Investors Shun Trading at NASD Exchange

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has confirmed the resignation of Mr Godwin Emefiele as its governor and the resumption of Mr Olayemi Cardoso as the next head of the apex bank, albeit in an acting capacity. The apex bank’s Director of Corporate Communications, Mr Isa AbdulMumin, said Mr Cardoso will act as governor pending his confirmation by the Nigerian Senate, which is away on recess until Tuesday, September 26. This also confirms the exit of Mr Folashodun Shonubi, who was acting in that position following the ousting of Mr Emefile three months ago. “Dr Olayemi Michael

By Adedapo Adesanya Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Wednesday continued with its Open Market Operations (OMO) auctions, selling a total of N35.69 billion bills. A breakdown of the sale showed that the apex bank sold N2.21 billion worth of the 91-day bills at 16 percent stop rate, while it traded N33.48 billion worth of the 198-day bills at 17.80 percent. During today’s trade, the treasury bills market was slightly bullish, with some more buys on some attractive short tenured bills, as market players anticipate inflows from OMO maturities on Thursday. The market is expected to remain bullish tomorrow

By Modupe Gbadeyanka No fewer than 40,000 direct and indirect jobs are expected to be created from the execution of the Nigeria Liquefied Natural Gas (NLNG) Train 7 project worth $17 billion. Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Wabote, who made this disclosure, said this development will go a long way to boost the nation’s economy. The NCDMB boss said further that, “The NLNG Train-7 will deliver 100 percent engineering of all non-cryogenic areas in-country. The total in-country engineering man-hours is set at 55 percent which exceeds the minimum level stipulated in the

By Dipo Olowookere An independent non-executive director on the board of directors of Nestle Nigeria Plc, Mrs Ndidi Okonkwo Nwuneli, has tendered her resignation. A notice from the company on Tuesday explained that Mrs Nwuneli resigned from the board because of her ongoing fellowship at the Harvard Kennedy School. Mrs Nwuneli, whose resignation was accepted by the board, was appointed as an independent non-executive director of Nestle Nigeria in February 2014. During her time, she contributed to the success story of the company, which is one of the leading makers of beverages and household items in the country. According to

By Adedapo Adesanya The Speaker of the House of Representatives, Mr Femi Gbajabiamila, has said that despite rising tensions in the country as the country anticipates the next president, the nation will remain at peace. He made this comment as the lower chamber resumed plenary on Tuesday, saying that the real test of an advanced democracy is the ability to manage grievances without causing fatal damage to the polity. “Nigeria will be at peace because we will work through the law and due process to resolve differences, settle disputes and ensure the peaceful transition of power,” he said. “I am

By Adedapo Adesanya The Securities and Exchange Commission (SEC) has expressed worry over negative impact the recent decline in prices crude oil and the coronavirus (COVID-19) on the Nigerian capital market. Acting Director-General of the commission, Ms Mary Uduk, while speaking at a news conference in Abuja on Wednesday, stated that the capital market is a global phenomenon. So, whatever affects any other country of the world will affect the Nigerian capital market because oil, a global entity drives major economies. “This thing is everywhere and our capital market is global just like any other capital market. “You will recall

By Dipo Olowookere A total of 30 stocks appreciated in price on the floor of the Nigerian Exchange (NGX) Limited on Thursday as investors sustained their interest in the local equities. The price gainers were led by Guinness Nigeria after its share price rose by 10.00 per cent yesterday to settle at N55.00, while Total Energies grew by 9.92 per cent to N264.90. UPDC appreciated by 9.90 per cent to N1.11, RT Briscoe improved by 9.09 per cent to 36 kobo, while University Press gained 8.16 per cent to sell for N2.65. On the losers’ log, there were nine members

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) reversed the bearish closure yesterday to finish bullish today after Seplat led the gainers’ chart. The equity market closed the last trading day of the week in the green zone, appreciating by 0.30 percent to inflate the YtD gain to 7.02 percent. The All-Share Index (ASI) increased at the Friday’s transactions by 120.22 percent to settle at 40,928.70 points, while the market capitalisation went up by N43.4 billion to close at N14.784 trillion. Business Post reports that Seplat added N33.20k to its share value today to wrap the day at N698.30k per

By Ashemiriogwa Emmanuel Provider of premium banking services for African Small/Medium Enterprises (SMEs), Brass, has raised the sum of $1.7 million in a funding round to strengthen its financial services rendered to local entrepreneurs, traders, and fast-growing businesses across the continent. Investors who participated in the round included the co-founder of Flutterwave, Mr Olugbenga Agboola, co-founder of Paystack, acquired by Stripe, Mr Ezra Olubi, Hustle Fund, Acuity Ventures, Uncovered Fund, and Ventures Platform. Brass’ past investors have included Olumide Soyombo of Voltron Capital, Leonard Stiegler, Fola Olatunji-David, Yemi Lawani, and two senior executives from major Nigerian banks. With the fresh