Naira Gains N30 Against Euro at Black Market

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

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By Investors Hub European stocks are subdued on Friday as U.S. tax reform worries and simmering Middle East tensions kept investors on the sidelines ahead of the weekend. Broad-based dollar strength as well as encouraging U.K. industrial output and trade data have helped to limit overall losses to some extent. While the German DAX Index is just below the unchanged line, the French CAC 40 Index is down by 0.2 percent and the U.K.’s FTSE 100 Index is down by 0.5 percent. Leonardo shares have fallen sharply after the Italian high-tech company cut its 2017 forecast. British luxury brand Burberry

By Sodeinde Temidayo David Sterling Bank Plc has announced its partnership with Founder Institute (FI), the world largest pre-seed accelerator programme, to further connect early-stage startup resources for entrepreneurs in Nigeria. Sterling Bank said it went into the collaboration to ensure that more organizations benefit from FI’s globally tested corporate innovation programme that will help them become more innovative and disruptive entities. Both parties will provide resources for startups looking to launch or scale their business and also produce amazing benefits for companies in Nigeria that will leverage Sterling Bank’s advanced industry experience and Founder Institute’s global curriculum. Speaking of

By Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) has disclosed that it has far recovered $153 million from former Petroleum Minister, Mrs Diezani Alison-Madueke. The Chairman of the Commission, Mr Abdulrasheed Bawa, made this known in the latest edition of the EFCC magazine, EFCC Alert. Mr Bawa added that 80 houses valued at $80 million were recovered from the former Minister, who is under the radar of the United Kingdom. “There are several cases surrounding Diezani’s case. I was part of that investigation, and we have done quite a lot. “In one of the cases, we recovered $153

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the flat region on Tuesday after the stalemate recorded a day earlier. As a result of this development, the market capitalisation of the NASD OTC Exchange remained unchanged at N529.09, while the NASD Unlisted Security Index (NSI) closed at 737.39 points, the same level it finished on Monday. However, the activity chart further recorded movements yesterday as the volume of shares traded by market participants decreased by 83.3 per cent to 2,100 units from the 12,607 units of shares exchanged the previous day. But there was a slight

By Modupe Gbadeyanka A N500 million fund aimed to assist owners of shops, malls and others looted by hoodlums in the state last Friday get back to business has been announced by the Kwara State government. Governor of the state, Mr AbdulRahman AbdulRazaq, during a visit to the Kwara Mall and Agro Mall on Saturday evening, explained that the funding package was to reduce the negative impact the looting could have on the economy. In a statement issued by his Chief Press Secretary, Rafiu Ajakaye, on Sunday, the Governor emphasised that the incident may bring businesses to their knees and

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has issued a 24-hour ultimatum to President Muhammadu Buhari over the withdrawal of licences of over 50 radio and television stations. On Friday, the National Broadcasting Commission (NBC) revoked the licenses of 52 broadcast stations in the country, including AIT/Ray Power FM, and Silverbird TV. The commission had ordered the stations off air beginning from Saturday, citing Section 10(a) of the 3rd Schedule of the National Broadcasting Commission Act CAP N11, Laws of the Federation of Nigeria, 2004. However, the agency suspended the revocation of the operating licenses of 52

By Modupe Gbadeyanka A valedictory session was on Wednesday, February 22, 2017, held for the out-going Minister of Environment, Mrs Amina Mohammed, at the weekly Federal Executive Council (FEC) meeting in Abuja. Colleagues of Mrs Mohammed could not fight back tears as they bid her goodbye and wish her well in her new role as the Deputy Secretary General of the United Nations. She is expected to resume office on Tuesday, March 7, 2017. At the meeting, which took place at the council chambers of the Presidential Villa, the outgoing Minister was described as a role model to Nigerian women

By Dipo Olowookere Nigerian stocks attracted N22.7 billion from investors last week, though the All-Share Index (ASI) and market capitalisation of the Nigerian Exchange (NGX) Limited depreciated by 0.16 per cent week-on-week to 47,202.30 points and N25.436 trillion respectively. Similarly, all other indices finished lower with the exception of NGX 30, banking, pension, insurance, NGX AFR Bank, NGX AFR Div. Yield, NGX Meri Value, consumer goods, oil/gas, and industrial goods indices, which appreciated by 0.07 per cent, 2.34 per cent, 0.46 per cent, 1.51 per cent, 0.32 per cent, 4.78 per cent, 2.03 per cent, 1.35 per cent, 0.29 per