Bearish Activities Keep Nigerian Stocks Depressed by 0.14%

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

Adejoju Ajagunna is the Head of Customer Service at Jumia Nigeria. In this interview, she spoke extensively on the challenges of working in the COVID-19 era, balancing the roles as a career woman and mother, and the equal opportunity for career growth at the e-commerce company. Excerpts: What does International Women’s Day mean to you? It means inspiration where I am inspired to dare and to do more. A day where every female gender irrespective of our profession or status is recognized globally, a day where it is important to celebrate the success and growth of every woman, one who

By Dipo Olowookere Newly appointed United Bank for Africa (UBA) CEO for East and Southern Africa, Mr Emeke Iweriebor, has expressed the lender’s capability to finance huge transactions in the East Africa’s largest economy through its Kenyan franchise. Addressing newsmen on Thursday at the Intercontinental Hotel in Nairobi, Mr Iweriebor said players in both the public and private sectors have nothing to about as the leading pan-African financial institution with operations in 20 African countries was ready and committed to finance key projects and business transactions capable of galvanising the economic development of the country and upscale the standard of

By Nkem Ndem Lagos City is highly populated and as such, its inhabitants opt for all sorts of living arrangements from estate settlements to shared flats and hostels. While these accommodation options have their own unique perks, a majority (especially those who are single) tend to prefer arrangements where they get to live alone. Sure, living alone sounds fab as in Lagos it seems like a privileged opportunity, however, in my short period of living alone, I have noticed several things that provide the summation that living alone in this city may not necessarily be all that it is hyped

The Nigerian National Petroleum Corporation (NNPC) has asked the over 1,000 graduate trainees recently recruited by the agency to resume on Monday 4 May, 2020. A statement issued by the Group General Manager, Group Public Affairs Division of the NNPC, Mr Kennie Obateru, stated the trainees are to assume duty first, virtually, while the corporation monitors the COVID -19 situation and the federal government’s directives to determine a date of physical assumption of duty. The release said the option of virtual assumption of duty was necessitated by the need to comply with extant protocol on social distancing and reduced number

**Explains How Deal Started By Modupe Gbadeyanka American equity firm, Milost Global Inc, has terminated its deal with Unity Bank Plc after a media report in Nigeria claimed the transaction was fraudulent. The New York-based private equity firm lamented that its effort to help grow the Nigerian economy through genuine investment were rubbished by those who were bent on tarnishing its image in the Africa’s largest economy. However, the firm, in a statement issued on Monday afternoon, said despite this, it would continue to do business in Nigeria. Kim Freeman, Managing Partner & CEO of Milost, stated that, “Milost will

By Dipo Olowookere The Nigerian equity market’s gaining streak was extended to the second consecutive day on Wednesday with the market indices rising by 0.34 percent at the close of business. Investors gained N72 billion in the midweek trading session despite being cautious of market conditions as well as happenings in the country. This was reflected in the volume of trades recorded today at the market, which depreciated by 36.60 percent from 305.171 million to 193.477 million, while the total value of stock traded decreased by 37.79 percent from N2.905 billion to N1.807 billion. The Financial Services sector led the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange saw a significant improvement in the number of securities transacted on the platform by investors on Friday, January 17, 2020. During the session, market participants exchanged a total of 4,740 units of stocks listed on the OTC market compared with the 470 units of shares traded the previous session, representing a 908.51 percent or 4,000 unit rise. Also, the value of transactions increased on Friday after consecutive declines at the Wednesday and Thursday sessions, to N583,020 in contrast to N52,898 achieved on the previous day, indicating an improvement by 1,002 percent

By Dipo Olowookere The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian Agip Exploration Limited (NAE) have flagged-off Sea Time Training Experience program for 20 cadets. The program is aimed at reducing the nation’s dependence on foreign personnel in the marine operations. The trainees were selected from the Nigerian Oil and Gas Industry Content Joint Qualification System (NOGIC JQS). Under the program, 10 cadets each will be trained by Marine Platforms Limited and Elshcon Nigeria Limited respectively. The training will last for 36 months, of which 18 months will be on board a vessel, while 18 months will