Investors Trade N12bn Financial Stocks in Five Days

A recent report from TU experts offers deep insights into Nigeria’s Forex trading scene, with a special focus on the importance of the New York session Forex time. In the first quarter of 2023, the US Forex Market witnessed a surge in daily volume, reaching $966.7 billion. The growth is an impressive 27% jump from past years, further solidifying the global Forex market’s role as a bustling currency trading center. With the FX market in operation 24 hours a day, transactions worth billions of dollars are made. Building on this global trend, Nigeria, with its robust economy boasting an annual

By Adedapo Adesanya Oil prices fell by 1 per cent on Wednesday after the US Federal Reserve left interest rates unchanged, as widely expected. Brent futures fell 81 cents or 0.9 per cent to settle at $93.53 a barrel, while the US West Texas Intermediate crude (WTI) fell by 92 cents or 1.0 per cent to trade at $90.28 per barrel. Wednesday’s decision means the benchmark short-term interest rate will remain at 5.25 per cent to 5.5 per cent, a 22-year high. This is only the second time since March 2022 that the US central bank meetings have concluded without

By Adedapo Adesanya Pressure further mounted on the Nigerian Naira at the different segments of the foreign exchange (FX) market on Tuesday as it depreciated against the US Dollar at the close of business. The scarcity of forex was responsible for the poor performance of the Naira in the Investors and Exporters (I&E), black market and peer-to-peer (P2P) segments of the market during the session. Business Post reports that the domestic currency lost N2.62 or 0.34 per cent on the greenback in the spot market yesterday to close at N776.60/$1 compared with the preceding session’s N773.98/$1, amid a 10.6 per

By Dipo Olowookere Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Ashemiriogwa Emmanuel Unity Bank Plc has unveiled a new code on its USSD platform to help customers stem the risk of fraud in electronic banking. The new anti-fraud USSD code, which is *7799*9*Phone Number#, will completely put customers in control of their bank accounts against any e-banking fraud, as it can be dialled to successfully block and protect an account from a third-party mobile device if fraud is suspected. During the unveiling of the new USSD dial, the Directorate Head, E-Business, Retail & SME Banking, Mr Funwa Akinmade, said executing measures to safeguard its e-banking platforms with enhanced safety

By Dipo Olowookere Barring any unforeseen circumstances, all the nine divisional chairmen and secretaries of Kogi East Peoples Democratic Party (PDP) will be smiling home with their cars courtesy of a deal being worked out for them to endorse Senator Attai Aidoko, a senatorial aspirant under the PDP as the sole candidate. Mr Aidoko, who is currently representing the senatorial district in the red chamber, became desperate after his concerted efforts and pleas at the national secretariat to get an automatic ticket hit the rocks last night. The election of the party’s senatorial candidate is expected to be by a

By Dipo Olowookere The promotion of Dr Demola Sogunle to the position of the Chief Executive Officer (CEO) of Stanbic IBTC Holdings Plc has been approved by the Central Bank of Nigeria (CBN). Mr Sogunle was elevated to the position in a recent reshuffling of the management by the board of the financial institution. Until his new appointment, he was the CEO of Stanbic IBTC Bank. Mr Sogunle previously served as Deputy Chief Executive and will also continue to serve as a non-executive director on the board of the bank. His elevation followed the promotion of his predecessor, Mr Yinka

By Modupe Gbadeyanka Nigeria Deposit Insurance Corporation (NDIC) has disclosed that at least 55 percent of the mortgage industry’s N94 billion loans are classified as non-performing. According to Bloomberg, mortgage lenders are buckling under the weight of unpaid loans as job losses and inflation near a record high hinder the ability of customers to pay off their debts. President of Mortgage Banking Association of Nigeria, Mr Adeniyi Akinlusi, was quoted as saying, “They are just struggling to survive; a lot of them aren’t making money.” While the association said it was not aware of any mortgage lenders on the verge

By Modupe Gbadeyanka A poultry processing mill has been constructed in Umuomainta community in Isiala Ngwa North Local Government Area of Abia State. Minister of Agriculture, Mr Audu Ogbe, while handing over a motorised borehole with overhead plastic tank to the community, expressed his excitement over the decision of the Abia State government to site a poultry cluster in the area, which will in turn feed the mill. The Minister, represented at the occasion by his State Director, Mr Ebere Simeon Oziri, also gave the community a motorised borehole. He explained that previously, the Federal Government was constructing hand pumps

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has banned microfinance banks operating in the country from carrying out foreign exchange transactions. In a circular titled Cessation of Non-Permissible Activities by Microfinance Banks dated August 19, 2021, and signed by Mr Ibrahim Tukur, for the financial policy and regulation department, sent to the lenders and sighted by Business Post, the apex bank noted that it observed that some MFBs have gone beyond the remit of their operating licenses. It accused the small banks of engaging in “non-permissible” activities including wholesale banking, FX transactions among others. The central bank pointed

By Modupe Gbadeyanka Managing Director/Chief Executive Officer of Transcorp Hotels Plc, Mr Valentine Ozigbo, has lamented the neglect of the Nigeria’s tourism sector by governments at all levels. Speaking at a national tourism transport summit and expo in Abuja, yesterday, the Transcorp Hotels chief advised the relevant ministries and agencies of government at the federal and state levels to spearhead the marketing of the tourism sector in Nigeria, saying doing so would help in leapfrogging the sector into a major revenue earner. Mr Ozigbo disclosed at the conference that the neglect of the sector has been demonstrated by the abysmal

By Modupe Gbadeyanka The strategy adopted by the federal government to transform the nation’s economy through the Digital Economy has received the support of 9mobile, one of the key players in the telecommunications sector in Nigeria. The Chief Executive Officer of 9mobile, Mr Alan Sinfield, during a visit to the Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami, at his office in Abuja, expressed confidence that the strategy will propel the nation’s economy. Mr Sinfield, who was accompanied by members of the management team, commended the Minister for his passion and vision for the industry, which he