Naira Value Appreciates at P2P as Bitcoin Trades Above $27000

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Aduragbemi Omiyale In 30 days, the Nigerian National Petroleum Corporation (NNPC) boosted its trading surplus by 23.64 per cent to N43.57 billion. A statement issued on Sunday by the spokesman of the agency, Mr Kennie Obateru, disclosed that the figure grew from the N35.24 billion recorded in March 2021. It was disclosed that the rise was due to the activities of the corporation’s upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), such as crude oil lifting from OML 119 (Okono Okpoho) and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company), as well as an increase in gas sales.

By Modupe Gbadeyanka Managing Director of Nigerian Aviation Handling Company (NAHCO) Plc, Mr Norbert Bielderman, has notified the firm that he would be leaving at the end of August 2017. A statement issued in Lagos by NAHCO and dated May 17, 2017, disclosed that following the three months’ resignation notice given by Mr Bielderman, the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) have been duly notified of replacing him according to the NAHCO’s “well laid-down succession planning process.” However, the board of NAHCO has approved the immediate appointment of Mrs Folashade Ode as the new Acting

By Adedapo Adesanya The Naira depreciated against the Dollar at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market on Thursday by N3 or 0.4 per cent to trade at N756/$1 compared with the previous day’s N753/$1. Also, the Nigerian currency lost N4 against its American counterpart to close at N747/$1 in contrast to Wednesday’s closing price of N743/$1. However, in the Investors and Exporters (I&E) window, the local currency appreciated against the greenback yesterday by 8 Kobo or 0.08 per cent to sell for N441.13$1 compared with the preceding session’s N441.25/$1. Data obtained from the FMDQ Securities Exchange indicated

By Dipo Olowookere There are plans to create a new city within Abuja that will become the industrial hub where forward-thinking entrepreneurs will make their first choice. The main driver of this vision is the Lagos-based luxury real estate company known as Sujimoto Construction, which has made its mark in the commercial capital of Nigeria. Recently, its Managing Director/CEO, Mr Sijibomi Ogundele, held a crucial meeting with the Minister of State of the Federal Capital Territory (FCT), Mrs Ramatu Tijjani Aliyu. At the meeting, which was supposed to last for only 15 minutes but ended after three hours, Mr Ogundele

By Modupe Gbadeyanka The United Nations, through a new fund set up to tackle the crisis-hit north-east of Nigeria, has allocated over $10.5 million to help thousands of women, children and men in need of life-saving humanitarian assistance.  The humanitarian crisis in Nigeria’s north-east and the Lake Chad region is one of the most severe in the world today, with 8.5 million people in need of humanitarian assistance in the three worst-affected Nigerian states of Borno, Adamawa and Yobe alone; of them, 6.9 million people are targeted for humanitarian assistance. The $10.5 million allocation by the new fund – the

By Dipo Olowookere The Nigerian Stock Exchange (NSE) has said it would continue to ensure children across Internally Displaced Persons (IDPS0 camps receive quality education. The nation’s stock market regulator gave this assurance on Tuesday, May 1, 2018, at the award ceremony organised by the Lagos Chamber of Commerce & Industry (LCCI) held at the Oriental Hotel, Victoria Island. At the event, the NSE was announced winner of the 2018 award for ‘CSR in Education’. NSE emerged the winner of this award in recognition of its education support for Internally Displaced Persons in Borno State. Commenting on the award, the

By Modupe Gbadeyanka Diamond Bank has announced the appointment of Mr Oluseyi Bickersteth as its new Chairman of the Board of Directors. Mr Bickerseth is taking over the position following the retirement of Professor Chris Ogbechie after the completion of his tenure. He retired from the board with effect from March 31, 2018. The new Chairman’s appointment, according to a statement issued by the financial institution, took effect from June 26, 2018. Diamond Bank noted that the appointment comes against the backdrop of Mr Bickerseth’s strong values and vision which both align with the bank’s current focus of delivering excellent

By Modupe Gbadeyanka There are strong expectations that the Central Bank of Nigeria (CBN) will likely lift stop rates of treasury bills this week to further slowdown foreign portfolio outflows. This Wednesday, the apex bank will auction the debt instruments worth N150.60 billion via the primary market. During the exercise, the central bank will offer N22.73 billion worth of the 91-day bills, N24.80 billion worth of the 182-day bills, and N10.07 billion worth of the 364-day bills. The next day after the primary market auction, treasury bills worth N594.36 billion will mature via the primary and secondary markets. As a