Naira Gains at Official Market, Crashes at Unauthorised FX Segments

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged the Nigerian National Petroleum Company (NNPC) Limited to disclose Nigeria’s daily oil production and exports as well as the total amounts of revenue generated from oil since the removal of subsidy on petrol in mid-2023. In a letter dated December 9, 2023, the group asked the chief executive of the NNPC, Mr Mele Kyari, “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol.” He was also requested “to disclose details of payment of

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

By Modupe Gbadeyanka The parent company of the Ecobank Group, Ecobank Transnational Incorporated (ETI), has announced the co-option to its board of directors of Mrs Aichatou Agne Pouye. According to a statement issued by the lender, Mrs Pouye is a Senegalese national with over 30 years of experience in the private sector, public administration and international organisations. She has held leadership positions in many organisations both in private and public sectors where she demonstrated strong skills in areas such as people management, auditing and enterprise management, marketing of banking services, access to finance for SMEs, International Trade Negotiations & T

By Modupe Gbadeyanka The exchange of Deap Capital Management and Trust Plc shares on the floor of the Nigerian Stock Exchange (NSE) has recommenced following the lifting of the suspension earlier placed on the company. Investors in the company were allowed to start trading the firm’s stocks again on Thursday, September 5, 2019, a regulatory document disclosed. The big stick of the NSE landed on Deap Capital on November 1, 2018 after the organization failed to comply with one of the listing rules. The company was one of the six firms suspended by the stock market regulator for failing to

Millennium Place JVT Dubai, one of the latest hotel projects from leading Dubai-based property developer, The First Group, has received a Highly Commended Award in the Best New Hotel Design & Construction category at the 2016-17 Africa & Arabia Property Awards. The property eclipsed a host of high-profile rivals to receive the honour, which was judged by an esteemed panel of more than 70 internationally recognised architectural and design experts. The objective of the awards is to acknowledge excellence in the property industry worldwide and to promote the highest international standards for construction and design. The striking 34-storey glass-clad Millennium

The death of a husband is a tragedy that befalls a woman as it involves a physical break in their relationship, and it is seen as the most stressful and devastating thing in life. In every society, there are women of all ages whose husbands have gone to the great beyond, most especially the vulnerable ones. The underprivileged widows and their vulnerable children constitute a significant component of every country’s population. According to the United Nations, there are an estimated 258 million widows around the world, and nearly one in 10 lives in extreme poverty. Apart from that, 2.7 billion

By Dipo Olowookere The Economic Commission for Africa, through the African Trade Policy Centre (ATPC) is holding a meeting in collaboration with the Walvis Bay Corridor Group and other Corridor management Institutions (CMIs) to establish the African Corridor Management Alliance. The Alliance is expected to coordinate the sharing of best practices and other strategies in support of the development and management of economic corridors on the Continent. Held against the backdrop of promoting corridors as vehicles for economic transformation and boosting intra-African trade, the inaugural meeting in Walvis Bay, Namibia will also map out a strategy for the new organization.

By Dipo Olowookere The Nigerian Air Force (NAF) on Tuesday signed a Memorandum of Understanding (MoU) with the UAVision of Portugal. The MoU is aimed at enhancing existing collaboration between NAF and UAVision of Portugal for local production of Unmanned Aerial Vehicles (UAVs) in Nigeria. It is pertinent to note that the discussion that led to the signing of today’s agreement actually began few months ago. Already, the collaboration had led to production of 4 UAVs prototypes with 2 each produced in Nigeria and Portugal. Meanwhile, the Chief of the Air Staff (CAS), Air Marshal Sadique Abubakar has expressed the

By FSDH Research A review of the latest Purchasing Managers’ Index (PMI) published by the Central Bank of Nigeria (CBN) for the month of April 2017 suggests that the Nigerian economy is on the way out of recession. However, we believe more policies are required to achieve sustainable growth. The PMI report shows that the Composite Manufacturing Index (CMI) expanded for the first time in the year 2017 and attained the highest level so far in the year 2017. The CMI increased to 51.1points in April 2017 from 47.7 points in March 2017. Although the Composite Non-Manufacturing Index (CNMI) is

By Modupe Gbadeyanka One of the few challenges some Africans have encountered in trading digital assets is safety and an American financial technology company, Yellow Card Financial, is filling the gap. The firm has introduced a technology platform that empowers consumers in African countries to buy and sell the world’s leading digital assets. In a statement, the organisation noted that it came up with this system because of its concerns about providing space for consumers in Africa to trade digital assets in a safe environment. The company follows the American and international Know Your Customer (KYC) and Anti-Money Laundering (AML)