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Business News

Custodian Investment Plc announces closed period ahead of Q1 result release

The closed period is expected to last until 24 hours after the release of the company’s Q1 unaudited financial statement.

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Custodian Investment Plc

Custodian Investment Plc notified the public, yesterday, that it will be holding its board meeting on April 28, 2020, at 1.00 pm. The company’s board of directors will deliberate on and approve the unaudited financial statement for the first quarter ended March 31, 2020, amongst other matters

In a public disclosure that was issued to the Nigerian Stock Exchange, it was also announced that Custodian Investment Plc’s closed period had started from the 13th of April, 2020. The closed period is expected to last until 24 hours after the release of the company’s Q1 unaudited financial statement.

 Why this matters: The close period will allow the board to consider the company’s unaudited financial statements for the first quarter. Other company issues will also be discussed during the meeting of the Board of Directors.

(READ MORE: Bitcoin price under pressure, stays under $7000)

What is a close period? A close period is a period before the release of a company’s result or financial statement when of course; those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information. 

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Economy & Politics

Insecurity: Presidency confirms attempted burglary at home of Chief of Staff

The Presidency has confirmed that the home of the Chief of Staff, Prof. Ibrahim Gambari, was the scene of an attempted burglary.

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Ibrahim Agboola Gambari. 

The Presidency has confirmed that the home of the Chief of Staff, Prof. Ibrahim Gambari, was the scene of an attempted burglary incident and that the police is actively looking for a suspect. The Chief of Staff lives close to the Villa.

This was disclosed in a statement by the media aide to the presidency, Garba Shehu, on Monday evening.

What the Presidency is saying

“The Chief of Staff, Professor Ibrahim Gambari has confirmed that there “was a foolish attempt” to burgle his residence at 3:00 am this morning but it turned out to be unsuccessful.

Professor Gambari, whose house is on a street next to the Villa has assured that there is nothing to worry about from the incident.”

He added that the police was also actively searching for a suspected burglar who, as captured by CCTV, unsuccessfully attempted to break into the house of Maikano Abdullahi on Thursday, last week. Abdullahi also lives on the same street as the Chief of Staff, close to the Villa.

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Business News

Nigeria’s revenue crisis may further worsen as India cuts oil imports by $39.5 billion

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

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Now that oil is recovering, when will naira recover?

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

Data from India’s Petroleum Planning and Analysis Cell showed that the country, which took over from the United States as Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5 billion in April, compared to the same time the previous year.

According to a report from Punch, the Indian High Commission in Nigeria said that India’s crude oil imports from Nigeria in 2020 amounted to $10.03 billion, representing 17% of Nigeria’s total crude exports for the year.

India has been badly hit by a third wave of the coronavirus pandemic which led to a spike in infections in April and lockdown in major cities with the attendant negative effect on Nigeria’s oil sales.

The NNPC was prompted to drop the official standard price of its main export streams, Bonny Light, Brass River, Erha, and Qua Iboe, by 61-62 cents per barrel, below its April 2021 prices. They traded at $0.9, $0.8, $0.65, $0.97 per barrel respectively, below international benchmarks, as Oilprice.com showed.

India had been a major buyer of the not-too-light and not-too-heavy Nigerian crude that suited its refiners with the Indian Oil Corporation’s refineries reported to be operating at 95% capacity in April, down from 100%.

An official at the IOC was quoted as saying, “If cases continue to rise and curbs are intensified, we may see cuts in refinery runs and lower demand after a month.”

India reportedly bought more American and Canadian oil at the expense of Africa and the Middle East, reducing purchases from members of the Organisation of Petroleum Exporting Countries (OPEC) to around 2.86 million barrels per day.

Bottom line

This is not good news for Nigeria which is facing a serious revenue crisis as a result of a drop in crude oil receipts.

The federal government is also being forced by the prevailing realities to consider cutting the cost of governance and reducing the salaries of government workers. The latter proposal has, however, been criticized by various stakeholders.

A slump in crude oil demand from Nigeria’s major buyer will further worsen the economic crisis the country is facing having just marginally recovered from a recession in the last quarter of 2020.

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