Views: Visits 5 By Nkiruka Nnorom Investment analysts have said that the bears dominance in the domestic equities market will continue this week even as Flour Mills of Nigeria Plc, Guaranty Trust Bank and BUA Cement Plc drove the 0.18 percent loss recorded last week. They posited that the market lacks a positive development at the moment to pull it out of the red zone after the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) retained interest rate at 11.5 percent. According to analysts at Cordros Capital, “We still expect a choppy theme in the week with the bears dominating proceedings in the absence of positive triggers to spur a bullish performance.”
The Nasarawa State Government and Flour Mills of Nigeria have signed a Memorandum of Understanding (MoU) for a $300million investment in sugar production. Under the MoU, the state leased 20,450 hectares of land to Flour Mills of Nigeria for 50 years, during which the company is expected to ramp up the Backward Integration Plan (BIP) […]
The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, has reversed an earlier letter he sent to the Minister of Finance, Hajiya Zainab Ahmed, prohibiting the importation of sugar from the free trade zones into the Nigerian customs territory.
According to TheCapital.ng, the Secretary to the Government of the Federation, the Comptroller General of the Nigeria Customs Service and the Managing Director/CEO of the Nigerian Ports Authority were copied in the letter. Adebayo’s letter was predicated on a petition to him by the chairman, Dangote Industries Limited, Alhaji Aliko Dangote; and chairman, Flour Mills of Nigeria Plc, Mr. John Coumantaros