CMC Tasks Panel on FinTech Roadmap for Nigerian Capital Market

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Modupe Gbadeyanka The Nigerian equities market started the week in the red with the market indicators depreciating by 0.08 percent at the close of activities on Monday. Though the volume of stocks traded today was way more than that recorded last Friday, but the market still closed in red. Last Friday, investors exchanged 70.9 million shares worth N656.019 million in 1,973 deals, however on Monday (today), the stock market sold 101.2 million shares valued at N1.06 billion in 2,256 deals. The market capital lost N7.51 billion to finish at N9.47 trillion while the all-share index fell by 0.08 percent

By Dipo Olowookere Twenty-sixteen marked a challenging year for African equity markets in the wake of lower economic growth and political upheaval around the globe, largely as a result of the US elections cycle and the Brexit vote. African equity capital markets (ECM) broke a streak of three successive years of growth, recording a decline in overall ECM activity of 28% from 2015 in the number of transactions and 33% from 2015 in terms of capital raised. PwC issued its 2016 Africa Capital Markets Watch publication today, which analyses equity and debt capital markets transactions that took place between 2012

By Ahmed Rahma Sigfox, a leading global 0G network and Internet of Things (IoT) platform services provider, has partnered with Google Cloud to scale its cloud infrastructure and extend its IoT services portfolio. According to Sigfox, the partnership enables it to rapidly accelerate its massive IoT agenda—processing billions of messages each month from objects connected to data stored in the cloud. Sigfox is the world’s largest dedicated Low-Power Wide Area Network (LPWAN) service provider for connecting simple, low-powered, low-cost IoT devices to the Internet. Already deployed in 72 countries, covering more than 1.3 billion people, Sigfox’s 0G network is used

By Dipo Olowookere The National Bureau of Statistics (NBS) has said the value of transactions recorded on Electronic Payment Channels in the first quarter of 2019 was N34.02 trillion. In a report released this week, the stat office stated the this was carried out in a total of 557.08 billion transactions. According to the report, the NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded, recording 232.82 billion transactions valued at N24.17 trillion in the period under consideration. An analysis of the report by Business Post showed that 1.47 million transactions worth N1.15 trillion were carried out via

By Modupe Gbadeyanka The African Export-Import Bank’s (Afreximbank) has urged Nigerian investors to fully participate in its $300 million equity offering. At a meeting with investors on Wednesday in Lagos, the lender explained that it was offering the equity using depositary receipts backed by its Class “D” shares. Afreximbank further explained that the depositary receipts would be listed on the Stock Exchange of Mauritius and would be managed by SBM Asset Mangers as lead arranger. The bank said the equity offering will open its shareholding to the investor public and will mark the first time a supranational bank is issuing

By Dipo Olowookere The first trading session in September 2023 on the floor of the Nigerian Exchange (NGX) Limited closed on a positive, with a 1.67 per cent growth on Friday. The local bourse also broke a record in the trading session after the All-Share Index (ASI) gained 978.20 points to hit a new all-time high of 67,527.19 points. The previous day, it closed at 66,548.99 points, which was its highest level in 15 years. It was observed that the feat was achieved because investors were willing to stake more funds in Nigerian stocks, raising the market capitalisation of the

By Modupe Gbadeyanka A prominent player in the agricultural industry in Africa, KwikBasket, has been acquired by digital-first and data-led distribution platform, Kyosk Digital Services. The Kenyan firm was taken over by Kyosk as part of its expansion into the African fresh produce market with the launch of its Farm & Fresh line of business. KwikBasket is reputed for its expertise in the distribution of agricultural produce and for providing valuable services and solutions to farmers, commercial kitchens, and other stakeholders in the food chain. Kyosk specialises in online retail distribution and is driven by a digital-first approach and data-driven

By Adedapo Adesanya The Federal Government and the United States through its Trade and Development Agency have signed a $1.1 million grant to support electricity infrastructure development in the Nigeria. The agreement was assented by both parties on Tuesday at the ongoing Nigeria International Petroleum Summit (NIPS) in Abuja which brings together stakeholders from the oil and gas sector on the theme Widening the integration Circle: Technology, Knowledge, Sustainability Partnership. According to the Director, the US Trade and Development Agency, Mr Thomas Hardy, the US was delighted to go into the partnerships with Nigeria as part of efforts by the