NASD OTC Market Gains Amid Surge in Trading Volume, Value

By Adedapo Adesanya  The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has vowed to down tools and shut down all oil field locations if demands following the acquisition of Nigerian Agip Oil Company (NAOC) are not met. Business Post had reported in September that Oando Plc had acquired a 100 per cent stake in the Nigerian subsidiary of Italian giant, Eni. However, the deal allegedly happened without management addressing the welfare and benefits of the workers and without due process. The development has led to several protests by members of PENGASSAN since the beginning of September 2023.

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Dipo Olowookere A plot by a popular Nigerian business news blog to blackmail one of the fastest growing banks, Keystone Bank, has been unravelled. Information filtering in revealed that the business news blog and its publisher (names withheld) recently strategised their plots to blackmail Keystone Bank Limited and its Managing Director/CEO, Dr Obeahon Ohiwerei. According to sources close to the bank, the publisher of the blog had contacted Keystone Bank demanding a whopping N40 million to ‘kill’ purported stories which was discovered to be a fabrication of lies and allegation against the financial institution and its head. However, the

By Adedapo Adesanya As part of efforts to drive digitisation and energy sustainability in  Africa, Schneider Electric and Automation & Plant Technologies (APT) have launched a  sustainable innovation hub in Ghana. The innovation centre in the West African nation was created to serve as a hub for energy efficiency and transition through digitisation. It is critical for Africa to participate in driving this innovation and foster positive change in its energy industry. Speaking on the vision of Schneider Electric Innovation Hub, co-founder and Director of APT Ghana, Mr Elie Malak, highlighted the drive to push Africa’s contribution to energy sustainability,

By Dipo Olowookere Last Friday, 25 artisans received N300,000 each from Goldberg during the Isedowo activation held in Ibadan, Oyo State. The funding support, which is from the premium quality lager beer produced by Nigerian Breweries, is mainly to intervene in the financial challenges facing artisans in the south west region of the country. During the event, which was well attended by a cross-section of artisans and citizens of the state with diverse interests, the 25 artisans commended Goldberg for the empowerment scheme. The beneficiaries included auto mechanics, fashion designers, caterers, hair dressers, panel beaters, cobblers, traders and dry cleaners,

By Dipo Olowookere Three hundred women have been chosen to have the opportunity to partake in the exchange of knowledge from powerful women like Folorunso Alakija, Ibukun Awosika, Senator Daisy Danjuma, Mrs Fashola, Juliet Ehimuan Chiazor, Uche Pedro, Ayo Mogbepe and many more. They were selected from over 2000 applications received from women for the first Flourish Africa Conference, which took place at the Renaissance Ikeja Hotel in Lagos at an exclusive invitation only event hosted by Forbes Africa Head of Digital Media and Partnerships and West Africa Correspondent, Peace Hyde. Mrs Folorunso Alakija is one of a handful of

By Modupe Gbadeyanka The battle for the star prize in the Nigerian Idol season 7 is getting hotter as the remaining eight contestants on the show are looking to make it to the next stage. Last week, Abigail could not get a spot in the top 8 as she recorded the least number of votes in the week, putting an end to her journey on the show, meaning she will not be able to win the N100 million promised the winner of the competition, which includes a recording deal from a label, a brand-new Sports Utility Vehicle (SUV), cash prizes

By Adedapo Adesanya The federal government has vehemently kicked against the use of PolyChlorinated Biphenyl (PCBs), popularly known as transformer oil, by food vendors to fry akara (bean cake), plantain chips, chicken and other food items. A consultant to the Federal Ministry of Environment, Mr Babajide Alloy, in an interview with newsmen on the sidelines of a workshop in Calabar, said the federal government will take steps to prosecute any food vendor found guilty of this act. According to him, the consumption of food prepared from the chemical substance will expose the public to cancers of the lungs, heart, kidney

By Adedapo Adesanya The Naira finished the week stronger by 87 kobo 0.21 per cent against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday, August 13. At the specialised window, the local currency was sold at N410.80/$1 compared to N411.67/$1 it was traded at the previous session. Even on the trading day, some investors bid the domestic currency at N400.00/$1 at a point, while others pushed for N412.50/$1 before closing at N410.80/$1. At the close of business, according to data obtained by Business Post from the FMDQ Securities Exchange, transactions

By Modupe Gbadeyanka Rivers State Chapter of the All Progressives Congress (APC) has reacted to reports that Minister of Transportation, Mr Rotimi Amaechi, has ‘appointed’ Mr Tonye Dele Cole, as the governorship candidate for the party for the 2019 elections. The APC, in a statement signed and made available to journalists last Saturday by the party’s spokesman, Mr Warisenibo Chris Finebone, stated that it is grossly preposterous and far from the truth as there is no provision for the appointing of a governorship candidate or indeed any candidate whatsoever in the constitution of the APC or in the guideline for