Fuel Scarcity: Senate to Meet Kachikwu, Baru January 4, 2018

By Adedapo Adesanya The duo of NASD Plc and Aradel Holdings Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, September 21. The two price losers overpowered the sole price gainer, Central Securities Clearing Systems (CSCS) Plc, to drag down the NASD Unlisted Securities Index (NSI) by 0.34 points to 805.95 points from the 806.29 points it ended in the previous day, while the total value of the unlisted stock market was relatively flat at N1.139 trillion. At the trading day, NASD Plc shed N1.15 to end the session at N11.50 per unit versus the

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

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 A Federal High Court has ruled in favour of the federal government and the Nigerian Financial Intelligence Unit (NFIU) against the state governors over the financial autonomy for the 774 Local Government Areas of the federation. Justice Inyang Ekwo of the Federal High Court sitting in Abuja delivered the ruling on Monday, May 23 in favour of the central government and the NFIU. The NFIU had in June 2019 issued guidelines aimed at curbing crime vulnerabilities created by cash withdrawals from local government accounts by various state governments. It directed that the states/local government joint accounts should

By Adedapo Adesanya Computer Professionals Registration Council of Nigeria (CPN) at its 93rd regular council meeting which held in Abuja recently ratified the appointment of Mr Mohammed Bello Aliyu as the New Registrar/Secretary to Council. The approval was based on the recommendations of the Screening Sub Committee of the council, which reviewed and interviewed applicants for the position, according to a statement by the Head, Corporate Communications, Mrs Aderemi Raji-Awe. Mr Aliyu, who hails from Sokoto State, holds a Bachelors degree in Computer Science from the Usman Dan Fodio University, Sokoto, an M.Sc in Computer Science from Abubakar Tafawa Balewa

By Dipo Olowookere Data released by the Debt Management Office (DMO) has revealed that as at December 31, 2017, the total domestic debts of the 36 states in Nigeria and the Federal Capital Territory (FCT) Abuja have increased to N3.35 trillion. According to the data obtained by Business Post from the website of the debt office, the debts rose sharply by 13.2 percent from N2.96 trillion as at December 31, 2016 A breakdown of the figures released by the DMO showed that Lagos emerged as the most indebted state in Nigeria with N363.3 billion as at December last year in

By Peter Albert Following the landslide victory of Mr Abubakar Atiku as the flag bearer of the People’s Democratic Party (PDP) on Sunday, information available to us reveal that the jostling for who will be his running mate has reached fever-pitch. According to sources close to Mr Atiku, he has referred the question of who will be his running mate to the party elders to decide. This, many believe, would serve to heal any wounds that may have arisen from his landslide victory over Governor Aminu Tambuwal of Sokoto State, who had been enjoying the unhinged support of Governor Nyesom

By Modupe Gbadeyanka With inauguration of President Muhammadu Buhari for a second term around the corner, a key ally and National Leader of governing All Progressives Congress, Asiwaju Bola Ahmed Tinubu Monday in Makkah, Saudi Arabia, appealed to elderly Nigerians to avoid inflammatory statements that could undermine peaceful co-existence among the nation’s diverse communities. Speaking after an Iftar dinner meeting with President Buhari, along with Sultan of Sokoto, Mr Muhammadu Sa’ad Abubakar and Emir of Kazaure, Dr. Najib Hussaini Adamu, the former Lagos State governor said all citizens should consider the enormity of challenges facing the nation, and support the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the positive territory by 1.23 per cent on Monday, December 5. Business Post reports that FrieslandCampina WAMCO Nigeria Plc contributed to the growth posted by the OTC stock market yesterday, boosting the value of the bourse by N11.47 billion to N945.18 billion from the preceding session’s N933.71 billion. Equally, the improvement in the share price of the milk-producing company raised the NASD Unlisted Securities Index (NSI) higher by 8.73 basis points to 719.31 basis points versus last Friday’s 710.58 basis points. Data showed that the firm gained N6.71 or

By Adedapo Adesanya The Cross River State Government has lamented its exclusion from the 13 per cent oil derivation given to oil-producing states in the country following the loss of her oil wells after the Bakassi Peninsula was ceded to Cameroon. As of now, only nine states in Nigeria – Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia and Lagos get the agreed derivation from the monthly Federation Account Allocation Committee (FAAC). Governor of Cross River State, Mr Ben Ayade, said the state has been like a weeping child in the Niger Delta Development Commission (NDDC) since the Bakassi issue.

By Investors Hub The major U.S. index futures are pointing to a lower opening on Wednesday, with stocks likely to add to the modest losses posted in the previous session. Uncertainty may lead to some initial weakness on Wall Street, although selling pressure is likely to be subdued as traders keep an eye on President Donald Trump?s second summit with North Korean leader Kim Jong Un. Traders may look to the Trump-Kim meeting for more concrete signs of progress toward the denuclearization of the Korean peninsula. ?Kim Jong Un and I will try very hard to work something out on