Naira Gains 0.32% to Trade N620/$1 at P2P FX Market

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Femi Aribisala Last week, I complained that 860 Nigerian workers at ExxonMobil (Nigeria) are being treated like orphans in Nigeria, their home-country. They have fought this injustice with fortitude and resilience in the courts for 18 long years, during which 171 of them died along the way (one more since last week). In court, ExxonMobil denied that the workers are its employees. It claimed instead that they are “SPY Police”, in the attempt to circumvent its lawful commitments to them. The Nigerian workers, on the other hand, maintained they were directly employed by ExxonMobil and, therefore, should be treated

By Modupe Gbadeyanka For the second time, the federal government is considering reducing the benchmark for crude oil in the 2020 budget. Some weeks ago, Nigeria slashed the crude oil benchmark to $30 per barrel from the initial $57 per barrel as a result of crash in the global price of the commodity. At the downward review of the spendings for this fiscal year done in March, government announced that the N10.59 trillion 2020 budget would be cut by 15 percent. The country relies heavily on the sales of crude oil sales for foreign earnings and since the global health

By Adedapo Adesanya The founder and CEO of SecureID Group, Mrs Kofo Akinkugbe, has been honoured by President Muhammadu Buhari for her contribution to the manufacturing and financial technology (fintech) sectors. She was among those bestowed with national honours in Abuja last week. She was conferred with Officer of the Order of the Niger (OON) at 2022 Nigeria’s National Honours Awards Investiture. Mrs Akinkugbe, a dynamic business administrator, innovative director, and technocrat, is a passionate and audacious pioneer who has revolutionised the narrative on manufacturing and gender perspectives in Africa. She currently serves as a member of the Nigerian Industrial

By Dipo Olowookere The stock market in Nigeria depreciated by 0.08 per cent on Wednesday following profit-taking mostly in consumer goods and banking equities. Business Post reports that the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited went down by 39.63 points to settle at 47,207.27 points compared with 47,246.90 points of the previous day, while the market capitalisation fell by N22 billion to close at N25.442 trillion in contrast to N25.464 trillion it finished on Tuesday. The insurance sector appreciated during the session by 0.91 per cent, the energy space grew by 0.03 per cent, while the consumer

By Modupe Gbadeyanka The Nigerian local currency appreciated against the Dollar at the parallel segment of the foreign exchange market on Thursday, closing at N374 to the Dollar, Business Post reports. The Naira had opened for the day’s trading at N382 on Thursday morning, but close at the end of transactions in the evening at N374, representing a rise of N8 against the American currency. This is the first major gain the Naira was recording against the Dollar in few weeks. The local currency had been hovering around N380 for sometimes now at the black market despite the various interventions

By Modupe Gbadeyanka A notable philanthropist from Ogwashi-Uku, Delta State, Mr Jude Ndudi Ozah, has donated no fewer than 10 patrol vehicles to the Delta State Command of the Nigeria Police Force. The items were given to the Delta Police Command by the High Chief on Wednesday, December 15, 2021, in the presence of the Obi of Ogwashi-Uku, HRM Obi Ifechukwude Aninshi Okonjo II, and the Commissioner of Police, Delta State, Mr Mohammed Ali. A statement signed by the spokesperson to the Obi of Ogwashi-Uku, Prince Greg Okwumbu, disclosed that the monarch thanked the donor for the gesture, describing him

By Modupe Gbadeyanka Few hours after Mrs Oby Ezekwesili announced her withdrawal from the next month’s presidential election, her political party, the Allied Congress Party of Nigeria (ACPN), has adopted President Muhammadu Buhari of the ruling All Progressives Congress (APC) as their candidate. This followed the withdrawal of the party’s support for Mrs Ezekwesili today. Addressing newsmen on Thursday, the party said, “The Allied Congress Party of Nigeria (ACPN) is withdrawing support for her presidentia| aspiration and endorsing the second term bid of President Muhammadu Buhari to take Nigeria to the next level.” ACPN said at the briefing in Abuja

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