 percent. As a result, market capitalization lost N17.0 billion in value to close at N12.9 trillion. The day’s negative performance was largely driven by selloffs in UBA (-3.2%), GUINNESS (-4.3%), GUARANTY (-0.5%) and ZENITH (-0.6%) – stocks with a large weight on the index. On the flip side, activity level was mixed as…

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MRA inducts Department of Petroleum Resources into ‘FOI Hall “of Shame’

For its relentless dedication to secrecy and attendant disregard for the Freedom of Information (FOI) Act, Media Rights Agenda (MRA) today inducted the Department of Petroleum Resources (DPR), Nigeria’s petroleum regulatory agency, into its “FOI Hall of Shame.” MRA’s FOI Programme Manager, Mr Ridwan Sulaimon, noted in a statement in Lagos that “the induction of the DPR into the FOI Hall of Shame evidences a rot in the oil and gas sector that is pervasive, deep-seated and apparently intractable, as it is the fourth public institution in the sector to…

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Free float deficiency: NSE grants extension to erring listed companies

By www.businessamlive.com Lagos The Nigerian Stock Exchange (NSE) has once again extended the deadline of compliance for companies that have free float deficiencies. The NSE requires that companies listed on its ASEM Board maintain a free float equivalent to 15 percent of market capitalization, while the requirement for Main Board listed companies is 20 percent of market capitalization. For companies on the Premium Board it is 20 percent of market capitalization or above N40 billion on the date the Exchange receives the issuer’s application to list. According to the NSE,…

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‘Why residents of Nigeria should tap into Coin–For-All’

  By Emmanuel Udom Lagos Residents in Nigeria now have the golden opportunity to tap into the digital asset economy in order to solve their basic energy needs at very moderate prices. This is coming on the heels of a new initiative being pioneered in sub-Saharan Africa, by Coin For All, CFA, an emerging digital asset platform, determined to lessen the energy challenges in Africa, especially Nigeria. With the digital assets so acquired, Nigerians will be able to buy petroleum products like petrol, gas and kerosene at prices below the…

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DPR seals off 6 petrol stations in Niger

By Rita Iliya The Department of Petroleum Resources (DPR) in Niger has sealed six filling stations over alleged sharp practices. The Operations Controller,  Alhaji Isah Abdulahi, told News Agency of Nigeria (NAN) in Minna that the stations were sanctioned for hoarding, under dispensing and overpricing of the products. Abdullahi said the defaulters would be made to face the penalty as stipulated in the regulations. “Every offence has its own penalty. For instance, if a filling station is sealed for under delivering, the fine is N100,000 per pump and such station…

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Dangote Cement,Unilever top losers’ chart at NSE

By Chinyere Joel- Nwokeoma Abuja Dangote Cement  on Friday at the Nigerian Stock Exchange (NSE) topped the losers’ chart with a loss of N5.30 to close at N225 per share. The News Agency of Nigeria  (NAN) reports that Unilever trailed with a loss of N2.25 to close at N50.75, while Forte Oil dropped by N1.75 to close at N34.05 per share. Nigerian Breweries was down by N1.50 to close at N110.50, while Lafarge Africa Wapco shed N1 to close at N39 per share. Conversely, Okomu Oil Palm recorded the highest…

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Sacked banks workers drag CBN, banks to court over N9.8Bn entitlements

Ex-staff of banks numbering over 10, 000 have restated their resolve to get their over N9.8billion entitlements from their former employers. The former bankers who hitherto filed a class action suit through the Registered Trustees of the Association of Ex-Staff of Non-Consolidated Banks of Nigeria and all ex-staff of eight banks not consolidated in the banks consolidation exercise at the National Industrial Court, Lagos Judicial Division, had last week undertaken to appear in court as individuals to press home their demand. They had sued the Nigeria Deposit Insurance Corporation (NDIC)…

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FEC approves payment of N500m to lawyers over MTN’s fine

 By Donald Ugwu Abuja The Federal Executive Council (FEC) on Wednesday approved the payment of N500 million legal fees to lawyers for the recovery of N330 billion fine from the Mobile Telecommunications Network (MTN). MTN was fined by the Nigerian Communications Commission (NCC) in 2017 for breaching directives on SIM registration. The Minister of Justice and Attorney-General of the Federation, Malam Abubakar Malami, said this while briefing State House Correspondents on the outcome of the FEC meeting. According to the minister, FEC’s action is part of the approvals for four…

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Bears send Nigerian stocks southwards, N467b lost in 7 hours

 By Chinyere Joel-Nwokeoma The bears prevailed at Nigeria’s Lagos bourse on the first trading day in June, with crucial indicators nose diving and many blue chip stocks closing lower. Market capitalisation in seven hours of trading shed N467 billion or 3.38 per cent on Friday to close at N13.335 trillion against the N13.802 trillion recorded on Thursday. Similarly, the All-Share Index dropped 1,288.25 points or 3.38 per cent to close at 36,816.29 against 38,104.54 on Thursday. A breakdown of the price movement table indicates that Nestle topped the losers’ chart…

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Barclays Africa plans listing on the Nigerian Stock Exchange in July

By www.businessamlive.com Barclays Africa plans to join the Nigerian Stock Exchange in July and is exploring opportunities in three other African countries, in a move to create access for foreign investors looking to tap into markets on the continent. Garth Klintworth, head of markets for Barclays Africa Group, on Thursday said its subsidiary Absa Nigeria had acquired a securities licence in Nigeria, part of a wider plan to increase it presence in West Africa’s biggest economy. Nigeria’s stock exchange, the third largest in Africa, has in the last few years…

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