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Business News

Market: NSE drops Oando Plc to Low Price Stock

The NSE has announced the reclassification of Oando Plc from a Medium Priced Stock to a Low Priced Stock effective Thursday, September 5, 2019.

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Oando, NSE

The Nigerian Stock Exchange (NSE), has announced the reclassification of Oando Plc from a Medium Priced Stock to a Low Priced Stock effective Thursday, September 5, 2019.

The decision was taken after Oando’s stock dropped below the N5 mark between April 30, 2019 and August 30, 2019. This, according to the exchange is in compliance to Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015.

Low Priced Stocks are securities that have traded below N5 per share in four out of six month’s period. For upward or downward movements in price to occur on any Low Priced Stock that is priced below N5 and listed on The NSE, stockbrokers are required to trade a minimum volume of 100,000 units and tick size of N0.01kobo.

Nigerian Stock Exchange, NSE

[READ MORE: Oando PLC Announces Significant Gas & Condensates Discovery]

Meanwhile, the Nigerian Stock Exchange’s market capitalisation on Thursday shed N33 billion at the end of trading.

Specifically, the market capitalisation which opened at N13.290 trillion lost N33 billion to close at N13.257 trillion.  Also, the All-Share Index dipped from 27,319.64 to 27,252.09, within the same period.

The downturn was impacted by losses recorded in medium and large capitalised stocks, among which are Nestle Nigeria, Guinness Nigeria, Dangote Cement, Forte Oil and MTN Nigeria.

Capital market analysts attributed the development to the weak state of the economy. A stockbroker with Meristem Securities, Mr. Tunji Soyinka, said, “The market will remain bearish for a while, especially the equity segment due to the unimproved state of the economy.”

[READ MORE: South African firm to sell stake in Oando office tower]

The market closed negative with 13 gainers against 17 losers.

Guinness dominated the losers’ chart with a loss of 9.90 per cent to close at N37.30per share.

Ikeja Hotel followed with a decline of 9.79 per cent to close at N1.29, while Forte Oil declined by 9.73 to close at N14.85 per share, UPDC Real Estate Investment Trust lost 9.26 per cent to close at N4.90.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Corporate Press Releases

Applications across Nigeria, South Africa and Kenya now open for the 2021 Facebook Community Accelerator Program

The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

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Facebook

Today, Facebook is inviting community leaders from Nigeria, South Africa and Kenya to apply for the 2021 Facebook Community Accelerator Program—a program that offers participants training, mentorship and up to $50,000 USD in funds to invest in an initiative that extends their community’s positive impact.

The aim of the Community Accelerator is to help leaders of Facebook communities to harness the power of their community to turn ideas into action. The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

Lessons include community identity foundations, leading action-oriented programmes and sustainability. Participants will also receive early access to new Facebook products aimed at helping communities better manage and activate their members.

Plan an initiative

Participants will identify an important initiative that will create a positive impact on the broader world and develop a plan to mobilise their community around their goal. Initiatives will be shared with potential partners, mentors and a panel of judges for the chance to be awarded funding and receive public recognition.

Participants will then spend three months executing their initiatives. They will collaborate with advocates and leaders in the community space and work with the Facebook team to bring their ideas to life.

Says Kiran Yoliswa, Partner Management Lead, Middle East and Africa Community Partnerships at Facebook: “Facebook communities and their leaders are helping to resolve social challenges, sharing knowledge and information, while connecting with others that share their interests or passion for a cause. We’ve seen so many incredible communities from across South Africa, Kenya and Nigeria using our platform to drive change and provide support and encouragement for thousands of people, we’re excited to offer their Facebook Community leaders this program to help amplify their impact even more.”

How to apply

Hotflex

This program is open to communities that have a presence in Facebook Groups with leaders who are 18 years or older. Communities must have existed for over one year and must have a minimum size of 1,000 members. Applications open today, May 4 – 31, 2021.

The Community Accelerator is part of our Facebook Community Leadership Program, a global initiative that invests in people building communities. Learn more and apply here.

You can find out more about the 2020 Community Accelerator cohort and those who received additional funding here.

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Business News

NIN registration: 54 million Nigerians have now enrolled – Buhari

12 million Nigerians were enrolled into the National Identity Database in the past 6 months.

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Buhari approves free business name registration for 250,000 SMEs, IMF, tax, rate, Buhari’s Budget of Sustaining Growth & Job Creation (Full text), Nigeria generates N1.36 trillion from corporate tax, others as oil revenue drops , Nigeria-Algeria highway gets Buhari's approval , Earnings from rich petroleum resources not enough to cater for Nigeria – Buhari , Tax: Buhari appoints Muhammad Nami as FIRS boss, Subsidy economics

President Muhammadu Buhari disclosed that the FG has enrolled 54 million Nigerians into the National Identity Database, citing that 12 million were enrolled in the past 6 months alone and that the final aim of the scheme is to secure Nigeria’s security infrastructure.

President Buhari disclosed this in a statement on Thursday evening.

What the President said about NIN enrollment

“I am pleased with the success we are recording in the enrollment of persons into the National Identification Number (NIN) database. 54 million Nigerians have now enrolled; I am told over 12 million of these within the last six months. Our goal is total coverage.

The National Identification Number (NIN) is the foundational digital ID for the country. It will cover one of the weaknesses in our security structure. We will be able to easily identify all Nigerians, including the crooks in our midst.”

The President added that both legal residents and Nigerians are expected to obtain the NIN as it would be beneficial to government agencies to utilise resources efficiently.

In case you missed it

The Federal Government announced a further extension of the ongoing National Identification Number (NIN) registration and linkage with Subscriber Identity Module (SIM) exercises to a new deadline of June 30, 2021.

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