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21-September-2023

NGX Drops 0.03% as Traders Trim Exposure to Nigerian Stocks

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a pullback of 0.03 per cent on Wednesday after investors took a second look at their exposure to local equities, though as some were dumping, a few were mopping up. According to data obtained by Business Post, traders bought and sold 566.6 million shares worth N5.4 billion during the trading session in 8,201 deals compared with the 676.7 million shares valued at N5.9 billion traded in 7,659 deals on Tuesday, implying a rise in the number of deals by 7.08 per cent and a decline in the trading volume and value

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20-September-2023

LCCI Urges CBN to Leave Interest Rate at 18.75%

By Adedapo Adesanya Ahead of next week’s Monetary Policy Committee (MPC) meeting scheduled for Monday, September 25 and Tuesday, September 26, the Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to pause its interest rate hike. In a statement signed by the Director-General, Mrs Chinyere Almona, the group said this was necessary to relieve Nigerians of the pressure on the supply side following a further surge in the inflation rate. The National Bureau of Statistics (NBS) revealed last Friday that the average cost of goods and services rose by 25.80 per cent

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20-September-2023

Exploring Beyond Challenges: A Comprehensive Look into the Excellence of FBS Broker

Introduction In the fast-paced world of forex trading, finding a reliable broker can be a daunting task. With the ever-evolving landscape of financial markets, traders need a partner they can trust, one that understands their needs and challenges. Enter FBS, a brokerage firm that stands tall despite the challenges that have beset the industry. In this review, we delve into the unique strengths of FBS broker and how it has managed to overcome the odds to offer a top-notch trading experience. Turning Challenges into Opportunities FBS broker has not been immune to the challenges that have affected the forex trading

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20-September-2023

Suppliers Lament High Cost of Petrol, Gas Distribution

By Adedapo Adesanya The distributors of petrol and other fuels in Nigeria said they can no longer sustain the distribution of the products nationwide as the price of diesel used to power their trucks is now N1,100/litre in many locations. The marketers, under the aegis of the National Oil and Gas Suppliers Association of Nigeria (NOGASA), raised the concern in a statement on Tuesday. The president of the group, Mr Benneth Korie, said that diesel has witnessed incessant hikes in recent months, lamenting that the development has been worsened by marketers’ inability to secure cheap bank loans that will enable

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20-September-2023

NNPC Remits 57.27% of Generated Revenue to FG

By Precious Olisa The Nigerian Extractive Industries Transparency Initiative (NEITI) has said the Nigerian National Petroleum Company (NNPC) Limited only remitted 57.27 per cent of the revenue it generated in 2021 to the federal government. The agency made this claim in a report released earlier this week, noting that the country generated $23.05 billion from the oil and gas sector in 2021 compared with the $20.43 billion achieved in 2020, with the NNPC and others keeping some funds back. Analysis showed that about $8.67 billion came from the sale of crude oil and gas, $13.37 billion was from taxes and

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20-September-2023

Dangote Refinery Won’t Rely On Nigerian Crude Oil

By Adedapo Adesanya The Dangote Group Executive, Mr Devakumar Edwin, has said that the Dangote Refinery will not rely solely on Nigerian crude for its operations. This was one of the points made by the official as he gave a detailed production timeline that shed light on crude and product flows as well as delays on the 10-year project to S&P Global Commodity Insights. The company had announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually reach 650,000 barrels per day by November. The $19.5 billion refinery, which

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20-September-2023

NGX Targets Gender-themed Sustainable Financing Mechanisms

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited is looking to drive gender equality and sustainable development in the country through strategic instruments like gender bonds and gender-themed sustainable financing mechanisms. The local bourse said it hopes to achieve this goal by collaborating with a global organisation like the United Nations Women (UN Women). According to the Divisional Head of Business Support Services and General Counsel at NGX, Ms Irene Robinson-Ayanwale, there is a need to galvanize public and private sector stakeholders to the development and adoption of gender-responsive instruments in Nigeria’s capital market and mobilise public and private capital

