Crude Oil Rises as IEA Forecast Strong Demand

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

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By Dipo Olowookere Two non-executive directors on the board of Notore Chemical Industries Plc, a statement from the company based in Rivers State has confirmed. The two leaving the board of the fertiliser and agro-allied company are Mr Oluwaseyi Owodunni and Mr Olusoji Emiola. The statement signed by the Group Chief Legal Officer/Company Secretary of Notore, Mrs Otivbo Saleh, disclosed that the duo resigned their appointments. Though the reason for leaving the company was not state, the firm thanked them for their contributions to the board and wished them well in their future endeavours. While Mr Owodunni joined the board

By Sodeinde Temidayo David Last week, the total value of transactions recorded at the Investors and Exporters (I&E) window of the foreign exchange (FX) market in Nigeria increased by 0.5 per cent or $3.6 million. According to the data tracked during the week by Business Post from the FMDQ Securities Exchange between August, Monday 9 and Friday 13, the weekly I&E FX turnover was $681 million compared with the preceding week’s $677.4 million. Analysis showed that investors are beginning to have confidence in the measures put in place by the Central Bank of Nigeria (CBN) to ensure that genuine forex

By Dipo Olowookere Though challenging, the year 2017 has really been positive for Nigeria and this was extended to its foreign reserves. Last year, the Africa’s largest economy slumped into recession, but in the second quarter of 2017, it exited the economic downturn. The foreign reserves, despite being dipped into to rescue the local currency, Naira, at the foreign exchange market (forex) this year, increased broadly in 2017. Checks by Business Post on Sunday evening showed that the country’s external reserves stood at $38.7 billion as at Thursday, December 28, 2017, when the Central Bank of Nigeria (CBN) last updated

By Modupe Gbadeyanka The stable outlook on the Nigerian banking system by Moody’s Investors Service has been maintained as the Nigerian government continue to find solutions to the Dollar shortages that have affected the economy. A statement issued by the global rating agency on Wednesday said Nigerian banks should have sufficient capital to absorb expected losses, though it expects system-wide tangible common equity (TCE) to only decline slightly to 14.1 percent of adjusted risk-weighted assets by year-end 2018 from 14.7% at the end of 2016. The slight shift, Moody’s explained, is primarily due to increased loan-loss provisions and the effect

By Adedapo Adesanya Niger Delta Exploration and Production (NDEP) Plc and FrieslandCampina WAMCO Nigeria Plc returned the NASD Over-the-Counter (OTC) Securities Exchange to the bullish territory as both companies’ prices moved up. The share price of NDEP Plc gained N5 or 1.9 per cent to close at N275 per unit compared to the previous closing price of N270 per unit, while the value of Friesland appreciated by 37 kobo or 0.3 per cent to close at N130.37 per share in contrast to the previous N130.00 per share. The growth recorded by the two bellwethers spurred the key performance parameters of

By Adedapo Adesanya The controversies that followed the just-concluded bid round of 57 marginal fields has reportedly caused the sacking of all the deputy directors of the Department of Petroleum Resources (DPR). According to Nigerian NewsDirect, the sack of the directors was initiated over the disputes that railed the selection of winners and matching of companies exclusively done by the Director of the agency, Mr Sarki Auwalu. According to the report, the round had gone contrary to the global oil industry practice of public opening of bids. There were claims that the current management chose to send electronic mails to

By Dipo Olowookere Federal government of Nigeria is today, Wednesday, February 20, 2019, selling bonds worth N150 billion to investors. The exercise will be conducted by the Debt Management Office (DMO), with three different dated papers on offer. According to the debt office, it would sell at 12.75 percent a five-year N50 billion worth of bonds maturing in April 2023. Also, it would sell the seven-year N50 billion worth of the bonds maturing in March 2025 at 13.53 percent and the the 10-year bonds N50 billion worth of the bonds maturing in February 2028 at 13.98 percent. Investors would be

By Modupe Gbadeyanka The Executive Director, Heritage Bank, Mr Jude Monye, has said deposit money banks (DMBs) would have loved to lend to advertising players but some issues are making them be reluctant to do so. Speaking at the 2021 Out-of-Home Advertising Conference and Exhibition organised by the Lagos State Signage and Advertisement Agency (LASAA), Mr Monye described these obstacles as “unstructured issues” which he said if addressed, would make the sector attractive to banks. “I think lots of unstructured issues that we face and most of the banks that you see on digital media outside is not borne out