Economy
Dangote Office Raid by EFCC May Dampen Investors’ Confidence—Lawmaker
By Adedapo Adesanya
According to reports, operatives of the anti-graft agency arrived at the Lagos office of the company and demanded documents relating to the allocation of FX to the group in the last 10 years.
The EFCC officials spent hours scrutinizing the documents and would later leave with some of them.
Commenting on the issue, Mr Ikeagwuonu said raiding the company of one of the largest conglomerates in Africa at a time when the nation was grappling to save its fragile economy was a wrong move that would further erode efforts to stabilise the economy.
Mr Ugochinyere said, “This evening, I read about the raid of the headquarters of the Dangote Group in connection with an ongoing investigation into forex allocations in the country. The EFCC was reported to be investigating forex allocations to some companies during the tenure of Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN).”
He added that, “In the last few months, our nation has lost so many foreign investors. While some of the foreign companies operating in the country are leaving, potential investors are also sidelining us. Now you have the EFCC despite the word the nation is currently facing, raiding the headquarters of the largest industrial conglomerate in West Africa.
It was gathered that the EFCC had written to more than 50 companies directing them to supply documents supporting the allocation and utilization of foreign currencies to them in the last decade.
The EFCC letter to the companies was part of the ongoing investigation into alleged preferential FX allocations to individuals and organisations by Mr Emefiele.
The CBN has been accused previously of favouring and enriching some individuals and companies through the provision of cheap FX to them. Among the names mentioned in private circles is Africa’s richest man, Mr Aliko Dangote.
In late December, a special investigation alleged that Mr Emefiele illegally lodged billions of Naira in foreign currencies in no fewer than 593 bank accounts in the United States, United Kingdom, and China without the approval of the apex bank’s board of directors and the CBN Investment Committee.
The Special Investigator on the CBN and Related Entities, Mr Jim Obaze, found that the ex-CBN governor allegedly lodged £543,482,213 in fixed deposits in UK banks alone without authorisation.
It was also claimed that the ex-CBN chief manipulated the Naira exchange rate and committed fraud in the e-Naira project.
Mr Emefiele is currently on bail for a series of allegations brought by the federal government relating to the handling of the central bank which he manned when he was appointed in 2014, before he was sacked by President Bola Tinubu in June 2023.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Tuesday, December 3, after the trading platform ended with no price gainer or loser, according to data obtained by Business Post.
The market capitalisation of the bourse remained unchanged at N1.057 trillion and the NASD Unlisted Security Index (NSI) followed the same route by remaining intact at 3,017.13 points.
The volume of securities traded at the bourse during the trading session went down by 99.5 per cent to 76,362 units from the 16.2 million units achieved a day earlier, the value of shares traded yesterday declined by 99.9 per cent to N147,493.38 from the N125.2 million recorded in the preceding session, and the number of deals decreased by 93.1 per cent to two deals from the 29 deals posted in the previous trading day.
At the close of transactions, Geo-Fluids Plc remained the most active stock by volume on a year-to-date basis with the sale of 1.6 billion units for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units worth N5.3 million.
The most active stock by value on a year-to-date basis was Aradel Holdings Plc with a turnover of 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 296.7 million units sold for N5.3 billion.
By Adedapo Adesanya
Oil soared more than 2 per cent on Tuesday as Israel threatened to attack Lebanon if the ceasefire deal with Hezbollah collapses while the market awaits expectations of an extension of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+).
Brent crude appreciated by $1.79 or 2.5 per cent to settle at $73.62 per barrel and the US West Texas Intermediate (WTI) crude gained $1.84 or 2.7 per cent to close at $69.94 per barrel.
Israel continued strikes against Hezbollah fighters ignoring last week’s truce agreement in Lebanon.
In retaliation, top Lebanese officials have urged the US and France to press Israel to uphold the ceasefire.
Market analysts noted that the risk to the ceasefire has some oil traders worrying more about tensions in the Middle East.
Although the Lebanon conflict has not resulted in oil supply disruptions, traders have been tracking tensions between Iran and Israel in the past few months.
OPEC+ is likely to extend its latest round of oil output cuts until the end of the first quarter at the meeting scheduled for Thursday (December 5).
OPEC+ pumps about half the world’s oil and aims to unwind output cuts through 2025. However, a slowdown in global demand and rising output outside the group pose hurdles to that plan and have weighed on prices.
OPEC+ members are holding back 5.86 million barrels per day of output, or about 5.7 per cent of global demand, in a series of steps agreed since 2022 to support the market.
An output hike of 180,000 barrels per day was planned for January from the eight members involved in OPEC+’s most recent cuts of 2.2 million barrels per day. The hike has been delayed from October due to falling prices.
The global oil demand outlook remains weak and China’s crude imports are likely to peak as early as next year as demand for transport fuel begins to decrease.
Crude oil inventories in the US rose by 1.232 million barrels for the week ending November 22, according to The American Petroleum Institute (API). For the week prior, the API reported a 4.753 barrel build in crude inventories.
So far this year, crude oil inventories have fallen by just over 4 million barrels since the beginning of the year, according to API data.
Official data from the Energy Information Agency (EIA) will be released later on Wednesday.
By Dipo Olowookere
The bears overran the domestic bourse on Tuesday, leaving it battered by 0.03 per cent despite investor sentiment being bullish.
Business Post reports that the loss inflicted on the Nigerian Exchange (NGX) Limited yesterday was due to profit-taking in the consumer goods and energy sectors, which had closed lower by 0.22 per cent and 0.09 per cent, respectively.
They overpowered the gains of 2.68 per cent, 1.00 per cent, and 0.82 per cent recorded by the respective trio of the insurance, industrial goods and banking counters.
Consequently, the All-Share Index (ASI) went down by 31.30 points to 97,702.56 points from 97,733.86 points and the market capitalisation contracted by N19 billion to N59.226 trillion from N59.245 trillion.
The market breadth index was positive during the session after the NGX ended with 29 price gainers and 23 price losers led by Sovereign Trust Insurance, which declined by 10.00 per cent to trade at 72 Kobo.
John Holt depreciated by 9.98 per cent to N8.03, Ellah Lakes plunged by 9.92 per cent to N3.18, Thomas Wyatt crashed by 9.42 per cent to N1.73, and Aradel Holdings moderated by 8.72 per cent to N471.90.
On the flip side, Golden Guinea Breweries and Beta Glass gained 10.00 per cent each to sell for N4.07 and N53.90 apiece, Lafarge Africa soared by 9.95 per cent to N70.15, Honeywell Flour grew by 9.89 per cent to N4.89, and Sunu Assurances improved by 9.88 per cent to N4.67.
Yesterday, investors traded 1.2 billion shares valued at N27.4 billion in 9,403 deals compared with the 446.2 million shares worth N10.0 billion sold in 9,200 deals, indicating a surge in the trading volume, value and number of deals by 159.12 per cent, 174.00 per cent, and 2.21 per cent, respectively.
The busiest equity on Tuesday was FBN Holdings with a turnover of 779.6 million units valued at N18.8 billion, AXA Mansard traded 32.5 million units worth N242.8 million, UBA transacted 31.1 million units for N1.1 billion, Access Holdings sold 27.9 million units valued at N670.9 million, and Ellah Lakes exchanged 23.0 million units worth N76.5 million.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy1 year agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN