Naira Depreciates at Investors Segment, Trades N362.79/$1

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya Brent Crude went close to $35 per barrel on Friday after traders renewed hopes in the oil market, with talks of a cut in the work when oil producers meet on Monday. Brent crude oil rose by 16.7 percent or $5.01 to $34.95 per barrel on Friday night while West Texas Intermediate crude oil rose 14.1 percent or $3.57 to $28.89 per barrel. Prices started making upward movement on Thursday on indications that Saudi Arabia and Russia may end their oil price war following US intervention. US President Donald Trump said he expected the two sides to

By Dipo Olowookere No fewer than 400 women in Katsina State have benefited from the Aisha Buhari Foundation’s Community-Based Cash Transfer Intervention. Last Wednesday, the wife of President Muhammadu Buhari supported about 200 petty traders with cash to grow their business. Again on Friday, August 24, 2018, another set of 200 women were hosted in Daura, her husband’s hometown. The Katsina event witnessed a large turnout of women who are into various small businesses like agricultural products processing and marketing, catering (including akara and masa sellers), cosmetics, tailoring and beading. Coordinator of Aisha Buhari Foundation, Dr Kamal Muhammad, who represented

By Dipo Olowookere The board and management of BUA Foods Plc have been praised for delivering value for shareholders, especially with its stock price appreciation since the company joined the Nigerian Exchange (NGX) Limited. The organisation received the commendation at its second Annual General Meeting (AGM) last week at the Transcorp Hilton Hotel in Abuja. At the event, shareholders approved the N4.50 dividend proposed by the board for the 2022 financial year, amounting to N81 billion. One of the shareholders who spoke at the yearly gathering, Mr Umar Farouk, said the payment of the cash reward was commendable, applauding the

By Nneka Okumazie In the toughest of times, it will be difficult to convince someone that the Creator loves the world. The reason is simple, the measure of love is palpable care, presence, doing wishes, providing, etc. If it doesn’t pass this test or something close, it is either not love or there’s no Creator. But this logic is flawed, just going by laws of culture. In another culture, greeting, dressing, events arrangements, etc. are different and may seem preposterous to others, but it is their tradition. Also, there are several other examples of experiences only possible by time or

By Modupe Gbadeyanka For the first time since August 2016, the Naira was exchanged at the parallel foreign exchange market in Nigeria at N400 to the Dollar on Thursday, March 23, 2017. The local currency opened at N410 against the American currency this morning, but gained N10 in the afternoon to trade at N400 per Dollar. Yesterday, the Nigerian currency appreciated by N20 at the black market, a day after the Central Bank of Nigeria (CBN) retained all key monetary rates at the end of its two-day Monetary Policy Committee (MPC) meeting in Abuja. The Naira did not only perform

By Adedapo Adesanya The Economic Community of West African States (ECOWAS) Parliament has appointed an independent ad-hoc committee to investigate allegations of recruitment malpractice at the parliament. This is as it also directed the suspension of the ongoing recruitment exercises, pending the outcome of the investigation by the independent panel. Nigeria had raised worry earlier and even threatened to withdraw its membership of ECOWAS if the regional body does not suspend the ongoing recruitment exercise as recently directed in the 2022 First Ordinary Session of the ECOWAS Parliament in Abuja. Nigerian representatives at the parliament had issued the threat when

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has extended a hand of partnership to the National Information Technology Development Agency (NITDA) to effectively drive the petroleum sector with digital technology in research and innovation. This was disclosed when the NITDA received the Research, Technology and Innovation (RTI) division of the NNPC at the National Centre for Artificial Intelligence and Robotics. The team, led by the Chief Innovation Officer of NNPC, Mrs Ugonna Betty Amaechi, maintained that they were at the centre to seek NITDA’s assistance in reviewing some of its strategy, goals, priorities and progress, as well as

By Adedapo Adesanya The oil market rallied on Monday and touched its highest point since January 2022, supported by signs of tightening global supply and rising demand through the rest of this year. Brent crude futures rose $1.02 or 1.2 per cent to settle at $85.43 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied $1.22 or 1.5 per cent to $81.80 a barrel. Support came as Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day for another month, including September. It had initially been planned for July and