Naira Trades Flat at Interbank, Black Market

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Dipo Olowookere All is set for the 3rd Jordan International Energy Summit (JIES), which is being held under the patronage of the Ministry of Energy and Mineral Development on the 2 – 3 April 2017 at the Grand Hyatt Hotel & Conference Centre in Amman, Jordan. There are billions of dollars of projects under discussion at the Summit; in Jordan as well as affecting the whole region. The programme is hosted by the Ministry of Energy & Mineral Resources in Jordan; with official international delegations to the Summit. The JIES Summit is centred around a world-class programme with speakers

By Adeniyi Ogunfowoke You have dreamt about it. You can feel it and you are already making money from the enterprise you established, all in dreams. Reality dawns on you and you wish it your dream will become reality instantly. But that is not how it works. You have to work towards achieving your dreams especially if you hope to become an entrepreneur. But you are still lounging and dreaming. This may be due to some habits that you have imbibed over time and this can stop from bring your entrepreneurial dream to fruition. Jumia Travel, the leading online travel

By Modupe Gbadeyanka A total of N3.95 trillion was shared among the federal, states and local government areas of the federation in the first half of 2018 from the Federation Account. A statement from the Nigeria Extractive Industries Transparency Initiative (NEITI) signed by its Director of Communications and Advocacy, Dr Orji Ogbonnaya Orji, disclosed that the disbursements made by the Federation Accounts Allocation Committee (FAAC) represented an increase of 41 percent when compared to the N2.79 trillion disbursed in the first half of 2017 and a 95 percent increase in the N2 trillion disbursed in the first half of 2016.

By Dipo Olowookere The first six months of 2022 were very good for Wema Bank despite the challenging operating environment caused by inflationary pressures, high energy costs, foreign exchange (FX) crisis and others. The lender, which prides itself as the pioneer of Africa’s first fully digital bank, showed resilience, affirming the effectiveness of the strategies deployed by the management team led by Mr Ademola Adebise. A look at the financial results of the company for the period ended June 30, 2022, showed that Wema Bank recorded double-digit growth in both the top-line and bottom-line of the accounting statements. In the

By Modupe Gbadeyanka One of the top financial institutions in Nigeria, Diamond Bank Plc, has continued to showcase its passion for youth development, youth empowerment and support for young entrepreneurs through the National Youth Service Corps Skill Acquisition and Entrepreneurship Development (NYSC SAED) initiative. Recently, the lender rewarded a set of NYSC members for the third year in a row. Speaking at the NYSC orientation camp at Iyana-Ipaja, Lagos, the Product Manager of Diamond SWAG (Student With a Goal), a prime financial product for students in tertiary institutions and young graduates, Chinenye Nwosu, stated that the NYSC SAED (Skills Acquisition

By Dipo Olowookere Wheat rust, a family of fungal diseases that can cause crop losses of up to 100 percent in untreated susceptible wheats, is making further advances in Europe, Africa and Asia, according to two new studies produced by scientists in collaboration with FAO. The reports, highlighted in the journal Nature following their publication by Aarhus University and the International Maize and Wheat Improvement Center (CIMMYT), show the emergence of new races of both yellow rust and stem rust in various regions of the world in 2016. At the same time, well-known existing rust races have spread to new

By Dipo Olowookere The management of Chams Plc has made clarification about the dividend of 3 kobo recommended by the board as well as the issues raised about the negative retained earnings reported by one of its subsidiaries, Chams Group. In a statement signed by the Company Secretary, Yetunde Emmanuel, it was stressed that, “Chams Group consists of the parent company, Champs Plc and the subsidiaries: ChamsAccess Ltd, ChamsSwitch Ltd and CardCentre Nig Ltd. “Chams Plc is quoted and listed on the Nigerian Stock Exchange (NSE) and not the Chams Group. “Chams Plc has positive retained earnings of N385 million

By Jerome-Mario Chijioke Utomi At a time like this, there is a compelling need to evaluate our politics and governance via a broader view of the people’s paramount concerns and legitimate expectations in order to unravel its values of fiscal discipline, prudent management, robust and continuous community engagement, effective and efficient public communication, and excellent public service delivery for the benefit of this generation and the next. Despite this logical, rational and practical belief, one is bound to face confusion in doing this as there is no codified word or structured documentation adequate enough to evaluate a public office holder.