Naira Appreciates to N470/$1 at Parallel Market

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

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By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Dipo Olowookere The much-awaited financial statements of FBN Holdings Plc for the 2021 accounting year have been released to the Nigerian Exchange (NGX) Limited after approval from the Central Bank of Nigeria (CBN). The lender, according to an analysis of the results by Business Post, reported growth in both the top line and bottom line, resulting in the declaration of a dividend of 35 kobo to shareholders, who have longed for this. According to the company, its board of directors, pursuant to the powers vested in it by the provisions of Section 426 of the Companies and Allied Matters

By Dipo Olowookere The Nigerian Petroleum Development Company (NPDC) has promised to raise the country’s crude oil output to 500,000 barrels per day by the year 2020. At the moment, the upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC) produces about 180,000 bpd. A statement issued yesterday by NNPC said its flagship subsidiary was poised to grow its equity production by 2019, it should have hit 400,000 bpd. Managing Director of NPDC, Mr Yusuf Matashi, who disclosed this in Benin, said the planned increase in the company’s equity production was due to the ongoing transformation in NNPC. Mr Matashi

By Kestér Kenn Klomegâh Concretely aiming at strengthening further mutual bilateral parliamentary relations, Federation Council Speaker Valentina Matviyenko headed a delegation of Russian senators on a reciprocal visit from May 30 – June 01 to Maputo, Mozambique. The Chairman of the Federation Council delivered speeches to the deputies of the Assembly of the Republic of Mozambique and had a separate meeting with the Russia-Mozambique Parliamentary Friendship League. Since the Soviet times and at all stages of history, Russia and Mozambique have been seen as “reliable and time-tested” partners in Africa. “Russia has always provided assistance to Mozambique and it keeps

By Dipo Olowookere Leading British-Dutch transnational consumer goods company with operations in Nigeria, Unilever, on Friday released its financial statements for the first six months of 2018. The company, headed by Mr Alfred Yaw Oduro Nsarkoh, recorded a profit before tax of N7.6 billion in the period under review compared with N4.8 billion posted in the corresponding period of last year. Also, its profit after tax stood at N5.7 billion as at June 30, 2018 versus N3.7 billion it was as at June 30, 2017. It was disclosed that the revenue generated in H1 2018 was N48.6 billion against N42.6

By Investors Hub Asian stocks ended mixed on Thursday as concerns over rising bond yields tempered investor optimism on the earnings front. Traders also awaited rate decisions from both the European Central Bank and the Bank of Japan. China’s Shanghai Composite Index tumbled 42.12 points or 1.4 percent to finish at 3,075.85 amid growing fears of a trade war with the U.S. Hong Kong’s Hang Seng Index slumped 320.47 points or 1.1 percent to 30,007.68. Australian shares finished slightly lower as banks succumbed to heavy selling pressure, weighed down by a weakening Aussie dollar and concerns about loan quality. The

By Modupe Gbadeyanka For the third straight year, Zedcap Partners Limited (ZPL) has won the Best Brokerage Service Firm of The Year at the FMDQ Gold Awards 2021. The firm again clinched the coveted prize in recognition of its exemplary brokerage service in the Nigerian fixed income, currencies and derivatives markets. At the event held on Friday, November 5, Zedcap, which is adjudged as the leading and largest inter-dealer brokerage (IDB) company in Nigeria, claimed the award for being the brokerage firm with the most satisfied clients, voted by members of the FMDQ Securities Exchange as providing the most exemplary

By Modupe Gbadeyanka The Guaranty Trust Bank Plc’s (GTB) Long-Term Issuer Default Rating (IDR) has been affirmed at ‘B+’ with Negative Outlook by Fitch Ratings. In a statement issued on Wednesday in London, Fitch Ratings noted that all other ratings of GTB have also been affirmed. It noted that the bank’s IDRs are driven by the bank’s intrinsic creditworthiness as defined by its Viability Rating (VR). GTB’s VR is constrained by the Nigerian sovereign rating (B+/Negative) and the Negative Outlook on the Long-Term IDR mirrors that on the sovereign rating. GTB’s VR also considers solid financial metrics that compare well

By Modupe Gbadeyanka Chile and Swaziland have ratified the Trade Facilitation Agreement (TFA). Their submission of the instruments of acceptance to the WTO on 21 November means that nearly 90 per cent of the ratifications needed to bring the TFA into force have now been received Concluded at the WTO’s 2013 Bali Ministerial Conference, the TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. It further contains provisions for technical assistance and