Ikoyi Loot: CBN Governor Snubs Reps

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Dipo Olowookere After acquiring a significant stake in FBN Holdings Plc, oil mogul, Mr Femi Otedola, now has someone to protect his interest in the financial institution. A few months ago, FBN Holdings was embroiled in a leadership tussle between Mr Otedola and the current chairman of the company, Mr Tunde Hassan-Odukale. The Nigerian Exchange (NGX) Limited and other stakeholders had to intervene in the matter and it was clearly made known that Mr Otedola is the largest single shareholder of FBN Holdings, which is sometimes fondly called First Bank. It was feared that Mr Otedola may topple his

By Modupe Gbadeyanka The office of the Central Bank of Nigeria (CBN) in Makurdi, Benue State capital, has been gutted by an early morning fire. The incident, which occurred on Thursday, has been quickly quenched as a result of the prompt response of members of staff of the apex bank and the Benue State Fire Service. According to reports, the inferno started from the fuel dome of the bank located at the Old GRA Area of Makurdi but was brought under control, preventing it from spreading to the main building. Normal activities have since resumed at the offices. At the

By Modupe Gbadeyanka Former Nigerian President, Mr Olusegun Obasanjo, has tasked government at all levels to ensure they create an enabling environment for investors to do business. Mr Obasanjo said when the environment is okay, investors will have the confidence to put down their money to do business in the country. The Ota farmer, while speaking on Friday at the 2017 Annual Dinner and Awards of the Institute of Chartered Accountants of Nigeria (ICAN) in Lagos, “There are great opportunities out there, as government we need to create ways for investments and conducive conditions for investments to thrive.” Also on

By Dipo Olowookere The treasury bills market traded bullish on Monday as market player prepare for the primary market auction slated for tomorrow. During the exercise to be conducted by the Central Bank of Nigeria (CBN), a total of the government securities worth N58 billion would be offered to investors. At the market yesterday, analysts at Zedcrest Research said there was an aggressive yield declines, about 1.35 percent observed on the short to medium end of the curve. This was attributed to backdrop of the significant amount of liquidity in the system following the recent slowdown in OMO auction sales

By Adedapo Adesanya The African Development Bank (AfDB) has approved an additional funding of €12.33 million for the Abidjan to Lagos highway corridor project. This brings the total contribution made by the Africa oriented lender on the project to €22.4 million . In a statement, the lender said the funds would be used to cover part of the costs related to the study of the Abidjan – Lagos motorway corridor development project which links cities across five West African countries namely Côte d’Ivoire, Ghana, Togo, Benin, and Nigeria. “The Abidjan – Lagos project, an important regional trade and transport corridor

By Modupe Gbadeyanka A report jointly released by Ghana’s Ministry of Finance and the UN-based Better Than Cash Alliance has revealed that the West African nation can save GHS 250 million (nearly $60 million) each year, which may result in more than GHS 1 billion ($230 million) by 2020 if it continues with progress made by embracing digital payments. The report documented Ghana’s progress in creating an economy where everyone can pay and get paid digitally, instead of cash. The results show the country has made significant gains, including almost 100 percent of government payments to people and payments within

By Dipo Olowookere This week, the Financial Services Industry (measured by volume) led the activity chart with 4.005 billion shares valued at N16.501 billion traded in 19,035 deals; thus contributing 90.49 percent and 68.08 percent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 167.723 million shares worth N464.656 million in 1,568 deals. The third place was occupied by Consumer Goods Industry with a turnover of 137.657 million shares worth N5.334 billion in 4,982 deals. Trading in the top three equities namely; Sterling Bank, Skye Bank and FCMB (measured by volume) accounted for 2.520 billion

By Dipo Olowookere The 1.53 percent loss recorded by the nation’s bourse on Monday has reduced the market capitalisation to N10 trillion region. The total value of equities on the Nigerian Stock Exchange (NSE) had closed last Friday at N11.124 trillion, but the N170 billion decline posted yesterday during the trading session reduced it to N10.954 trillion as a result of renewed profit taking by investors. The action also brought the All-Share Index (ASI) down to 29,162.24 points from 29,616.38 points, indicating a 454.14 points loss. Data obtained by Business Post from the NSE indicated that the market closed with