Global Food Prices Index Rises 1.2% in July 2020

By Dipo Olowookere The House of Representatives Committee on Customs and Excise chaired by Mr Leke Abejide, has promised to ensure that all customs duties and levies collected by the Nigeria Customs Service (NCS) are accounted for and remitted to the nation’s purse. He gave this assurance during the inaugural meeting of the panel on Wednesday in Abuja, using the occasion to roll out the seven-point agenda of his group. The lawmaker, who contested in the recently-concluded governorship election in Kogi State under the African Democratic Party (ADC), listed the key focus of the team as oversight of the Nigeria

By Adedapo Adesanya  The Nigerian Naira weakened by 17.9 per cent or N144.49 against the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 6 as confidence waned in the Central Bank of Nigeria’s (CBN) ability to boost the market with enough foreign exchange (FX). Yesterday, the exchange rate of the Naira to the Dollar closed at N951.22/$1 in the official market compared with the preceding session’s rate of N806.73/$1. This happened as the forex turnover slightly went down by 4.9 per cent or $7.05 million to $135.58 million from the $142.63 million reported in the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed 0.15 per cent in the positive territory on Wednesday, December 6 as it extended its streak to a third day spurred by gains in three bellwethers. 11 Plc recorded a N16.00 appreciation to sell at N176.00 per share compared to the previous day’s N160.00 per share, Central Securities Clearing System (CSCS) Plc gained 43 Kobo to settle at N17.51 per unit versus the preceding day’s N17.08 per unit, and FrieslandCampina Wanco Nigeria Plc rose by 20 Kobo to close the day at N72.89 per unit, in contrast to Tuesday’s closing

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Modupe Gbadeyanka The management of one of Nigeria’s leading insurance service providers, Linkage Assurance Plc, has announced that it would now file its 2016 audited financial statements on or before Sunday, April 30, 2017. In a statement issued by the firm and signed by its Secretary, Mrs Kehinde Ayodele, it was explained that this delay is as a result of the “challenges encountered during the 2015 audit exercise following the delay in the approval of the Annual Accounts of a private company where linkage Assurance Plc holds unquoted shares accounting for over 75 percent of our investment portfolio.” According

By Adedapo Adesanya Despite a drop in demand, the Naira depreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Tuesday, July 13. Business Post gathered from FMDQ Securities Exchange that the local currency depreciated by 25 kobo or 0.06 per cent to sell for N411.75/$1 yesterday in contrast to N411.50/$1 it traded on Monday. During the session, the market segment recorded a turnover of $116.15 million, 34.1 per cent or $59.98 million lower than the $176.13 million achieved at the preceding session. A look at the unregulated window of the

By Adedapo Adesanya The federal government has disclosed that the reconstruction and rehabilitation of Port Harcourt – Maiduguri narrow gauge railway is to commence in 2021. The Minister of Transportation, Mr Rotimi Amaechi, disclosed this during the 2021 budget defence of the ministry’s estimates before the joint committees of the Senate and House of Representatives held in Abuja on Friday. Mr Amaechi said that the rehabilitation of the gauge was part of priority projects of the national government to achieve intermodal transportation to enhance economic growth. He also mentioned the construction of the central railway from Itakpe to Abuja and

By Dipo Olowookere The Economic and Financial Crimes Commission (EFCC) on Tuesday, September 18, 2018, informed Justice Muhammad Idris of the Federal High Court sitting in Ikoyi, Lagos how a suspended Branch Manager of Heritage Bank Plc in Yenogoa, Mr Iwejuo Nna Joseph, allegedly concealed funds through his son’s account. The defendant was arraigned alongside Dudafa Waripamo-Owei, a former Senior Special Adviser on Domestic Matters to former President Goodluck Jonathan, on June 11, 2016, on a 23-count charge of conspiracy to conceal proceeds of crime to the tune of N1.6 billion. While cross-examining Joseph who gave evidence in his defence,

By Modupe Gbadeyanka Federal government has been given a seven-day ultimatum to settle outstanding debts totalling N800 billion or risk the nation would be forced into another fuel scarcity. This threat was made by oil marketers in the country under the umbrellas of Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs). On Wednesday, November 28, 2018, the oil marketers served the ultimatum letter on the Debt Management Office (DMO), Minister of Finance, Chairman, Senate Committee on Petroleum Downstream, Department of State Services and Minister of State, Petroleum Resources.

By Modupe Gbadeyanka Analysts in the financial markets have predicted that this week, there would decreases in the bond yields at the OTC market. The declines are expected to occur amid financial system liquidity ease. According to Cowry Asset, the FGN Eurobonds traded on the London Stock Exchange depreciated in value last week for all maturities tracked amid sustained sell pressure; the 10-year, 6.75 percent JAN 28, 2021, the 5-year, 5.13 percent JUL 12, 2018 and the 10-year, 6.38 percent JUL 12, 2023 decreased in value by N0.60, N0.14 and N1.16 respectively; their corresponding yields rose to 5.47 percent from

By Modupe Gbadeyanka An executive at Heritage Bank Plc, Ms Osepiribo Ben-Willie, has been given a Heart of Gold award at the annual Red Ball for Charity organised by EveAfrique. The banker, who is the Directorate Head of South-South, South-East & Private Wealth Management at Heritage Bank, was part of the 10 awardees recognised for her immense contribution to the sustainable development and socio-economic growth in the Niger Delta region. Ms Ben-Willie stated that Heritage Bank has been at the forefront of investing in human capital development for critical economic recovery. This, according to her, informed the keen interest in

By Dipo Olowookere The first trading session of the new week at the exchange located on Customs Street, Victoria Island, Lagos closed bullish as Nigerian stocks appreciated by 0.89 per cent on Monday. The gains recorded by 26 equities, which overpowered the losses printed by eight shares pushed the All-Share Index (ASI) higher by 340.48 points to 38,722.87 points from the previous 38,382.39 points and lifted the market capitalisation by N178 billion to N20.260 trillion from N20.082 trillion. Business Post observed that the growth achieved yesterday was influenced by gains across the key sectors of the market with the exception