CBN Orders Banks to File Forex Returns in Dollar

By Adedapo Adesanya The Nigerian Shippers’ Council (NSC) has expressed its readiness to partner with the Lekki Deep Seaport by promoting the seamless movement of cargo and the efficiency of the nation’s ports. The NSC Executive Secretary, Mr Pius Akutah, gave the assurance when the Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL) – promoters of Lekki Deep Seaport, Mr Du Ruogang, led the port’s management on a courtesy visit to the NSC in Lagos. Mr Akutah, who commended the Lekki Deep Seaport management for the visit, said the council would partner with the port in areas that would boost

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 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 The lawmaker representing Oluyole Federal Constituency at the National Assembly, Mrs Tolulope Akande-Sadipe, is proposing a law increasing the validity of the Unified Tertiary Matriculation Examination (UTME) conducted Joint Admissions and Matriculation Board (JAMB) to three years. The congresswoman pushed this bill for the extension of the validity for UTME results before the lower chamber of the parliament on Wednesday, March 16, 2022, during the plenary. She noted that the yearly examination was great and has been able to determine applicants who are prepared for the rigorous task of studying in the tertiary environment, but stressed that

By Modupe Gbadeyanka The United Nations (UN) has raised alarm that an “immediate action” is needed as millions in north-eastern Nigeria face food insecurity. The world body warned that ongoing unrest and rising inflation have left more than five million people in restive north-east Nigeria facing acute food insecurity and has appealed for $25 million through May 2017 to support irrigated vegetable production and micro-gardening in the dry season, as well as rebuild livestock systems. In a situation update, the Food and Agriculture Organization (FAO) said the urgently needed funds would tackle food insecurity among returnee, internally displaced and host

By Dipo Olowookere Profit-taking in some large-cap stocks in Nigeria weakened the Nigerian Exchange (NGX) Limited by 0.44 per cent on Monday. Business Post reports that sell-off in equities like GTBank, Stanbic IBTC, Lafarge Africa, BUA Cement, MTN Nigeria and nine others contributed to the downfall of the market yesterday. Apart from the energy sector, which improved by 0.21 per cent, every other sector closed bearish with the industrial goods index down by 0.66 per cent, banking down by 0.59 per cent, insurance sector down by 0.29 per cent and consumer goods counter down by 0.09 per cent. At the

**Says Oil Prices Could Rise to $85 Per Barrel By Dipo Olowookere As investors prepare for 2019, UBS Global Wealth Management said they (investors) will need to weather more volatility in order to capture opportunities in the coming year. According to the Year Ahead report from UBS, the world’s leading wealth manager, global economic growth will decelerate next year to 3.6 percent from 3.8 percent in 2018, and company earnings will grow at a slower rate. However, a 2019 recession still looks unlikely, and the price of many financial assets has already moved to reflect uncertain prospects, it said in

By Modupe Gbadeyanka The NextGen account, which was created by United Bank for Africa (UBA) for students in tertiary institutions and members of the National Youth Service Corps (NYSC), has been revamped and padded with some premium offerings. A statement issued by the lender last week said NextGen account holders stand to win pocket money, complimentary invites to prime events and enjoy zero charge on all transactions. According to the Group Head, Retail Banking at UBA, Mr Jude Anele, the importance of inculcating in young people the culture of saving and being finance-wise cannot be overemphasized, hence the importance the

By Modupe Gbadeyanka Permanent Secretary in the Lagos State Ministry of Science and Technology, Mrs Olufunmilayo Balogun has reiterated the commitment of the State government to developing a vibrant Information and Communication Technology (ICT) system in Lagos. The Permanent Secretary, who stated this at a meeting with Information Communication Technology (ICT) Officers in different Ministries, Departments and Agencies, declared that ICTs are vital in reshaping many aspects of the world’s economies, governments and societies. She noted that Technology has an important role to play in every aspect of human life, hence the need for public officials, businesses, and citizens to

By Modupe Gbadeyanka One of the latest quoted companies on the Nigerian Stock Exchange (NSE) to release its financial statements for the period ended June 30, 2017, Livestock Feeds Plc, has declared a loss. In the half year financial results released today, the firm declared a loss of N121 million in the first six months of 2017. This occurred despite the slight increase in its gross profit in the period under review when compared with last year’s results. Exactly a year ago, the company gross profit stood at N406.5 million, but it appreciated to N592.8 million this time around. Also,

By Dipo Olowookere President Muhammadu Buhari on Wednesday sent a letter to the Senate, seeking their approval to appoint five non-executive directors for the board of the Central Bank of Nigeria (CBN). The confirmation of appointment of the nominees is in accordance with Sections 6(1) (d) and 10(1) and (2) of the CBN Act, 2007. At the plenary yesterday, the Senate President, Mr Bukola Saraki, read the letter from Mr Buhari to his colleagues. He said those the President nominated for screening for the CBN board were Professor Ummu Ahmed Jalingo (North East), Professor Justitia Odinakachukwu Nnabuko (South East), Professor