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Stock Exchange: Foreign investors rouse Nigerian equities to N417bn capital gains

A flood of open market orders by foreign investors roused Nigerian equities to their second consecutive bullish trading session, with net capital gains of N417 billion in six-hour trading session. Benchmark index for the Nigerian stock market crossed the 45,000 points threshold after foreign investors opened up orders and offered premium prices to attract deals on many large-cap stocks, especially ...

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BUA Foods Plc records N16.56 billion profit after tax

BUA Foods Plc has released its 9-months financial statement for the year ended September 30, 2021, with the Nigerian Exchange Limited (NGX). The top-notch company records a 6.68% growth in Profit After Tax from N15.53 billion recorded in the corresponding period of 2020 to N16.56 billion in the period reported. The FMCG company, reported revenue of N79.70 billion, reflecting a ...

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Christ Embassy floats new commercial bank, Parallex Bank

Christ Embassy, has officially launched its own commercial financial institution, called Parallex Bank, with a view to redefining customer experience through digital innovation. Parallex was formerly a microfinance bank until the Central Bank of Nigeria, CBN, granted it license to go into full banking services. The transition into a commercial bank was launched recently at its headquaters in Victoria Island, ...

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Osinbajo urges business stakeholders to partake in the Blue Economy

The Vice President, Professor Yemi Osinbajo, has advocated for wider participation of relevant stakeholders in the “Blue Economy” project to deepen participation and benefits of Nigerians from the country’s marine resources. He made the call at the inaugural meeting of an Expanded Committee on Sustainable Blue Economy in Nigeria at the Presidential Villa, on Tuesday. He said a viable “Blue ...

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FG plans to raise N471bn from domestic capital market

The Federal Government has revealed its intention to t raise about N471 billion in new debt capital from the domestic capital market this quarter. This is part of the strategy of the government to begin to bridge 2022 budget deficit of about N6.39 trillion. Provisional debt issuance calendar of the government at the weekend showed that it will be raising ...

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FG sets target of N4.1trillion of customs

The Federal Government has set a revenue target of N4.1trillion for the Nigeria Customs Service (NCS) this year. The service contributed N2.24trillion into the Consolidated Revenue Account (CRA) last year. The N4.1trillion revenue target was disclosed by the Customs Area Controller (CAC), Apapa command of the service, Me Yusuf Malanta, during a press briefing in Lagos yesterday. Malanta, who said ...

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Manufacturers ask FG for licence to sell meters directly

The Federal Government should licence meter manufacturers to sell directly to electricity consumers, Momas Electricity Meter Manufacturing Company (MEMMCOL) Chairman, Mr Kola Balogun, said yesterday. This, he believes, will help to bridge the huge metering gap. According to the Nigerian Electricity Regulatory Commission (NERC), of the 12,784,685 customers as of September last year, only 4, 772,906 (37.33 per cent) have ...

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SEC to woo Dangote Refineries, NNPC to stock market- DG

Nigeria’s capital market regulatory body, Securities and Exchange Commission (SEC), plans to promote policies that will make major companies such as Dangote Refineries and NNPC to list their shares on the stock market. Director-General, Securities and Exchange Commission (SEC), Mr Lamido Yuguda, said the listing of major companies, strengthening of enabling laws, promotion of fintechs participation and development of the ...

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