Japanese Shares Fall as Australian Equities Rise

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

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By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Modupe Gbadeyanka A total of N199.4 billion was generated from the solid minerals industry by the Federal Government from 2007 to 2014. This information was made known by the Nigeria Extractive Industries Transparency Initiative (NEITI) in its report published on its website. The agency saddled with the responsibility of ensuring transparency and accountability in the country’s extractive industries stated that a bulk of the amount was earned in 2014. From the graph released by NEITI, a total of N55.8 billion was made from the solid minerals sector in 2014, while the least amount, N8.2 billion, was made in 2007.

By Aduragbemi Omiyale Ponzi scheme operators have been promised many sleepless nights and be frustrated out of the capital market. The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, said relevant agencies would be partnered with to flush them out of the system. Speaking over the weekend, Mr Yuguda urged Nigerians to only do business with registered capital market operators, who can be verified on the website of the commission. “We have their list on the SEC website and we have always said that if you go to an operator or when an operator approaches you, you

By Dipo Olowookere An online competition giving budding African female photographers between the ages of 18 and 39 years the opportunity to enhance their career in visual arts and photography has been introduced by foremost African financial institution, Guaranty Trust Bank (GTBank) Plc. The online contest is called ‘Days of Dorcas Online Photography Competition’ and is part of the GTBank’s Art635 Gallery initiative aimed at promoting arts and supporting African artists. To participate in the contest, interested artists/photographers are expected to send in their entries on the theme ‘The elegance of the African People’ via www.art635.gallery/daysofdorcas. However, entries close on

By Adedapo Adesanya The Federal Competition and Consumer Protection Commission (FCCPC) has launched an investigation into the conduct of dominant pay-TV service providers for possible unfair price increases. This was made known in a statement by Mr Babatunde Irukera, the Chief Executive Officer of FCCPC in Abuja, saying that the move was to address the commission’s concerns and publicly expressed consumer dissatisfaction with Pay TV services. He said the investigation was in pursuant to sections 17(b), (e), (g), (s), (x), (y), 18(3), 59, 61, 62, 69,70(1)(2), 72, 73,74, 108,109 and110 of the Federal Competition and Consumer Protection Act (FCCPA). Mr

By Dipo Olowookere The downtrend in the Nigerian stock market continued on Tuesday as a result of sustained profit taking activities. The local bourse depreciated by 0.34 percent yesterday as investors continue to offload some stocks in their holdings. At the close of business, the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) went down by 100.46 points to close at 29,096.41 points, while the market capitalisation reduced by N37 billion to settle at N10.936 trillion. During the trading day, the market breadth was bearish as a result of the losses recorded by 32 counters and the gains printed

By Aduragbemi Omiyale Corporate finance worth $5 billion has been obtained by the Nigerian National Petroleum Company (NNPC) Limited for major oil investments in the country. The former state-owned oil agency secured the funding from the African Export-Import Bank (Afreximbank) on Wednesday. In a statement yesterday, it was disclosed that the deal for the funding package was concluded at a meeting in Cairo, Egypt. The gathering had the Group Managing Director/Chief Executive Officer of the NNPC, Mr Mele Kyari; the President and Chairman of the Board of Directors of Afreximbank, Mr Benedict Oramah; and other key officials of both organisations.

By Modupe Gbadeyanka Banks operating in Nigeria and trading in the foreign exchange market have been mandated they now have 48 hours to process and meet forex demands of their customer for the payment of school fees and medical bills abroad. This order was handed down to them by the Central Bank of Nigeria (CBN) in a statement issued on Sunday by the Director, Financial Markets Department at the CBN, Dr Alvan Ikoku. Mr Ikoku also said in the statement that, “Banks are mandated to process and meet the demand for Travel Allowances (PTA/BTA) by end-users within 24 hours of

By Dipo Olowookere The Nigeria National Petroleum Corporation (NNPC) and Shell Nigeria Exploration and Production Company Limited (SNEPC) have awarded scholarship to no fewer than 110 secondary school students. The gesture was announced at the National Cradle-to-Career scholarship ceremony held in Abuja recently. It was gathered that the programme was established in 2014 to help bridge educational inequalities resulting from geographic and socio-economic differences. Speaking at the occasion, Minister of Education, Mallam Adamu Adamu, represented by the Deputy Director, Basic and Secondary Education, Mrs Abimbola Olamilokun, commended SNEPC for the initiative and charged other corporate bodies to emulate the gesture.