Dollar Crashes to N410 at Black Market

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

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 The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya The Nigerian Shippers’ Council (NSC) has expressed its readiness to partner with the Lekki Deep Seaport by promoting the seamless movement of cargo and the efficiency of the nation’s ports. The NSC Executive Secretary, Mr Pius Akutah, gave the assurance when the Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL) – promoters of Lekki Deep Seaport, Mr Du Ruogang, led the port’s management on a courtesy visit to the NSC in Lagos. Mr Akutah, who commended the Lekki Deep Seaport management for the visit, said the council would partner with the port in areas that would boost

By Wärtsilä Nigeria Nigeria is the six-largest oil-producing nation in the world, but it also has abundant renewable energy resources in the form of wind, hydro, and tidal power. Nevertheless, the country has serious energy deficiencies which are likely to increase as the population grows. Although data from the Energy Information Administration shows that Nigeria has improved its energy generation in recent years, the country still lags behind peer economies such as Brazil, India, and South Africa in meeting current energy needs, much less building for future growth. “Nigeria is a country waiting to happen,” says Udemgba Samuel Onuoha, business

By Modupe Gbadeyanka Two senior executives of LafargeHolcim are now facing charges bordering of financing terrorism after being accused of making payments to jihadists in Syria. The two officials, including a former CEO of the French-Swiss cement maker were charged last Friday in Paris, France. Four people had already been charged over the case. Lafarge is accused of paying the Islamic State group and other militants through a middleman between 2013 and 2014 so that the company’s factory in Jalabiya, northern Syria, could continue to operate despite the war. At Friday’s hearings in Paris, Bruno Lafont, chief executive from 2007

By Quantitative Financial Analytics Nigeria’s mutual funds’ asset under management (AUM) took some beating in 2016, going down by about a whopping N40 billion, per data released by the Security and Exchange Commission (SEC) and analysed by Quantitative Financial Analytics. The analysis reveals that the decrease in assets was due to cash outflows as the mutual funds collectively made gains of about N2.3 billion in the year under review. The asset under management as at December 31, 2015 was N264 billion but by the same period in 2016, it has fallen to N224 billion. Our cautionary analysis indicates that there

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange ended in the negative territory on Tuesday, September 12, as it depreciated by 0.29 per cent. Data showed that the value of the unlisted securities market went down by N3.25 billion to close at N1.119 trillion versus the N1.122 trillion it finished a day earlier, and the NASD Unlisted Securities Index (NSI) depreciated by 2.32 points to end the day at 798.45 points compared with Monday’s 800.77 points. During the session, market participants executed 10 deals at the bourse, 9.1 per cent lower than the 11 deals achieved in the previous

By Modupe Gbadeyanka Governor Abiola Ajimobi of Oyo State has ordered the immediate reopening of the Emmanuel Alayande College of Education (EACOED) Oyo. Mr Ajimobi’s media aide, Mr Yomi Layinka, disclosed in a statement that the order came against the backdrop of apologies and promises by the students’ representatives that their colleagues will turn a new leaf. The Governor, who gave the directive shortly after meeting with the students’ leaders on Wednesday, admonished them against unruly acts that might truncate the peace of the state. The state government had through a statement by the state Commissioner of Education, Science and

By Aduragbemi Omiyale Some healthcare providers who were exceptional during the COVID-19 pandemic have been honoured at the Nigeria Healthcare Excellence Awards (NHEA) with support from Sterling Bank Plc. At the 8th annual event held in Lagos over the weekend, special recognition awards were given to Medbury Medical Services as the Most Responsive COVID-19 Testing Company of the Year and Seven-UP Bottling Company Plc as the Most Outstanding COVID-19 Consumables Manufacturer of the Year. Other recipients were the African Centre of Excellence for Genomics of Infectious Diseases (ACEGID), Redeemers University in Ede, Osun State as the Most Outstanding Genomics Laboratory

By Dipo Olowookere Yields of treasury bills at the secondary market in Nigeria moved in different directions for most of the maturities monitored during Friday’s trading session. Business Post reports traders yesterday were cautious at the market as they chew outcome of the previous day’s OMO sale by the Central Bank of Nigeria (CBN), while they kept an eye on the Monetary Policy Committee (MPC) meeting of the apex bank, where the benchmark interest rate was kept unchanged at 13.5 percent despite the inflation rate easing to 11.02 percent in August 2019, according to data released by the National Bureau

By Adedapo Adesanya After about five months of its operations, SweepSouth Nigeria has announced plans to suspend its operations in the country from Friday, November 25, 2022. In a notice seen by Business Post, the South African home cleaning service startup said the unfavourable macroeconomic environment has hit its business hard and has forced its hand to halt services. “Due to the unfavourable global macroeconomic environment, the home service industry continues to be hit hard. This has meant that our business cannot sustainably operate due to the economic pressures being faced at the moment.” It noted that the “difficult decision”