FGN Bond Prices Rise on Bargain Hunting

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Adedapo Adesanya The unlisted securities bourse depreciated by 0.45 per cent on Tuesday following the price decline suffered by Central Securities Clearing Systems (CSCS) Plc. It was the first time the NASD Over-the-Counter (OTC) Securities Exchange was tasting a defeat this week and it was compounded by the mixed feelings investors had during the trading session. Business Post reports that the NASD Unlisted Security Index (NSI) went down by 3.39 points yesterday to wrap the session at 745.23 points compared with 748.62 points of the previous session. Also, the market capitalisation, which measures the total value of stocks on

By Kester Kenn Klomegah The French energy giant, Total, has finally announced the suspension of its gas project and that will leave an immeasurable impact on the economy of Mozambique. The Mozambican government has largely failed with its security policy and ignored experts’ advice on security after several warning issued after militant bloody attacks bloody in 2017 by a group known locally as al-Shabab. Experts also attributed attacks to governance deficit and disparity in development in northern Mozambique. Its scale raised doubts over the viability of the biggest single investment in Africa even before the latest raid. March’s attack on

By Dipo Olowookere Acting Director-General of the Bureau of Public Enterprises (BPE), Dr Vincent Akpotaire, has announced Lead Capital Consortium as the preferred bidder for the acquisition of equities of the Nigeria Commodity Exchange market. Lead Capital beat its closest rivals, PWC Consortium and United Capital Consortium to grab the acquisition. Announcing winner of the bid last Thursday in Abuja, Dr Akpotaire said Lead Capital, which scored 83.1 percent, was chosen of its intimidating technical and financial scores. The BPE boss further said that it was important that equities of the Exchange were transferred to a vibrant organisation. According to

By Adedapo Adesanya The Naira depreciated against the American currency for yet another session at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Wednesday by 0.1 per cent or 43 kobo to N414.73/$1 from the previous day’s rate of N414.30/$1. A significant increase in the demand for forex at the spot market compounded the woes of the Nigerian currency yesterday as the supply side of the curve could not satisfy the demand side. Data obtained by Business Post showed that transactions valued at $266.32 million were executed at the market window compared with the $122.15

By Modupe Gbadeyanka Residents of Lagos State on Thursday besieged the various sale centres across the state to buy the much-anticipated LAKE Rice, with vast majority of the people lauding the initiative of government to introduce the commodity at a critical time of the Yuletide season. LAKE Rice, which is locally produced, came into being following a partnership between Lagos and Kebbi States, and was aimed at ensuring food security as well as to showcase the ability of Nigeria to become a producing nation. Governor Akinwunmi Ambode and his Kebbi State counterpart, Mr Atiku Bagudu had launched the rice on

By Dipo Olowookere Shareholders of FBN Holdings, the parent company of First Bank of Nigeria Limited, have been assured of a good dividend payout in 2022. This promise was made by the chief executive of First Bank, Mr Adesola Adeduntan, in an interview with ThisDay Newspaper. For a while, shareholders of First Bank have not enjoyed a good dividend payout like their peers in Zenith Bank and GTCO as a result of issues the bank is making efforts to resolve like non-performing loans (NPLs) and others. At a point, the toxic loans in the financial institution were very high but

Over 200 women and children in Lekki community and environs in Lagos were recently empowered by We.Share Foundation. The vocational training was put together in commemoration of the 2020 International Women’s Day. It was also part of the non-government organisation’s drive to empower more women and further advocate gender equality in the society. Speaking at the event, founder of We.Share Foundation, Mrs Taibat Amzat, noted that, “The story of women’s struggle for equality belongs to no single feminist nor to any one organisation, but to the collective efforts of all who care about human rights.” “We must celebrate the achievements

By Dipo Olowookere Mr Leonardo Mesquita has been announced by Andersen Global as its Regional Managing Director for Latin America. Leonardo is currently the Managing Partner for Andersen Tax in Brazil. With this additional role, he will also be focusing on specific strategies to support the region as it expands. Leonardo has more than 30 years of experience in tax consulting and advisory services. “Leonardo has a unique ability to work with others in a collaborative manner, but also demonstrates and can communicate his views forcefully,” said Global Chairman and Andersen Tax LLC CEO, Mark Vorsatz. “I am confident he