NASD OTC Exchange Sinks Deeper in Danger Zone

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

Dipo Olowookere The Nigerian Exchange (NGX) Limited further grew by 0.11 per cent on Thursday as investors cherry-picked some stocks with sound fundamentals with the hope of selling in the coming days for profit. This action increased the NGX market capitalisation by N29 billion during the session to N26.909 trillion from N26.880 trillion as the All-Share Index (ASI) improved by 53.29 points to settle at 49,889.80 points in contrast to the previous day’s 49,836.51 points. Business Post observed that shares like BUA Cement, Oando, Access Holdings, Fidelity Bank and 10 others attracted the interest of investors, while the likes Zenith

By Autobytel.com If you change your own oil (or even if you have a shop do it), your car may not be getting all the attention it needs. Almost everyone who has ever changed the oil in a car has made at least one of these mistakes at one time or another. To help you learn from our mistakes (and so that you don’t have to make them yourself), here is our list of the top ten major mistakes you’re making when changing your car’s oil. Changing the oil too frequently, not frequently enough, or not at all It’s best

By Adedapo Adesanya Following a successful rollout of its 5G network in Lagos and Abuja on Wednesday, MTN is set to extend the service to more cities including Port Harcourt, Enugu and Kano. Having won the 3.5GHz spectrum licence for 5G network rollout in December last year, coupled with the issuance of the 5G spectrum licence in May this year, MTN Nigeria Communications Limited was able to successfully kick start the rollout. The Chief Executive Officer of MTN Nigeria, Mr Karl Toriola, had said MTN was ready for rollout, having the required 5G equipment on the ground. MTN kept to

By Adedapo Adesanya An estimated $88.8 billion, which is equivalent to 3.7 per cent of Africa’s Gross Domestic Product (GDP), leaves the continent yearly as illicit capital flight. This revelation was made by the United Nations Conference on Trade and Development (UNCTAD) Economic Development in Africa Report 2020. Illicit financial flows (IFFs) are movements of money and assets across borders which are illegal in source, transfer or use. According to the report entitled Tackling illicit financial flows for sustainable development in Africa, these outflows are nearly as much as the combined total annual inflows of official development assistance, valued at

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has disbursed N12.65 billion to the Anchor Borrowers Programme (ABP), its flagship agriculture intervention scheme, in the first two months of 2023. The Governor of the apex bank, Mr Godwin Emefiele, said this on Tuesday in Abuja when he read the communique issued at the end of the 290th meeting of the apex bank’s Monetary Policy Committee (MPC). According to Mr Emefiele, the total disbursement under the ABP since its inception by President Muhammadu Buhari’s administration in 2015 is N1.09 trillion. “Between January and February 2023, the bank disbursed N12.65 billion

By Dipo Olowookere As part of effort to squeeze excess liquidity in the system, the Central Bank of Nigeria (CBN) on Friday, June 23, 2017, conducted a special Open Market Operation (OMO) auction. During the auction, the banking industry watchdog mopped up about N403.1 billion. Before then, the central bank had conducted OMO sales on all trading days save for Thursday. As a result, system liquidity moderated on all sessions save for Thursday when a FAAC inflow of N275.2bn hit the system. It was observed that the mopping up of N403.1 billion by the CBN made the Open Buy Back

By Adedapo Adesanya President Muhammadu Buhari has approved the appointment of Mr Atuonwo Obinna as Chairman of the Petroleum Product Pricing Regulatory Agency (PPPRA). This was contained in a statement signed by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, made available to newsmen in Abuja. Mr Adesina said the President also approved the reappointment of the agency’s Executive Secretary, Mr Abdulkadir Saidu, for another four years. According to him, the appointment of Mr Obinna as PPPRA Chairman for a four-year term is in accordance with Section 2 (1-3) and 3 (a) of the Petroleum

By Adedapo Adesanya Nigeria has emerged the top consumer of Liquefied Petroleum Gas (LPG) also known as cooking gas in West Africa as consumption of the commodity reached over one million metric tonnes (MT) in 2020. According to the Petroleum Products Pricing Regulatory Agency (PPPRA), this was the first time in the history of the country the consumption was hitting such. In a statement issued in Abuja on Wednesday by the Executive Secretary of the agency, Mr Abdulkadir Saidu, it was disclosed that Nigeria’s LPG consumption improved significantly from the 840,594.37 MT recorded in 2019. He added that the 2019