COVID-19: Local Investors Drive African Stock Markets

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

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 Nigeria Civil Aviation Authority (NCAA) has suspended the operations of Max Air in Nigeria for a series of irregularities. In a letter NCAA/DG/AIR/11/16/363, signed by Director, Operations Training & Licensing, Mr Ibrahim Bello Dambazau, for the Director General of Civil Aviation, Mr Musa Nuhu, the authority directed the suspension of Parts A3 and D43 with regards to the operation of Max Air’s Boeing 737 aircraft type with immediate effect. Parts A3 deals with the airline’s Aircraft Authorization, and D43 deals with Aircraft Listing of the Operations Specifications issued to Max Air Limited. This simply translates that

Millennials – the generation born between 1980 and 2000 — are unlike previous generations in so many ways. They are highly opinionated, educated and are digitally native. They have a reputation for being tech-savvy, collaborative, optimistic, achievement-oriented and socially conscious. Brands that are keen on reaching them must go to places where they can meet them. In view of this, many brands have become very active on social media, where millennials spend at least 6 hours per week. In 2017, 71 percent of internet users were social network users and these figures are expected to grow. These statistics show where

By Dipo Olowookere Mid-tier lender, Wema Bank Plc, on Wednesday released its audited financial result for the year ended December 31, 2017. The innovative bank, which launched ALAT, Africa’s first fully digital bank, confirmed the growth of its gross earnings by 20.07 percent from N54.36 billion in FY2016 to N65.27 billion in FY2017. The growth was supported by the launch of ALAT, Nigeria’s first fully digital bank enhancing Wema Bank’s already existing alternate platforms which recorded a combined growth rate of 205.67 percent in transactions executed and with an estimated 30,000 accounts opened monthly. In the financial results analysed by

By Adedapo Adesanya Bayelsa State government has described the proposed launch of the New Yenagoa City project next week, August 7, as a pragmatic step to ensuring controlled development of the state capital. Commissioner for Information and Orientation in the state, Mr Daniel Iworiso-Markson, made this known during his address on Wednesday while briefing journalists on the outcome of the 109th State Executive Council meeting held in Yenagoa alongside his environment, trade and investment counterparts as well as the Special Adviser to the Governor on Security. “One of the things we must bring to the fore regarding the launch of

By Adedapo Adesanya As Nigeria drives toward inclusive energy transition and implementation of power services, General Electric has reiterated its commitment to support a robust, timely, just, and as it plans for improved energy access for the country and Sub-Saharan Africa. This commitment came at the recently concluded 9th edition of the Nigeria Energy Conference themed Affordable, Reliable and Sustainable Energy through Collaboration. According to the Africa Energy Outlook 2022, Africa accounts for less than 3 per cent of the world’s energy-related carbon dioxide (CO2) emissions. It has the lowest emissions per capita of any region. In addition, there are

By Modupe Gbadeyanka The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has disclosed that the Nigerian National Petroleum Company (NNPC) Limited has not been remitting proceeds from the crude oil sales to the nation’s foreign exchange reserves. Speaking over the weekend at the 57th annual bankers’ lecture sponsored by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, the banker said this has been happening for a while. According to him, prior to the inception of the administration of President Muhammadu Buhari, the oil firm was paying $3 billion into the country’s FX buffers, but

By Dipo Olowookere Some investors in the Nigerian Stock market have expressed dissatisfaction with the resumption of 5 percent Value Added Tax (VAT) commission to be charged on all transactions executed at the exchange from Wednesday, July 24, 2019. Business Post recalls that on July 25, 2014, the federal government, through the then Minister of Finance and Coordinating Minister of the Economy, Mrs Ngozi Okonjo-Iweala, commenced the exemption of VAT payment on all NSE transactions. This exemption had a lifespan of five years, which lapses on July 24, 2019. Already, some stockbrokers have been sending notifications to their clients, informing

By Dipo Olowookere The chief executive of Oando Plc, Mr Wale Tinubu, has expressed the desire of the company to pump funds into clean energy as the world looks away from fossil fuels to save the climate. Mr Tinubu, while commenting on the audited financial statements of the firm for 2021, also said efforts would be made to improve its upstream and trading businesses to maintain the recent profitability. In the results filed to the Nigerian Exchange (NGX) Limited, Oando increased its turnover by 68 per cent to N803.5 billion from N477.1 billion in 2020, as it declared a post-tax