This is who is to ‘blame’ for Fuel scarcity – NUPENG

Nigerians woke up to a new month with dashed expectations as the long gruesome fuel lines was evident across major cities in Nigeria. Fuel price, which the government had cut to N87 just a month ago was now selling for over N100 in some parts of the country.… Continue Reading

Court to rule on Atuche’s N25.7bn theft charge on April 13

Atuche

A Lagos High Court will rule about the N25.7 billion theft charge brought against Francis Atuche, a former MD of Bank PHB.The ruling will take place on April 13.

Atuche had brought an application to quash the charges against him by the EFCC.… Continue Reading

How Nigerian Stocks performed today (2/3/2014 Full price list)

The equities market started the week on a positive note, gaining 0.54% to bring YtD return to -12.67%. Market breadth pegged at 1.23x in favor of the gainers, as 27 stocks appreciated against 22 stocks which declined. Volume and value of transactions declined significantly, paring by 33.43% and 44.48% respectively, with UBA and NB recording the highest volume and value of transactions traded respectively during the day’s trading.… Continue Reading

U Turn, Nigerian Stock Exchange defer commencement of “Issuer Suspension” rule

Last week the Nigerian Stock Exchange announced quoted companies may now apply for suspension of trading on their stock as the new rule on request for suspension of trading. The rule was scheduled to commence March 2nd but has now being postponed indefinitely.… Continue Reading

How the crash in naira has affected traders in Balogun market

 

Balogun market 1

Times are hard for traders at Balogun market, a melting pot for business transactions in the heart of Lagos, as the naira manages to stay above board in a neck-deep war against the dollar in recent weeks.

Mrs. Chinwe Njoku, who imports and sells clothes around Broad Street, in Lagos Island, has seen a change of fortune since the crisis with the local currency.… Continue Reading

Dangote Cement appoints new CEO

Dangote Cement

As part of strategies aimed at consolidating on its successes, the management of the leading cement manufacturing company, Dangote Cement has announced the appointment of new Managing Director for the Company, Onne Van der Weijde.

In his role, he will report to the Chairman of the Board of Directors of Dangote Cement.… Continue Reading

This Lawmaker says FG’s annual budget is N20tn, not N4.3tn

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For those familiar with the Federal Budget, you’d agree Nigeria’s yearly budget in the last three years has not been more than N5trillion. The Federal Budget which is the official document detailing how much the government is expected to generate in revenue and spend is a closely watched document, debated for months until approved by the National Assembly.… Continue Reading

Why fuel subsidy jumped to N1.4billion a day

Filing station and fuel queues

The latest data (27/2/2015) from the website of the Petroleum Product Pricing Regulatory Authority (PPPRA) reveals the difference between the official pump price of petrol of N87 and the expected open market cost of N123.66 is not a whopping N36.66. Back in February 18 when we last checked, subsidy was N15.82 and N14.16 as at December 29, 2014.… Continue Reading

These were the best stocks in February 2015

The All share index closed the month of February higher as it gained 1.83% in a month that was characterized by huge volatility. Stocks hit new one year lows only to claw back from the brink. The biggest fall for shares was the week after election postponement was announced with the Nigerian Stock Exchange market capitalization dropping to as low as N9.2trillion.… Continue Reading

Analysis: Will GT Bank shares rise or drop this week?

GT Bank shares has evidently being one of the most volatile stock of February 2014. It hit a month low of N17 and closed a month high N23.5. Whilst we await any more market intelligence regarding the stock, attention will continue to be focused on the share price and whether it will continue to rise or drop as we approach the elections.… Continue Reading