Lagos Leads States with Highest IGR in Nigeria, Rakes N302b

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Dipo Olowookere To Complete Process in Q2 2020 Managing Director/CEO of Linkage Assurance Plc, Mr Daniel Braie, has declared that the insurer will not need to source for external funds to meet up with the new capital base of N10 billion. Last year, the  National Insurance Commission (NAICOM) gave operators in the sector December 31, 2020 to shore up their capital base. The regulatory agency had explained that it was raising the minimum paid-up share capital of insurance and reinsurance firms so as to make the sector stronger and better. Under the new capital regime, life insurance underwriting firms,

By Dipo Olowookere A former House of Representatives member from Ondo State, Mr Gbenga Elegbeleye, has announced his decision to leave the Peoples Democratic Party (PDP). Mr Elegbeleye tendered his resignation letter today to Ondo State chairman of the PDP through the Chairman of Akoko North East Local Government in Ikare-Akoko. He said he was quitting the party due to personal reasons. In his resignation letter titled ‘Resignation of my Membership of Peoples Democratic Party in Ondo State’, Mr Elegbeleye said, “I write to inform you of the resignation of my membership of Peoples Democratic Party effective from the date

By Dipo Olowookere The first trading session on the floor of the Nigerian Stock Exchange (NSE) after the Christmas holiday ended on a negative note on Thursday. This was because profit-taking by investors left the market down by 0.86 percent with the year-to-date loss closing at -17.13 percent at the close of business. It was discovered that lukewarm performance of Dangote Cement contributed to the downfall of the equities market today as the counter declined by N6.30k to close at N187.70k per share. Total Nigeria depreciated by N4 to end at N196 per share, while UAC of Nigeria crashed by

By Adedapo Adesanya The value of Brent crude on the global market increased by 5.3 per cent or $5.98 to $122.70 per barrel on Wednesday as disruptions to Russian and Kazakh crude exports added to worries over tight global supplies. Also, the price of the United States West Texas Intermediate (WTI) crude futures appreciated by 5.18 per cent or $5.66 yesterday to trade at $115.50 per barrel. Crude oil exports from Kazakhstan’s Caspian Pipeline Consortium (CPC) terminal on Russia’s Black Sea coast stopped fully on Wednesday after damage caused by a major storm and continued bad weather. The market then

By Dipo Olowookere Speaker of the House of Representatives, Mr Yakubu Dogara, has expressed willingness of the green chamber to collaborate with stakeholders to raise the $500 million needed to finally revive the moribund Ajaokuta Steel Company in Kogi State. Mr Dogara made this known on Monday when he led members of the House Committee on Steel to the firm on an assessment tour. The Speaker lamented the present state of the steel company and promised to join forces with stakeholders in the industry to ensure the firm gets back on its feet. He said the Ajaokuta Steel Company has

By Modupe Gbadeyanka On Thursday afternoon, the Archbishop of Canterbury, Mr Justin Welby, paid a courtesy visit to President Muhammadu Buhari. The Nigerian leader has been in London for over a month now and has not been seen by most of his countrymen, who are desperately waiting to hear from him. Since he left the shores of Nigeria on January 19, 2017 for vacation in London, he has not left the Queen’s country despite earlier scheduling his return for February 5, 2017. On the day he was expected back in Nigeria, the President wrote to the National Assembly, seeking its

By Adedapo Adesanya The Naira depreciated further in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, November 14, despite an improvement in the supply of FX into the spot market during the session. Business Post reports that the value of forex transactions increased yesterday by 16.3 per cent or $20.3 million to $143.55 million from the $123.25 million transacted in the preceding session, according to data from the FMDQ Securities Exchange. However, the local currency depreciated by 6.9 per cent or N54.81 against the United States Dollar to close at N850.22/$1, in contrast to Monday’s exchange rate of N795.41/$1.

Restricting or blocking certain channels on your GOtv decoder can be a breeze, thanks to its user-friendly navigation and foolproof channel restriction options. Follow these few simple steps to use the restrict or block feature. To Block Channels, press the Menu button to access the main menu. Next, scroll to locate the “Parental Control” option and press ok. You will be prompted to enter your parental PIN. The default PIN for GOtv Parental Control is 1234. You can reset the default pin and replace it with one of your own. Once you’ve entered the PIN, choose “Blocking options” from the