FMDQ Approves Fidson’s N10bn Commercial Paper Programme

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has called for collective efforts to shape the energy sector in Nigeria, noting that no meaningful economic growth can be achieved without it. Mr Adelabu said this at the Nigeria Energy 2023 leadership summit recently held in Lagos, with the theme Unlocking new value with reforms, investments, and technology which saw in attendance industry leaders. The Minister said, “Energy is the lifeblood of any modern economy of which Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without energy. “We can be talking of potential

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Dipo Olowookere Mrs Oluwatobiloba Ojediran has been announced as the acting Chief Financial Officer (CFO) of Transcorp Hotels Plc. She has been picked by the company to replace Mr Adekunle Elumaro. A statement issued by the hospitality firm to the Nigerian Stock Exchange (NSE) on Tuesday disclosed that the appointment of Mrs Ojediran will become effective from Saturday, December 14, 2019. “Transcorp Hotels Plc hereby formally notifies the investing public and the exchange of the appointment of Mrs Oluwatobiloba Ojediran with effect from December 14, 2019. She replaces Mr Adekunle Elumaro as the Chief Financial Officer of the company,”

By Dipo Olowookere President of the African Development Bank (AfDB), Mr Akinwumi Adesina, has been announced as winner of the 2017 World Food Prize Laureate. Mr Adesina, the immediate past Minister of Agriculture in Nigeria, clinched the prize due to his achievements in the area of boosting agriculture in Africa. Specifically, his role in revamping the agricultural sector in Nigeria when he was a Minister under the administration of former President Goodluck Jonathan made him win the $250,000 monetary reward attached to the honour. Announcing Mr Adesina as winner on Monday, the World Food Prize Foundation President, Mr Kenneth Quinn,

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By Ahmed Rahma The National Bureau of Statistics (NBS) on Thursday disclosed that the number of internet users in the country increased in the fourth quarter of 2020. However, the number of subscribers active on phone calls decline in the same period under consideration. According to the data released by the stats office, a total of 154,301,195 subscribers were active on the internet in Q4 of last year compared with 151,512,122 recorded in Q3 of 2020, indicating a 1.84 per cent growth in internet subscriptions quarter-on-quarter. The NBS also stated that 204,601,313 subscribers were active on the phone call in

By Investors Hub The major U.S. index futures are pointing to a mixed opening on Friday, with stocks likely to continue experiencing choppy trading following the lackluster performance seen in the previous session. Traders may be reluctant to make significant moves amid uncertainty about the second round of trade talks between the U.S. and China. Various news outlets said China had offered to reduce its trade surplus with the U.S. by $200 billion, although Chinese Foreign Ministry spokesperson Lu Kang denied the reports. ?This rumor is not true. This, I can confirm,? Lu told reporters. ?I do not know about

By Modupe Gbadeyanka Transactions resumed on the trading floor of the Nigerian Stock Exchange (NSE) on Monday on a bearish note as investors embarked on profit taking. At the close of business today, Nigerian shares went down by 0.31 percent, with the year-to-date return closing at 38.74 percent. The All-Share Index (ASI) depreciated by 115.13 points to settle at 37,250.78 points, while the market capitalisation declined by N36 billion to close at N12.97 trillion. The market breadth closed negative after the stock market recorded 18 price gainers and 24 price losers. The losers’ chart was topped by Mobil, which depreciated

In continuation of its efforts to create a network of developers across the world as part of its mission to give people the power to build communities and bring the world closer together, Facebook’s Developer Circles on Saturday, December 8 organised a Startups and Developers Summit in Lagos. The summit which took place at the Landmark Event Center and brought together about 600 Developers and Startup Tech founders, was held with the aim of re-establishing Facebook’s commitment in the region for the tech communities, inspiring developers and startups with the latest technology from Facebook as well as highlighting the Developer

By Modupe Gbadeyanka The Nigerian Stock Market closed positive on Thursday amid continued massive sell-off of Diamond Bank shares at the market. Since last Friday, a total of 943 million shares of Diamond Bank have been traded by investors on the floor of the NSE. Today, it emerged the most transacted stock again, exchanging a total 308.9 million units worth N304.4 million with its share price slightly appreciated by 5 percent to N1.5k per share from N1 per share it closed yesterday. Other active equities were UBA, which traded 25.8 million shares valued at N237.2 million; Zenith Bank, which sold