BREAKING: Naira Crashes to N510 per Dollar

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

By Adedapo Adesanya Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

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 Dipo Olowookere Rivers State chapter of the All Progressives Congress (APC) has dismissed the Amnesty Programme of the Governor Nyesom Wike administration in the state, describing it as a stage-managed affair. The party in a statement signed by the state Chairman, Mr Davies Ibiamu Ikanya, said that the arms being returned under the Amnesty Programme are being turned in by cultists allegedly empowered by Mr Wike and the Peoples Democratic Party (PDP) to kill APC members and cause insecurity in Rivers State before, during and after the 2015 general elections. The statement issued on Sunday in Port Harcourt said:

By Adedapo Adesanya The Naira appreciated against the US Dollar by 33 kobo or 0.08 per cent at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday to close at N388.17/$1 in contrast to N388.50/$1 it ended the previous day. According to data from the FMDQ Securities Exchange portal, the strengthening of the local currency was boosted by lesser pressure on the Naira during the session. Yesterday, the value of transactions at the I&E window reduced by $8.95 million or 23.1 per cent to $29.77 million from $38.72 million recorded on Monday. At the  Bureaux De

By Dipo Olowookere The executive chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has said about 70 per cent of the state’s Internally Generated Revenue (IGR) comes from taxes paid by individuals and organisations doing business in the metropolis. Mr Subair made this disclosure when he received the Managing Director of New Telegraph Newspapers, Mr Ayodele Aminu, and the Daily Editor of the media platform, Ms Juliet Bumah, in his office in Alausa, recently. The management of the Daily Telegraph Publishing Company Limited, publishers of New Telegraph Newspapers, visited the LIRS chief to inform him of

By Dipo Olowookere The Economic and Financial Crimes Commission (EFCC) has raised an alarm over the “recent trends in capital market related fraud.” The anti-graft agency disclosed that until recently, capital market scams usually involved transfer of shares from one stock broking house to another one of the syndicate fraudster’s choice where the shares are fraudulently sold without the knowledge of the real owner. “It also involved stealing of share certificates, stealing of dividend warrants and clearing them through a fraudulent bank account opened in the name of the original owner. “The fraudsters usually target accounts which have been dormant

By Modupe Gbadeyanka President Alpha Conde of the Republic of Guinea was elected on Monday, January 30, 2017, as the new Chairperson of African Union (AU). Mr Conde was elected by the Heads of State and Government of the African Union, during their 28th Ordinary Session holding in Addis Ababa, Ethiopia. President Conde is taking over from his Chadian counterpart, Mr Idriss Deby Itno. He will be assisted by First Vice-Chairperson, Mr Yoweri Kaguta Museveni, President of the Republic of Uganda; Second Vice-Chairperson, Mr Abdelaziz Bouteflika, President of the People’s Democratic Republic of Algeria; and Third Vice-Chairperson, King MSWATI III,

By Investors Hub The major European markets have moved to the downside on the day. While the German DAX Index has fallen by 0.6 percent, the U.K.’s FTSE 100 Index is down by 0.2 percent and the French CAC 40 Index is just below the unchanged line. Investors have largely ignored survey data from market research group GfK showing that German consumer confidence is set to strengthen in August. The forward-looking consumer sentiment index rose to 10.8 from 10.6 in July. AstraZeneca has slumped in London after suffering a setback to its new lung cancer drug. Nestle has also moved

By Modupe Gbadeyanka A new report by McKinsey Africa has disclosed that more than 10,000 Chinese firms operating in Africa, which it said is four times the previous estimate. This study, according to McKinsey Africa, was conducted across eight countries making up about two-thirds of Sub-Saharan Africa’s GDP. After the study, it was also discovered about 90 percent of these were private firms, of all sizes and operating in diverse sectors, with about a third in manufacturing. In a statement made available to Business Post on Thursday, McKinsey Africa noted that these firms are bringing capital investment, management know-how and

On Friday, Speaker of the House of Representatives, Yakubu Dogara and former running mate to President Muhammadu Buhari in the defunct Congress for Progressive Change (CPC), Pastor Tunde Bakare, met separately with the president at the Presidential Villa, Abuja. At the end of his meeting, Dogara who was accompanied by a few members of the National Assembly, declined to speak with State House corespondents when approached for interview. He only appealed that he should be allowed to enjoy his recess in peace. However, the Speaker dismissed suggestions that their presence in the Villa was in pursuance of a more cordial