NASD OTC Exchange Extends Stay in Positive Zone

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3

By Adedapo Adesanya Crude oil prices settled gained almost one per cent higher on Tuesday as expectations of tighter supply outweighed worries that an uncertain economic outlook would hurt demand. Brent crude futures rose by 67 cents or 0.7 per cent to $93.96 per barrel and the US West Texas Intermediate (WTI) crude futures increased by 71 cents or 0.8 per cent to $90.39 per barrel. Oil supply remains tight as Russia and Saudi Arabia have extended production cuts to the end of the year. Market analysts noted that oil supply is expected to underwhelm demand in the foreseeable future

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Adedapo Adesanya The Nigeria Civil Aviation Authority (NCAA) has suspended the operations of Max Air in Nigeria for a series of irregularities. In a letter NCAA/DG/AIR/11/16/363, signed by Director, Operations Training & Licensing, Mr Ibrahim Bello Dambazau, for the Director General of Civil Aviation, Mr Musa Nuhu, the authority directed the suspension of Parts A3 and D43 with regards to the operation of Max Air’s Boeing 737 aircraft type with immediate effect. Parts A3 deals with the airline’s Aircraft Authorization, and D43 deals with Aircraft Listing of the Operations Specifications issued to Max Air Limited. This simply translates that

By Dipo Olowookere Shareholders of Forte Oil Plc intending to sell their shares to a major investor in the company, Ignite Investments and Commodities Limited, have been told to pause the action for now. Ignite Investments is proposing to buy up to 500,000 units of the energy company’s shares from shareholders at the price of N66.25k per unit. The total number of units to be purchased makes up 0.04 percent equity stake. This offering is coming few months after the same investor acquired 75 percent equity holding of the former owner, Mr Femi Otedola. Forte Oil, in a notice to

By Ashemiriogwa Emmanuel The federal government has advised investors to take advantage of iGuide Nigeria, an online platform designed to enable capitalists to make informed decisions concerning the country. The initiative was launched in 2018 and as it houses information about every aspect of starting and running a business in Nigeria. The Minister of Industry, Trade and Investment, Mr Niyi Adebayo, while speaking at a workshop organised by the Chartered Institute of Stockbrokers (CIS)  tagged Leveraging the Financial Markets to Achieve Double-Digit Economic Growth for Nigeria held in Abuja on Thursday, stated that the platform serves as one of its

By Dipo Olowookere In order to fortify its market leadership position in the financial industry, Stanbic IBTC Holdings Plc has announced the appointments of the Chief Executive Officers (CEOs) and executive directors for its subsidiaries. The new appointees, who the chief executive of the parent firm, Mr Demola Sogunle, described as highly experienced, diligent and management-savvy, are expected to work to achieve this goal. “We are delighted to have a pool of highly experienced, diligent and management-savvy individuals at Stanbic IBTC to be entrusted with the responsibilities of driving the next phase of our growth. “We are certain the group

The game of Bitcoin poker doesn’t require much brainpower to master. Poker laws and determining the best possible set out of a small number may be learned in minutes. However, to properly master your game and convert Bitcoin poker into a reliable source of income might take years or even a lifetime. When starting, it’s essential to balance the game’s inherent thrill and practicality. Large losses may rapidly accumulate if you don’t know what you’re doing. Here are some of the best Bitcoin poker strategies for players to use: Avoid Tilt Maintaining composure under pressure is another meta-skill crucial to

By Adedapo Adesanya President Bola Tinubu has assured the manufacturing and service sectors that more reforms would be unfolded to enable efficiency and attract investments. The President told a delegation from MTN, led by the Group Chairman, Mr Mcebisi Jonas, at the State House that the ongoing economic ‘‘revolution’’ will be deliberately steered to capture and favour teeming youths in the country. “We have a responsibility to revolutionize the economy so that our youths can share in the prosperity of the nation; otherwise, we are only waiting for the dreams to be charted,’’ the President said, according to a statement

By Modupe Gbadeyanka Central Bank of Nigeria (CBN) has reacted to allegations of corruption levelled against it by Nigerian Wailers, saying that the Wailers are paid agents and would fail in their bid to distract the government from its focus. Acting Director of Corporate Communications, Mr Isaac Okorafor reacted to the allegation in a conversation with the Economic Confidential. The Nigerian Wailers had, in a statement, alleged wide-spread corruption in the administration of foreign exchange and illegally lending money to President Buhari’s administration to support the budget. But the CBN spokesperson said, “The allegations are totally false and fabricated. Such

By Modupe Gbadeyanka Burkina Faso today inaugurated the largest insect rearing facility in West Africa to apply a nuclear technique to suppress the tsetse fly, an insect harmful to both humans and animals. The plant was built with the support of the International Atomic Energy Agency (IAEA), in cooperation with the Food and Agriculture Organization of the United Nations (FAO), in a move to help control one of Africa’s most devastating cattle diseases, Nagana. The Insectary of Bobo-Dioulasso is a mass-rearing factory that will help the region use the Sterile Insect Technique (SIT) – a form of insect birth control