DMO to Auction N135b Bonds Next Wednesday

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Dipo Olowookere Governor of Osun State, Mr Gboyega Oyetola, has presented a budget estimate of N152.7 billion to the state House of Assembly, lower than the N179.2 billion budgeted for the 2018 financial year. Presenting the 2019 budget proposal to the parliament on Thursday, his first, Mr Oyetola said priority would be given to agriculture, healthcare and provision of water in the rural communities in the state. According to him, the Budget of Hope is aimed at building on the giant strides of the immediate past administration Mr Rauf Aregbesola. He said capital projects will take 65 percent of

By Adedapo Adesanya The Naira appreciated against the US dollar at the parallel market on Tuesday, June 9 as black market operators sold the American currency at N448. At the segment of the foreign exchange (forex) market on Monday, the traders had exchanged the Dollar at N450, indicating an appreciation of N2. At the same market window, the domestic currency closed flat against the Pound at N545/£1, but depreciated by N7 against the Euro to close at N480/€1 in contrast to the previously traded N473/€1. It was also a good outcome for the Naira at the Investors & Exporters (I&E)

By Dipo Olowookere The Nigerian Exchange (NGX) Limited closed 0.29 per cent higher on Wednesday on the back of sustained bargain hunting in banking, industrial goods and energy stocks. When the market ended for the day’s session, the banking index rose by 2.25 per cent, industrial goods appreciated by 0.39 per cent, energy gained 0.34 per cent, while the insurance and consumer goods counters depreciated by 1.28 per cent and 0.35 per cent respectively. Business Post reports that the market breadth was slightly positive as a result of the 22 price gainers and 21 price losers recorded at the midweek

By Ahmed Rahma The Federation of International Football Association (FIFA) will be financing the construction of a technical centre at Kabala, near the Malian capital of Bamako. The world football governing body will also implement a Technical Support Programme (TSP) in order to strengthen the National Technical Directorate of the Malian Football Federation (FEMAFOOT). Last week, a committee from FIFA and the French Football Federation (FFF) paid a visit to Mali to assess the project. The committee consisted of the FIFA Regional Director for West Africa, El Hadj Wack Diop, the consultant in charge of the TSP for the FFF,

By Modupe Gbadeyanka Notable cement maker in Nigeria, Lafarge Africa Plc, says its profit for the year 2016 declined by 38 percent. In its financial statements for the year ended December 31, 2016, released to the Nigerian Stock Exchange (NSE) on Wednesday, March 22, 2017, the firm posted a profit after tax of N16.9 billion in contrast to N27.2 billion it achieved in 2015. In the results analysed by Business Post, it was observed that the company’s profit before tax stood at N22.8 billion compared with N29.3 billion in 2015. In the year under review, Lafarge Africa Plc paid a

By Sean Riley It’s no secret that Africa suffers from incredibly high levels of economic inequality, with South Africa taking the top spot on a global level. In terms of wealth inequality, seven in ten of the world’s most unequal countries are located in Africa. Moreover, Marie Francoise Marie-Nelly, World Bank Country Director for Botswana, Eswatini, Lesotho, Namibia, and South Africa points out that despite many African countries “undertaking some of the most redistributive spendings in the world, particularly on education and health, inequality remains extremely high”. This suggests that in order for the continent’s population to thrive economically in

By Dipo Olowookere A GE company, Baker Hughes, has signed an agreement for the provision of Asset Performance Management (APM) software and services for LNG trains and related Balance of Plant (BoP) by Nigeria LNG Limited (NLNG). NLNG shareholders are Nigerian National Petroleum Corporation (49%), Shell Gas B.V. (25.6%), Total Gaz Electricite Holdings France (15%), and Eni International (N.A). NVSL (10.4%). This deal marks the first APM solution sold and executed both in the LNG market and in Sub-Saharan Africa by BHGE. BHGE was asked by NLNG to develop a solution to enhance the performance of LNG trains at its

By Adedapo Adesanya The African Development Bank (AfDB) has signed a $525,000 grant agreement with Africa Fintech Network (AFN) to set up an online portal that will serve as a one-stop shop for all fintech activities in Africa. The agreement for the portal, the Africa Fintech Hub, was signed on April 4, 2023. The Africa Digital Financial Inclusion Facility (ADFI) will provide funding and technical assistance to the Africa Fintech Network to host and manage the African Fintech Hub. The hub is a digital platform that will enable fintech associations across Africa to pool resources and knowledge, strengthen relationships and