DMO to Issue $2.5b Eurobond in Q1 2018

By Adedapo Adesanya A 0.54 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, September 25, after the duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc witnessed improvements in the share prices. The milk producer gained N1.39 during the session to end at N73.59 per unit compared with last Friday’s value of N72.20 per unit, while the Nigerian depository company grew by 70 Kobo to sell at N18.20 per share versus N17.50 per share. At the close of transactions, the total value of the unlisted securities market jumped by N6.21

By Adedapo Adesanya The Nigerian government is targeting an estimated $55.2 billion in oil and gas investments by 2030, according to the Special Adviser to the President Bola Tinubu on Energy, Mrs Olu Verheijen. She said the government has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria. The President’s aide recently organised sessions in Lagos and Abuja in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to review ways to improve the sector and address the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy. Involved in

By Adedapo Adesanya The Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Chris Ihidero One evening some eight years ago, my good friend Steve Babaeko walked into a mutual friend’s office looking a little less than his usual uber-confident self. You won’t find many people who can claim to have seen Steve looking any less than assured: He consistently cuts the picture of a supremely confident man and his achievements are a testament to how that confidence has been well earned. But that evening in 2012, Steve had just put in his resignation as Creative Director of 141 Worldwide, the advertising agency he helped build from scratch and made a market

No fewer than four officials of World Bank have drowned at a dam in Gbonyin local government area of Ekitit State. The unfortunate incident precisely occurred at the Egbe Dam in Egbe Ekiti, which is the biggest of the six dams in Ekiti State. Chairman of the council, Mrs Folasade Akinrinmola, who confirmed the incident to journalists on Thursday, said it occurred on Wednesday night and that the bodies of the drowned officials were later retrieved by the local fishermen. She said the incident involved a team of seven contractors employed by the World Bank on an assessment mission to

By Adedapo Adesanya The local currency further closed stronger than the United States Dollar at the Peer-to-Peer (P2P) segment of the foreign exchange (forex) market as well as at the parallel market on Friday, November 11. This was boosted by significant moderation in the demand for Dollars at the market windows due to the flooding of the market with the greenback as a result of false information that the Dollar bills printed below 2021 would longer be accepted from next year. As a result, the value of the Nigerian currency further appreciated against its American counterpart by N27 yesterday to

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the bearish zone by 0.35 per cent on Tuesday, November 16, scrapping off 2.58 points from the NASD Unlisted Security Index (NSI) to 744.58 points from the previous day’s 747.16 points. This was also reflected in the market capitalisation of the bourse, which closed the day at N615.16 billion after depreciating by N2.13 billion. At the preceding session, the total value of stocks on the platform stood at N617.29 billion. The session’s downward trajectory came from FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc

By Dipo Olowookere Huawei Consumer Business Group has launched the HUAWEI P10 and HUAWEI P10 Plus to kick off the Mobile World Congress 2017 taking place in Barcelona, Spain. The much-anticipated devices are a combination of beautiful hardware and the latest advances in software, showcasing striking colours and finishes and introducing new Leica front and back cameras with cutting-edge portrait features to make every shot a cover shot. Additionally, Huawei unveiled its second-edition smartwatch, the HUAWEI WATCH 2 and Porsche Design HUAWEI Smartwatch. The 4G sports wearable combines innovative technology with authentic craftsmanship, and features an athletic and stylish lightweight

By Adedapo Adesanya The bulls remained on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday following a further 0.11 per cent gain posted at the close of transactions. This was buoyed by the increase in the share prices of market bellwethers, Friesland Campina WAMCO Nigeria Plc and NASD Plc. Friesland appreciated during the session by N2.74 or 2.1 per cent to close at N127.74 per share as against N127.00 per share of the last session while NASD Plc recorded a 36 kobo or 2.7 per cent increase to settle at N13.56 per unit versus Monday’s value of

By Adedapo Adesanya The Nigerian Maritime Administration and Safety Agency (NIMASA) has said it will clamp down on untrained and uncertified boat skippers, who often ignore safety procedures and endanger the lives of passengers. The agency’s Director-General, Mr Bashir Jamoh, made the disclosure when he hosted the General Manager of the Lagos State Waterways Authority (LASWA), Mr Oluwadamilola Emmanuel. He said further that it was necessary to develop cohesive safety enforcement guidelines and regulations for all littoral states. According to Mr Jamoh, the harmonisation of standards and procedures for safety in the territorial waters will help avoid unsafe practices by