First 2018 FGN Bond Auction Records 136% Subscription

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 Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia

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 Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Dipo Olowookere Minister of Information and Culture, Mr Lai Mohammed, has canvassed the support of state Governors for the success of the Federal Government’s National Re-orientation Campaign, ‘Change Begins With Me’, which was launched by President Muhammadu Buhari on September 8, 2016. Speaking while formally unveiling the campaign to the Governors’ Forum at a meeting in Abuja on Wednesday night, the Minister specifically requested the Governors to donate generous airtime on their states’ radio and television stations for airing the campaign’s jingles. “We are of the strong belief that your cooperation is absolutely important if the campaign is to

By Modupe Gbadeyanka Another opportunity has opened for low-income earners in the country to subscribe for the debt securities offered for sale by the Nigerian government. The debt instrument, called the FGN savings bond, was specifically tailored for low-income earners to encourage them to be part of national development as proceeds from the sale of the papers are channelled towards the execution of critical projects across the country. At the beginning of every month, the federal government, through the Debt Management Office (DMO), issues the notes and subscribers are expected to buy them within a week. For the month of

By Adedapo Adesanya The Naira depreciated against the United States Dollar in the Peer-to-Peer (P2P) and the parallel market windows of the foreign exchange (FX) market on Tuesday as forex supply shortfall worsens. However, in the Investors and Exporters (I&E) segment, the Nigerian Naira appreciated against the US Dollar yesterday by 2.23 per cent or N17.27 to trade at N757.51/$1, in contrast to Monday’s exchange rate of N774.78/$1, as the value of FX trades in the official market remained unchanged at $45.98 million, according to data obtained from FMDQ Securities Exchange. In the Peer-to-Peer (P2P) window, the value of the

By Modupe Gbadeyanka Arrangements have been completed to build the second largest refinery in sub-Saharan Africa in Ogun State, which will also be the largest petroleum product depot in Nigeria and Wema Bank is providing the financial backing for this project. Business Post learnt that the refinery and tank farm, when fully completed, will generate over 2,000 jobs. Wema Bank is partnering with the Ogun State Government and three other companies to carry out this laudable project. The other firms, apart from Wema Bank Plc, are Petrolex Oil and Gas, Hyundai and Ajayi Legal Partner. They recently signed a deal

By Modupe Gbadeyanka The new 1.5m Metric Tonnes cement factory built in Sokoto State by the Executive Chairman/CEO BUA Group, Mr Abdul Samad Rabiu, has commenced operations. The plant was commissioned on Tuesday by Nigeria’s Vice President, Professor Yemi Osinbajo, with some top government functionaries in attendance. The billionaire businessman, who is one of the main rivals of Africa’s richest man, Mr Aliko Dangote, in the cement industry, said his $350 million cement factory remains the single largest investment in North Western part of the country. According to him, the new plant will provide direct jobs for about 2000 people

By Modupe Gbadeyanka A premier mobile phone brand under Transsion Holdings, TECNO, has launched its newest addition, the Phantom 8 in Middle East and Africa region. The regional launch took place in Jumeirah Beach Hotel, Dubai in the presence of 200 guests. The newly launched Android operated Phantom 8 features a revolutionary camera, attractive design and high-speed experience. According to Google’s Consumer Barometer, in the UAE and KSA, 73% and 70% of smart phone users access their mobiles to takes photos or videos. Phantom 8 caters to this local demand with its state-of-the-art dual camera, it has the power to

The partnership between the African Energy Chamber and the Africa Oil & Power has been terminated, a statement from the former confirmed. The African Energy Chamber is headed by Nj Ayuk, a respected energy expert in Africa and author of ‘Billions At Play: The Future of African Energy and Doing Deals’. Though the reason for parting ways was not disclosed, the organisation only said it was committed to supporting initiatives and efforts that are focused on pushing an agenda beneficial to all Africans. Mr Ayuk’s company noted that the termination of the partnership reflects a new strategy for the Chamber

By Adedapo Adesanya A Federal High Court in Abuja has ruled in favour of Transnational Energy Limited in the dispute over Oil Mining License (OML) 49 oil field and has ordered Nigeria to pay the firm $20 million damages. According to the court judgment, Nigeria is expected to restore the Hely Creek and Abigborodo fields in OML 49, farmed-out to Transnational Energy Limited by the Nigeria National Petroleum Corporation (NNPC)/Chevron Joint Venture, back to the company (Transnational Energy). The lease, which was concluded in 2017 between Transnational Energy and the joint venture operators, Chevron Nigeria Limited, was, among others, for