Investors Trade N22.828bn Stocks in One Week

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 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 Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia

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 Adeniyi Ogunfowoke Small businesses are very difficult to get noticed especially in this digital world. The internet space is dominated by the Blue chip businesses who spend millions to run adverts and promote their businesses. Despite this, there are other affordable, less complicated and inexpensive ways you can get your business noticed online.  Jumia Travel shares five strategies. Use social media To open a social media account is free. You just need a smartphone and data. So, no matter the business you are running, ensure that you have a social media account. Nice pictures for Instagram, engaging tweets on

By Dipo Olowookere The closed period earlier declared by the board of Access Bank Plc has now been suspended, the tier-one financial institution announced on Wednesday. A closed period is always announced by a company ahead of the release of its financial statements. During the time, none of its top members of staff, including directors, advisers, consultants or their related persons, having vital information about the performance of the firm, is allowed to buy or sell the stocks at the market. The reason for this is to prevent these set of people from using the information at their disposal to

By Dipo Olowookere The management of Ikeja Electric Plc has said it will implement the revised electricity tariff from Wednesday, July 1, 2020. A statement from the leading electricity distribution company on Friday stated that the new tariffs will enable all the market players (generation, transmission, distribution and gas suppliers) in the Nigeria electricity supply industry cover cost of their operations and ensure improved service delivery. According to IE, the new tariffs, which are service reflective, are end-user rates to be paid for electricity based on the level of service (including availability and reliability) provided to a cluster of customers.

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries (OPEC) has maintained its forecast for global oil demand growth but warned uncertainties over the impact of the coronavirus pandemic remains high. The closely-watched oil market report released today comes as coronavirus cases continue to surge worldwide, with new lockdowns imposed in Europe and parts of China. The 13-member group said it expects global oil demand in 2021 to increase by 5.9 million barrels per day year-on-year to average 95.9 million barrels per day. The forecast was unchanged from last month’s assessment. The group also said world oil demand growth

Shockwaves rippled through the footballing world this week after it was confirmed Newcastle Football Club has been bought out in a £300m deal, ending owner Mike Ashley’s 14-year tenure. The takeover leaves Newcastle in the hands of the Saudi Arabia Public Investment Fund (PIF), which now owns 80% of the club. The other 20% is split evenly between Amanda Staveley and the Reuben brothers. After years of frustration and disappointment, Newcastle fans are now full of hope for the future as their new owners are the wealthiest in the sport, worth an eye-watering £700bn. To put that into context, Manchester

By Modupe Gbadeyanka Two newly constructed facilities have been officially unveiled in Nigeria by the AIDS Healthcare Foundation (AHF) in partnership with the Benue State Ministry of Health and Benue State AIDS Control Agency (BENSACA). The AHF is the largest non-profit HIV/AIDS organization in the world, which provides health care to more than 690,000 patients in 38 countries, including the US, throughout Africa, Latin America/Caribbean, Europe and Asia. In Nigeria, AHF has been operating in the country since 2011, when it started providing free HIV/AIDS services in Gbajimba General Hospital in Benue State. Today, AHF Nigeria has expanded from one

Barely two years Heritage Bank and the Central Bank of Nigeria (CBN) disbursed a loan for building a N2 billion processing facility for Triton fish/chicken in Oyo state, the firm has commenced export of all kinds of frozen foods to some parts of Europe and African countries. The loan that was given under the Commercial Agricultural Credit Scheme (CACS) in 2017 has fast-tracked the production of Triton’s fish/chicken in Oyo and sold as BIG SAMS in Poland, Romania, Egypt, Liberia and Ivory Coast to mention few. The move by Heritage Bank was part of efforts to support the real sector,

By Dipo Olowookere Members of the Monetary Police Committee (MPC) have expressed concerns over the incessant herdsmen/farmers crisis in the northern part of Nigeria. The MPC members expressed their fear over this issue during the just-concluded MPC meeting of the Central Bank of Nigeria (CBN). The CBN Governor, Mr Godwin Emefiele, while addressing newsmen at the end of the meeting on Tuesday, said if the issue was not quickly resolved by federal government, it could lead to serious hike in food prices in the country. According to him, members of the MPC said the situation was capable of disrupting food