20,000 Bank Accounts Closed Under TSA, N5tr Moved—FG

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Modupe Gbadeyanka Trading activities resumed on Tuesday on the floor of the Nigerian Stock Exchange (NSE) after two trading days of public holiday to mark the Good Friday and Easter Monday celebrations. As investors settled for business, the stock market kicked off on a bearish trend, resulting into a loss of N105 billion at the first day of trading after the break. The All-Share Index depreciated by 302.94 points or by 1.19 percent to close at 25,207.07 points, while the market capitalisation dropped N104.8 billion to finish at N8.722 trillion with the year-to-date return ending at -6.16 percent. Though

By Modupe Gbadeyanka The process of issuing state of origin certificate individuals would soon be reviewed, the Lagos State government has said. This, according to the Commissioner for Special Duties and Intergovernmental Relations, Mr Tayo Bamgbose-Martins, is because of “verified reports that non-indigenes procure state of origin documents from different unauthorised sources in Lagos, sometimes at the Local Government level or even from some traditional rulers as attested to by the Federal Character Commission.” The Commissioner described this as “unfortunate,” wondering how “people can descend so low to commit such despicable acts.” He said in the new process to be

By Dipo Olowookere The Nigerian Exchange (NGX) Limited further declined by 0.05 per cent on Thursday, the last trading session before the Easter break, due to persistent profit-taking by investors. This brought down the All-Share Index (ASI) by 24.84 points to 52,994.13 points from 53,018.97 points amid sustained weak investor sentiment. Equally, the market capitalisation of the exchange depreciated by N14 billion to N28.869 trillion from N28.883 trillion after 19 stocks closed on the losers’ table and nine stocks finished on the gainers’ chart, indicating a negative market breadth. Data showed that University Press went down by 10.00 per cent

Finding an affordable property to rent/lease can be a real nightmare. Sometimes the stress of checking one property after another, perhaps for months, begins to culminate in a desperation—an eagerness to grab the first one that meets our criteria. When eventually, we find a suitable one, we are often in such a hurry to move in that we do not take time to read and fully understand the terms and conditions contained therein or even insist long enough to have clauses that will favour us inserted into the agreement for fear of losing to other ‘faster’ bidders. This negligence of

On Thursday, some detained members of the Indigenous People of Biafra (IPOB) regained freedom after the Federal Government pardoned them. This was confirmed in a press statement issued to newsmen on Thursday in Onitsha by IPOB’s Media and Publicity Secretary, Emma Powerful. The released IPOB members were those arrested in February 2016 during a mass protest in Abia State. Business Post learnt the FG, through the Attorney-General and Minister of Justice ordered the release of the detained Biafra agitators. IPOB, in the statement, thanked the Nigerian government for the gesture. Mr Powerful noted that the release of their members was

By Modupe Gbadeyanka A member of the House of Representatives, Mrs Tolulope Akande-Sadipe, has expressed sorrow over the death of a chieftain of the All Progressives Congress (APC) in Oyo State, Mr Muili Ojuolape. In a statement on Thursday, the lawmaker from the Oluyole Federal Constituency in Ibadan, the Oyo State capital, described the Oyo APC chieftain as a father who would be missed. Mrs Akande-Sadipe, in the statement signed by her media aide, Mr Olamilekan Olusada, prayed to God to comfort the family of Mr Ojuolape and grant them the fortitude to bear the loss. She expressed shock over

By Adedapo Adesanya South African football club, Mamelodi Sundowns, have emerged as the first-ever champions of the African Football League (AFL) title, defeating top Moroccan side, Wydad Athletic Club, 2-0 in Pretoria on Sunday. Sundowns trailed 2-1 from the first leg played in Casablanca last weekend, and they ensured they won by a margin of two goals with a clean sheet to engrave their names in the books of history. The South African Premier Soccer League side sealed a 3-2 aggregate win to claim the top prize. Sundowns striker, Peter Shalulile, returning to the team after weeks out with injury,

By Adedapo Adesanya The Department of Petroleum Resources (DPR) has said that the National Oil and Gas Excellence Centre (NOGEC) to be launched on Thursday will address critical challenges in the oil and gas sector and also create a more stable and sustainable business environment for operators. The project will drive safety, value and cost efficiency, which are critical for oil and gas industry stability, growth and sustainability. The Director of DPR, Mr Sarki Auwalu, said in a statement on Wednesday that the infrastructure would provide the Nigerian petroleum industry elements for competitive advantage in a changing global energy landscape.