Bears Remain as Unlisted Securities Shed 0.85%

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Sodeinde Temidayo David The Executive Secretary of Tertiary Education Trust Fund (TETFund), Mr Suleiman Bogoro, has blamed low financing for the poor quality of education in Nigeria. Speaking at the 13th thematic meeting of the TETFund Research and Development Standing Committee (RDSC), Mr Bogoro said this problem, if not adequately tackled, could lead to a big crisis in the education sector. He noted that the crisis in the sector cuts across all levels from primary through secondary and tertiary levels of learning, stating that the inadequate fund has made it difficult to improve teaching and learning. But he said

By Modupe Gbadeyanka Head of Service of the Federation, Mrs Winifred Oyo-Ita, has assured the Federal Civil Servants in the country of government’s commitment to see to the successful and full implementation of the Federal Integrated Staff Housing (FISH) programme. Mrs Oyo-Ita stated this in her office in Abuja during the commissioning ceremony of the ‘FISH Client Centre’, located at the ground floor of Block E, Federal Secretariat Complex phase 11, Abuja. She said that the Federal Government was determined in not only making FISH programme work, but also putting in place machineries that will sustain it and promised that

By Dipo Olowookere Minister of Information and Culture, Mr Lai Mohammed, has disclosed that the local wrestling contest in Offa, Kwara State, called ‘Ijakadi Festival’, will now be added in the National Festival Calendar. Speaking on Saturday at the 2017 ‘Ijakadi Festival’ in Offa, the Minister, who hails from the state, said the people in charge of the festival will also be trained under a (training) programme for festival managers being jointly implemented by the Federal Ministry of Information and Culture and the British Council. Mr Mohammed assured the organizers of the event that Federal Government will leverage the power

By Modupe Gbadeyanka An appeal has been made to Federal Government for the removal of Value Added Tax on Liquefied Petroleum Gas, popularly known as cooking gas. President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), Mr Nosa Ogieva-Okunbo, explained that the removal of VAT on LNG would attract more investors into the business and also increase the use of cooking gas in the country. According to him, government must remove VAT on the LPG and reduce import duties on the equipment. “Government must provide an enabling environment to attract more investors by removing VAT on LPG. “It

By Dipo Olowookere Future Market Insights has delivered key insights on the global car security system market in a new publication titled ‘Car Security System Market: Global Industry Analysis and Opportunity Assessment, 2016 – 2026”. Global sales of car security systems are estimated to be valued at $ 6,787.3 million by the end of 2016, witnessing a Y-o-Y growth of 4.8 percent over 2015, the report projects. North America is estimated to account for a value share of 30 percent in the global car security system market by 2016 end but Asia Pacific excluding Japan (APEJ) is anticipated to gain

By Aduragbemi Omiyale Mr Anamekwe Nwabuoku has been appointed by the federal government as the acting Accountant General of the Federation (AGF). The appointment of Mr Nwabuoku followed the suspension of Mr Ahmed Idris from office after the Economic and Financial Crimes Commission (EFCC) arrested him over an alleged N80 billion. Last Monday, the anti-graft agency apprehended Mr Idris after his failure to honour an invitation extended to him over the matter. He was taken into the EFCC custody to answer questions about the alleged fraud and to ensure an “unhindered investigation,” the Minister of Finance, Budget and National Planning,

By Investors Hub Asian stocks rose broadly in holiday-thinned trade Tuesday amid holidays in China and South Korea. The dollar was bolstered by upbeat U.S. economic data and tax reform hopes while oil prices slipped further in Asian deals after falling more than 2 percent on Monday amid signs of higher output. Markets in South Korea and China remained closed for the Harvest Festival and National Day, respectively. Hong Kong’s Hang Seng index was up more than 2 percent at 28,172 in late trade as trading resumed after a long holiday weekend. Japanese shares rallied to hit two-year highs as

By Adedapo Adesanya The growth enjoyed at the National Association of Securities Dealers (NASD) Over-the-Counter (OTC) Securities Exchange in the past few days was disrupted on Thursday, dashing the hopes of the market to close for the fourth consecutive session. The unlisted securities market shrank for the first time this week by 0.21 per cent on the back of a decline in the share price of Central Securities Clearing System (CSCS) Plc. CSCS Plc depreciated by N1.70 or 10.9 per cent yesterday to settle at N15.63 per unit compared with the previous closing price of N17.33 per unit. The loss