Deflation in the Nigerian Stock Market Index, Drops By 0.78 Per Cent

by ADEOLA RAJI The Nigerian Stock Exchange (NSE) has commenced the second trading week of the year, on an unfriendly note, occasioned by price losses in highly capitalised stocks, causing crucial market indices decreasing further by 0.78 per cent. The Elite Times learnt that the All-Share Index shed 238.62 points or 0.78 per cent to close at 30,400.28 against 30,638.90 posted on Friday. In the same vein, the market capitalisation, which opened at N11.425 trillion lost N89 billion or 0.78 per cent to close at N11.336 trillion. The downturn was…

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Ondo Govt. Announces Sale Of State Owned rice product

By Dotun Adebusoye, Akure The Ondo State government on Monday announced the sale of it own rice product branded as “Golden Sun Rice” and “L’ondo”. Announcing the development in an interview with journalists in Akure the Ondo State capital, the Senior Special Assistant to the State Governor on Agriculture and Agribusiness, Pastor Akin Olotu said the product has hit the market with a projection to flood the state with 165,000 bags of ten kg. He said that the production of the branded rice which began late last year is now…

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Just In: CAC extends 50% discount on business registration till March 31

The Corporate Affairs Commission (CAC) has extended the 50% discount on business name registration till March 31. In a statement released on its Twitter page, the commission said it took the decision to deepen the benefits of its reform initiatives. In October, Vice President Yemi Osinbajo had announced that the federal government has approved a special window of 90 days from October 1 to December 31 to register businesses at N5000, down from as much as N10,000 previously. “In an effort to deepen the benefits of its reform initiatives, the…

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Two Foreign Banks Shut Down Nigerian Operations

The Central Bank of Nigeria on Friday said two foreign banks, HSBC and UBS, have closed their offices in Nigeria. The CBN also revealed that foreign investment had fallen sharply from a year ago as FDI slumped to N379.84 billion ($1.2 billion) in the first half of the year from N532.63 billion ($1.7 billion) a year earlier. The apex bank also said that the outlook for the Nigerian economy in the second half was “optimistic” given increase in global oil prices and production. It added however that rising foreign debt…

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Nigerian Economy Looking Good, Says Buhari

President Muhammadu Buhari on Thursday said Nigerian economy under his watch was looking good. He, however, promised his administration’s commitment to making it better. According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President spoke while receiving the new Ambassador of the Kingdom of Denmark to Nigeria, Mr. Jesper Kamp, at the Presidential Villa, Abuja. “The Nigerian economy is looking good and we look forward to making it better,” the President told the Danish Ambassador after receiving his Letter of Credence. Buhari said…

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Nigeria Has No Plan To Increase Petrol Price – NNPC

The Nigerian National Petroleum Corporation (NNPC) says it has no plans to increase pump prices of petroleum products, especially petrol. The corporation disclosed this in a statement signed by its spokesman, Ndu Ughamadu, on Tuesday. He said though NNPC, since October 2017, had been the sole importer of petrol into the country, the government had no plan to review the market prices of products either upwards or downwards now. He cautioned Nigerians against spreading false news, and urged those doing so to be wary of the impacts their behaviour could…

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FCMB Opens Ultra-Modern Branch In Nasarawa State

Customers of leading financial services provider, First City Monument Bank (FCMB), and Nigerians in general, who reside or run businesses in Mararaba-Karu, a satellite settlement town in Nasarawa State, neighbouring Abuja environs, including Nyanya, now have an opportunity to enjoy the excellent services offered by the Bank. This is because FCMB has opened an ultra-modern and full-service branch strategically located at Plot 35779, Mararaba Gurku Karu, Nasarawa State in the town. The new branch was commissioned at an impressive ceremony on Tuesday, October 23, 2018. This brings to 3 the…

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FAAC: FG, States, Lgas Share N698.71 Bn For September

The Federal Government, 36 States and FCT as well as 774 Local Governments on Thursday shared N698.7billion for the month of September. The Minister of Finance, Mrs Zainab Ahmed, said this in Abuja, while briefing newsmen on the outcome of the Federation Account Allocation Committee (FAAC) meeting. Giving a breakdown of the revenue accrued in September to be distributed in October, Ahmed said N569.28 billion which was received as gross statutory revenue, was lower than the N587.1 billion shared in August by N17.8 billion. A communiqué issued by the Technical…

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Business Owners, Fun Lovers, General Public Expected As EDMARK Holds 1st Faaji Night Cashless Market

By Maxwell Adeyemi Adeleye A Multinational Health Wellness, Lifestyle and anti-obesity firm, EDMARK International Group of Companies will this weekend 26th and 27th October 2018 hold the first ever Faaji Night Cashless Market in the commercial city of Lagos, Nigeria. According to a statement made available to News Men on Tuesday in Lagos, the event will take place at the recently commissioned multi-million dollars Corporate Headquarters of the company known as D’PODIUM, situated at 31b, Aromire Avenue, off Allen Avenue, or Adeniyi Jones, Ikeja. The event is expected to be…

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Concerns As MTN Delays Listing On NSE

The inability of MTN Nigeria to list its shares on the Nigerian Stock Exchange (NSE) in July as earlier promised is a source of concerns to market stakeholders. Many express fear that the telecom company may have abandoned its plan to make Initial Public Offering (IPO). Pre-IPO documents seen by Reuters in February, showed that MTN was to list its Nigerian unit worth $5.23 billion (N153bn) by July. It planned to raise at least $400 million from the IPO to pay preference shareholders. As part of the IPO it would…

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