Chinese Shares Suffer Worst Single-day Loss as Investors Raise Fresh Liquidity Concerns

By Dipo Olowookere The House of Representatives Committee on Customs and Excise chaired by Mr Leke Abejide, has promised to ensure that all customs duties and levies collected by the Nigeria Customs Service (NCS) are accounted for and remitted to the nation’s purse. He gave this assurance during the inaugural meeting of the panel on Wednesday in Abuja, using the occasion to roll out the seven-point agenda of his group. The lawmaker, who contested in the recently-concluded governorship election in Kogi State under the African Democratic Party (ADC), listed the key focus of the team as oversight of the Nigeria

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya Forty-seven per cent of Nigerians are actively engaged with crypto, a new study shows as the country finds safety in the currency amid worries about the foreign exchange rate. According to insights by CoinJournal shared with Business Post, cryptocurrencies, including Bitcoin (BTC) and various alternatives, are no longer just investments for speculation, “They represent a significant change in how people view and use money, providing decentralized options compared to traditional financial systems.” CoinJournal analyzed the data for the past three years, providing a comprehensive understanding of the current status of cryptocurrency adoption in 2023, as well as

By Dipo Olowookere Trading activities on the floor of the Nigerian Exchange (NGX) Limited further ended on a positive note on Wednesday despite investors diversifying their funds to other securities available in the capital market. Yesterday, the Central Bank of Nigeria (CBN) sold treasury bills to investors in the primary market but this did not affect the stock market, which closed higher by 0.78 per cent amid sustained buying pressure. The growth recorded in the midweek session was mainly driven by bargain-hunting in the banking space, which rose by 5.01 per cent at the close of transactions. It was the

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has warned speculators in the foreign exchange (FX) market not to convert their Naira to Dollar because the policy reforms it was planning would make them lose their investment. The acting Governor of the CBN, Mr Folashodun Shonubi, sounded this bell while speaking with newsmen after his meeting with President Bola Tinubu in Abuja on Monday. He blamed the free fall of the local currency on activities of speculators in the parallel market, which he said are not “driven by pure economic demand and supply.” Mr Shonubi said efforts are being

Four officials of the Kwara State government were on Thursday, May 2, 2019 arraigned before Justice Babangana Ashigar of a Federal High Court sitting in Ilorin on a two-count charge bordering on money laundering. The four government workers were brought before the court the Economic and Financial Crimes Commission (EFCC), Ilorin Zonal Office. Those arraigned include: Abubakar Ishiak, Permanent Secretary; Shina Mudasir Akorede, Director of Administration and Finance; Rasaq Momonu, Controller Finance and Account, and Hafees Yusuf, Cashier. One of the counts reads: “That you, Abubakar Ishiak, being the Permanent Secretary, Kwara State Government House, Shina Mudasir Akorede, being the

By Lefentse Nokaneng The Johannesburg summit declaration proposes a number of additional cutting-edge measures for strengthening relations between BRICS and Africa. The special invitation extended by South Africa, in its capacity as BRICS Chair, allowed African leaders and delegations to participate in the BRICS-Africa Outreach and the BRICS Plus Dialogue, where several important issues were discussed. Held under the theme, “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism,” primarily shows the bloc’s key objectives, among others, to promote global peace and development and work towards a new world order. The growth in its numeral strength

On Thursday, Promasidor held the 2018 Nigeria Retail/ Supermarket Food Distribution and Management Workshop in Lagos. The event was attended by some important personalities in the food and beverages industry. Present at the workshop were Mr Sherif Olagunju, Director, Food Safety, National Agency for Food and Drug Administration and Control; Mr Andrew Enahoro, Head, Legal/Corporate Communications, Promasidor Nigeria LTD; Mrs Uche Uba-Osigwe, CEO, Orahbase LTD; Asiwaju Solomon Onafowokan, Chairman, Board of Directors, Lagos Chamber of Commerce and Industry; and Mr Joseph Ebata, President, Bervidson Retail Group, amongst others.

By Dipo Olowookere The London Stock Exchange (LSE) says the Nigerian capital market has different opportunities investors can tap into. Speaking at a event jointly organised with the Nigerian Stock Exchange (NSE) in Lagos, representative of the CEO of LSE, Mr Mani Gokul, who is the Head of Primary Markets at Middle East, Africa, India, stated that investors have to study the Nigerian market very well to make gains. Mr Gokul said at the 5th edition of NSE-LSE Dual Listing Conference last Friday that Nigeria offers many opportunities for investments and expansion as an economy. “We look forward to partnering

By Dipo Olowookere Governorship aspirant under the aegis of the Peoples’ Democratic Party (PDP), Mr Soalabo West, has assured the people of Rivers State that his approach to governance will be totally different from the style of the incumbent Governor, Mr Nyesom Wike. The aspiring Governor gave this assurance during a radio show on Nigeria Info 92.3 FM. According to the politician, “My style of governance will surely be different from that of Governor Wike. I am a social democrat; therefore, I will be guided by the principles of equity, justice and fairness. All 23 local government areas will benefit

By Jerome-Mario Utomi The Independent National Electoral Commission (INEC), the nation’s electoral umpire, recently, in furtherance of its powers conferred on it by the Constitution, the Electoral Act and all other powers enabling it in that regard, fixed November 6, 2021, as the date for the conduct of the Anambra governorship poll. Unlike other communication from public offices which are ‘self-undermining and often always reputed for encouraging complacency, there are some interesting instincts and reactions in Anambra State about the latest release by INEC. Out of many, two are considered significant to the present discourse. First, as a complex state

By Adedapo Adesanya The Nigerian Naira depreciated against the United States Dollar at the Peer-to-Peer (P2P) and black market segments of the foreign exchange (forex) market on Tuesday, October 18. However, it closed flat against the greenback during the session at N441.25/$1 in the official market segment, which is the Investors and Exporters (I&E), amid an increase in the demand for FX at the spot market. Data from the FMDQ Securities Exchange showed that the value of forex transactions at the NAFEX window was $74.33 million compared with the $46.21 million recorded at the session, representing an increase of $28.12