NASD OTC Equities Jump 3.97% in Week 31

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A recently unveiled comprehensive report by experts at Traders Union (TU) has outlined the golden hours for Forex trading in India. As the global market wades through waves of unpredictability, Indian traders have been presented with a detailed guide on when to dive in. While it’s a well-known fact that the Forex market operates around the clock, not all hours are equal. As per the Traders Union report, the sweet spot for Forex trading in India lies between 6.00-12.00 GMT and 18.00-0.00 GMT. These windows promise maximum liquidity, tight spreads, and minimal slippage, factors that are crucial for profitable trading.

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 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

When VFD Microfinance Bank entered Nigeria’s budding virtual banking space with its VBank app in March 2020, it joined the ranks of challenger banks giving mainstream banks a run for their money. It was launched when consumers were groaning under the burden of high account maintenance fees, hidden bank charges and other difficult regulatory demands. It was also at the onset of the COVID-19 pandemic in Nigeria, which necessitated months of lockdown and restricted movement. Riding on the back of its attractive and easy-to-use interface, the VBank app quickly racked up hundreds of thousands of downloads on Playstore and the

By Adedapo Adesanya On Monday evening, Apple announced new additions to its arsenal of products that leaves enthusiasts’ tongues wagging including iOS and new features as well as a dive into an emerging, potential-filled market. The announcements were made ahead of the Worldwide Developer Conference and Business Post takes you through some of these developments. The latest operating system (iOS 16) is coming with new features like a customised lock screen which will allow for more customization, plus support for widgets — including widgets for third-party apps. Also, notifications will now “roll in” from the bottom of the screen, while

By Dipo Olowookere Fourteen microfinance banks operating in Nigeria have received N3.1 billion from the Bank of Industry (BoI) under the Bottom of Pyramid (BOP) programme. Announcing this was the Acting Managing Director of BoI, Mr Waheed Olagunju, during the presentation of cheques to LAPO Microfinance Bank, Fortis Microfinance Bank and Lotus Capital Ltd in Lagos on Friday. The BoI chief presented a cheque each of N1 billion to LAPO Microfinance Bank, N500 million to Fortis Microfinance Bank and N500 million to Lotus Capital. The BOP scheme, according to Mr Olagunju, is among others designed to enhance the financial inclusion

By Modupe Gbadeyanka Wife of the Lagos State Governor, Mrs Bolanle Ambode has charged parents in the state to encourage hand-washing among their children as well as maintain a clean and healthy environment in order to prevent them from contracting infections. The Lagos First Lady gave the charge while speaking at Maryland, lkeja during the flag-off of the mass de-worming exercise for primary school pupils organized by the State’s Ministry of Youth and Social Development. She noted that worm parasites contributed significantly to malnutrition in children by stealing the nutrients they ingest, leading to dangerous health conditions like severe anaemia,

By Adedapo Adesanya The Chartered Institute of Stockbrokers (CIS) has announced the election of Mr Olatunde Amolegbe as its new president. This announcement was made in a statement by the Institute’s Registrar and Chief Executive, Mr Adedeji Ajadi. With his election, Mr Amolegbe will take over as chairman of the Governing Council, succeeding the incumbent president, Mr Adedapo Adekoje. Mr Amolegbe, an accomplished investment analyst, and a Fellow of the Institute, was, until his election, the First Vice President. With this ascension, it means Mr Oluwole Adeosun, the Second Vice President now becomes the First Vice President while Mr Oluropo

By Modupe Gbadeyanka Standard Bank Group, to which Stanbic IBTC belongs, has clinched two awards at the Global Private Banking Awards for 2016 by Professional Wealth Management (PWM) and The Banker Magazine. The bank was named the ‘Best Private Bank (Wealth and Investment) in Nigeria’ and the ‘Best Private Bank in Kenya,’ an award it is winning for the second consecutive year. Stanbic IBTC was the only organization so honoured in the West African sub-region. The awards, a joint venture between The Banker and PWM Magazine, both part of the Financial Times Group, reward excellence in wealth management among banks

By Dipo Olowookere Transcorp Plc has confirmed that billionaire businessman, Mr Femi Otedola, has acquired a 5.52 per cent stake in the company, making him the single largest shareholder of the conglomerate. In a notice filed to the Nigerian Exchange (NGX) Limited, the firm disclosed that the chairman of Geregu Power Plc now has a total of 2,245,639,251 units of the company’s stocks. Earlier, after it was reported that Mr Otedola has invested in the company, which also has his friend, Mr Tony Elumelu, as a key shareholder, Transcorp said it was yet to be officially informed of the development.

By Modupe Gbadeyanka The hunt for stocks of companies with potentially high dividend yields and have recorded increased earnings as at H1 2018 will dominate trading this new week. This is according to analysts at Cowry Asset, which also foresee the Nigerian Stock Exchange (NSE) closing in the positive region at the close of transactions this Friday. Last week, the equities market recorded a week-on-week decline of 5.02 percent as prices fell across-the-board amid sustained sell pressure, especially by the Foreign Portfolio Investors. All the sector gauges were down: NSE Banking index, NSE Insurance index, NSE Consumer Goods, NSE Oil/Gas