Crude Prices Drop as Mexico Restores Oil Output

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 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

By Adedapo Adesanya The confirmation of the new Central Bank of Nigeria (CBN), Mr Yemi Cardoso, and four deputies, generated mixed reactions in the foreign exchange (forex) market on Tuesday. Business Post reports that while it did magic in the Investors and Exporters (I&E) window, it could not replicate this in the Peer-to-Peer (P2P) and the black market segments. After his confirmation on Tuesday, the new CBN governor said the immediate plan to stabilise the Naira would be for the apex bank to settle some financial obligations and make “transparent rules”. “Number one is what I will term an operational

By Dipo Olowookere The Nigerian Exchange (NGX) kicked off the first trading session in the last week of the third quarter of the year on a negative note, with the key performance indices going down by 0.66 per cent on Monday. This was partly caused by the reaction of investors to the 30 Kobo interim dividend declaration of the board of Access Holdings Plc. A few days ago, its peer, UBA Plc, raised its interim dividend payment by 150 per cent to 50 Kobo and it was expected that Access Holdings would follow the same path. However, the company disappointed

By Dipo Olowookere The first trading session on the floor of the Nigerian Stock Exchange (NSE) after the Easter break closed bearish on Tuesday as the market depreciated by 0.39 per cent. Business Post reports that investors embarked on sell-offs ostensibly to have some funds after the holiday spending and this affected the overall performance of the equity market yesterday. It was observed that most of the equities affected were the high-cap like Zenith Bank, Guinness Nigeria, Lafarge Africa, BUA Cement, GTBank, amongst others. A total of 21 stocks declined in the day compared with the 14 stocks, which appreciated.

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.1 per cent weekly decline on the back of negative price movements in two of the admitted securities in week 47. The two companies which were responsible for the fall were FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc. Friesland closed the week at N119.42 after its share price lost 0.9 per cent from the previous week’s value of N120.52, while CSCS Plc depreciated by 0.6 per cent to settle at N17.50 compared with the preceding week’s N17.60. In the week, NASD Plc was the only

Owing to the rising default in loan repayment forced by the COVID-19 pandemic and the declining economy that affected borrowers’ revenue inflow, First City Monument Bank (FCMB) faced an upsurge in credit loss expenses in the third quarter but its management waded through the strain and maintained the elevated profit performance it demonstrated at half-year. The situation, which affected lenders globally, also forced the bank’s net loan impairment expenses to rise to N5.6 billion quarter-on-quarter in the third quarter ended in September 2020. This pushed up the year-to-date loan loss expenses to more than N13 billion, jerking up the year-on-year

By Modupe Gbadeyanka Managing Director of Jumia Food, Mr Guy Futi, has found himself making efforts to explain to the Nigeria Police Force how his company did not defraud one of its vendors, Castle Logistics Services Limited. Castle Logistics Services Limited, a logistics services providing company, had written a petition to the police alleging that Jumia Food fraudulently diverted and converted funds it was meant to pay for services rendered to the subsidiary of Africa’s leading e-commerce company. In order to get a clearer picture of the allegations, the police questioned Mr Futi on what he knows about the issue

By Adedapo Adesanya  The management of Lagos State Environmental Sanitation Corps (LAGESC) has condemned the attack on operatives of the agency by some persons on Friday while carrying out enforcement on street traders. The attack occurred along Queens Drive in Ikoyi and this left three operational trucks damaged and some officials of the corps injured, with one presently in critical condition at the hospital. According to LAGESC, the exercise, which was part of the Governor Babajide Sanwo-Olu’s mandate to clear the state of all environmental nuisance and infractions, was led by Deputy Corps Marshals, Mr Ganiu Kazeem and Mr Adeleke

By Modupe Gbadeyanka Two groups in Nigeria, the Conference of Nigeria Political Parties (CNPP) and the Coalition of National Civil Society Organisations Against Inept Leaders, have demanded an open investigation into how two companies owned by virtually the same individuals emerged as the top two preferred bidders in the slop oil sale by the Nigerian National Petroleum Corporation (NNPC). They want answers to the recruitment of 487 new workers in the moribund refinery that generated no revenue, with the payment of N23 billion as salaries in 2020. In a statement, the CNPP wondered how the Port Harcourt Refinery Company (PHRC),

By Dipo Olowookere A leading distributor in household items in Nigeria, Stevenchuks Global Associate Limited, has been chosen to be the official wholesale and retail distributor of Laser range of products. With this, the firm will use every legal means within its power to market and distribute items produced by the Sun Mark, a company based in the United Kingdom, in Nigeria. Some of the leading brands are Laser Salad Cream, Laser Baked beans, Laser Ketchup and Golden Country Mayonnaise. Stevenchuks, in a statement made available to Business Post, said, “By purchasing from us (either in wholesale or retail), you

By Modupe Gbadeyanka External reserves of one of Africa’s biggest economies, Nigeria, have hit a 31-month high of $33 billion. This information was revealed by the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, while speaking  on Thursday at the ongoing 24th seminar for Finance Correspondents and Business Editors in Awka, Anambra State. The apex bank chief, represented by the bank’s spokesman, Mr Isaac Okorafor, noted that this feat was achieved due to the relative peace in the oil-rich Niger Delta region of the country, which resulted into increased oil output and earnings. The Vice President, Mr Yemi