Femi Asu News Today

The Monetary Policy Committee is meeting this week for the first time in the President Bola Tinubu era and since the suspension of Godwin Emefiele as governor of the Central Bank of Nigeria. The meeting comes days after Nigerians saw the second petrol price hike since the removal of subsidy amid criticism of the June |

Unilever Nigeria to create new company for tea business The Punch Published 15 May 2021 Unilever Nigeria Plc announced on Friday that its Board of Directors had approved the steps required to implement the separation of its tea business in Nigeria. The approval on April 30, 2021 followed the announcement made on Feb. 25 about Unilever Nigeria’s planned separation of its tea business as part of the global separation, according to a statement obtained from the Nigerian Exchange ...

Punch Newspapers Sections ’Femi Asu Published 11 May 2021 The Securities and Exchange Commission has said capital market operators that fail to renew their registration at the expiration of late filing on May 31, 2021 will not be eligible to operate in the capital market. SEC said in a statement on Monday that this was stated in a circular dated May 10, 2021 and signed by the management of the commission. It said in line with the requirements for renewal of registration, all CMOs were requir...

Punch Newspapers Sections ’Femi Asu Published 11 May 2021 Ardova Plc, formerly Forte Oil Plc, has reported a profit after tax of N850.21m for the first quarter of 2021, up 70.91 percent from N497.45m in the same period last year. The integrated energy company’s profit before tax rose by 108.1 per cent to N1.21bn in Q1 2021 from N580.30m in Q1 2020. Its revenue, however, declined to N41.65bn from N52.05bn, according to its unaudited financial statements for the period ended March 31, 2021. ...

Punch Newspapers Sections ’Femi Asu and Temiloluwa O’Peters Published 4 May 2021 Published 4 May 2021 MTN Nigeria Communications Plc has reported a profit after tax of N73.75bn for the first quarter of 2021, up 42.35 percent from N51.74bn in the same quarter of last year. The telecommunications company said its profit before tax rose to N102.99bn in Q1 2021 from N76.91bn in the same period last year. Its revenue increased by 17.06 per cent to N385.32bn from N329.17bn, according to its unau...

Punch Newspapers Sections ’Femi Asu Published 30 April 2021 Foreign and domestic investors pulled out a total of N339.06bn from the Nigerian stock market in the first three months of this year, the latest data from the Nigerian Exchange Limited have shown. The data also showed that foreign portfolio investors sold Nigerian stocks worth N90.12bn in the first quarter while domestic investors withdrew N248.94bn from the market. The foreign investors withdrew N30.79bn in January; N39.05bn in Feb...

IoD Nigeria begins N10bn building project in Lagos The Punch Published 27 April 2021 The Institute of Directors Nigeria, on Monday, broke ground on a N10bn house project, expected to be completed within the next 36 months. The IoD House project is a proposed 15-storey edifice to be located in Ikoyi, Lagos State. “It is an unparalleled residential and office project that will become the corporate headquarters of the Institute of Directors Nigeria by the grace of God, within the...

Punch Newspapers Sections Olalekan Adetayo, ’Femi Asu and Okechukwu Nnodim Published 12:25 am Published 12:25 am  The landing cost of Premium Motor Spirit (petrol) imported into Nigeria has jumped to N216.31 per litre on the back of the recent increase in global oil prices and the depreciation of the naira against the dollar. The Petroleum Products Pricing Regulatory Agency had in March released a pricing template that indicated the guiding prices for the month. The template, which showed ...

FAO, AU to boost intra-African trade in agric commodities ’Femi Asu Published 12:32 am The Food and Agriculture Organisation of the United Nations and the African Union Commission said on Thursday that increased agricultural trade between African countries can drive sustainable development and play a pivotal role for the transformation of food systems. FAO and AU’s Department of Agriculture, Rural Development, Blue Economy and Sustainable Development launched a guide to boosting intra-Afri...

Punch Newspapers Sections ’Femi Asu with agency report Published 6:18 am Published 6:18 am The international oil benchmark, Brent crude, surged by five per cent on Wednesday, after a report from the International Energy Agency, followed by US inventory data, boosted optimism about returning demand after the coronavirus lockdowns last year crushed fuel consumption. Brent, against which Nigeria’s oil is priced, rose by $3.06 to $66.73 per barrel by 7:31pm Nigerian time on Wednesday. US crude...