Dapo Abiodun Woos Egyptian, Ethiopian Investors to Ogun

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange suspended trading in the shares of VFD Group Plc months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited to allow it gain access to public equity markets, increase its visibility, and strengthen its financial position. The group joined the NASD trading platform in 2020. In a notice, the NASD OTC Exchange said investors would not be able to trade securities of VFD Group Plc with effect from Friday, September 22, 2023 (today). This is per the company’s request to delist from

By Adedapo Adesanya After dropping points following earlier gains on Monday, Brent Crude and the West Texas Intermediate (WTI) futures bounced back and returned to gains on Tuesday in the global oil market. WTI crude recorded its highest recovery in two weeks to trade $54.93 per barrel after it rose by 2.14 percent equivalent to $1.29 from $53.64 Brent Crude, on the other hand, traded at $59.03 per barrel following a gain of $0.91 or 1.57 percent from $58.12 per barrel. It however wasn’t the case for the OPEC Basket and the Nigerian Bonny Light as both recorded drops further

By Modupe Gbadeyanka Governor Akinwunmi Ambode of Lagos State has promised to look into the issue on multiple taxation in the state with a view to eliminating it. He said the Lagos tax system must be presented in such a way that would be clear to all and sundry, also promising that multiple taxation at the local government level would also be addressed. Speaking when he received the Chair Occupier, Lagos State Professorial Chair in Tax and Fiscal Matters, Prof. Abiola Olaitan Sanni and other members of the Board of Trustees, University of Lagos (UNILAG) on a courtesy visit to

By Modupe Gbadeyanka Data from the Central Bank of Nigeria has shown that in January 2017, Access Bank Plc swapped $50 million with JP Morgan. This swap, according to Reuters, was done at the rate of N400 per Dollar. In the same vein, the commercial bank went into a similar deal with a foremost South African lender, ABSA. According to the report, Access Bank made the swap of $100 million with ABSA at the rate of N329 per Dollar. This made the total amount swapped by Access Bank in January 2017 with the two foreign financial institutions to $150 million.

By Modupe Gbadeyanka The Nigerian Shippers’ Council (NSC) has requested for a legal backing to carry out regulatory activities within ports in the country. This, the association explained, would help tackle irregularities at the nation’s ports and usher in sanity. President of NSC, Mr Jonathan Nicol, in a statement to newsmen in Lagos, stressed that the absence of an enabling legal framework was a setback to many efforts of the Federal Government at the ports. “We believe that the introduction of a port economic regulator will fight irregularities and usher in sanity,” he said. “If our port environment is not

By Sodeinde Temidayo David No fewer than 2,000 protective suits have been donated to the Lagos State government by the Capital Market Support Committee for COVID-19 (CMSCC). The items were given to the state government to aid its battle against the current third wave of COVID-19 pandemic instigated by the Delta variant. The CMSCC is a committee under the umbrella of the Securities and Exchange Commission (SEC) and it comprises the capital market community. It was set up to stir up the capital market ecosystem to play an active role in curbing the spread of COVID-19 in Nigeria. During the

By Modupe Gbadeyanka A notable philanthropist from Ogwashi-Uku, Delta State, Mr Jude Ndudi Ozah, has donated no fewer than 10 patrol vehicles to the Delta State Command of the Nigeria Police Force. The items were given to the Delta Police Command by the High Chief on Wednesday, December 15, 2021, in the presence of the Obi of Ogwashi-Uku, HRM Obi Ifechukwude Aninshi Okonjo II, and the Commissioner of Police, Delta State, Mr Mohammed Ali. A statement signed by the spokesperson to the Obi of Ogwashi-Uku, Prince Greg Okwumbu, disclosed that the monarch thanked the donor for the gesture, describing him

By Adedapo Adesanya Following a tough 2022, Niger Delta Exploration and Production (NDEP) Plc, Nigeria’s first integrated indigenous energy company, witnessed a 44 per cent drop in its gas business as it recorded delivery volumes of 6.51 billion cubic feet (bcf) compared to 9.39bcf in 2021. This was disclosed in its operational update contained in its unaudited disclosure about the company’s affairs for the year ended December 31, 2022, sent to NASD Over-the-Counter (OTC) Securities Exchange, where it trades its stocks. The company said the drop in gas delivery was due to the associated gas production locked in to preserve

By Adedapo Adesanya Oil prices returned to the positive territory on Tuesday as hopes for a demand recovery persisted despite new outbreaks of the highly contagious Delta variant of the coronavirus. As a result, the Brent futures gained 39 cents or 0.52 per cent to trade at $75.15 per barrel while the West Texas Intermediate (WTI) futures made a 51 cents or 0.70 per cent appreciation to close at $73.49 per barrel. In recent days, there have been worries about the likely impact of the increase in the COVID-19 Delta variant in Asia and Europe. In Europe, the delta variant