NASD Investors Lose N140m in Four Days

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Dipo Olowookere A funding package aimed to support African creators telling underrepresented stories and perspectives in podcasting has been created by Spotify. The initiative, Africa Podcast Grant, was announced by the streaming giant on Wednesday, May 25, 2022, at an event held to celebrate a crop of African creators who are making their voices heard and, through that, showing the world the vast array of African talent. Spotify disclosed that it would provide a $100,000 grant for 10 creators telling Africa’s story, giving them the opportunity to take their trades to greater heights. At the programme held on Wednesday

By Modupe Gbadeyanka Federal Government has said the nation’s music industry is projected to generate $86 million (about N26.3 billion at an exchange rate of N306/$1) in revenue in 2021. Minister of Information and Culture, Mr Lai Mohammed, said this on Thursday at the 11th Tourism Investment and Business Forum for Africa (Investour), which was held on the sidelines of the ongoing International Tourism Trade Fair (FITUR) in Madrid, Spain. Mr Mohammed, who served as a panellist at the event, said Nigeria also boasts of a very vibrant and popular music industry which not only reflects her cultural richness, but

By Dipo Olowookere The Nigerian Stock Exchange (NSE) appreciated by 0.45 per cent on Monday, which was the last trading session in November 2020. The growth was boosted by a renewed interest in insurance stocks, though the market breadth ended negative as a result of the 29 price losers and 17 price gainers. The benchmark index, the All-Share Index (ASI), which started the day at 34,885.51 points, inched up by 156.63 points to settle at 35,042.14 points. Likewise, the market capitalisation, which measures the total value of equities on the exchange, closed at N18.310 trillion after adding N82 billion to

By Dipo Olowookere Governor Godwin Obaseki of Edo State has urged various governments to provide more incentives for local companies. According to him, when this is done, more firms would invest in the economy, which will in turn bring about growth in the country. The Governor, speaking at the Government House in Benin City, said one of these incentives can be a non-punitive tax regime, which he said would make attract more investments, even international companies. Mr Obaseki noted that, “Without strong local investors, we cannot attract international investors” and giving these incentives “will attract other investors to locate their

By Adedapo Adesanya The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has said that having more liquefied Natural Gas (LNG) facilities in the country will create more employment and bring more expansion to the economy. Mr Kyari noted that this was why the national oil company sought further expansion of the Nigeria Liquefied Natural Gas (NLNG). The NNPC chief said the organisation has commenced discussions on the NLNG Train 8 project with its partners as part of the country’s decade of gas plan. The federal government had declared January 1, 2021, to December 31,

By Dipo Olowookere Information reaching Business Post has it that some companies listed on the Nigerian Stock Exchange (NSE) are making frantic efforts to meet up with the Sunday, March 31, 2019 deadline for the filing of their earnings for the year ended December 31, 2018. Though not all the listed companies run the January 1 to December 31 financial year, majority of them do. Technically, quoted firms yet to submit their financial scorecards for the 2018 fiscal year have only today and tomorrow to do so. According to the NSE rules on filing of annual results, “Audited annual accounts

As part of its youth empowerment and socio-economic drive, Stanbic IBTC Holdings PLC, a member of the Standard Bank Group, recently graduated the 16th batch of Graduate Trainees. Stanbic IBTC’s Graduate Trainee programme is a scheme which recruits talented young Nigerians, who are either straight out of school or have minimal work experience. They are then trained on the rudiments of banking with the aim of molding them into future financial leaders. At the end of their stewardship, they are formally absorbed into the Stanbic IBTC workforce. Chief executive of Stanbic IBTC Holdings PLC, Mr Yinka Sanni, stated that the

By Dipo Olowookere On Thursday, Fidelity Bank Plc released its financial performance for the third quarter of 2018, which has been adjudged as impressive by analysts and market observers. According to the 9 months financial scorecard of the lender released to the Nigerian Stock Exchange (NSE), the company recorded a double-digit growth in revenues and profitability, indicating that the bank was on course to finishing strong in the 2018 financial year. Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 4 million customers who are serviced across its 240 business offices and various digital banking channels. The