FGN Bond Prices Surge on Renewed Buy Pressure

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Adedapo Adesanya Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

By Dipo Olowookere Friday’s session at the treasury bills market was relatively quiet as constraint in system liquidity was significantly compressed by funding for a Retail FX auction by the Central Bank of Nigeria (CBN). According to analysts at Zedcrest Research, there were very little volumes of the debt instruments traded over the course of the day. The apex bank did not conduct any Open Market Operations (OMO) during the day’s session after it carried out one the previous day, where it sold OMO bills worth over N200 billion. “We expect the market to open next week on a slightly

On Sunday, April 28, 2019, FBNQuest Trustees, a subsidiary of FBN Holdings, which is dedicated to providing Trust solutions to individuals, corporate and government institutions, will host an Islamic Estate Planning Clinic at the Sheraton Hotel and Towers Abuja. This forum aims to educate Muslims about the importance of Estate Planning in line with Islamic laws. The Islamic Estate Planning Clinic will be hosted by Managing Director FBNQuest Trustees, Mr Adekunle Awojobi, and facilitated by renowned Islamic financial Scholar, Dr Bashir Umar, an Imam at Al- Furqan Mosque in Kano and Director at Centre for Islamic Civilisation and Inter-Faith Dialogue,

By Dipo Olowookere Treasury bills worth N54.36 billion would be rolled over on Wednesday by the Central Bank of Nigeria (CBN) via the primary market, Business Post reports. The value of the maturing debt instrument is lower than the previous exercise, which was N213.5 billion. A breakdown showed that the central bank is auctioning N21.03 billion worth of the 91-day bill, N11.94 billion worth of the 182-day bill, and N21.39 billion worth of the 364-day bill. Rates are expected to change, especially for the one-year instrument, with the two others anticipated to remain flat as the CBN also makes efforts

By Adedapo Adesanya  Mr Daren Tang of Singapore has been chosen to lead the Geneva-based World Intellectual Property Organization (WIPO). Mr Tang defeated his closest rival, Ms Wang Binying from China, in the hotly contested closed-door vote by state members of WIPO to become the new WIPO director general. In a second and final round of voting by the 83 members of WIPO’s committee, which included Nigeria, Mr Tang garnered 55 votes while Ms Wang managed only 28. This win halts China’s bid for a fifth top United Nations post, which has stirred fierce rivalry between the country and United

By Dipo Olowookere Residents of Lagos can now enjoy free internet browsing courtesy top Nigerian music producer and Mavin Records owner, Don Jazzy, and a technology company called Tsaboin. On Friday, Don Jazzy launched his free wifi in Lagos called Flobyt. However, the service is to be enjoyed at the moment at selected areas in part of Lagos, the commercial capital of Nigeria. Speaking on why he decided to give free the wifi in Lagos, Don Jazzy said, “I believe so much in this. This is one of the few other investments we are going to be sharing with you.

By Dipo Olowookere President Muhammadu Buhari will be invited to address a joint session of the National Assembly on why and what his government was doing about getting the country out of recession. Speaker of the House of Representatives, Mr Yakubu Dogara, gave this hint while ruling on a motion on the economic downturn by Mr Olayiwola Kazzim, a member of the House. Mr Dogara also said the House will liaise with the Senate on this. The Speaker said the membership of the ad hoc committee to meet with the Senate would be constituted next week. Speaking on the floor

By Modupe Gbadeyanka Emerging filmmakers with either some industry experience or a relevant post-school qualification in filmmaking who intend to upgrade their skills can apply to be part of the class of 2024 of the prestigious MultiChoice Talent Factory (MTF). A statement from the school said intending students have till July 14, 2023, to submit their applications to be part of the world-class film and television training programme. Students will also get enhanced training experience from the Academy’s partnerships, including the New York Film Academy (NYFA), the Henley Business School, Dolby, and Canon. Previous cohorts have also worked with the

By Dipo Olowookere At the Investors and Exporters’ (I&E) forex window last week, the Naira had a good performance, appreciating by 0.17 percent week-on-week (w-o-w) against the Dollar. This positive close kept the local currency at N360.09 per Dollar amid 37.86 percent w-o-w increased turnover to $1.25 billion and weekly injections by the Central Bank of Nigeria (CBN) worth $210 million into the foreign exchange market; of which $100 million was allocated to Wholesale (SMIS), $55 million was allocated to Small and Medium Scale Enterprises and $55 million was sold for invisibles. The Naira was flattish at the interbank foreign