Naira Appreciates to N362/$ at Black Market Tuesday

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By Adedapo Adesanya The Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Dipo Olowookere Popular filmmaker in the Yoruba movie industry, Mr Seun Egbegbe, has finally been charged to court over allegation bordering on theft. Mr Egbegbe was accused of stealing about nine iPhones worth over N2 million at the famous Computer Village in Ikeja, Lagos on Tuesday morning. He was beaten by a mob, leaving him bloodied. It took the prompt intervention of policemen from Area F in Ikeja, to save him from being lynched. The filmmaker, who is the CEO of Ebony Films Production, was once a lover of star Nigerian actress, Ms Toyin Aimakhu. Both of them dated

By Dipo Olowookere Preparations are already at an advanced stage for the commencement of oil drilling activities in Bauchi State. Speaking in Abuja last week, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, said very soon, oil exploration would commence in the state. While welcoming the state Governor, Mr Mohammed Abubakar, to his office in Abuja, the state-owned oil firm chief said when the exploration begins, Bauchi State would join the oil producing states in Nigeria. Governor Abubakar, who was at the NNPC headquarters to apprise the GMD of the ongoing oil exploration in

By Modupe Gbadeyanka **Profits Rises 405% to N19.8b Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, Oando Plc, last week announced its audited results for the 12 months period ended December 31, 2017. In the company’s earnings, gross profit increased by 81 percent, N88.1 billion compared to N48.6 billion in 2016, while the Profit-After-Tax increased by 405 percent, N19.8 billion compared to N3.9 billion two years ago. However, the firm’s turnover decreased by 13 percent to N497.6 billion from N569.2 billion a year earlier, while the net debt reduced by 6 percent from N1

By Adedapo Adesanya Despite a drop in demand, the Naira depreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Tuesday, July 13. Business Post gathered from FMDQ Securities Exchange that the local currency depreciated by 25 kobo or 0.06 per cent to sell for N411.75/$1 yesterday in contrast to N411.50/$1 it traded on Monday. During the session, the market segment recorded a turnover of $116.15 million, 34.1 per cent or $59.98 million lower than the $176.13 million achieved at the preceding session. A look at the unregulated window of the

By Dipo Olowookere The market capitalisation of the Nigerian Exchange (NGX) Limited depreciated by N27 billion on Thursday following profit-taking activities by stock market investors. Business Post reports that when trading activities were rounded up for the day, the total value of equities on the bourse closed at N20.043 trillion in contrast to Wednesday’s N20.070 trillion. It was observed that selloffs in the big guys like GT HoldCo, Access Bank, Stanbic IBTC and 13 others weakened the exchange by 0.08 per cent yesterday. As a result, the All-Share Index (ASI) contracted by 31.44 points to close at 38,469.87 points compared

By Aduragbemi Omiyale Equities in the Premium Board of the Nigerian Exchange (NGX) Limited appreciated by N15.2 billion on Monday after investors showed interest in Zenith Bank, Access Holdings, and FBN Holdings. Data from the exchange indicated that the NGX Premium Index rose by 0.14 per cent, with its value closing at N10.815 trillion compared with the previous session’s N10.799 trillion. A breakdown of the premium board stocks showed that Access Holdings improved its share price yesterday by 1.88 per cent to close at N8.15, with a market capitalisation of N289.7 billion. On its part, FBN Holdings rose by 1.05

By Nneka Okumazie No society goes forward without its smartest people pulling their weight. It is possible to speak of wars, tools, or other kinds of strengths, but most advance come by a superior plan, or design – mostly unseen, or untried that gives the edge. There are no societies without smart people, but there are possibly societies where their smart people don’t pull enough weight, or the creativity doesn’t seem enough to break the backwardness. Often, societies have their most learned. They also have their most exposed. They have experts at making another laugh, dance, enjoy scenes, or connect

By Modupe Gbadeyanka One of the leading drivers in e-payment system, Unity Bank Plc, has flagged off the Season 2 of its Unity Verve for Value Promo, which offers to give out cash prizes and other material rewards to customers and verve card holders of the bank. The Season 2 offer is a set of incentives that have been packaged as a reward scheme for deserving customers and active users of the verve debit card on electronic platforms such as POS and WEB. A statement from the bank quoted the Managing Director/CEO of Unity Bank Plc, Mrs Tomi Somefun, as