Hunger for One-Year OMO Bills Drops at CBN Auction

By Dipo Olowookere The trio of Universal Insurance, Oando and UBA were the busiest stocks on the floor of the Nigerian Exchange (NGX) Limited last week, trading 2.212 billion units valued at N8.907 billion in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total trading volume and value, respectively. In the week, investors transacted 3.911 billion shares worth N30.379 billion in 38,536 deals versus the 2.933 billion shares worth N47.449 billion exchanged in 44,654 deals in the preceding week. Financial stocks dominated with 2.774 billion units valued at N15.241 billion in 16,379 deals, contributing 70.92 per

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has called for collective efforts to shape the energy sector in Nigeria, noting that no meaningful economic growth can be achieved without it. Mr Adelabu said this at the Nigeria Energy 2023 leadership summit recently held in Lagos, with the theme Unlocking new value with reforms, investments, and technology which saw in attendance industry leaders. The Minister said, “Energy is the lifeblood of any modern economy of which Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without energy. “We can be talking of potential

By Ebitonye Akpodigha Wanted Boko Haram leader, Abubakar Shekau, has resurfaced in a new video posted on YouTube on Sunday, September 25, 2016. Mr Shekau said in the 40-minute video that he was still alive, rubbishing claims by the Nigerian military that he was killed during an airstrike. On August 23, the Nigerian Army had claimed that Mr Shekau had been fatally wounded in the shoulder during an air raid in which several commanders were killed. On September 13, 2016, the group released a video where it threatened to capture President Muhammadu Buhari. It also said it was ready to

By Adedapo Adesanya The federal government hopes to achieve 90 per cent broadband penetration in the country by 2023. The Minister of Communications and Digital Economy, Mr Isa Pantami, said this on Thursday at a briefing organised by the All Progressive Congress Professional Forum in Abuja, according to a statement by the spokesperson for the ministry, Mr Uwa Suleiman. The statement was titled Federal Government targets ninety per cent broadband penetration, records unprecedented success rate in nineteen years and it mapped out plans to achieve the target in the next two years. The statement said the digital economy sector had

By Adedapo Adesanya It was another day of loss for investors at the NASD Over-the-Counter (OTC) Securities Exchange as they lost 2.14 per cent on Tuesday. The decline suffered by unlisted stocks in Nigeria was caused by the poor performance of three companies admitted on the NASD Exchange. These three securities are Nigerian Exchange (NGX) Group Plc, FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc. Friesland lost N6 or 4.5 per cent to close at N128 per unit as against the previous N134 per unit, NGX Group depreciated by N2.47 or 9.4 per cent to close at

By Dipo Olowookere Identity crisis is one thing most people do not wish to experience because it could rob someone of many things and in some cases, it has been a blessing. For a South African-based Nigerian actor, Sule Stanley, the headache of people mistaking him for a veteran actor, Nkem Owoh, otherwise known as Osuofia, is what is he not ready for and to minimise this, he had to settle for the name Ukwa South. Osuofia, a well-known comic actor in the Nigerian movie industry fondly called Nollywood, is also called Ukwa. “[The] Ukwa brand didn’t start today,” the

By Aduragbemi Omiyale The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has emphasised the important role of sports in the socio-economic development of any nation. He said the sports industry can be used to deepen financial inclusion in Nigeria and also discover more talents, who may likely ply their trades outside the country and remit more foreign exchange earnings to the nation, which will, in turn, boost the value of the Naira. Speaking when he received the trophy won by the SEC Football Team at the just-concluded Central Bank of Nigeria (CBN) All Financial Institutions Football

By Modupe Gbadeyanka One of the financial institutions owned by fourth largest telecommunication firm, 9mobile, formerly known as Etisalat Nigeria, the United Bank for Africa (UBA) Plc, has disclosed that it has made a provision on loans to the company. This comes after Zenith Bank had earlier disclosed this month that it had made a 30 percent provision on its loan to 9mobile. Chief Executive of UBA, Mr Kennedy Uzoka, was quoted by Reuters to have said, “We have taken a general loan loss provision on Etisalat (Nigeria).” Though the bank did not give details of the provision, but said

By Dipo Olowookere Nine officials of BGL Group Plc earlier barred from operating in the Nigerian capital market can now consider a career in the sector, if they intend to, after serving their punishments. The affected capital market operators were banned by the Securities and Exchange Commission (SEC) after they were found guilty of committing infractions in the course of carrying out their duties. The nine persons, who can now operate in the market, were banned between one and two years and they are; Nkechi Azubuike, Adekunle Wasiu Alli, Andre Ewubare, Mohan Lalchandani, Joshua Sesan Adetiloye, Victor Inyang, Hilary Eledu,

By The Witness Newspaper Skye Bank Plc and its subsidiary, Skye Trustees Limited, are currently enmeshed in fresh controversy following the demolition of more than 200 houses at the instance of the two organisations in Lagos, THE WITNESS reports. While the President Muhammadu Buhari administration is striving so hard to achieve its target of delivering affordable housing to the people, the Tokunbo Abiru-led financial institution and its subsidiary on Thursday, July 26th 2018 visited hardship on the Glorious Villa Community in Ibeju Lekki Local Government Area of Lagos State which housed over 3000 inhabitants when they demolished the properties. THE