COVID-19: PwC Nigeria Establishes N100m Intervention Fund

By Adedapo Adesanya Oil prices moderated in choppy trade on Monday as Russia relaxed its fuel ban amid a widening demand worry. Brent crude futures lost 2 cents during the session to trade at $93.29 per barrel, and the US West Texas Intermediate (WTI) crude depreciated by 35 cents to close at $89.68 per barrel. Last week, prices were down after a hawkish Federal Reserve rattled global financial markets and raised concerns that interest rates could stay higher for longer affecting oil demand. This snapped a three-week rally of more than 10 per cent after Saudi Arabia and Russia constrained

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3

By Dipo Olowookere The trio of Universal Insurance, Oando and UBA were the busiest stocks on the floor of the Nigerian Exchange (NGX) Limited last week, trading 2.212 billion units valued at N8.907 billion in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total trading volume and value, respectively. In the week, investors transacted 3.911 billion shares worth N30.379 billion in 38,536 deals versus the 2.933 billion shares worth N47.449 billion exchanged in 44,654 deals in the preceding week. Financial stocks dominated with 2.774 billion units valued at N15.241 billion in 16,379 deals, contributing 70.92 per

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Modupe Gbadeyanka The first trading day of the week on the floor of the Nigerian Stock Exchange (NSE) kicked off on Wednesday on a very negative note with a total of N225 billion lost by investors at the close of business. The market had resumed for transactions today from the Christmas break observed on Monday and Tuesday, but the huge profit-taking by investors plunged the benchmark index into the red zone by 1.64 percent. Business Post reports that the All-Share Index (ASI) went down by 632.57 points to settle at 37,889.57 points, while the market capitalisation decreased by N225

By Adedapo Adesanya The management of Arik Air has announced plans for the resumption of domestic flights following the green light by the federal government to local airline operators. The government had last week announced a phased-reopening of its air space for domestic flights, with a date for international operations to be announced later when the coast is clear. During the announcement, it was stated that airline operators can resume operations in Lagos and Abuja from Wednesday, July 8, 2020, after almost four months of inactivity. Arik Air, alongside other airlines, had suspended operations on March 27 after the federal

By Dipo Olowookere Despite falling into recession in 2016, Nigeria generated over N1 trillion from American businesses operating in the country. This information was revealed on Tuesday in Lagos by the American Business Council (ABC) at the launch of its first annual economic survey of the impact of US companies in Nigeria. Data for the report was derived from responses by 48 American companies operating in Nigeria, with many of them seeking government’s intervention in the areas of foreign currency access and policy, crime and security, among others. Addressing the media, President of the council, Mr Lazarus Angbazo, who doubles

By Adedapo Adesanya Brent crude neared $75 per barrel on Tuesday as early reports show that there was a draw in crude oil inventories in the United States, the largest oil-producing country. During the session, the price of the global crude oil benchmark hit $74.96 per barrel after it appreciated by 48 cents or 0.64 per cent, while the US West Texas Intermediate (WTI) traded at $72.17 per barrel when it rose by 52 cents or 0.73 per cent. The American Petroleum Institute (API) reported a draw in crude oil inventories of 4.728 barrels for the week ending July 23,

By Aduragbemi Omiyale A renowned economist, Mr Bismarck Rewane, has said for the government to put the economy on the right track, it must understand the domestic issues facing the country by knowing the difference between policies and promises. Mr Rewane said this at an economic forum organised by his company, Financial Derivative Company Limited (FDC) themed Corporate Resilience: Economic Recovery Against Unforeseen Pandemics. The event was designed to drive discussions on the need for organisations to prepare against future pandemics and the need for equitable economic recovery plans. The forum, which took place in Lagos on December 5, attracted

By Modupe Gbadeyanka The board of Stanbic IBTC Bank Plc has confirmed the payment of N1.886 billion fine to the Central Bank of Nigeria (CBN). Some days ago, the apex bank slapped a fine of N5.9 billion on Stanbic IBTC Bank and three others; Diamond Bank, Citibank Nigeria and Standard Chartered Bank over their alleged role in the illegal repatriation of funds to South Africa by MTN Nigeria. In a statement to the Nigerian Stock Exchange (NSE) on Thursday, Stanbic IBTC Bank said the apex bank has deducted the N1.886 billion fine from its account. “Following our earlier announcement to

By Dipo Olowookere The value of the equities of Nigerian Breweries Plc and Nestle Nigeria Plc has been adjusted by the Nigerian Stock Exchange (NSE). The share prices of the two blue-chip companies on the exchange were tinkered with by the exchange on Monday, November 23, 2020. The reason was to reflect the value of the interim dividends to be paid by the respective boards of the publicly quoted organisations. While the board of Nigerian Breweries proposed the payment of 25 kobo per share to shareholders, the board of Nestle Nigeria recommended the payment of N25 per unit. The qualification

The 2023/24 Premier League season curtain raiser will be held this weekend when league champions, Manchester City, face league runner-up, Arsenal, at Wembley Stadium on Sunday for the Community Shield. The two clubs will kick off the season with their rivalry, having pushed each other to the limit for the league title last season. Arsenal topped the Premier League table for the majority of the 2022/23 season but succumbed to the superior firepower of Pep Guardiola’s team in the crucial stages to finish second. City went on to win a League, FA Cup, and Champions League treble, while Arsenal settled