Forex Market Gets Fresh $210m Intervention from CBN

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Adedapo Adesanya Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Dipo Olowookere Four individuals have been appointed into the board of directors of eTranzact International Plc, a leading payment technology provider in Nigeria. A statement from the company disclosed that three of them are non-executive directors, while the remaining one is an executive director. While Mr Paul Obanua, Mr Judedavid Ogochukwu Mbamalu and Mr Olayinka Oluwatimehin are the non-executive directors, Mr Olaniyi Toluwalope is the executive director. A brief profile of each of the appointees showed that Mr Obanua is the Group Managing Director of Greenfield Assets Limited. He qualified as a Geophysicist from Edo State University (now Ambrose

By Modupe Gbadeyanka    Guinness Plc and 12 other equities led the Nigerian Stock Exchange (NSE) to its first gain of the year 2017 on Friday. The stock market has had to endure three straight losses since it opened for trading activities on Tuesday, January 3, 2017. This made investors to lose about N228 billion since the beginning of the year. But the negative trend was reversed on Friday as the market closed positive with the market indicators finishing 0.15 percent better. The all-share index improved by 39.3 basis points to end at 26,251.39 basis points, while the market capitalisation

By Modupe Gbadeyanka President Muhammadu Buhari has been commended by the Public Relations Consultants Association of Nigeria (PRCAN) for signing the Executive Order making it unlawful to grant visas to expatriates to come into Nigeria to render professional services which could be otherwise provided by Nigerian professionals. PRCAN, the regulatory body of Public Relations consultancies in Nigeria, described the Executive Order as a valid extension of the ‘Buy Nigeria, Save the Naira’ campaign of the Federal Government of Nigeria, which a large number of government officials had treated with contempt. In a statement issued and signed in Lagos by the

By Modupe Gbadeyanka Founder of Dream Catchers, a dance academy for impoverished children in Nigeria, Ms Seyi Oluyole, has been featured on the popular CNN African Voices Changemakers programme. The talented choreographer informed the American news channel how her own experiences help her to relate to children at her academy. “After we had the whole financial difficulty and we were living on the streets, my parents were able to gather enough money for us to move close to the slum. So, when I go to that area, I realised that even though I’d had some hard times, what I’d gone

As part of its commitments to make payment of bill for energy usage easier for customers, one of Nigeria’s leading Electricity Distribution Companies, Ikeja Electric Plc, has partnered with a multinational retail company, PEP Stores, to enable customers pay bills or recharge their account at designated PEP Stores across Lagos. Under this partnership, post-paid and prepaid customers within IE network can pay their bills and recharge their account while doing regular shopping in PEP Stores located in Gbagada, Maryland Mall, Ipaja, Isolo, Allen Avenue, Ikorodu, Ogba, Awolowo Way, Ojodu Berger, Idimu, Amuwo Odofin, Ogudu and Ikeja City Mall, all in

Founder and former Chairman/CEO of Solera Holdings, Mr Tony Aquila, has announced his retirement from the company. Solera Holdings is a global leader in risk and asset management data & software and the preeminent service solutions (SaaS) for the automotive and insurance industries. After his exit from the company he set up some years ago, Mr Aquila will be succeeded by Mr Jeff Tarr, the new CEO. Since 2005, Mr Aquila has brought about a digital evolution of the insurance industry, starting with the processing of insurance claims. During his tenure, the company grew into a global giant employing over

By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) has commenced work on a scheme to improve the quality of diesel in the Nigerian market for efficient and optimal performance of diesel-powered engines. This was disclosed by the Manager, Collaborative Research of the Research & Development Division, Engr. David Akpan, in a presentation made to the Group Managing Director of NNPC, Dr Maikanti Baru, during an official tour of some R&D facilities in Port Harcourt on last Wednesday. Giving details of the research, Engr. Akpan said the R&D Division was working in collaboration with Petronas, Petrobras, Statoil and Saudi Aramco

By Dipo Olowookere One of the leading cement makers in Africa, Dangote Cement Plc, has resumed clinker exports to neighbouring nations on the continent. Over three months ago, the company said it suspended the export of clinker as the rising demand for cement in Nigeria was pushing the price and it needed to ramp up production to stabilise the situation. “We took the strategic decision to pause our clinker exports to ensure we meet the rapid volume growth in the Nigerian domestic market. “We are improving the output of our existing and new assets and aim to recommence clinker exports