Manufacturers Rue Effects of Electricity Hike on Businesses

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

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 The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Investors Hub The major U.S. index futures are pointing to a lower opening on Friday, with stocks likely to extend the pullback seen in the previous session. Renewed trade war concerns may weigh on the markets after President Donald Trump indicated a willingness to impose tariffs on all Chinese imports to the U.S. “I’m ready to go to 500,” Trump said in an interview with CNBC that aired this morning, apparently referring to the $505.5 billion of Chinese imports to the U.S. in 2017. “I?’ not doing this for politics, I’m doing this to do the right thing for

By Adedapo Adesanya The NASD Over-the-Counter (OTC) opened the new week in the positive zone with a 0.06 per cent lift on the back of the bullish price movement in FrieslandCampina WAMCO Plc on Monday, July 5. The milk producer closed the session at N119.24 per unit after it gained 34 kobo or 0.3 per cent. At the preceding session, it ended at N118.90 per unit. The appreciation in the stock price of this security expanded the total value of stocks on the exchange by N310 million to N536.09 billion from N535.78 billion. It also boosted the NASD Unlisted Security

By Adedapo Adesanya The Debt Management Office (DMO) has said it will thoroughly investigate the sources of some documents which a recent widespread report by a national daily based its report on. According to the agency, the report, titled Alleged N1.08 billion corruption scandal hits DMO, looks sponsored and out to tarnish its reputation. The DMO in a statement released on Sunday said it would involve security agencies in line with laid down civil service regulations and with the intent to bring the perpetrators to book. “Public Service Rules No. 030401 and 030402 which prescribes dismissal for unauthorized disclosure of

Owner of 606 Autos Limited, 606 Music Limited and Splash Off Entertainment Limited, Mr Samusideen Babafemi Sarumi, has been re-arraigned by the Lagos office of the Economic and Financial Crimes Commission (EFCC). Mr Sarumi was taken to court again by the agency on Thursday, November 14, 2019, on a three-count charge bordering on felony to commit money laundering and money laundering to the tune of N209 million. The defendant, who was earlier arraigned by the EFCC on November 1, 2019, was alleged to have been involved in computer related fraud across the world. He was also alleged to have taken

By Nneka Okumazie Some Africans often say that when some Africans go abroad, they act better than they do in Africa. Some others say some Africans excel abroad than when they are at home. There is something obvious in these observations that is hardly stated, which is that those Africans are simply doing what others are doing wherever they are, having nothing original of themselves. There are several things that have been adopted in Africa that are meaningful elsewhere but are meaningless in Africa because it was simply copied, then many others in the same era copied, and other generations

By Modupe Gbadeyanka The newly inaugurated board of the Ministry of Finance Incorporated (MOFI) has been given the mandate to grow its Assets Under Management from the current value of N18 trillion to at least N100 trillion in the next 10 years. A statement issued on Wednesday by Mr Femi Adesina, the Special Adviser to President Muhammadu Buhari on Media and Publicity, disclosed that the charge was given at the State House, Abuja, during the inauguration of the MOFI board shortly before the commencement of the Federal Executive Council (FEC) meeting today. The President also tasked the new board to

There is always some risk even in the most surefire business ideas – after all, nothing ventured, nothing gained right? But businesses that operate by using different currencies for buying and selling, face uniquely pertinent risks from changes in the volatile currency markets – especially when dealing with a marginal currency like the Nigerian Naira. In this post, we will take a close look at just what these risks are and how Nigerian businesses can best guard against them. Despite experiencing some hardships since the oil crash of 2014, Nigeria is Africa’s largest economy by some distance and in many

By Dipo Olowookere Barely 24 hours after the Nigerian Stock Exchange (NSE) warned the investing community to be cautious of Thomas Wyatt Nigeria Plc stocks, the board of the company, which manufactures popular exercise books and other stationery, has released the third quarter results, which got the firm into trouble in the first place. An analysis of the financial statements for the third quarter ended December 31, 2019, showed that the firm generated a revenue of N59.0 million, better than N45.3 million turnover recorded in the third quarter of 2018. However, the generated revenue was swallowed by a rise in