Investors Snub DMO’s August N145bn Bond Sale

By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

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 Modupe Gbadeyanka Nigeria’s Senate has observed that the fight against corruption in Nigeria may be scuttled by the growing underfunding of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other anti-corruption agencies in the country. Chairman, Senate Committee on Anti-corruption and Financial Crimes, Mr Chukwuka Godfrey Utazi, who raised the concern during the budget defence of ICPC at the National Assembly Complex, noted that poor budgetary allocation to the commission would hinder ICPC from attaining its set targets. “If we want to fight corruption, we must fund the fight. You want to fight corruption without funding?

By Ahmed Rahma The Nigerian Air Force (NAF) has inaugurated 203 special forces (SF) and integrated combat operations (ICO) personnel to boost security operations of the country. During the inauguration of the course on Tuesday in Bauchi, Mr Idi Amin, Air Officer Commanding Ground Training Command (AOC GTC), said the training was another effort to boost the capacity of Air Force personnel. According to him, the inauguration comprised a combined inauguration ceremony of Special Forces Course 8/2021 and the Nigerian Intelligence Agency (NIA) Integrated Combat Operations Course 1/2021 in the state. Mr Amin explained that the objective of the special

By Dipo Olowookere A Federal High Court sitting in Kano presided over by  Justice Zainab B. Abubakar today ordered the forfeiture of the sum of $9.8 million and £74,000 recovered from a former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Andrew Yakubu, to the Federal Government. The order was sequel to an ex parte application by the EFCC seeking an interim forfeiture of the recovered money to the Federal Government. The ex parte application was moved by Salihu Sani, counsel for the applicant. In her ruling, Justice Zainab held “That the sum of $9,772,000 (Nine Million,

By Modupe Gbadeyanka An arm of Ecobank Group, O&O Networks Limited, has described reports in some sections of the media that a Federal High Court asked it to forfeiture shares of the company in Airtel Nigeria as not only false, but misleading. It was reported last week that the court had directed the firm to forfeiture its stake in the telecommunication company.  O&O Networks Limited is defending long-standing proceedings in the Federal High Court relating to its ownership of shares in Airtel Networks Limited that were once owned by it. The company, previously owned by Oceanic Bank, formed part of

By Dipo Olowookere The $50 oil benchmark set for the 2018 budget by the National Assembly (NASS) has been faulted by the Lead Partner at BudgIT Nigeria, Mr Oluseun Onigbinde. The parliament, last Wednesday, passed the 2018 appropriation bill after six months it was presented by President Muhammadu Buhari. In the budget estimate presented to a joint session of the National Assembly in November 2017 by President Buhari, the oil benchmark was pegged at $45 per barrel. However, when the budget was passed last Wednesday, it was raised to $50 per barrel. Last week, for the first time since November

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the bearish zone on Thursday, December 29 as it depreciated 0.14 per cent. This was driven by the negative price movements from two companies, which outweighed the single price gainer recorded during the session. Central Securities Clearing System (CSCS) Plc lost 47 Kobo yesterday to settle at N12.00 per unit, in contrast to the previous day’s N12.47 per unit, as UBN Property Plc depreciated by 4 Kobo to trade at 73 Kobo per unit compared with Wednesday’s price of 77 Kobo per unit. The only price gainer for the

By Investors Hub European stocks have moved sharply higher on Monday, extending gains from the previous session amid renewed optimism over U.S.-China trade talks. Tariff-exposed automakers and commodity-related mining stocks have led the surge after U.S. Commerce Secretary Wilbur Ross told Bloomberg that licenses would be released “very shortly” for U.S. firms to sell components to Huawei Technologies Co. Ross also said that there was “no natural reason” why a “phase one” trade deal with China couldn’t be reached this month. In economic releases, a measure of Eurozone manufacturing was finalized at 45.9 in October, up from September’s seven-year low

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has said that aggregate foreign exchange (FX) inflows into the nation’s economy fell by 17.2 per cent to $6.58 billion in April 2022 from the $7.95 billion recorded in the preceding month. The CBN made this known in its April monthly report on forex flows through the economy. The report noted that “The economy recorded a lower net foreign exchange inflow of $2.63bn from $3.53 billion in the preceding month. Aggregate foreign exchange inflow into the economy fell by 17.2 per cent to $6.58 billion in April 2022, compared with $7.95