Author: Julius Alagbe

BUA Cement Shareholders Approve N2/s Dividend for 2023 BUA Cement Plc.’s shareholders have approved payment of N2 dividend per share for the financial year 2023, the company said in a regulatory filing submitted on the Nigerian Exchange (NGX). The company said it held its 8th Annual General Meeting of BUA Cement PLC on Thursday 29th August 2024, at the Congress Hall of Transcorp Hilton Hotel, Abuja. The cement company share price remained steady despite the announcement. Data from the Nigerian Exchange showed that BUA cement share price ended the week at N113.90 on Friday. Investors put N3.857 trillion as market…

Fitch Affirms Republic of Congo Substantial Credit Risk Rating Fitch Ratings has affirmed the Republic of Congo’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CCC+’. In a rating, Fitch said Republic of Congo ‘CCC+’ rating reflects high government debt, weak governance indicators, high oil dependence, and weak management of public finances with a recent history of defaults. According to the rating note, current oil prices, fuel subsidy reform, and the IMF’s Extended Credit Facility (ECF) reduce immediate liquidity pressures and support fiscal and external metrics. Congo has a record of weak public financial management (PFM), including two consecutive defaults on…

Belemaoil Producing Ltd., an indigenous global oil firm, has appointed Mr Ahmadu Sambo as its new Managing Director/ Chief Executive Officer to drive its

Access Holdings Plc, Nigeria’s largest banking group by total assets, saw negative price movement that reduce its market valuation on the Nigerian Exchange this

Oyo State Begins e-payment of Retirees’ Gratuities The Oyo State Government says it has begun the payment of gratuity benefits to retirees via e-payment. The State Commissioner for Establishments and Training, Hon. Olusegun Olayiwola, announced this development during a three-day symbolic data capture and e-payment exercise for retirees at the Nigeria Union of Pensioners’ Building in Agbarigo, Onireke, Ibadan. The Commissioner told the retirees that this will ensure a seamless and secured payment process, free from any potential disruptions. Olayiwola disclosed that the initiative will involve capturing and validating retirees data from June 2014 to December 2014 and June 2019…

CBN Sells N1.6trn OMO Bills to Investors at 21.8% The Central Bank of Nigeria (CBN) sold N1.63 trillion in OMO bills to investors, market participants in two auctions conducted this week. The fast and furious OMO bill allotment followed two failed auction where bids were rejected. The demand for OMO bills was supported by improved system liquidity from residual FAAC credit. At the first OMO auction, the CBN sold ₦869.46 billion, with the stop rate on the 1-year paper at 21.89%, according to investment banking firms notes. Thereafter, the CBN sold ₦758.00 billion, with a stop rate on the 1-year…

Investors Record Huge Gain in Equities Market Investors recorded another huge gain from stocks in the equities segment of the Nigerian Exchange (NGX) on Friday. The market closed the week on a positive note, with investors adding N99 billion to their portfolios. Notably, the market capitalisation of listed equities increased by N99 billion, or 0.18 per cent from an opening of N55.379 trillion to settle at N55.478 trillion. The All-Share Index also went up by 0.18 per cent or 172.13 points, to close at 96,580.01, against 96,407.88 recorded on Thursday. As a result, the year-to-date (YTD) return rose by 29.16…

Nigeria, UK Collaborate on Civil Service Reform The Head of Civil Service of the Federation (HOCSF), Mrs Didi Walson-Jack, and her UK’s counterpart, Rt. Hon. Simon Case, have agreed to collaborate, strengthen ties and advance Nigeria’s civil service reforms. The move was made when Walson-Jack met with the UK Cabinet Secretary and Head of the Civil Service, Rt. Hon. Case in his Cabinet Office in London. Mrs Eno Olotu, Director, Communications, office of the HOCSF said this in a statement in Abuja on Saturday. Olotu said that key discussions of the meeting focused on capacity building, knowledge management, and enhancing…

Fidelity Bank Plc and Mastercard have partnered to unveil a new initiative tagged “Fidelity Send”, to enhance swift cross-border payments and remittances in

The Oyo/Osun Area Command of the Nigeria Customs Service (NCS) says it intercepted 2,448 wraps of Cannabis sativa and 2,667 used tyres in two and half