Naira Trades Flat at Black Market, Mixed at Other Segments

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a pullback of 0.03 per cent on Wednesday after investors took a second look at their exposure to local equities, though as some were dumping, a few were mopping up. According to data obtained by Business Post, traders bought and sold 566.6 million shares worth N5.4 billion during the trading session in 8,201 deals compared with the 676.7 million shares valued at N5.9 billion traded in 7,659 deals on Tuesday, implying a rise in the number of deals by 7.08 per cent and a decline in the trading volume and value

By Precious Olisa The Nigerian Extractive Industries Transparency Initiative (NEITI) has said the Nigerian National Petroleum Company (NNPC) Limited only remitted 57.27 per cent of the revenue it generated in 2021 to the federal government. The agency made this claim in a report released earlier this week, noting that the country generated $23.05 billion from the oil and gas sector in 2021 compared with the $20.43 billion achieved in 2020, with the NNPC and others keeping some funds back. Analysis showed that about $8.67 billion came from the sale of crude oil and gas, $13.37 billion was from taxes and

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Adedapo Adesanya The Dangote Group Executive, Mr Devakumar Edwin, has said that the Dangote Refinery will not rely solely on Nigerian crude for its operations. This was one of the points made by the official as he gave a detailed production timeline that shed light on crude and product flows as well as delays on the 10-year project to S&P Global Commodity Insights. The company had announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually reach 650,000 barrels per day by November. The $19.5 billion refinery, which

Conference of Nigeria Political Parties (CNPP) has reacted to the bill to enact a law to impose a communication service tax meant to replace the Federal Government’s proposed 2.5 percentage increase in the Value Added Tax (VAT), describing it as less burdensome on the masses. The CNPP also threw its weight behind a suggestion by former governor of Imo State, Owelle Rochas Okorocha, that Nigeria should adopt a reduced Parliamentarian representation from each state of the federation as part of efforts to decrease government’s running costs. According to the umbrella body of all registered political parties and political associations in

By Adedapo Adesanya The price of the international benchmark crude, Brent, fell below the $100 per barrel mark on Monday, precisely trading at $99.01 per barrel after losing 3.76 per cent or $3.77 as COVID-related lockdowns in China weighed on demand expectations, while the coordinated massive release from oil reserves eased fears of supply shortages. Also, the United States West Texas Intermediate (WTI) crude futures depreciated by $3.41 or 3.47 per cent yesterday to trade at $94.85 per barrel. With this development, oil prices have now erased most of their gains since the start of the Russian invasion of Ukraine

By Modupe Gbadeyanka The Lagos State Muslim Pilgrims Welfare Board has commenced biometric registration of Hajj pilgrims at VES TASHEEL Sky Water Tower, located at 6, Otunba Yomi Oshikoya, off Bank-Anthony Way Etiebet Junction, Abule Onigbagbo Bus Stop, Ikeja, Lagos. The information was disclosed by the Board Secretary, Mr Ishola Rahman while briefing the stakeholders and staff of the Board about the preparations for the Y2019 Hajj operations during a forum held at Old Secretariat, GRA, Ikeja. According to him, intending pilgrims are expected to visit the registration centre with two passport photographs and original copy of their International Passport

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has expressed satisfaction with the power tussle between Mr Femi Otedola and Mr Taiwo Hassan Odukale, over who owns the single largest shareholding in First Bank of Nigeria, also known as FGN Holdings Plc. The duo recently became a news item over the issue after it was announced that Mr Otedola was now the single largest shareholder in the financial institution. The company later released a statement, stating that Mr Odukale was the largest shareholder. On Tuesday, after the last Monetary Policy Committee (MPC) meeting for 2021, the Governor of the

By Adedapo Adesanya Lagos based energy company, Lekoil Limited, is looking to raise the sum of $100 million in order to start drilling its Ogo oilfield after major setbacks. This was made known by Lekoil’s Chief Executive Officer, Mr Lekan Akinyanmi, who noted that the energy company financed much of the preparation work in Ogo with returns realised from its Otakikpo producing field, adding that the company will start drilling work in Ogo as soon as it raises the needed money. The company had earlier in the year discovered that a planned $184 million intended to maintain its stake in

By Modupe Gbadeyanka Acting Managing Director of the Bank of Industry (BoI), Mr Waheed Olagunju, has expressed the bank’s readiness to partner entrepreneurs in fitting its funding to achieving greater economic impact. Mr Olagunju said that the BoI had simplified the loan application and approval process by taking it online and eliminating time-wasting trips to various office locations across the country. He disclosed this via the bank’s Divisional Head, Small and Medium Enterprises, South, Mr Mohammed Abdul-Ganiyu. The BoI boss urged customers and would-be beneficiaries to approach the bank with inputs that would enable it to serve them optimally. “We

By Dipo Olowookere Former innovation director and principal technical strategy advisor at Microsoft, Mr Adrian Clarke, has joined Modex. Mr Clarke is the latest tech star to join forces with the UK based blockchain firm developing a global first smart contract marketplace. In the wave of tech executives leveraging experience and know-how as advisors to promising start-ups in the blockchain revolution, Mr Clarke’s pioneering work in the development of the Microsoft app store, lends proven muscle to Modex. “A world-class marketplace for smart contracts is exciting and I believe Modex has the perfect solution to deploy smart contracts in key

By Ahmed Rahma, Adedapo Adesanya The monetary authorities in Nigeria will likely be scratching their heads at the moment as the newly introduced foreign exchange (FX) policy seems to be putting much pressure on the Naira instead of the other way round. Over the weekend, the Central Bank of Nigeria (CBN) started a promo that gives an extra N5 for every single Dollar received via diaspora remittances. Some analysts have commented on this scheme tagged CBN Naira 4 Dollar, warning that it might not really achieve its intended goals. On Tuesday, the local currency further suffered losses at two of