FMDQ Trades $10.38b FX Futures as 18th Contract Matures

By Adedapo Adesanya The federal government has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By FBS As Black Friday approaches, global broker FBS delves into the relationship between the year’s biggest sales season and its impact on the financial markets. The FBS analysts particularly discover the trends of the world’s largest economy – the American. They analysed reactions across assets and macroeconomic conditions to understand the Black Friday impact better. What influences the Black Friday numbers FBS analysts highlight three critical indicators for gauging Black Friday’s impact on the US economy: the number of buyers, the average amount spent, and the total spending. Over the past 18 years, notably successful in terms of total

By Adedapo Adesanya The Nigerian Communications Commission (NCC) has reiterated that the sale, installation and usage of GSM boosters in the country is illegal. The main aim of the GSM booster is to take the existing cell phone signal around places, car, office, workstation or home and amplify it. After amplification, the signal is rebroadcasted to the area with no reception or weak signal. In a pre-enforcement notice published on its official website, the commission informed the general public, particularly banks and other financial institutions, government agencies, telecommunications service providers, private/public companies, and owners/occupiers of residential premises that the unauthorized

By Adedapo Adesanya VFD Group Plc will list its shares on the Nigerian Exchange (NGX) in the days ahead after receiving the approval on Tuesday. The listing of the securities of the proprietary investment company on the bourse will help it gain more visibility and prestige. This is because it would be on Africa’s second-largest stock exchange, giving it an avenue to tap capital from the investing public through public offer or private placement. The move, which started at its annual general meeting on May 25, is set to actualise four months later. The firm is on course to raise

By Modupe Gbadeyanka The Governing Council of Bayero University, Kano State, has promoted the Secretary to the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Mr Musa Usman Abubakar, to the rank of Professor of Law. It was gathered the promotion, announced during the 183rd meeting of the institution’s Governing Council, is with effect from October 1, 2019. Mr Abubakar, a Barrister, Solicitor of the Supreme Court of Nigeria and British Chevening Alumnus, is a brilliant legal practitioner, who his reputed for his academic qualities and dedication to work. He  obtained Legum Baccalaureus (LL.B) from Usmanu Danfodio University Sokoto,

By Dipo Olowookere Governor Abdulfatah Ahmed of Kwara State on Wednesday presented a budget estimate of N181.9 billion for the 2018 fiscal year to the Kwara State House of Assembly. Christened ‘Budget of Sustained Growth and Prosperity,’ the Governor told the lawmakers that the sum of N75.2 billion representing 41.3 percent is for recurrent expenditure, while total sum of N106.7 billion, which represents 58.7 percent, is earmarked for capital expenditure. Laying the budget before the state parliament, yesterday, Governor Ahmed said the proposed budget reflects an increase of N15.8 billion or 9.5 percent compared to the 2017 Revised Appropriation. He

 By Adedapo Adesanya The Onion Producers and Marketers Association of Nigeria (OPMAN) have inaugurated documented onion exports through Illela land border in Sokoto State. At the launch of the programme yesterday, the Area Controller of Nigeria Customs Service (NCS), Mr Abdulrahameed Ma’aji, in charge of Sokoto and Zamfara states, urged producers and marketers to utilize the opportunity for enhanced production and trading. Mr Ma’aji commended President Muhammadu Buhari for reopening the land borders for legitimate businesses, and lauded the efforts of the Comptroller General of NCS, Mr Hameed Ali, for keeping in tune with international best practices in customs’ responsibilities.

By Adedapo Adesanya Crude prices slumped on Monday after the Christmas break despite positive indicators such as vaccine approvals in the United Kingdom and the signing of the United States’ stimulus bill. During the session, the Brent crude lost 37 cents or 0.73 per cent to trade at $50.92 per barrel while the US benchmark West Texas Intermediate (WTI) crude futures moved down by 1.1 per cent or 53 cents to trade at $47.70 per barrel. Oil was expected to rise as the UK is set to grant regulatory approval to another COVID-19 vaccine as reports noted that Britain’s drug

By Dipo Olowookere Dangote Foundation has partnered with GBCHealth to forge a new model of partnership, African Business Coalition on Health (ABCHealth) in Africa. Chairman of Dangote Foundation, Mr Aliko Dangote, shared plans to build ABCHealth during the Bloomberg Global Business Forum, he was co-hosting, and which took place alongside the United Nations General Assembly this week in New York. According to him, the African-led coalition of companies and philanthropists, will seek to improve the health and wellbeing of Africans, both within the workplace and within the broader communities. He stated that the partnership will develop and deploy impactful health

By Dipo Olowookere Nigeria-based world-class inspection, rope access and training company, JC International, has added another feather to its cap. The firm, which has its headquarters in Lagos, has bagged an Enhanced Survey Programme (ESP) certification from the American Bureau of Shipping (ABS). This is part of its commitment to continually meet national and international standards and provide best-in-class services to clients. It was learnt that the certification, an upgrade of the ABS Non-ESP, has qualified JC International to perform Hull Gauging services on ABS class of oil tank vessels, oil bunkers, FPSOs (Floating Production Storage and Offloading), rigs and