Gains in Dangote Cement, GTBank Grow NSE Index by 1.46%

By Aduragbemi Omiyale The online stock trading platform of one of the leading brokerage firms in Nigeria, Morgan Capital Securities Limited, i-Trade, has experienced a technical glitch. This technical issue has made it difficult for its clients to carry out transactions on the popular platform. Morgan Capital’s i-Trade platform is popular among retail investors in the Nigerian capital market, especially those trading equities on the floor of the Nigerian Exchange (NGX) Limited, because of its lower fees. The company has already assured its customers that it was working to restore services, providing an alternative to them. “This is to inform

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

SYPWAI platform developed by scientists at TheNeurosphere has successfully passed closed trials and is preparing for wider use. AI platform service from TheNeurosphere The Neurosphere announced the creation of SYPWAI, their first service that will be the foundation of the future AI platform. At the moment, testing is being carried out internally. The service will have user identification. It is enough to upload the necessary information and documents once, in order to participate in the development of AI, train the neural network, instantly transmit the results to partner services, and also use their services on the SYPWAI platform or on

By Investors Hub European stocks have moved to the upside on Tuesday amid reports of a compromise on Italy’s budget among the government coalition members. Analysts say that the country will not walk off the European Union, despite pressure to announce populist measures that will require billions in additional spending. Investors are also looking ahead to the upcoming Federal Reserve meeting for clues about future rate increases. While the U.K.?s FTSE 100 Index has climbed by 0.6 percent, the German DAX Index and the French CAC 40 Index are up by 0.2 percent and 0.1 percent, respectively. Dutch financial services

By Kester Kenn Klomegah Russia needs to go beyond its traditional rhetoric of Soviet assistance rendered to Africa. It is important now to highlight concrete success stories and policy achievements, at least, during the past decade in Africa. The young generation and the middle class aged between 25 and 45 that make up the bulk of the 1.3 population hardly see the broad positive impact of Russia’s economic cooperation with Africa. Russia plans to hold the second Russia-Africa summit later this year. Sergey Lavrov, Minister of Foreign Affairs of the Russian Federation, indicated in a mid-June message that “in these

SWIFT will hold an open API hackathon at its annual African Regional Conference (ARC) from April 21-23 in Cape Town, South Africa, the organisers have said. The hackathon aims to identity new solutions to reduce cost in cross-border payments into and within Africa, a statement dated Wednesday. February 19, 2020 explained. The hackathon is open to developers and engineers working in the financial sector who want to shape the future of Africa’s growing payments market. Over two days, teams of developers will be given access to a combination of SWIFT and industry APIs in an open sandbox environment provided by

By Dipo Olowookere A few days ago, there were reports in a section of the media that the Chairman of United Bank for Africa (UBA) Plc, Mr Tony Elumelu, was allegedly involved in a N41 billion fraud, with respect to the defunct Nigeria Telecommunication Company (NITEL). According to the reports, Mr Elumelu was indicted for the alleged scam alongside some of the principal officers of the financial institution. But in a statement, the lender said the reports were “untrue, misleading, malicious, libellous and should be disregarded in its entirety. In the statement signed by the company secretary, Bili Odum, UBA

The leading bus transport company in Lagos State, Lagos Bus Services Limited (LBSL), has successfully transported 10 million Nigerians in 10 months of its operations. This disclosure was made in Lagos on Thursday, March 19, 2020 by the company’s Managing Director/Chief Executive, Mr Idowu Oguntona, after a commemorative bus ride with the 10-millionth passenger of the company from the Ojodu-Berger Terminus to Tafawa Balewa Square, Lagos Island. The 10-millionth commuter, Uwuadileke Chinedu, was identified before the trip commenced and was given a one-month free bus pass at a short commemorative ceremony at the bus terminus. Mr Oguntona, who was accompanied

By Dipo Olowookere The desire to become the leading integrated energy company in Africa has made Heirs Oil & Gas (HHOG) hire the vice president of Royal Dutch Shell Group in Hague, Netherlands, Mr Osayande Igiehon, as its new Chief Executive Officer. Mr Igiehon, whose appointment became effective May 4, 2021, brings over 27 years of experience and expertise in the oil and gas sector with Shell into Heirs Oil. When he was the Chairman and CEO of Shell Gabon, he led the successful turnaround of the operational, safety and financial performance of the organisation. These are a few of

By Modupe Gbadeyanka The Lagos State government has announced a tax holiday for business owners at the popular Circle Mall in Lekki, whose stores were burnt down by some hoodlums about two weeks ago. In the aftermath of the shooting of peaceful #EndSARS protesters in Lagos by soldiers, thugs unleashed terror on the state, burning down both government and private properties. The Circle Mall was among those destroyed by arsonists, leaving owners of shops and stores helpless. On Sunday, Governor Babajide Sanwo-Olu held a meeting with tenants of the mall and promised to assist them with tax break and loans