European Stocks Slump Ahead of G20 Meeting in Germany

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Modupe Gbadeyanka As part of federal government’s Economic Recovery and Growth Plan (ERGP), 10 road projects across the country have been pencilled down for rehabilitation. The roads, which is expected to create not less than 2,750 direct jobs, with over 90 percent to be taken up by Nigerian workers, will improve the country’s transportation infrastructure and restore nation’s road network. The roads, when completed, will open up settlements, provide access for evacuation of goods and services and improve socio-economic lives of the beneficiary communities. Minister of Power, Works and Housing, Mr Babatunde Fashola, who confirmed this development, said the

By Dipo Olowookere United States-based media outfit, Cable News Network (CNN), has been slammed by the Nigerian government for engaging in “irresponsible journalism for which [it] deserves to be sanctioned.” The Minister of Information and Culture, Mr Lai Mohammed, while briefing newsmen on Thursday, said the reputable erred in his news report on Wednesday on the alleged killing of #EndSARS protesters in Lagos by soldiers. The news platform had released a report yesterday detailing how men in the uniform of the Nigerian Army shot directly at peaceful demonstrators at the Lekki Toll Gate on Tuesday, October 20, 2020. The Nigerian

By Investors Hub Asian stocks finished on a mixed note Thursday as traders waited for Friday’s OPEC meeting and new developments on global trade. Speculation of imminent monetary policy easing in China helped to limit overall losses to some extent. Chinese shares hit a two-year closing low as trade war woes overshadowed media reports that Beijing will undertake measures to boost credit supply to smaller companies. The benchmark Shanghai Composite Index slumped 40.12 points or 1.4 percent to 2,875.61, while Hong Kong’s Hang Seng Index tumbled 400.12 points or 1.4 percent to 29,296.05. Meanwhile, Japanese shares eked out modest gains

By Adedapo Adesanya The International Monetary Fund (IMF) has approved a 38-month arrangement under the Extended Credit Facility (ECF) in an amount equivalent to SDR 978.2 million (around $1.3 billion, or 100 per cent of quota) to Zambia. The Executive Board of the Washington-based lender gave the approval based on the country’s homegrown economic reform plan that aims to restore macroeconomic stability and foster higher, more resilient, and more inclusive growth. The Southern African country is dealing with the legacy of years of economic mismanagement, with an especially inefficient public investment drive. Growth has been too low to reduce rates

By Nneka Okumazie This world is a world of injustice – and it is by no means a better place with regards to justice. The evasive paths for many crimes remain, in spite of more ways of reporting, evidence and voices. Denials are still predominant, as well as bad information as a tool for deception. The way power works – sometimes seeming to slip away, results in some getting aggressive in how they retain theirs. The move to connive by the powerful, cleaning their image – is also driven for the grip. But power – for many, is the ability

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange slid into the negative zone on Wednesday, July 12 by 0.17 per cent. The loss was recorded after Central Securities Clearing System (CSCS) Plc depreciated by 38 Kobo to close at N18.00 per unit versus the preceding day’s N18.38 per unit, and Mixta Real Estate Plc shed 11 Kobo to close at N1.65 per unit versus N1.76 per unit. Consequently, the market capitalisation of the bourse shed N1.14 billion to finish at N1.075 trillion compared with the preceding session’s N1.076 trillion, and the NASD Unlisted Securities Index (NSI) went down by

By Adedapo Adesanya Monday, September 30, 2019 closed bearish at the local foreign exchange (forex) market as the Naira depreciated against the US Dollar at both the the Investors and Exporters (I&E) and Interbank segments. Business Post reports that at the Interbank, which is the official window of the Central Bank of Nigeria (CBN), the local currency depreciated by 5 Kobo or 0.02 percent against the global currency to close at N307.00/$1 after staying flat at N306.95 throughout last week. As for the Naira against the US Dollar at the Investors window, it went down by 21 Kobo or 0.06