Investors Expect Higher Rates as FG Sells N225bn Bonds Today

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has assured foreign investors of low production costs as they consider investing in the country’s mining sector. Speaking at the Mines and Money Conference in London, Mr Alake said President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the Minister said, according to a statement by his aide, Mr Kehinde Bamigbetan. “Recently, recognizing the evolving global landscape and

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Dipo Olowookere The Jigawa State government has been charged to consider a huge investment in digital agriculture because it could significantly spur economic growth. Nigeria is blessed with arable land but the country, which is the largest market in Africa, is not utilising this to grow its economy. The administration of President Muhammadu Buhari had said it would diversify the nation’s economy by putting more attention on agriculture and reduce the country reliance on crude oil. This diversification agency was intensified when Nigeria plunged into a recession in the second quarter of 2016 as a result of a decline

By Dipo Olowookere A new movie titled Yeye Alara and produced by sultry Nigerian actress, Eniola Ajao, will be released on home video format on Monday, November 19, 2018 by Gemini Films and Music Marketing Company. The epic and mind-blowing flick from the talented and enterprising thespian centres on power, envy, betrayal and love for humanity. Eniola Ajao, the current brand ambassador for the fast-growing betting company, PaddyPaddyBet, played the lead role as Yeye Alara in the movie, while rave of the moment in Yoruba contemporary movies, Odunlade Adekola, played the character, Dongari. In the film, Yeye Alara is a

By Investors Hub The major U.S. index futures are currently pointing to a sharply lower open on Monday, with stocks likely to give back ground following the rally seen going into the close of trading last Friday. Traders may look to cash in on the previous session’s gains amid escalating concerns about the economic impact of the coronavirus pandemic. Central banks around the world, including the Federal Reserve, are taking steps to provide economic stimulus to combat the effects of the virus, but the moves may only serve to exacerbate concerns about the impact of the outbreak. On Sunday, the

By Dipo Olowookere Former Governor of Ogun State, Otunba Gbenga Daniel (OGD), has been expelled by the state chapter of the Peoples Democratic Party (PDP). Also sacked by the party were House of Representatives member, Mr Ladi Adebutu; factional chairman of the PDP in the state, Mr Sikirullai Ogundele; and the factional state Secretary, Mr Tolu Bankole. Speaking with journalists on Saturday at the state secretariat of PDP on IBB Boulevard, Abeokuta, the Ogun State capital, Chairman of the party in the state, Mr Bayo Dayo, noted that the affected members were expelled in order to save the party. He

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By Dipo Olowookere A robbery incident reportedly occurred at one of the branches of First Bank Nigeria Limited in Ondo State some hours ago. Business Post gathered that the unfortunate incident led to the death of about four persons, including two policemen and civilians who were around the area. According to reports, the armed robbers attacked the financial institution located in Ile Oluji town, the headquarters of Ile Oluji/Oke-Igbo Local Government Area of Ondo State, with dynamites. It was not certain if the hoodlums carted away with some depositors’ money, but according to pictures obtained by this newspaper, the doors

By Adedapo Adesanya The Federal Inland Revenue Service (FIRS) has said the new tax regulations on rents and leases should not be any basis for increment by landlords because they are not collection agents. This was disclosed in a statement by Mr Abdullahi Ismaila Ahmad, the director of FIRS communications and liaison department. In the notice, he quoted the Executive Chairman of the tax agency, Mr Muhammad Nami, as saying in an interview on Nigeria Info in Abuja that rents should not be raised because of the stamp duty charge. The FIRS chief explained that tenants would be the parties

By Jerome-Mario Chijioke Utomi It was in the news recently that residents of the Oworonshoki area in Lagos State on Wednesday, August 2, 2023, protested the ongoing demolition in their area by the Lagos State Task Force, which has seen many residents lose their belongings and homes, left several women and children homeless, and forced many to seek shelter in churches and uncompleted buildings in other areas. During the protest, which was held at the state House of Assembly complex in Alausa, Ikeja, protesters were seen with placards with inscriptions such as “Say no to land grabbers and wrong demolition”,