AfDB Initiative to Increase Finance for Women SMEs in Nigeria, Others

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By Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

By Dipo Olowookere The invasion of the National Assembly (NASS) by security operatives on Tuesday morning took its toll on the Nigerian stock market today. The situation dominated the blogosphere and polity today as some lawmakers were prevented from gaining access into the complex because officials of the Department of State Services (DSS) mounted the main gate to the parliament. Later in the day, the Director General of the DSS, Mr Lawal Daura, was fired by the Acting President, Professor Yemi Osinbajo, over the issue. Business Post reports that at the Nigerian Stock Exchange (NSE), it was all red from

By Modupe Gbadeyanka The management of Dubai-based airline, Flydubai, has announced a commitment to a $27 billion order for 225 Boeing 737 MAX aircraft to support the growth of its fleet. This is the third aircraft order placed by the airline with Boeing in its eight-year history and follows orders placed in 2008 and 2013. This new aircraft order will support its continued expansion within a geographic area that is home to 2.5 billion people. The airline by the end of the year will have a fleet of 61 Next-Generation Boeing 737-800 aircraft and Boeing 737 MAX 8 aircraft. In

By Modupe Gbadeyanka The National Open University of Nigeria (NOUN) has commended the accomplishments of Akwa Ibom State Governor, Mr Udom Emmanuel, in the area of education, describing him as a champion of education. Vice-Chancellor of the university, Prof. Abdalla Uba Adamu, stated this at the weekend during a brief ceremony for the relocation of the NOUN study centre to its permanent site in Uyo, the state capital. The ultra-moden site was donated recently to NOUN by the state government in order to boost the activities of the institution in the state, especially in the area of enrolment of the

By Dipo Olowookere Sustained bargain hunting activity on the floor of the Nigerian Stock Exchange (NSE) pushed the market indices higher by 0.81 percent on Friday. This left investors N97 billion richer as the market wrapped up for what was supposed to be the last trading day before the presidential election. Unfortunately, the electoral umpire, the Independent National Electoral Commission (INEC), in the early hours of Saturday (today), announced the postponement of the polls till next Saturday. The All-Share Index (ASI) appreciated yesterday by 261.51 points to settle at 32,715.20 points, while the market capitalisation increased by N97 billion to

The 5th International Conference on Electronic Devices, Systems and Applications (ICEDSA 2016), sponsored by the Institute of Electrical and Electronics Engineers (IEEE), was today launched in Ras Al Khaimah in the United Arab Emirates. Taking place on the AURAK campus, the conference runs until Thursday, December 8, and focuses on the latest theoretical and practical developments in the field of electronic devices, systems and applications. The conference is organized by the American University of Ras Al Khaimah (AURAK) in conjunction with its strategic partner, the Universiti Teknologi Mara, a Malaysian university based in Shah Alam- Selangor. A branch of the

By Dipo Olowookere The different strategies being put in place by the management of Unity Bank to make the company a strong competitor in the sector seem to be working. On Tuesday, the lender released its financial statements for the half year ended June 30, 2019 and from the analysis done by Business Post, the performance of the bank was impressive. According to the results, there were significant growths in both the topline and bottomline, which would excite shareholders. In the period under review, the bank improved its gross income by 17 percent, recording N10.6 billion in H1 2019 versus

By Adedapo Adesanya The price of crude oil dropped below $70 per barrel on Monday as the international oil market got a shock after the world’s top crude importer, China, imposed more travel restrictions to fight what it sees as the worst outbreak since the original viral outbreak in Wuhan. As a result, the Brent crude traded at $69.24 per barrel after losing $1.41 or 1.99 per cent, while the United States West Texas Intermediate (WTI) recorded a $1.44 or 2.11 per cent loss to trade at $66.64 per barrel. China reported 125 new COVID-19 cases on Monday, up from

By Modupe Gbadeyanka The continued demand for greenback at the local foreign exchange (forex) markets by foreign portfolio investors will sink the Nigerian Naira deeper this week, analysts at Lagos-based Cowry Asset have predicted. In its weekly market report, the firm said the local currency will perform woefully across the most market segments, especially at the Investors and Exporters forex window. Business Post reports that lately, there have been exit of foreign portfolio investors from Nigeria and other emerging markets. However, in the just concluded trading week, Naira gained against the Dollar at the I&E segment by 0.03 percent to