Inflation Will Escalate if CBN Continues to Fund Government Deficits—IMF

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

**As All-Share Index Drops to 29,000 Region By Dipo Olowookere The six-hour trading period on the floor of the Nigerian Stock Exchange (NSE) yesterday ended again on a negative note. This was as a result of the further loss registered by the local bourse on Wednesday buoyed by profit-taking, which led to the reduction in the market value by N209 billion. The stock market is yet to record any gain this week and from the look of things, the exchange might not close in the green territory this week. During the midweek trading session, the stock market depreciated by 1.85

By Adedapo Adesanya The Nigerian Communications Commission (NCC) has given N20 million in grants to four startups to support their novel digital solutions aimed at curbing insecurity and advancing the Internet of Things (IoT) frontier in the country. This is in line with NCC’s resolve to encourage and support indigenous innovations. The four startups are Clearflow system Hub, Aelaus Engineering teams/Hyech Electronics solutions focused on IoT (Internet of Things) for kidnapping and banditry in Nigeria while Kalibotics, CyberNorth Tech concentrated on assistive robotics for effective e-waste management. They will get N5 million. A statement from the agency said the announcement

By Modupe Gbadeyanka Three policemen attached to the Governor of Delta State and Vice Presidential candidate of the Peoples Democratic Party (PDP), Mr Ifeanyi Okowa, have been killed by some gunmen. The assailants wasted the lives of the security officials when they attacked the Mr Okowa’s convoy in Anambra State. The three security orderlies identified as Inspectors Lucky Aleh, Celestine Nwadiokwu and Jude Obuh of the Department of Explosive Ordinance Device (EoD) from the Delta State Police Command, Asaba, were shot dead on Friday in the Ihiala local government area of Anambra State on Mr Okowa’s way to Abia State

By Modupe Gbadeyanka Following a more than five-year hiatus, the United Nations World Food Programme (WFP) resumed its school meals programme in Sudan’s Blue Nile State this week for more than 7,000 students in 21 schools. Insecurity and lack of access had forced WFP to suspend the programme in September 2011. Prior to this interruption, WFP had provided school meals to around 70,000 students throughout Blue Nile State. “I remember there were times when my sisters and I used to go home for breakfast in the middle of the school day,” said 15-year-old Ibrahim Ahmed, a student in Blue Nile

By Dipo Olowookere About 144 trucks filled with hoarded petroleum products have been discovered in Kano State by security agencies and the Nigerian National Petroleum Corporation (NNPC) monitoring team. The team was set up to rapidly end remnants of petroleum products supply gaps in parts of the country. The apprehended 144 trucks were not streamed by some marketers in Kano and the products were meant to feed state and its environs. Sequel to the discovery, the resurfaced trucks had been sent to discharge their products at the designated locations. Of the 144 trucks discovered, 26 were scheduled for Katsina, while

By Modupe Gbadeyanka Pressure on the Naira at the parallel market returned on Tuesday amid the shortage of Dollar in circulation. At the close of market yesterday, the local currency, which closed at N498 per Dollar on Monday, finished at N499 per Dollar. The Naira was exchanged for N500 to the Dollar at the end of last Friday, but appreciated by N2 on Monday. Traders had thought this would continue on Tuesday, but that was never so. Also on Tuesday, the Naira was exchanged for N612 to the Pound Sterling, while the Euro was traded for N530. Meanwhile, Business Post

By Dipo Olowookere What could have been another loss at the Nigerian Stock Exchange (NSE) on Tuesday was averted following the late comeback of some equities. Sixteen stocks at the market managed to closed positive, helping the bourse to finish marginally higher by 0.02 per cent. Dangote Sugar, which was the highest price gainer, appreciated by 30 kobo to finish at N12.60 per share, while Flour Mills, which was the next in line rose by 20 kobo to settle at N18.50 per unit. UBA gained 15 kobo to trade at N6.65 per share, University Press appreciated by 11 kobo to

By Dipo Olowookere The Nigerian Exchange (NGX) Limited suffered one of its heaviest losses in recent times on Friday as it depreciated by 1.21 per cent as banking equities struggled to get patronage. Yesterday, holders of stocks in the banking sector, especially those desperate to liquidate their holdings, lowered their prices to attract buyers but this strategy did not work as investors remain cautious of the macroeconomic environment and are limiting their exposure to the equity market. The absence of a positive trigger weakened the All Share Index (ASI) by 633.01 points during the session to 51,778.08 points to 52,411.09