Exchange Rates Stable at Major FX Windows

By Adedapo Adesanya  The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has vowed to down tools and shut down all oil field locations if demands following the acquisition of Nigerian Agip Oil Company (NAOC) are not met. Business Post had reported in September that Oando Plc had acquired a 100 per cent stake in the Nigerian subsidiary of Italian giant, Eni. However, the deal allegedly happened without management addressing the welfare and benefits of the workers and without due process. The development has led to several protests by members of PENGASSAN since the beginning of September 2023.

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

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By Dipo Olowookere Renewed appetite for local stocks raised the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited above 66,000 points on Monday. Business Post reports that investor sentiment was strong yesterday, as traders cherry-picked equities across the major sectors of the domestic bourse. This elevated Customs Street by 0.90 per cent at the close of transactions, as the confidence of investors in the market is gradually building up again. Consequently, the benchmark performance indicator increased by 592.47 points to 66,151.38 points from 65,558.91 points, and the market capitalisation grew by N324 billion to N36.205 trillion from N35.881 trillion.

By Modupe Gbadeyanka The inaugural Writing Challenge organised by a leading Banking as a Service (BaaS) enabler, OnePipe, has produced three winners, who will receive N1 million each for their efforts. The top three finalists of the competition were Daniel Adeyemi of TechCabal, Omobayo Azeez of Business Metrics Nigeria and Sultan Quadri of TechCabal. Earlier this year, the OnePipe Writing Challenge called for entries from journalists in Nigeria and they were required to focus on raising awareness of embedded finance in 400 to 500-word articles for assessment. One of the winners, Mr Omobayo Azeez, said, “I am delighted to have

By Modupe Gbadeyanka Another feather has been added to the cap of Heritage Bank Plc, Nigeria’s Most Innovative Banking Service provider. Recently at the fourth edition of Green October Event 2018, an event organized by Alamode Magazine, the financial institution was adjudged as the Most Supportive Bank of the Year. This comes barely two weeks the lender grossed home three awards for its outstanding performance. Speaking at the event, Managing Director of Heritage Bank, Mr Ifie Sekibo, who was represented by Mrs Ozena Utulu, Head, Brand Management and Sustainability; commended the organizers for the recognition and honour. He explained that

By Dipo Olowookere The management of one of the leading oil firms in Nigeria, Aiteo Group, has refuted reports that the Oil Mining Licence (OML) 29 it acquired in 2015 has been put up for sale so as to repay a loan it took from a lender in the country. In a statement issued by the company, it said, “For the avoidance of doubt, Aiteo has neither considered, initiated, nor announced the commencement of any plans to sell off ANY of its stake in OML 29. “The reasons are patently clear. First, since the takeover of the asset we have

By Adedapo Adesanya  High influence from prolonged border closure expected. Government policies to determine outcome. The cost of doing business in Nigeria is expected to rise in 2020, the Lagos Chamber of Commerce and Industry (LCCI) has projected. This was revealed by the Director-General, Dr Muda Yusuf, in the LCCI 2019 Economic Review and Outlook For 2020 on Thursday in Lagos. According to the outlook, high cost of doing business will be caused by poor infrastructure in the country, excessive regulations placed by government, multiplicity of taxes and levies, among other considerations. Recalling that Nigeria recorded improvement on the Ease

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has refuted a rumour making the rounds that it plans to make financial services unavailable from Thursday, February 23, 2023, to Monday, February 27, 2023. There had been a message flying around that financial transactions would be disabled ahead of the presidential election on Saturday, February 25, 2023, to tackle vote-buying. Last October, the apex bank announced a redesigning of the Naira in a bid to frustrate vote-buying, corruption, and kidnapping. Nigerians were given till January 31, 2023, to swap their old N200, N500, and N1,000 notes for the redesigned banknotes.

By Adedapo Adesanya It was a negative outcome for unlisted securities trading on the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday. It was the first trading session of the week after a two-day absence due to the public holiday declared by the federal government to allow Muslims celebrate the end of Ramadan. At the midweek session, the equity market size of the bourse fell by 1.31 percent or N6.65 billion to N499.11 billion from N505.76 billion it quoted last Friday. Also contracting was the NASD Unlisted Security Index (NSI), which lost by 1.31 percent or 9.05 points to end the