BDC Operators Meet Wednesday on Forex Rate Convergence

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Jerome-Mario Utomi Power properly understood is nothing but the ability to achieve a purpose. It is the strength required to bring about social, economic, political, cultural and religious changes. What is needed is a realization that power without love is reckless and abusive, and love without power is sentimental and anaemic. Power at its best is love implementing the demand of justice, and justice at its best is power correcting everything that stands against love. From these words of Martin Luther King Jr, it may not be a wrong assertion to conclude that; there is nothing wrong with power;

By Adedapo Adesanya The National Information Technology Development Agency (NITDA) has urged stakeholders in the education sector to design the curricula of primary and secondary schools to prepare them for the Fourth Industrial Revolution (4IR). This call was made by the Director-General of the agency, Mr Kashifu Abdullahi, at the National Olympiad Award Ceremony organised by the National Mathematical Centre (NMC) in Abuja, where over 90 students from secondary schools across the federation who have performed exceptionally well in mathematics were recognised and awarded. Represented by the Director, Corporate Planning Strategy, Mr Agu Collins Agu, the NITDA chief opined that

By Modupe Gbadeyanka Trading activities on the floor of the Nigerian Stock Exchange (NSE) closed pointing south on Wednesday after going down by 0.34 percent. It was observed that profit-taking activities witnessed in the consumer goods and banking sectors plunged the stock market into the red territory with the year-to-date return closing at 15.95 percent. The All-Share Index (ASI) went down yesterday by 150.14 points to settle at 44,343.65 points, while the market capitalisation decreased by N54 billion to finish at N15.896 trillion. Also, the volume of equities transacted by investors on Wednesday declined by 25.66 percent from 877 million

By Modupe Gbadeyanka Justice Ijeoma Ojukwu of a Federal High Court sitting in Uyo, Akwa Ibom State, has ordered one of the banks listed on the Nigerian Stock Exchange (NSE) and one of its employees to pay an investor in the capital market about N15 million, precisely N14.9 million. On May 21, 2014, the Economic and Financial Crimes Commission (EFCC) had arraigned the two members of staff of Ecobank alongside the bank over a fraudulent financial transaction in which one Mr Okon Ukim Edem lost the sum of N12.9 million proceeds from the sale of shares. The two employees of

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By Dipo Olowookere One of the lenders in Nigeria, Heritage Bank Limited, has thrown its weight behind the first edition of West Africa Trade and Investment Forum: Conference and Exhibition on sub-regional integration of economies of West African countries in the areas of agriculture, education and skills, manufacturing and information communication technology (ICT). According to the Group Head, Agric and Exports of Heritage Bank, Mr Olugbenga Awe, the financial institution supported the conference because “it speaks to its commitment to the development of Nigeria and its commitment to Small and Medium Scale Enterprises (SMEs) as well as its commitment to

By Investors Hub European stocks have turned mixed on Thursday as concerns over the recent strength of the euro have partly overshadowed gains in the banking and commodity-related sectors. While the U.K.’s FTSE 100 Index is up by 0.2 percent, the German DAX Index is down by 0.5 percent and the French CAC 40 Index is down by 0.9 percent. Deutsche Bank shares have risen after a U.S. federal judge dismissed a lawsuit accusing the bank of concealing major deficiencies in its anti-money laundering controls. Commerzbank, BNP Paribas, Credit Agricole and Barclays have also climbed as all big U.S. banks

By Dipo Olowookere President of the International Civil Aviation Organization (ICAO), Mr Olumuyiwa Benard Aliu, has warned that many African hub airports, due to the more recent and effective focus on air transport liberalization, are now expected to exceed their capacity by 2020. Mr Aliu gave this warning at the Airports Council International’s (ACI’s) 2018 Africa Regional Conference held in Lagos recently. According to the ICAO Council President, the continent’s rapidly-expanding air traffic can only be sustained and optimized through the continued development and modernization of local aviation infrastructure, particularly at airports. “The industry here generates very positive impacts on