Naira Firms at Official Market, Slacks at Parallel Market

By Adedapo Adesanya Oil prices fell by 1 per cent on Wednesday after the US Federal Reserve left interest rates unchanged, as widely expected. Brent futures fell 81 cents or 0.9 per cent to settle at $93.53 a barrel, while the US West Texas Intermediate crude (WTI) fell by 92 cents or 1.0 per cent to trade at $90.28 per barrel. Wednesday’s decision means the benchmark short-term interest rate will remain at 5.25 per cent to 5.5 per cent, a 22-year high. This is only the second time since March 2022 that the US central bank meetings have concluded without

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Dipo Olowookere Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Modupe Gbadeyanka Countries in Sub-Saharan Africa have been urged to strive for improvements in the areas of data aggregation, developmental techniques and empowerment of people, to enable them to meet the Sustainable Development Goals (SDG’s) in the region by 2030. This advice was given by the partner at Boston Consulting Group (BCG), Mr Tolu Oyekan, while highlighting the challenges that are hindering development in SSA countries and proffering possible solutions to address the numerous problems in the region. “The UN has set a target of 2030 to reach the SDG’s goals and in effect, eliminate the developmental obstacles to

By Sodeinde Temidayo David Samsung Mobile has announced a new camera sensor called Isocell HP1 which is the world’s first 200-megapixel (MP) smartphone. This means the megapixel race isn’t over yet as the Isocell HP1 is the first to boast a resolution of 200MP smartphone camera with aIt is a 1/1.22-inch sensor pixel size of 0.64 micrometres (μm). The Isocell HP1 brings an ultrahigh-resolution in a small package that fits comfortably in today’s smartphones. With the Isocell HP1, pictures hold an astonishing amount of detail that helps the image stay sharp even when cropped or resized. This brand-new sensor, using

By Emmanuel Nwachukwu I have seen a lot of complaints relating to bank transactions especially Automated Teller Machines (ATM) and POS related issues, especially during weekends and public holidays around festive seasons. It could be traumatic if your ATM card gets trapped in a machine, you are debited without getting the cash and no instant reversal is made – especially if the said funds are what we call ‘the last card’. I would be surprised if any bank customer, even the rich ones, could say he or she is yet to experience this trauma. Although most banking transactions often happen

By Adedapo Adesanya As the country prepares for the resumption of flights, the Federal Airports Authority of Nigeria (FAAN) has announced an increase in the Passenger Service Charge (PSC). The agency noted that from August 1, 2020, the new PSC will be N2,000 instead of the previous N1,000 for domestic flight operations, while international passengers will pay $100 instead of the $50 they previously pay. In a circular marked Ref: FAAN/HQ/MD/18E/VOL.86/72, the Managing Director of FAAN, Mr abiu Yadudu, explained that the decision was done on the approval given by the Minister of Aviation in a letter referenced FMT/FMA/COM/T/69 dated

By Dipo Olowookere A provider of imaging technologies and services, Canon Central and North Africa (CCNA), will be hosting a fundraising event on September 28, 2018 in Dubai, United Arab Emirates (UAE), in partnership with Dubai Cares. The Canon Day of Giving fundraising event will be hosted as a fun and entertaining carnival with the goal of raising AED 250,000 to support two educational programmes, one in Africa and a second in the Middle East. Managing Director of Canon Central and North Africa, Mr Roman Troedhandl, stated that, “Access to education in Africa has many challenges, and today sub-Saharan Africa

By Modupe Gbadeyanka Following tough market conditions in Nigeria, Diageo has announced that it would no longer increase its stake in Guinness Nigeria as earlier planned. This decision was made known in a statement issued on Tuesday by the company. In the statement signed by Diageo’s Secretary, Mr Rotimi Odusola, the company disclosed that it would now “focus its resources on continuing to support Guinness Nigeria.” Diageo explained that it backed out of its earlier plan to buy another 15.7 percent of Guinness Nigeria for up to N41.37 billion, raising its stake in the company to 70 percent, because of

By Modupe Gbadeyanka Trading in the shares of Nigerian Aviation Handling Company Plc, United Bank for Africa Plc and Zenith Bank Plc, measured by volume, contributed 33.13% and 25.95% to the total equity turnover volume and value respectively this week. According to the weekly report released by the Nigerian Stock Exchange (NSE), the three listed firm’s transacted a total of 461 million shares worth N5.3 billion executed in 2,513 deals during the 5-day trading week. At the close of business on Friday, investors at the market bought and sold a total of 1.4 billion shares worth N20.3 billion in 20,064

By Adedapo Adesanya Minister of Interior, Mr Rauf Aregbesola, has announced the downward review of visa fees payable by United States citizens by 11 percent, meaning that the reduction will move from $180 (N55,260) to $160 (N49,120). In a statement signed by Mr Mohammed Manga, the Comptroller-General of the Nigeria Immigration Service (NIC), the agency was directed to implement reduction with effect from Thursday, August 29, 2019. “The Minister of Interior, Ogbeni Rauf Aregbesola, has approved the decrease of visa charges payable by US citizens in line with reciprocity policy as recommended by the committee,” the statement said. This development