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By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Bliss Okperan President Bola Tinubu on Monday morning departed Abuja for Maiduguri, the Borno State capital the Nigerian Army Annual Conference as a special guest of honour. Mr Tinubu left the seat of power from the presidential wing of the Nnamdi Azikiwe International Airport, Abuja. It is his first visit to the North-Eastern region of the country since assuming office on May 29, 2023, from former president Muhammadu Buhari. The event will include an address to the troops of Joint Task Force North East Operation HADIN KAI, an inspection of the ongoing Nigerian Army Reference Hospital in Maiduguri, and

By Dipo Olowookere Nigerian stocks attracted more investments last week than the preceding week as a result of renewed confidence in the market, as traders quickly take a position, especially in large-cap equities, ahead of the release of financial results in the coming months. The Nigerian Exchange (NGX) Limited has been impressive in 2023, and there are indications that next year will be better. Those who have missed out on the goodies this year are already positioning themselves for 2024 so as not to be left behind again. Consequently, the bourse witnessed an improvement in the value of transactions by

By Adedapo Adesanya Crude prices fell on Thursday as new data showed that world oil demand will fall more steeply in 2020, worsening outlook for the commodity. Brent crude futures fell 37 cents or 0.81 per cent to trade at $45.06 per barrel and US West Texas Intermediate (WTI) crude futures dropped 43 cents or 1.01 per cent to $42.24 per barrel. In the new report released on Thursday, the International Energy Agency (IEA) lowered its 2020 oil demand forecast following unprecedented travel restrictions. According to the Paris-based agency, because of the COVID-19 pandemic, there would be lower global oil

By Dipo Olowookere For a very long time, business owners in Alimosho Local Government Area of Lagos State have yearned for a platform around the area to showcase their products and services to residents of the council with no success. However, that problem seems to have been solved now with the packaging of the first Alimosho Trade Fair. Alimosho remains the biggest council in the Lagos metropolis, contributing largely to the economy of the state and such an avenue will give entrepreneurs the opportunity to reach a wider audience. Business Post gathered that the Alimosho Trade Fair, which is scheduled

By Dipo Olowookere The Overnight (OVN) lending rate in Nigeria depreciated by 2.50 percent on Monday to 21.00 percent from the 23.50 percent it ended last Friday. The overnight lending rate is the interest rate most commercial banks borrow funds among themselves in the overnight market. Last Friday, the Central Bank of Nigeria (CBN) debited some banks excess cash in their reserves as part of efforts to control liquidity in the financial system. This spiked the money market rates to double digits during the session. Also last Friday, the apex bank asked the commercial banks to bid for the Dollar

By Dipo Olowookere The sale of the Federal Government of Nigeria (FGN) savings bond for the month of June 2022, which started on Monday, June 6 will come to an end on Friday, June 10 (today). The retail bond offering is being conducted by the Debt Management Office (DMO) on behalf of the Nigerian government, which uses proceeds from the exercise to plug the budget deficit for the year. When the central government prepares the budget, it makes provision for the borrowing of funds from the capital market due to its inability to generate enough money to spend for the

By Modupe Gbadeyanka In a bid to ease financial hardships being experience by states in the country, President Muhammadu Buhari has directed the Minister of Finance, Mrs Kemi Adeosun and the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to release the second tranche of the London-Paris Club refunds. Mr Buhari gave the order on Thursday when he held a meeting in Abuja with the National Economic Council (NEC) made up of state Governors and chaired by the Vice-President. However, the President stressed that the refunds should be used to settle unpaid salaries and pension liabilities. “I

By Modupe Gbadeyanka The sum of N4.3 billion has been set aside by the Federal Government to bring back to life the Ajaokuta Steel Company. The allocation is contained in the 2017 appropriation budget which was presented to the National Assembly in December by President Muhammadu Buhari. According to the breakdown, a total sum of N4,272,797,371 was appropriated, higher than the N3.9 billion budgeted for 2016. Minister of Mines and Steel Development, Mr Fayemi Kayode, had reiterated the commitment of the federal government to settle all litigations between it and Global Steel Holdings Limited, as regards the steel company. The

By Dipo Olowookere The request by Access Bank Plc to list its recently issued N30 billion corporate bonds on the trading platform of the Nigerian Stock Exchange (NSE) has been approved, Business Post has authoritatively learned. Not too long ago, Access Bank sold a tier-2 fixed rate subordinated unsecured bond worth N30 billion to investors and the exercise was oversubscribed. The notes were auctioned to local investors and have maturity of seven years, with the option of being redeemed after five years. According to the lender, the exercise was done to further strengthen its funding base and create more value

By Modupe Gbadeyanka The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, on Thursday pledged the support of the NNPC to help the Nigerian Gas Association (NGA) achieve its objectives of ensuring that the country derives maximum benefit from its huge gas resource base. Speaking while receiving the NGA delegation led by its President, Mr Bolaji Osunsanya, at the NNPC Towers Abuja, Dr Baru noted that as the midwife of the nation’s premier gas association in 1999, the NNPC has a moral and strategic interest in ensuring the continuous existence and sustained growth of the