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20-September-2023

Leading Experts Reveal Prime Forex Trading Hours For India

A recently unveiled comprehensive report by experts at Traders Union (TU) has outlined the golden hours for Forex trading in India. As the global market wades through waves of unpredictability, Indian traders have been presented with a detailed guide on when to dive in. While it’s a well-known fact that the Forex market operates around the clock, not all hours are equal. As per the Traders Union report, the sweet spot for Forex trading in India lies between 6.00-12.00 GMT and 18.00-0.00 GMT. These windows promise maximum liquidity, tight spreads, and minimal slippage, factors that are crucial for profitable trading.

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20-September-2023

NASD OTC Exchange Records Stalemate

By Adedapo Adesanya The key performance indicators of the NASD Over-the-Counter (OTC) Securities Exchange remained unchanged at the close of transactions on Tuesday amid a mixed activity level chart. Business Post reports that the stalemate occurred after the NASD OTC exchange recorded no price gainer or loser, as the prices of stocks on the platform closed flat. Also, the total value of the alternative equity market, measured by the market capitalisation, remained unchanged at N1.138 trillion, and the NASD Unlisted Securities Index (NSI) closed flat at 805.29 points. During the trading session, investors traded a total of 501,437 units of

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27-September-2023

Banking, Energy Stocks Slurp N126bn from Nigerian Exchange

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

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26-September-2023

Senate Confirms Cardoso as CBN Governor, Pledges Evidence-Based Policies

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

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26-September-2023

AFC Gets $300m Chinese Loan to Boost Trade Finance

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

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26-September-2023

Fluenta Installs Technology to Reduce Gas Flaring at Dangote Refinery

By Adedapo Adesanya Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

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26-September-2023

Smart Recycling Hub Opens in Ibadan

By Aduragbemi Omiyale A smart recycling hub has been unveiled at the Ojoo terminal in Ibadan, the Oyo State capital, courtesy of a waste management consultant, Mottainai Recycling Limited. The facility was opened on Monday at a ceremony attended by the representatives of the state government, the consultant, and the Akinyele Local Government, among others. The Director of Environment of the local council, Mrs Ahmed B.D., said the initiative was aimed to raise awareness among traders, market women, and the general public about climate change, stressing the hazards and consequences of indiscriminate waste disposal, and other undesirable waste management practices.

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26-September-2023

Small Business Owners Fret Over Exchange Rate Instability

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

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26-September-2023

NGX RegCo’s Code of Conduct for Stockbrokers Takes Effect October 3

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

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26-September-2023

Sustainable Development is a Necessity for Every Society in the World

By Professor Maurice Okoli For the majority of African leaders and delegates, it was a momentous achievement, to participate and contribute speeches with diverse themes at the podium during the 78th session of the UN General Assembly (UNGA) in New York. The UNGA traditionally meets in September, the highest global gathering to make several significant decisions on what the organization, consisting of 193 UN members, is generally expected to do. It has wrapped up its 78th annual session with another huge pack of commitments to engage in reshaping a better life for the entire population and Development paradigms in the

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26-September-2023

Equinor to Sell 20.2% Stake in Nigeria Oil Field Asset to Chappal

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

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26-September-2023

400-year-old British Institution Opens $150m School in Lagos

By Adedapo Adesanya A 400-year-old British educational institution, Charterhouse, has commissioned its first African school, currently in progress on a sprawling 70-hectare site located at Ogombo in Lekki, Lagos. The introduction of Charterhouse Lagos marks the convergence of British independent school heritage with cutting-edge educational practices, ushering in a new era of excellence in West African education. Charterhouse Lagos will represent a remarkable educational undertaking in the commercial capital of the country, with the planned $150 million campus expected to be fully delivered in 2028. The school’s development will unfold gradually, with the first intake of primary school students in