NASD Market Capitalisation Drops to N529.12bn in Week 27

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

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 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 The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Investors Hub Asian stocks turned in a mixed performance on Thursday after the Federal Reserve announced its widely anticipated decision to raise interest rates by 25 basis points and projected three rate hikes in 2018, citing a strong outlook for U.S. economic growth. Underlying sentiment remained somewhat cautious amid expectations that U.S. president Donald Trump will introduce tariffs on Chinese goods for approximately $50 billion. China’s Shanghai Composite Index slid 17.12 points or 0.5 percent to close at 3,263.83 after the People’s Bank of China raised its short-term interest rates for the first time this year in reaction to

By Dipo Olowookere In the just concluded trading week, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) and market capitalization appreciated by 8.36 percent to close the week at 36,864.71 points and N12.705 trillion respectively. Similarly, all other Indices finished higher during the week with the exception of the NSE ASeM Index, which weakened by 1.09 percent. Trading in the top three equities namely, United Bank for Africa (UBA) Plc; FBN Holdings Plc; and Access Bank Plc, measured by volume, accounted for 798.334 million shares worth N7.165 billion in 5,855 deals, contributing 36.11 percent and 23.39 percent to the total

By Okechukwu Keshi Ukegbu The sharp and continuous fall of oil prices globally has forced governments to deploy the resources and potentials that abound within their territories to achieve economic growth. Abia State is keying into this trend to actualise the dry port project sited at Avor Ntigha in Isiala Ngwa North Local Government Area of the state. There have been consistent efforts towards the inauguration of the Inland Dry Port Project Implementation Committee a few years back. The action, according to Governor Okezie Ikpeazu, is aimed at opening access to trade and commerce in the state. It was also

By Adedapo Adesanya The Nigerian Naira traded mixed at the various segments of the foreign exchange (FX) market tracked on Tuesday, July 6. At the Investors and Exporters (I&E) window of the forex market, the Naira depreciated against the US Dollar by 20 kobo or 0.08 per cent to close at N411.45/$1 in contrast to N411.25/$1 it closed on Monday. It was observed that the local currency performed badly as a result of an FX demand pressure from customers. The value of transactions at the market segment significantly increased by 54.7 per cent or $39.12 million, according to data obtained

By Adedapo Adesanya The African Development Bank (AfDB) has announced the debarment of Sargittarius Nigeria Limited and its affiliates, including Sargittarius Henan Water Conservancy Engineering Limited, for a period of 18 months. The Abidjan-based lender said the company was barred from executing its projects for fraudulent practices and will take effect from July 28, 2021. An investigation conducted by the bank’s Office of Integrity and Anti-Corruption established that Sargittarius Nigeria Limited engaged in fraudulent practices during tenders for the construction of water infrastructure in Ibadan, Nigeria, under the Urban Water Supply and Sanitation Improvement Project in Nigeria. The debarment renders

By Dipo Olowookere For its contribution to the Nigerian health care sector, the nation’s leading health insurance company, AXA Mansard Health, duly regulated by NHIS, has been announced as the Health Maintenance Organization (HMO) of the year. The firm was bestowed with the honour at the 2018 Nigerian Healthcare Excellence Awards (NHEA) held in Lagos last Friday. NHEA is an annual event that recognises and celebrates outstanding personalities and organisations for contribution to the health sector through innovative, efficient and qualitative healthcare delivery services. It is an initiative of Global Health Project and Resources (GHPR) in collaboration with Anadach Group

By Dipo Olowookere There was a huge scare on Friday evening in Lagos as a heavy-duty truck thought to be conveying petrol went up in flames, with no loss of lives or other properties. Reports say the unfortunate incident occurred on the Odo-Iyaalaro Bridge inward Maryland in Lagos, causing pandemonium in the area. Free flow of traffic in the adjourning areas reportedly disrupted as rescue officials battled to bring the situation under control. It was gathered that major gridlock was caused around the axis, connecting Tipper garage, Ojota-Interchange and Motorways plaza. Around the area where the tanker fire occurred, many