Category: Top Stories

Financial service sector drives market with 7.19% gain

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Weekly activities on the floor of the Nigerian Stock Exchange extended further gains as the NSE All-Share Index and Market Capitalisation both appreciated by 7.19 per cent to close the week at 22,921.59 and N11.946 trillion respectively. All other indices finished higher with the exception of NSE ASeM, which closed flat. It was another four-day trading week as the Federal Government of Nigeria declared Monday 13th April 2020 (Easter Monday) as Public Holiday in commemoration of the Easter celebrations. Meanwhile, a total turnover of 1.495 billion shares worth N12.894 billion…

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Rape: 67 women groups seek El-Rufai’s son’s prosecution 

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Barely 48 hours after apologising to the public for threatening to rape a Twitter user’s mother after which he would pass her to his friends, Bello Nasir El-rufai still has to contend with aggrieved women, who are calling for his prosecution. Incensed by the audacity displayed by the Kaduna State Governor’s son, a coalition of 67 women groups have endorsed a document for an onward transmission to the Attorney General of the Federation, Justice Abubakar Malami [SAN], demanding that the young man be prosecuted. The petition dated April 16, 2020…

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Brittle Paper publisher defends spat with deputy editor

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  …says Obi-Young’s action smacks of libel    Previous relationship with El-rufai’s uncovered   Following the outrage generated over the sack of deputy editor, Brittle Paper, Otosirieze Obi-Young, by its publisher, Ainehi Edoro, the latter in her defence said the decision was taken after effort to reach understanding with Obi-Young failed.   According to reports, Brittle Paper, Nigeria’s leading literary news website, caused outrage after it censored and deleted a story written by Obi-Young, on the threat by Bello, son of Kaduna State Governor, Nasir el-Rufai, to ‘rape’ a Twitter…

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Tech fund: Telecoms, bank CEOs face prosecution over default

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  Reps move to probe N200bn debt Chief executive officers of telecommunications companies, banks, and other ICT firms in the country may soon be prosecuted for failing to pay the statutory one per cent contribution to the National Technology Development Fund (NITDEF).  This came as the House of Representatives begins to investigate the non-payment of the due. The fund, which is targeted at developing technology across the country, has suffered neglect over the years as companies expected to contribute to the fund shunned it.  The value of the default by…

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MAN: Manufacturers’ production value declines by N15bn

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     Manufacturers Association of Nigeria (MAN) has disclosed that poor macroeconomic ambience, infrastructure issues and poor regulation by government agencies resulted to the country’s manufacturing production value declining to N4.61 trillion in first half of 2019 from N4.76 trillion recorded in the corresponding half of 2018. Consequently, the figure shows N15 billion or 3.2 per cent decline as many local manufacturers faced production headwinds in the first half of 2019. MAN, in its latest economic summary report for the first half of 2019, explained that the country’s manufacturing sector…

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Contributors’ right amid rising pension assets

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  Since the inception of the Contributory Pension Scheme (CPS), there have been consistent efforts by the regulator and operators to enlighten contributors on the workings of the scheme and also expose them to their rights and obligations as they differ from the rested Defined Benefit Scheme. Sunday Ojeme reports   No doubt, pension assets under the Contributory Pension Scheme (CPS) remains one of the fastest investment portfolios in the country.    As at today, the assets have moved steadily without a trace of blemish from a few million naira…

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Adesina commends UK over investments in AfDB

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President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has commended the United Kingdom’s Department for International Development (DFID) over its investments in the bank. He made the commendation while speaking at the at the UK-Africa Investment Summit, “Sustainable Infrastructure Forum.” Noting that the DFID is a key strategic partner of the AfDB, Adesina disclosed that since the DFID joined the bank in 1983, its “strong and consistent support for the African Development Fund has helped us to support the development of low-income states, especially the fragile states.” According…

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FirstBank wins double awards 

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First Bank of Nigeria Limited has been named 2019 “Best Mobile Banking App” and “Fastest Growing Retail Bank” winner by Global Business Outlook. The Global Business Outlook Award recognises and rewards excellence in business in companies across the world, both in the public and private sectors. The award rewards innovation, creativity and the drive to create value. FirstBank earned the Fastest Growing Retail Bank recognition because of its leading role in promoting financial inclusion in the country, a drive that has resulted in its 44,000 agent banking network designed to…

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Moody’s explains sub-Saharan Africa’s 2020 outlook

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 Moody’s Investors Service has said that the negative 2020 outlook for sovereign credit worthiness in sub-Saharan Africa (SSA) reflects the worsening external environment, weak government finances and subdued GDP growth. In a report released yesterday, the rating agency stated that countries in sub-Saharan Africa had made limited progress in reducing risks linked to elevated debt burdens and debt servicing needs, while growth won’t be strong enough to meaningfully buttress incomes or increase economic resilience. “The less predictable external environment is aggravating sub-Saharan African sovereigns’ existing challenges and make them more…

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NSE records N127bn loss on profit taking

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Trading activities on the floor of the Nigerian Stock Exchange yesterday witnessed considerable drop in share prices as bears overwhelmed bulls following profit taking by investors. Market breadth closed negative as Law Union and Rock Insurance Plc led 15 gainers as against 16 losers topped by Arbico Plc at the end of the trading session. Consequently, the All-Share Index dipped 247.8 basis points or 0.83 per cent to close at 29,462.76 index points as against 29.710.56 recorded the previous trading session while market capitalisation of equities depreciated by N127 billion…

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