Market Extends Rally by 0.49% as Oando Emerges Highest Price Gainer

By Adedapo Adesanya The International Monetary Fund (IMF) has reaffirmed its support for the removal of fuel subsidy and the exchange rate unification of the administration of President Bola Tinubu, insisting that the policies are good for Nigeria’s economy. A representative of the global lender, Mr Ari Aisen, while featuring on Channels TV on Tuesday, maintained that the two policies must remain for Nigeria to reach macroeconomic stability. “After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel, and controlling exchange rate will lead to a much better outlook for the Nigerian economy,”

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

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By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Dipo Olowookere The first half of this year was not good for Total Nigeria Plc as the energy company recorded a loss of N537.2 million in the period ended June 30, 2020. Business Post reports that in the corresponding period of last year, the organisation declared a profit after tax of N130.0 million. The major reason for this loss was because of the poor performance of the company in the second quarter of this year, which was largely impacted by the COVID-19 pandemic. A quick review of the financial statements of the firm indicated that the revenue generated in

By Adedapo Adesanya To tackle the reoccurring cases of grid failure, the federal government has said it would fast-track the purchase and installation of a Supervisory Control and Data Acquisition (SCADA) system. The SCADA system is software used to monitor and control an electrical grid system based on the information it collects from the substations within that system. This is as the country witnessed the fifth grid collapse this year over the weekend. Following the federal government’s failure to acquire the SCADA, the supply system has been unable to provide remote coverage and relay of interconnected network communication to enable

By Investors Hub European stocks have moved sharply on Thursday, mirroring firm cues from Wall Street and Asia, as trade war worries abated somewhat and investors turned their focus to the U.S. jobs report due Friday. While the German DAX Index has surged up by 2.3 percent, the French CAC 40 Index is up by 2 percent and the U.K.?s FTSE 100 Index is up by 1.7 percent. Safe-have assets such as gold and the yen declined after recently appointed White House economic advisor Larry Kudlow said President Donald Trump’s strident approach could be a tactic to get China to

By Adedapo Adesanya The Federal Inland Revenue Service (FIRS) has raised an eyebrow over what it called the systemic abuse of the pioneer incentive scheme instituted by the federal government, saying it is leading to tax revenue leakages for the three tiers of government. This was made known by the Executive Chairman of the tax body, Mr Muhammad Nami, during a meeting with State Commissioners of Finance at the Revenue House, headquarters of the FIRS in Abuja. In a statement signed by the Director, Communications and Liaison Department, Mr Abdullahi Ahmad, the FIRS reiterated its vow to plug this tax

By Emeka Ngene The relationship between the fintech industry and the financial markets is a symbiotic one in that they both stand to gain tremendously from each other. Fintechs in Nigeria primarily need the capital market for capital mobility. However, most of the Fintechs in Nigeria are startups, and the capital market generally favours investing in already established companies that have a performance history and proof of concept. The capital market as it is currently will require some rescoping that will grant access to companies that have proof of concept so that even without a deep enough performance history, it

By Cowry Asset In the week under review, CBN sold Treasury Bills (T-Bills) worth N92.510 billion via Open Market Operations (OMO). Also, treasury bills worth N119.94 billion were issued via primary market, viz: 91-day bills worth N6 billion, 182-day bills worth N6 billion, and 364-day bills worth N107.94 billion respectively. In line with our expectation, the stop rates of the 91-day and 182-day bills moderated to 13.00% (from 13.10%), 15.25% (from 15.28%) in tandem with declining inflationary trend and improving economic outlook. The outflows were offset by inflows worth N208.57billion in matured T-bills. In line with our expectations, NIBOR moderated

The iGaming industry has been thriving in the 21st century. External events that hinder players from visiting brick-and-mortar casinos cause considerable surges in the number of online gamblers. Aside from the conveniences associated with gambling from home, they also have the opportunity to explore many games they had refrained from playing before. Nigeria has undoubtedly been affected by the iGaming industry. It is currently the most populated country in Africa and is expected to become the third most populated country in the world in the next few decades. What does this mean for the iGaming industry? They have a massive