Mobil Falls For 4th Consecutive Day as NSE Investors Lose N185b

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

By Dipo Olowookere The trio of Universal Insurance, Oando and UBA were the busiest stocks on the floor of the Nigerian Exchange (NGX) Limited last week, trading 2.212 billion units valued at N8.907 billion in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total trading volume and value, respectively. In the week, investors transacted 3.911 billion shares worth N30.379 billion in 38,536 deals versus the 2.933 billion shares worth N47.449 billion exchanged in 44,654 deals in the preceding week. Financial stocks dominated with 2.774 billion units valued at N15.241 billion in 16,379 deals, contributing 70.92 per

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Adedapo Adesanya Oil prices fell on Friday as concerns about the recovery in fuel demand in the face of coronavirus cases surge continued following fresh lockdown just as major crude-producing nations set to increase output continue to reflect. The international benchmark, Brent crude, dropped 23 cents or 0.53 per cent to sell at $43.14 per barrel, while the US West Texas Intermediate (WTI) crude lost 16 cents or 0.39 per cent to settle at $40.59 per barrel. The largest oil-consuming nation, United States, recorded a record 77,000 new coronavirus cases in the last 24 hours, with Florida and Texas

By Modupe Gbadeyanka Organisers of the yearly Cowbellpedia Secondary Schools Mathematics TV Quiz Show have said qualifying examination for the competition will take place nationwide on Saturday, February 9, 2019 at designated centres. The programme is sponsored by Cowbell Milk, the flagship brand from Promasidor Nigeria Limited, the makers of Cowbell Milk. At a press conference on Tuesday in Lagos, Marketing Manager of Promasidor Nigeria, Mr Abiodun Ayodeji, explained that registration for this year is strictly online and the portal for registration, which opened on Monday, October 1, 2018, would be closed on Sunday, February 3, 2019. He disclosed that

By Adedapo Adesanya Crude oil prices erased previous losses and jumped 3 per cent on Tuesday despite the announcement by the United States Administration that it would make available 50 million barrels of oil from the Strategic Petroleum Reserve (SPR) to ease prices. Brent crude rose by $2.87 or 3.6 per cent close at $82.57 per barrel while the US benchmark, West Texas Intermediate (WTI) gained $2.04 or 2.66 per cent to trade at $78.79 per barrel. The market was met with news on Tuesday with the announcement by US President Joe Biden that the Department of Energy would release

By Modupe Gbadeyanka The shortage of Dollar supply in Nigeria has forced Interswitch Limited to suspend its plans to raise about $1 billion through an initial public offer (IPO). It is believed that once things get better, the plan would be activated. Nigeria is facing acute shortage in foreign exchange due to fall in the global price of crude oil as well as reduction in the volume of oil it produces as a result of attacks on oil installations in the Niger Delta by militants in the region. The Dollar shortage in circulation has weakened the Naira against the foreign

By Dipo Olowookere Investors in search of new investment opportunities can consider the Exchange Traded Funds (ETFs) market for value creation, the Nigerian Stock Exchange (NSE) has suggested. The market value of ETFs in Nigeria reached N24.5 billion last year and there is the possibility for it to grow bigger because a year earlier, the capitalisation was 270 per cent lower. In 2020, the space witnessed significant increases in traded values and volumes (i.e., 218.0 per cent and 51,830.6 per cent respectively between 2019 and 2020). The factor responsible for the rise was the adoption of ETFs, new product issuances

By Aduragbemi Omiyale Nigerians woke up to reports on social media alleging that the country’s Minister of Communications and Digital Economy, Mr Isa Ali Pantami, has been put on the United States terror watchlist. According to the reports, the Minister got into trouble with the world power because of his alleged support for known Al-Qaeda members as well as the late Mohammad Yusuf, who is believed to be the founding leader of the Boko Haram terrorist group. Mr Pantami, before he was appointed as Minister by President Muhammadu Buhari, was a well-known Islamic cleric, who worked in Saudi Arabia at

By Otori Emmanuel Establishing a new business is not an easy feat as it cannot be compared with a prosperous one that has been in existence. Irrespective of the industry, every startup is likely to go through the same process of development except for variance in time. Subject to certain factors, the speed in growth of startup businesses differs, ranging from hiring the right team to maintaining the right customer base. Forming the right team is critical in businesses, especially startups. Over the years, most businesses have been prejudiced in their workforce selection as they fit only men in management

By Ahmed Rahma Over N2 billion was spent on the renovation of the Birnin Kebbi Central Market, which was razed by fire five years ago, by the state government. Governor of the state, Mr Abubakar Atiku Bagudu, stated while flagging off the presentation of keys of the newly constructed shops to traders at the market. Governor Bagudu, represented by the Commissioner for Lands and Housing, Mr Abubakar Sadiq Yelwa, said that it was in realisation of the importance his administration attached to the promotion of socio-economic activities, such amount was spent on reconstruction of the modern market which comprises state-of-the-art