EGM Unveils Naira Trading Platform

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Dipo Olowookere An additional $343.06 million has been released by the Central Bank of Nigeria (CBN) into the foreign exchange (forex) market to cater for requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors. Spokesman of the nation’s central bank, Mr Isaac Okorafor, said the $343.06 million released to the retail Secondary Market Intervention Sales (SMIS) on Thursday was to help maintain stability in the forex market He further said the money will also help boost production and trade in the country. On Tuesday, the apex bank auctioned $210 million to forex dealers in the

By Ebitonye Akpodigha The Senate on Tuesday set-up an adhoc committee to probe spendings by the Federal Government on the humanitarian crisis in the North-east in view of the allegation of massive diversion of relief materials meant for the Internally Displaced Persons (IDPs). The Adhoc Committee chaired by Senator Shehu Sani from Kaduna State is also to hold a public hearing to unravel the funds already committed to ameliorating the plight of the IDPs, and how the fund is being expended by the agencies of government saddled with the responsibility. The Senators also resolved to donate N32.7million to be contributed

Acting Resident Coordinator for the United Nations in South Africa, Mr Ayodele Odusola, has expressed deep concern over recent and ongoing acts of violence against foreign nationals that have been spreading across several parts of the country, particularly in the Gauteng Province. “Over the past few days, we have witnessed, with deep concern, acts of violence against foreign nationals and criminality against members of the public and the wanton destruction of property,” said Mr Odusola. “This should not be happening in the South Africa Mandela dreamt of.” He called on all stakeholders to be part of the solution by refraining

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) started the new week on a slow note, shedding 0.37 percent at the close of transactions on Monday. Losses recorded today by Nestle and 16 other stocks reversed the 0.85 percent gain posted last Friday with Nestle depreciating by N5 to settle at N1225 per share, and Nigerian Breweries declining by N3.1k to finish at N168 per share. Lafarge went down by N1.48k to close at N50 per share, UBA lost 27k to end at N8.70k per share, and GTBank fell by 10k to wrap the day at N39.50k per share. Business

By Dipo Olowookere The bulls extended their stay on the floor of the Nigerian Exchange (NGX) Limited on Wednesday following a 0.12 per cent growth, which was largely driven by MTN Nigeria, GTCO, Oando and Honeywell Flour Mills. Business Post reports that despite the positive outcome of the market, investor sentiment still remained negative as there were 18 price losers and 14 price gainers led by UPDC, which rose by 9.64 per cent to N1.82. Northern Nigerian Flour Mills appreciated by 9.59 per cent to N8.00, Oando grew by 6.21 per cent to N4.62, Learn Africa improved by 5.88 per

By Adedapo Adesanya The Lagos State Government has concluded the second and final screening exercise of the Lateef Jakande Leadership Academy, a leadership and mentorship programme of the state government, to develop leaders for public service and governance in Africa. According to a statement made available to Business Post, the assessment was held on Saturday, August 27 at the Public Service Staff Development Centre, Magodo with a series of assessments for all candidates. The one-day screening assessment was designed to review leadership ability with the following activities such as group exercise and team building; interviewing and presentation skills; interactive sessions

By Dipo Olowookere The Lagos State government has said it would recall the N47 billion bond it issued to investors in December 2016 at an annual interest rate of 16.50 per cent. The state government said it would pay-off the value of the 7-year notes in June 2021, when the next interest payment is expected. In a statement, the Lagos State government explained that it was taking this decision to explore the current low yield environment in the fixed income market and then reduce the cost of debt servicing. When the papers were sold to investors about five years ago,

By Modupe Gbadeyanka As the general elections draw closer, investors in the Nigerian stock market have been advised to “trade cautiously” so as not to get their fingers burnt. Next Saturday, Nigerians will head to the polls to elect who will lead them for another four years. Also on that day, precisely February 16, 2019, they will elect representatives into the National Assembly, which comprises the Senate and the House of Representatives. The two main contenders for the seat of President of Nigeria are Mr Muhammadu Buhari, who is seeking a second term in office under the ruling All Progressives