Naira Relatively Stable at Parallel Market

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Olukayode Kolawole Jumia Travel Nigeria has celebrated its 3rd year of doing business in the country and also marked the second edition of its awards ceremony at Intercontinental Hotel, Victoria Island today. A total of 28 Lagos hotels were awarded under five categories namely, Customer Choice, Best Partner Hotel, Best Hotel Partner, Booking Award, and Rising Star Award. “These hotel awards,” said Kushal Dutta, Jumia Travel Nigeria managing director while explaining the rationale for the awards, “celebrate greatest achievements and relationships that not only set the awardees apart, but also strive to create better service and experience for the

By Adedapo Adesanya Senegal have emerged the champions of the African Cup of Nations (AFCON) 2021, defeating Egpyt 4-2 on penalties in Cameroon. The Teranga Lions were held to a goalless affair after 120 minutes of football with the Pharaohs of Egypt at the Olembe Stadium in the country’s capital, Yaounde. Despite Senegal’s dominance, both teams were separated by a penalty shoot-out. The Teranga Lions overcame the 2019 disappointment in Egypt to claim their first AFCON title in their third final appearance. Senegal started their push for an opener early in the encounter and it resulted in a penalty after

By Modupe Gbadeyanka A new technology partnership deal has been entered into between GN Hearing and Google, allowing the former become the first manufacturer to enable a full spectrum of direct audio streaming from Android devices to hearing aids. The expectations are that direct streaming will become available to hearing aid users of the recently launched hearing aids ReSound LiNX Quattro and Beltone Amaze in a future Android release. “According to the World Health Organization, around 466 million people worldwide have disabling hearing loss. This number is expected to increase to 900 million people by the year 2050. Google is

By Adedapo Adesanya The Association of Securities Dealing Houses of Nigeria (ASHON) has advised its members to start deploying new strategic directions that will enable them to cope with the challenges of their operating environment. The advice was given during ASHON’s recently held Annual General Meeting (AGM) for the fiscal year that ended December 31, 2021. The Chairman of the association, Mr Sam Onukwue, also used the occasion to advise members to ensure the speedy implementation of their new business models in order to widen their scope of operation and deliver superior products and services to numerous customers. Mr Onukwue

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange has reiterated the need for alternative funding for micro, small, and medium sized enterprises (MSMEs) in the country. According to NASD in a statement, globally, MSMEs are under pressure of acquiring capital due to the COVID-19, causing a huge shock to financing. In view of this reality, countries like the United States of America (USA) is taking steps to secure an additional $250 billion to complement $350 billion already budgeted as relief funds for MSMEs. However in Nigeria, the country is seeking approximately $7 billion from the financers such as the 

The securities brokerage arm of Zedcrest Capital Limited, Zedcap Partners Limited (ZPL), has been adjudged the Best Brokerage Service firm in Nigeria at the 2019 FMDQ Gold Award held on Friday, November 8, at Lagos Oriental Hotel, Victoria Island. According to the organisers, Zedcap Partners was selected by members as the FMDQ Association member (Inter-dealer Broker) that provides the most exemplary brokerage service. FMDQ is Africa’s first vertically integrated financial market infrastructure (FMI) group, strategically positioned to provide seamless execution, clearing and settlement of financial market transactions across the debt capital, foreign exchange and derivatives markets, through the FMDQ Entities

By Modupe Gbadeyanka No fewer than 16 persons have been murdered by gunmen suspected to be herdsmen in three communities in the Gwer West Local Government Area of Benue State. The fresh attack reportedly happened in the early hours of Saturday, causing many inhabitants of the affected communities to flee to safety. It was reported that the attackers, who were allegedly dressed in military uniforms, shot sporadically at the villagers, wreaking havoc on the people. Chairman of Gwer West Local Government, Mr Francis Ayagan, who confirmed the attack, stated that, “Sixteen people were killed by militia herders in Tse Tuma,

By Modupe Gbadeyanka Oyo State government has disclosed that it has increased its internally generated revenue (IGR) through landed properties. This disclosure was made by the Commissioner for Lands, Housing and Urban Development, Mr Isaac Omodewu, on Wednesday in Ibadan, the state capital. According to the Commissioner, the state government has created a new Government Reserved Area (GRA) behind the high court, Ring Road, promising that more would soon be created along the Oyo/Ibadan express as well as Lagos/Ibadan expressway. Mr Omodewu, speaking at the Inter-Ministerial briefing at the Ministry of Information Mini Theatre, noted that individuals, corporate bodies as