CSCS Lifts Unlisted Stocks by 0.10% at Midweek Session

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

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 Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Modupe Gbadeyanka A partnership aimed to put Small and Medium-Sized Enterprises (SMEs) through a series of financial planning sessions has been entered into between Stanbic IBTC Holdings and the Lagos State Employment Trust Fund (LSETF). The sessions, tagged Managing Your Finances, will benefit small business owners in the state as it will enhance their knowledge in the areas of wealth creation, and improved business management and financial management skills. This is part of the regular financial planning sessions Stanbic IBTC, a member of Standard Bank Group, put in place to support individuals, entrepreneurs and business managers in personal and

By Modupe Gbadeyanka The Executive Director in charge of Finance and Administration at Abbey Mortgage Bank Plc, Mr Mobolaji Adewumi, has been appointed as the acting Managing Director of the company. He was chosen to fill the vacancy created by the MD/CEO of the lender, Mr Madu Hamman, who was selected by President Muhammadu Buhari as the new MD of the Federal Mortgage Bank, the apex mortgage bank in Nigeria. Mr Adewumi is an experienced professional with a deep knowledge of the financial services industry, possessing extensive working knowledge of sub-Saharan Africa. He obtained his MBA (specializing in Finance) from

By Modupe Gbadeyanka Governor Nyesom Wike of Rivers State will on Friday commission and flag off some projects in Ibadan, Oyo State. A statement issued by the Oyo State Commissioner for Information, Culture and Tourism, Mr Wasiu Olatubosun, disclosed that Mr Wike was invited to the state by Governor Seyi Makinde. According to Mr Olatubosun, the projects were designed to boost economic activities in the state and create access roads in the state. He said the Rivers governor would commission and flag off three strategic projects, which are Dr Omololu Olunloyo Airport Road, the Aviation Fuel Tank Depot, and Dr

By Adedapo Adesanya The Naira opened the week on a negative note on Monday at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market after recording a price depreciation of 0.04 per cent or 17 kobo against the US Dollar. The local currency, which closed at the market window last Friday at N385.83/$1, was traded yesterday at N386/$1 by authorised traders. From the data harvested from the FMDQ Securities Exchange, it was observed that though the daily turnover slightly decline, the demand for FX remained high at the segment. At the close of transactions yesterday, forex worth

By Dipo Olowookere Federal Government has commenced the assessment of applicants of its N-Power job programme conducted online. The test kicked off today, Saturday, July 1, 2017 and it started with those who applied under the N-Tax segment of the scheme. The test for N-Tax applicants will last till Monday, July 3, 2017. From Tuesday, July 4 to 6, 2017, it would be the turn of N-Health applicants, while the N-Agro applicants will have their test from Friday, July 7 to Monday, July 10, 2017. The assessment would be wrapped up with the N-Teach applicants, which starts on Tuesday, July

By Dipo Olowookere The Abu Dhabi National Oil Company (ADNOC) has expressed its intention to invest $45 billion in the country’s downstream sector. The money would be pumped into the economy alongside its partners in the next five years so as to become a leading global downstream player. The plans were unveiled at the ADNOC Downstream Investment Forum, which took place last week in Abu Dhabi, UAE. The event brought together more than 40 CEOs and 800 senior business leaders from the global oil and gas, energy, petrochemical and finance industries, as well as many other sectors. Building on the

By Adedapo Adesanya The number of unbanked Nigerians may soon go down with the launch of SmartCash Payment Service Bank by Airtel Africa Plc in Lagos on Thursday. According to reports, about 36.8 per cent of Nigerians who are adults do not have access to financial services. Nigeria boasts more than 200 million people. But with the introduction of SmartCash by Airtel, this is expected to reduce in the coming months and years. At the unveiling of the product yesterday, the telecommunications firm said its financial services subsidiary will provide secure and reliable financial services across Nigeria. Recall that in

By Adedapo Adesanya The world football governing body, the Federation of the International Football Association (FIFA), has cleared all four candidates to contest the presidential elections of the Confederation of African Football (CAF) scheduled for March 12, 2021. The candidates are Augustin Senghor of Senegal, Jacques Anouma from Cote D’ivoire; Ahmad Ould Yahya from Mauritania, and Patrice Tlhopane Motsepe from South Africa. Earlier this month, CAF had said that Motsepe and Yahya’s candidacy needed “further checks” before they could run. CAF, however, then moved to say that FIFA would step in to determine the candidates’ eligibility because the CAF president