Equities Market Lose N234b on Weakened Investors’ Confidence

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Dipo Olowookere The Central Bank of Nigeria (CBN) has played down insinuations that the redesigning of the Naira notes was targeted at some individuals in the country. It was speculated that the central bank decided to change the look of the N200, N500, and N1,000 notes to frustrate some politicians ahead of the 2023 general elections. Last month, the CBN Governor, Mr Godwin Emefiele, informed reporters in Abuja that the bank had obtained the approval of President Muhammadu Buhari to redesign the banknotes. It was coming almost two decades after the CBN last carried out a similar action. Yesterday,

Here’s how we’ve made Search more helpful over 25 years — and had a little fun along the way, too. When Google first launched 25 years ago, it was far from the first search engine. But quickly, Google Search became known for our ability to help connect people to the exact information they were looking for, faster than they ever thought possible. Over the years, we’ve continued to innovate and make Google Search better every day. From creating entirely new ways to search, to helping millions of businesses connect with customers through search listings and ads (starting with a local

By Dipo Olowookere The laboratory centre of the Standard Organisation of Nigeria (SON) in the Ogba area of Lagos State should begin full operations by March this year. Chairman of the House of Representative Committee on Industry, Mr Abubakar Moriki, made this known when his 8-man team inspected the project, which is 95 percent completed. Touring the four-storey complex, which includes refrigerator testing chamber, food microbiology, food data processing unit, among others, the lawmaker said full operation should begin by March. He commended the spate of construction and equipping, noting that observation of the laboratory complex will form the basis

By Modupe Gbadeyanka The management of Ikeja Electric (IE), in a move to ensure customers have an enjoyable yuletide, has announced the expansion of network patrol teams and field operations pre-emptive maintenance across its network. The move, which will see various installations undergo pre-emptive maintenance work, as well as increased number of patrol teams to ensure swift repair of faults, was confirmed in a statement released by Head of Corporate Communications at IE, Mr Felix Ofulue. The spokesman said Ikeja Electric was aware that its customers need stable supply of power to enjoy Christmas and New Year celebrations. According to

By FSDH Research In March 2017, the Debt Management Office (DMO) introduced the Federal Government of Nigeria Savings Bond (FGNSB) to provide an avenue for low-income earners to earn consistently good returns over time. The FGNSB provides an investment opportunity offering attractive returns with low investment risk. It is an initiative of the FGN to encourage a culture of national saving, which is amongst the lowest of certain selected countries. The FGNSB also helps to diversify the funding sources of the government. The minimum investment in the Bond is N5,000 while the maximum investment is N50million. Investors can purchase the

By Adedapo Adesanya The Commissioner of Police for Lagos Command of the Nigeria Police Force, Mr Abiodun Alabi, has clarified that delivery bikes will not be affected by the latest ban on commercial motorcycles commonly called okada. The Governor of Lagos, Mr Babajide Sanwo-Olu on Wednesday announced a fresh ban on activities of okada riders in six local government areas of the state. Speaking to Channels Television on Sunrise Daily on Thursday, Mr Alabi said, “It does not affect couriers, but the couriers will not carry passengers, “We will have to make sure they are couriers and not pretending to

By Modupe Gbadeyanka The National Bureau of Statistics (NBS) has said the consumer price index (CPI), which measures inflation, increased in the month of May 2019 by 11.40 percent (year-on-year) from 11.37 percent recorded in April 2019, representing 0.03 percent rise. According to the stats office, increases were recorded in all COICOP divisions that yielded the headline index, while on month-on-month basis, the headline index increased by 1.11 percent in May 2019, 0.17 percent rate higher than the rate recorded in April 2019, which stood at 0.94 percent. The NBS said the percentage change in the average composite CPI for

Information has it that ICO, Javvy Technologies Ltd, creator of the Javvy Crypto Solution, the ultimate cross-platform wallet with a built-in, decentralized cryptocurrency exchange, has successfully raised $7 million from an Initial Coin Offering (ICO). It was gathered that the $7 million ICO fund raise yielded some terrific results for Javvy including over a million dollars in token swaps with exciting, progressive crypto projects like Faba, IAM and AgentMile, multiple FIAT investments totalling over $1.25 million, and retail sales of nearly $4.5 million. Javvy also experienced a 650 percent increase in application downloads in April with a 4.5-star average review.