Brent Falls to $84 Despite Chinese Demand Recovery Outlook

By Aduragbemi Omiyale The online stock trading platform of one of the leading brokerage firms in Nigeria, Morgan Capital Securities Limited, i-Trade, has experienced a technical glitch. This technical issue has made it difficult for its clients to carry out transactions on the popular platform. Morgan Capital’s i-Trade platform is popular among retail investors in the Nigerian capital market, especially those trading equities on the floor of the Nigerian Exchange (NGX) Limited, because of its lower fees. The company has already assured its customers that it was working to restore services, providing an alternative to them. “This is to inform

By Modupe Gbadeyanka Taxpayers, including organisations and individuals, who are yet to pay their outstanding taxes, will not pay penalties and interests if they make the payments on or before December 31, 2023. This tax default forgiveness was given by the Federal Inland Revenue Service (FIRS), which explained that it created this window in “recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.” However, it stressed that if the full principal payment is not done before the deadline, defaulters would be forced to pay the outstanding tax liabilities. The Chairman of the FIRS, Mr

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.18 per cent gain to open the week in positive territory on Monday, December 4, with the unlisted security index rising by 1.59 points to end the day at 862.40 points compared with last Friday’s closing value of 860.81 points. The improvement recorded by the bourse yesterday raised the value of the unlisted stock exchange by N2.5 billion to close at N1.169 trillion, in contrast to the preceding session’s N1.166 trillion. The gain posted by the bourse was driven by the N13.70 added to the share price of 11

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

By Adedapo Adesanya The 21st week of trading at the NASD Over-the-Counter (OTC) Securities Exchange closed on a positive note as investors gained N10 billion in the five days the market opened for business. According to the weekly NASD market review and analysis by Business Post, the market capitalisation rose to N1.05 trillion from N1.04 trillion in Week 20 just as the NASD OTC Securities Exchange Index rose by 0.22 per cent or 1.78 points to settle at 794.83 points in contrast to the previous week’s 793.05 points. The expansion in the market capitalisation last week was due to the

By Modupe Gbadeyanka The finalist for Forrester’s 2023 Enterprise Architecture (EA) Award for Europe, the Middle East, and Africa (EMEA) has been unveiled, and it is Nigeria’s Interswitch Group. The leading digital payment and commerce company emerged for the recognition of creating outcome-driven EA practices that drive business growth. This award is presented in partnership with The Open Group, author of the TOGAF® standard, which was developed by The Open Group Architecture Forum. Recipients of this year’s Forrester’s Technology Awards will be honoured at Technology & Innovation EMEA, being held physically in London and virtually, October 12–13, 2023. Emerging as

By Aduragbemi Omiyale The immediate past Director of Google West Africa, Ms Juliet Ehimuan, has been appointed to the board of directors of Zenith Bank Plc. Ms Ehimuan, who is also the founder and chief executive of Beyond Limits, will serve on the board of the tier-1 financial institution as a non-executive director. A statement from the lender on Tuesday disclosed that the appointment of Ms Ehimuan, which has been confirmed by the Central Bank of Nigeria (CBN), will take effect from August 29, 2023. In a statement to the Nigerian Exchange (NGX) Limited, Zenith Bank said the appointee has

By Modupe Gbadeyanka President of the Association of Bureau De Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe, has said that the discovery of huge sums of money in Lagos has vindicated its members. Every well-meaning Nigerian has seen that the issue of depreciation of the naira was beyond the BDCs, he stated. “Only God knows the quantum of money that is outside the banking sector, Mr Gwadabe told the News Agency of Nigeria (NAN) in an interview on Friday in Lagos. He expressed frustration over the development, but added that the real enemies of the Naira were gradually being

By Dipo Olowookere The board of Cement Company of Northern Nigeria (CCNN) Plc has disclosed that approvals have been obtained from the duo of the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) for its planned merger with Kalambaina Cement Company Limited, a wholly owned subsidiary of BUA Group, a main rival company to Dangote Cement Plc owned by Mr AbdulSamad Isyaku Rabiu. In a statement issued by the board of CCNN, it was disclosed that the approvals received from the regulators were mainly pre-merger. Business Post recalls that on June 27, 2018, CCNN announced its intention

By Aduragbemi Omiyale A veteran Nollywood actor, Mr Chiwetalu Agu, has been arrested by the Nigerian Army and accused of inciting members of the public against the federal government. The star was apprehended in Onitsha on Thursday by troops while he was in his bus and dragged out for putting on an attire carrying the flag of Biafra. When he was picked up and dragged on the floor, according to the video of the incident in circulation, the action of the army attracted some passers-by because of the personality involved. However, the army, in a statement denied brutalising the screen-god

By Dipo Olowookere The Nigerian Stock Exchange (NSE) on Thursday launched a Corporate Governance Index (CGI) to assist investors make decisions concerning which stock to put their money on. Business Post gathered that the Index will track the performance of the 35 Corporate Governance Rating System (CGRS) rated companies using their market capitalization, free float and corporate governance rating scores. The Index will be reviewed on a bi-annual basis at which point other companies that have become CGRS rated in the interim may be added to the Index or companies that have had their ratings suspended or withdrawn may be

By Dipo Olowookere Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa, has commended Nigerian workers for their diligence and commitment to duty, assuring that government at all levels is committed to enhancing their welfare. The Lagos Assembly Speaker’s message was contained in his May Day address to Nigerian workers released in Lagos on Tuesday. The message was signed by his Chief Press Secretary, Mr Musbau Rasak. In the message, Mr Obasa assured the workers that the All Progressives Congress (APC) at all levels is committed to putting in place measures, programmes and policies that will not only