11 Plc acquires Lagos Continental Hotel from AMCON
Businessam Staff
December 24, 2019
11 Plc, formerly known as Mobil Oil Nigeria Plc, says it has finalised discussions with the Asset Management Company of Nigeria to acquire the Lagos Continental Hotel. The company said in a statement filed at the Nigerian Stock Exchange on Monday that the acquisition was subject to terms and conditions between both parties. 11 Plc, […]
SEC cancels bank signature verification for e-dividend exercise
Businessam StaffNovember 26, 2019
The Securities and Exchange Commission (SEC) has directed that registrars discontinue the practice of requesting for confirmation of bank signature during the e-dividend mandate management System (e-DMMS) process. Mary Uduk, the acting director-general, SEC, disclosed this while addressing the press on the third quarter Capital Market Committee meeting in Lagos on Friday. She stated that […]
Why NSE delist Dangote Flour Mills
Businessam StaffNovember 21, 2019
By Omobayo Azeez The Nigerian Stock Exchange (NSE) has delisted an hitherto publicly quoted company on the nation’s bourse, Dangote Flour Mills (DFM) Plc. The delisting marked the formal conclusion of the acquisition of DFM by Crown Flour Mills, a subsidiary of Olam International Limited. As part of the acquisition agreement with Olam, DFM must […]
SEC chairman calls for cooperation among stakeholders
Businessam StaffNovember 21, 2019
Olufemi Lijadu, the chairman of the board of the Securities and Exchange Commission (SEC) on Wednesday called for more cooperation among stakeholders for the overall interest of the capital market and the economy generally. Speaking at a meeting between the board and stakeholders in the capital market in Lagos, the SEC board Chairman said […]
C&I Leasing secures N3.24bn rights issue approvals from SEC
Businessam StaffNovember 8, 2019
By Omobayo Azeez C&I Leasing Plc’s proposed rights issue to raise about N3.24 billion has been approved by the Securities and Exchange Commission (SEC). This is according to the company’s plan to raise and inject fresh capital into its operations to boost future performance. According to disclosure, the company plans to make the right issue […]
Capital market: Reps probe N126bn unclaimed dividends, unremitted tax
Businessam StaffNovember 6, 2019
The House of Representatives has begun the investigation of unclaimed share dividends in the capital market valued at over N126.03bn. The move followed the adoption of a motion moved by Babangida Ibrahim at the plenary on Wednesday, entitled, ‘Need to Investigate the Rising Value of Unclaimed Dividends, Unremitted Withholding Tax on Dividends and their Attendant […]
Buhari seeks more US capital for infrastructure
Businessam StaffNovember 1, 2019
President Muhammadu Buhari has met with the United States’ Treasury Secretary, Steven Mnuchin, to request for additional capital from the US development finance institutions to upgrade critical infrastructure in Nigeria. A statement yesterday by a presidential spokesman, Garba Shehu, said both men, who met on Wednesday in Riyadh, Saudi Arabia had positive discussions on investments […]
IMF urges policymakers to avert imminent economic downturns
Businessam StaffOctober 31, 2019
By Omobayo Azeez The International Monetary Fund (IMF) has called on policy makers across the world to urgently tackle financial vulnerabilities that could exacerbate the next economic downturn. According to the IMF, an economic downturn is imminent and policymakers should be proactive with their policy pronouncements to cushion the effect. The IMF, in its […]
ECB holds rates at historic lows as Mario Draghi waves farewell to Frankfurt
Businessam StaffOctober 24, 2019
The European Central Bank (ECB) kept rates unchanged on Thursday, in what marked President Mario Draghi’s last monetary policy meeting at the institution. The central bank also kept its forward guidance unchanged, suggesting that its main interest rates will remain at their current or lower levels until there’s strong evidence of a pick up in prices. The euro traded […]
Investors recoup N16bn in equities gain as index uptick 0.12%
Omobayo AzeezOctober 24, 2019
By Omobayo Azeez After several sessions of negative results, the bulls dared to resurface at the Nigerian stock market on Wednesday to return stock index northward, leading to a 0.12 per cent rise in the market value. With the weak recovery, investors recouped N16 billion at the end of midweek trading to see market capitalisation […]