Asian Stocks Finish Mostly Higher

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

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 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

An ‘Aa+’ rating has been assigned to MTN Nigeria Communications Plc by Nigeria’s first credit rating agency and a pan African leader in credit reports, Agusto & Co. limited, whose strong credibility presence and ratings are globally accepted in the country and across the globe. A statement from the agency disclosed that the rating assigned to MTN Nigeria was hinged on its very strong financial condition, which is characterized, by very good profitability, strong cash flow, low leverage and experienced and stable management team. It was further stated that the rating took into cognisance MTN Nigeria’s market leadership, its extensive

By Dipo Olowookere All is now set for the 2018 edition of Africa Banking & Finance Conference, which begins on Tuesday, April 10 and 11 in Lagos. The theme of the programme is ‘Sustaining the Momentum in the Financial Inclusion Agenda’ and notable figures in the industry have been pencilled down to grace the occasion. The conference is expected to trigger practical, regional and national investments in initiatives that will support the adoption of structural and policy changes to facilitate financial inclusion for all. During the conference, workable and implementable plan of action would also be initiated. Those expected to

By Dipo Olowookere It is almost certain that shareholders of First City Monument Bank (FCMB) and AIICO Insurance will get cash reward and bonus shares from the respective company this year for the 2020 financial year. However, the Central Bank of Nigeria (CBN) and the National Insurance Commission (NAICOM) will have to first authorise this. Already, the boards of FCMB and AIICO Insurance have done their parts by recommending the payment of the dividend and issuance of bonus shares, but their respective regulator will have to check their performance to see if what is being recommended is reasonable. Last Friday,

By Modupe Gbadeyanka The construction of a new world class passport collection and data capturing centre has been completed by the Nigeria Immigration Service (NIS). The facility is meant to serve both Nigerian citizens and foreigners and further ease the processing of passport in the country. The project, tucked inside the NIS headquarters at Sauka, Abuja, was handled by Karmod Nigeria Limited and comprises six individual units on 3x7M steel cabins jointed together to create 126 sqm work station which was later sub divided into offices, server room, rest rooms & waiting area. The project commenced on July 4, 2017

By Modupe Gbadeyanka An indigenous online store, Payporte, has announced the suspension of the ‘Payment On Delivery’ services it offers to its customers as part of its payment options. Announcing this was the Managing Director of the firm, Mr Eyo Bassey, who explained that this step was taken for security reasons. He also explained that the company decided to suspend the payment option in a bid to better serve customers better and to re-position its business for profitability. Mr Bassey said that, “Our decision was necessitated by the increasing risk and security challenges posed by this payment option. “Also, to

By Adedapo Adesanya The positive data on Chinese crude imports helped to boost the prices of the commodity at the international oil market on Tuesday, October 13. During the trading day, the price of the Brent crude went up by 68 cents or 1.63 per cent to $42.40 per barrel while the value of the United States’ benchmark, West Texas Intermediate (WTI) crude, went up by 77 cents or 1.95 per cent to close at $40.60 per barrel. China’s crude oil imports rose 2.1 per cent in September from the previous month as some delayed cargoes finally cleared customs after

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the bearish zone on Thursday, December 15, as it depreciated 0.31 per cent, driven by the negative price movements in three companies. Niger Delta Exploration and Production (NDEP) Plc led the price losers’ chart during the session after it fell by N5.42 to N175.00 per unit from N180.42 per unit. Friesland Campina Wamco Nigeria Plc continued its downward trend as it recorded a 75 Kobo price slide to close at N65.25 per share compared with the previous day’s N66.00 per share, while UBN Property Plc lost 8 Kobo to

By Investors Hub Asian stocks ended mostly higher on Friday after China’s Commerce Ministry said trade talks with the U.S. in Beijing were extensive and helped establish a “foundation” to resolve differences. Prospects for more Chinese stimulus to arrest the slowdown in growth and rising expectations that the Federal Reserve will pause its rate tightening cycle this year also underpinned sentiment. China’s Shanghai Composite Index climbed 18.73 points or 0.7 percent to 2,553.83, while Hong Kong’s Hang Seng Index gained 145.84 points or 0.6 percent to close at 26,667.27. Japanese shares posted strong gains after Wall Street extended its rally into a