Amid the harsh operating environment, FMDQ Securities Exchange’s activation of market penetration strategy for securities-related services attracted a total of 21 securities valued at about ₦411 billion in 2020. At the exchange virtual 9th yearly general meeting held at the weekend, the Group Chairman, Dr. Kingsley Obiora, said 2020 was a landmark year for FMDQ, as the company transformed into a Group structure, with FMDQ Group becoming a non-operating Holding Company registered by the Securities and Exchange Commission (SEC), with three SEC-registered capital market subsidiaries. The Guardian
Barring any unforeseen event, Wema Bank Plc will hit the local capital market next month to raise N40 billion from its existing shareholders via rights issue. According to its Deputy Managing Director, Mr Moruf Oseni, who disclosed this at the weekend during a virtual half-year 2021 investors’ call /analysts presentation, the proceeds of the rights issue will enable the lender expand its base and help it compete favourably at the market space. He used the opportunity allay market fears that the exercise would not lead to exponential increase in the bank’s shares. He stated: “The rights issuance is expected to hit the market in September. The Sun
First Bank of Nigeria has affirmed its support for the expansion plans of WACOT Limited, a subsidiary of TGI Group, as it prepares to double capacity of its 120,000-ton rice mill in Argungu, Kebbi State. The bank affirmed this as Board members, led by Managing Director, Dr Adesola Adeduntan, paid a working visit to the rice mill in Kebbi recently. This expansion comes barely four years after the Vice President, Prof. Yemi Osinbajo, commissioned WACOT’s first mill in 2017.Speaking at the end of the site inspection by the FirstBank team, Adeduntan, expressed delight with WACOT’s strides and affirmed the bank’s support for the initiative. The Sun
Despite the suspension of supply of foreign exchange sales to Bureau De Change (BDCs) by the Central Bank of Nigeria (CBN, the naira strengthened against the dollar at the BDC and parallel markets by 0.98per cent and 1.35per cent last week to close at N505 and N510 respectively. However, the naira at the Investors & Exporters Foreign Exchange (I & E FX) window in its week-on-week (WoW) performance depreciated by 0.01 per cent to close at N411.5 against the dollar from N411.4 4 it opened for trading last week. This Day
The landing cost of Premium Motor Spirit (petrol) imported into the country has increased to a new high of N249.42 per litre on the back of high global crude oil prices. The further rise in the landing cost of petrol means increased subsidy as the pump price of the product remains steady at N162-N165 per litre. Petrol subsidy, which was removed in March 2020, resurfaced earlier this year as the government has left the pump price of the product unchanged since December despite the increase in global oil prices. The Nigerian National Petroleum Corporation, which has been the sole importer of petrol into the country in recent years, has been bearing the subsidy cost since it resurfaced. Punch
The Nigerian National Petroleum Corporation on Sunday announced a trading surplus of N43.57bn in April 2021, representing a 23.64 per cent increase over the N35.24bn surplus it recorded in the preceding month of March 2021. It disclosed this in a statement issued in Abuja by the corporation’s Group General Manager, Group Public Affairs Division, Kennie Obateru. NNPC stated that the surplus was contained in its April 2021 report, adding that its group operating revenue in the review month, as compared to March 2021, increased by 17.73 per cent or N80.67bn to stand at N535.61bn. Punch.