2020 Budget: FG Lowers Oil Benchmark to $55/Barrel

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

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 Brent crude closed below $75 per barrel on Wednesday, precisely selling at $74.39 per barrel after shedding $2.81 or 3.5 per cent. It was the lowest level for the crude oil grade since June, as a larger-than-expected rise in US fuel inventories added to worries about fuel demand, also pressuring the West Texas Intermediate (WTI) crude futures by $2.74  or 3.8 per cent in the midweek session to $69.58 a barrel. The US Energy Information Administration (EIA) reported a crude oil inventory draw of 4.6 million barrels for the week to December 1. A sizeable inventory build

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Dipo Olowookere The treasury bills market remained marginally bearish on Friday with slight selloff witnessed on some short tenured maturities. As a result, yields trended higher at the close of market, with the 1-month yields closing at 14.91 percent, 3-month yields at 11.31 percent, the 6-month yields at 14.63 percent and the 12-month yields at 17.32 percent. Analysts at Zedcrest Research, “With system liquidity still in negative territory, we expect yields to remain elevated in the coming week, with the CBN expected to maintain its aggressive OMO stance in view of the N560 billion in OMO maturities.” Meanwhile, the

By Adedapo Adesanya President Bola Tinubu has approved the appointment of three new Executive Commissioners to serve in the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). He also approved the redeployment of one current Executive Commissioner along with these three personnel who will take up their duties after their confirmation by the Nigerian Senate. The new executives are: Mr Bashir Indabawa — North West — Executive Commissioner, Exploration & Acreage Management Mr Kelechi Ofoegbu — South East — Executive Commissioner, Corporate Services & Administration (Redeployed) Mr Enorense Amadasu — south south — Executive Commissioner, Development & Production Mr Babajide Fasina —

By Modupe Gbadeyanka As part of efforts to deepen financial inclusion in Nigeria so as to allow unbanked customers to pay for commodities online, RedCloud Technology, the world’s first open banking platform, has sealed a partnership deal with Nigeria’s KongaPay. KongaPay is the payment system which aims to facilitate the initiation and completion of transactions in a seamless manner to accelerate distributed banking through a new payment ecosystem. Through the banking as a platform model, a first for Nigeria, KongaPay will use RedCloud technology to enable the banks to offer innovative digital financial services via its rapidly growing merchant network,

By Nneka Okumazie The optics of a Pastor, preaching genuine repentance and holiness, seen with a political leader seems inappropriate to some critics. The expectation that a Pastor, with mission of Christ – for salvation, healing and deliverance, should abandon all and become a political activist is common. The elevated status of a Pastor, to some people, should be the springboard to lob critics at government. But what many often miss is that government that isn’t responsive to criticism would hardly budge – if another voice is added. And while it is possible to advise generally and make suggestions for

By Adedapo Adesanya CitiTrust Holdings Plc has proposed the payment of 25 Kobo as a final dividend to its shareholders for the 2021 financial year. The dividend proposal was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities. The payment will be subject to the approval of shareholders at the Annual General Meeting (AGM) of the company scheduled for Thursday, November 24. According to the company, its AGM will hold at Sun Heaven Hotel and Resort, Plot 8, Onikoyi Lane, Parkview Estate, Ikoyi, Lagos, by 11 a.m. If the dividend

By Modupe Gbadeyanka Acting President, Mr Yemi Osinbajo, has called on Nigerians, both leaders and followers, to be ready to make sacrifice for the country’s greatness. According to the Acting President, Nigeria needs those who can make the risk everything to make it great and not those who want its downfall. Mr Osinbajo, speaking on Sunday at the 2017 Democracy Day interdenominational church service held at the National Christian Centre, explained that these sacrifices could come in different forms. After narrating the story of the Good Samaritan in the Bible, the Acting President asked, “Who truly loves the nation, is

By Adedapo Adesanya Nokia has announced the signing of a new patent cross-license agreement with technology giant, Apple, which will replace the current license due to expire at the end of 2023. The terms of the agreement remain confidential between the parties but will cover Nokia’s fundamental inventions in 5G and other technologies and see it receive payments from the iPhone and iPad maker for a multi-year period. The agreement reflects the strength of Nokia’s patent portfolio, decades-long investments in research and development (R&D) and contributions to cellular standards and other technologies. Speaking on this, Ms Jenni Lukander, President of

By Lukman Otunuga Central banks across the globe have waged war against soaring inflation. The Federal Reserve raised interest rates for the first time since 2018 last week, the Bank of England hiked rates for the third consecutive meeting in March while the SARB is expected to take action this afternoon. While central banks across the globe are armed and ready, the Central Bank of Nigeria (CBN) remains on the sidelines. As widely expected, interest rates in Nigeria were left unchanged at 11.5% as the CBN focused on boosting economic growth during a fragile period. Africa’s largest economy is currently