Author: Olu Anisere

Mutual Benefit Assurance Soars to Highest Value in 52-Week In the equities market, Mutual Benefits Assurance Plc topped performers as investors ramped up the company shares throughout last week. The Assurance services company’s share price increased by about 57% due to volume, and consistent shares accumulation by shareholders. The price upticks was driven by investors sentiment, before earnings delay announcement. Data revealed that Mutual Benefit Assurance Plc gained more than half of its market value, climbing to N21 billion, its highest value in the last 52-week in Nigerian market. Trading data showed that its share price reached N1.05 per share…

eTranzact International Declares N12.5k Final Dividend eTranzact International has approved the payment of a final dividend of N12.5 per share to its shareholders, subject to withholding tax and shareholder approval. The company disclosed this in a corporate filing with the Nigerian Exchange Ltd. on Saturday. According to the disclosure, the dividend will be paid to shareholders whose names appear in the Register of Members as of the close of business on July 7. The statement reads: “A final dividend of 12.5 kobo per 50 kobo share, subject to appropriate withholding tax and approval, will be paid to shareholders whose names…

NAHCO to Pay N5.94 Final Dividend to Shareholders The Nigerian Aviation Handling Company says it will pay a final dividend of N5.94 per ordinary share to its shareholders for the 2024 financial year. The company declared this in a corporate disclosure through the Nigerian Exchange Ltd. The 2024 dividend, an increase from N2.54 dividend paid in the 2023 financial year, will be paid on Friday, May 9. The disclosure reads “A final dividend of N5.94 kobo per ordinary share, subject to appropriate withholding tax and approval, will be paid to shareholders whose names appear in the Register of Members as…

We Removed FCT From TSA to Speed up Development – Tinubu President Bola Tinubu says  his administration removed the Federal Capital Territory (FCT) from the Treasury Single Account (TSA) to expedite development and enhance participation of residents in governance. The President said this when he received FCT residents led by Mr Nyesom Wike, the FCT Minister, who paid him Sallah homage on Sunday at the Presidential Villa, Abuja. He said the bureaucracy associated with the TSA was hampering infrastructure growth in the capital city and had to be reviewed for impact and progress. President Tinubu stated that freeing the FCT…

N431m Unaccounted Revenue Not Under Current Management – KTSTA The Management of the Katsina State Transport Authority (KTSTA) says the N431million unaccounted revenue did not occur under the current management of the agency. The KTSTA Public Relations Officer, Malam Musa Sa’idu, made this known in a statement while reacting to publication on the Katsina State Auditor General’s report for the year ended December 2023. “We wish to clarify that the outstanding unaccounted expenditure of more than N407 million, and the N24 million unaccounted revenue as referred to in the report, were not incurred under the current management of KTSTA. “These…

PenCom Gives Employers Until June 1 to Adopt New Pension Remittance Process The National Pension Commission (PenCom) has set June 1, as deadline for employers to fully adopt a  new pension remittance process.The PenCom announced the launch of the pension contribution remittance system, a platform designed to optimise the process of remitting pension contributions into employees’ Retirement Savings Accounts (RSAs) on Thursday. According to a statement from the management, in Abuja, the process is to streamline the process of remitting pension contributions into employees’ RSAs. The initiative, it said, was developed in collaboration with the Pension Operators’ Association of Nigeria…

Moody’s Downgrades Outlook on Rwanda to Negative Moody’s Ratings has changed the outlook on the Government of Rwanda to negative from stable and affirmed the long-term local and foreign currency issuer ratings and foreign currency senior unsecured debt rating at B2. According to the rating agency, the negative outlook reflects risks to Rwanda’s credit profile associated with the ongoing conflict in the eastern provinces of the Democratic Republic of Congo (DRC). Notwithstanding renewed diplomatic efforts, including the meeting between the presidents of Rwanda and DRC in Qatar on 18 March, to de-escalate tensions and renewed calls for a ceasefire, the…

Equities Investors Seen Exiting Positions in Banking Stocks Nigerian stocks are tracking lower during intraday trading session on the back of weak investors’ sentiment. The Nigerian Exchange All share index is down by 28 basis points as profit taking activities overshadow bargain on growth, value stocks. This is coming amidst expectation that the exchange would post huge gain after Zenith Bank announced landmark earnings performance boosted by earnings from treasury investment. At mid-day, the NGX All Share Index declined by -0.28%, Alpha Morgan Capital Limited said in an emailed note to investors, indicating a bearish trend has gone deeper than…

Secure Electronic Technology Falls by 8.5% over Selloff Lottery and gaming company, Secure Electronics Technology (ticker: NSLTECH) Plc. plunged sharply during early trading session in the equities market as about 16.5 million volume valued at N8.962 million exchanged hands. Investors exited positions in the company stocks after the company released 2024 earnings scorecard. The lottery, gaming stock has seen strong volatility lately amidst strong market activities. Its share price dropped by 8.47% on Thursday in a pre-planned investors sell down that left its market price at 54 kobo. Market value of Secure Electronic Tech plc has reduced by about 8.5%…

Nigerian Exchange Sheds N74bn as Investors Dump Stocks Equities investors portfolio value declined by about N74 billion on Wednesday due to sell pressures on the Nigerian Exchange (NGX) trading platform. Market index or the All-Share Index fell by 0.10% to 105,485.99 points, bringing the year-to-date return to 2.49%. Today’s profit-taking activities across key sectoral indexes dragged the local bourse down by N73.92 billion to close at N66.14 trillion. Despite the overall downturn, investor sentiment remained positive, with strong market breadth, stockbrokers said. Key indicators fell sharply as data from the Nigerian bourse revealed that 30 tickers gained relative to 17…