Geo-Fluids Triggers 0.12% Appreciation at NASD OTC Bourse

By Adedapo Adesanya Oil prices moderated in choppy trade on Monday as Russia relaxed its fuel ban amid a widening demand worry. Brent crude futures lost 2 cents during the session to trade at $93.29 per barrel, and the US West Texas Intermediate (WTI) crude depreciated by 35 cents to close at $89.68 per barrel. Last week, prices were down after a hawkish Federal Reserve rattled global financial markets and raised concerns that interest rates could stay higher for longer affecting oil demand. This snapped a three-week rally of more than 10 per cent after Saudi Arabia and Russia constrained

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Adedapo Adesanya Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

By Dipo Olowookere The stock market in Nigeria witnessed another negative outcome on Tuesday as selloffs in Flour Mills, Zenith Bank and 16 others weakened the ecosystem by 0.09 per cent. This reduced the All-Share Index (ASI) by 30.62 points to 35,033.74 points from the previous day’s 35,064.36 points. It also slashed the market capitalisation by N16 billion to N18.311 trillion from N18.327 trillion. During the trading session, a total of 306.9 million shares worth N3.3 billion exchanged hands in 4,500 deals compared with the 324.3 million equities worth N3.2 billion transacted in 4,103 deals on Monday. From the analysis

By Modupe Gbadeyanka Ringier Africa Digital Publishing (RADP), Ringier Africa’s new media publisher, is expanding its news and media portfolio with the digital launch of Men’s Health and Women’s Health in Nigeria and Ghana. The Sub-Saharan Africa content partnership with the leading global fitness publishing brands will commence in December 2016. The expansion of Women’s Health and Men’s Health into Nigeria and Ghana sees the brand’s first foray into the African market, outside of South Africa – fully digital. Launched in 2005 and read globally by over 34 million people, the monthly glossies will be available in Ghana and Nigeria.

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said that he has successfully disrupted the activities of currency hoarders and speculators with the Naira redesign. The CBN governor, while speaking after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, said there is no going back on its January 31, 2023, deadline for the validity of the old N200, N500, and N1,000 notes. He said there was no reason for the nation’s currency in circulation to rise from N1.4 trillion to N3.2 trillion in seven years, saying that some

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) ended last week bearish, closing 1.27 percent lower to widen the year-to-date loss to 4.4 percent. Business Post reports that during the week, investors lost a total of N169.8 billion to profit taking, which reduced the market capitalisation to N13.233 trillion. The weekly loss came despite President Muhammadu Buhari assuring the investing community that his administration will use its second term to improve the economy, security and fight corruption; all which were his main focus during his first term in office. The President, who gave this assurance during his June 12 speech,

By Adedapo Adesanya * Cost of other alternatives transport soar in Review Month ** Ripples of fuel subsidy spur rise in food, rent, others *** President Tinubu launches palliative measures to cushion effect The average fare paid by commuters for bus journeys within the city per increased by 97.9 per cent from N649.59 in May 2023 to N1,285.41 in June 2023 as Nigerians grapple with a rise in prices after President Bola Tinubu announced the removal of fuel subsidy. This was contained in the Transport Fare Watch June 2023 released by the National Bureau of Statistics (NBS) over the weekend,

By Modupe Gbadeyanka Minister of Labour and Employment, Mr Chris Nwabueze Ngige, has expressed sadness over the sudden death of the General Secretary of the Radio, Television and Theatre Arts Workers Union (RATTAWU), Comrade Henry Odugala. Expressing utter disbelief at his sudden demise, Mr Ngige said that labour has lost one of its leaders whose insistence on social dialogue as a way to industrial harmony was exemplary. “This is a huge loss to labour and the nation, and his immense contributions to the struggle for better working conditions for journalists will be greatly missed,” he added. “The issue of improved

By FBNQuest Research Credit is one of the several inputs in short supply in Nigeria. Private-sector credit extension at end-2016 represented just 21.9 percent of GDP, compared with 75.0 percent in South Africa. Nor is there impressive growth to suggest that the gap is narrowing. CBN data from a different series to that shown in our chart highlight an increase of 19.4 percent y/y in December in naira terms: we should note, however, the large share allocated to the oil and gas sector and the weight of those loans denominated in forex. The increase would otherwise have been negligible. One

By Adedapo Adesanya From January 2022, the federal government will no longer pay the N30 billion electricity subsidy, meaning that Nigerians will have to pay more to get electricity. This was disclosed by the Special Adviser to the President on infrastructure, Mr Ahmed Zakari, at a stakeholders engagement meeting organised by the Nigerian Electricity Commission (NERC) in Lagos. According to him, exiting its power sector intervention fund will allow the electricity market to run on its own, leaving demand and supply, and market participants to determine prices. This is coming at a time when the country’s power sector is facing