NGX Hints at Change in Securities Trading Patterns

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Dipo Olowookere The relentless contributions being made by NEXIM Bank to the Nigerian non-oil export sector, especially in funding factories have received the recommendation of the House of Representatives. Chairman, House Committee on Banking and Currency, Mr Jones Chukwudi Onyereri, during a recent visit to Ladgroup Ltd, a foremost indigenous Nigerian conglomerate with a state of the art oil mill extraction factory located in Ikenne, Ogun State, said the bank has contributed to the growth of the country’s economy. He appealed to the Federal Government to increase funding support to institutions like NEXIM Bank, promising that his committee will

By Adedapo Adesanya The Lagos State government is in the process of enacting a law to regulate the electricity market in the state, Business Post has learnt. This call was made by the Lagos State Commissioner for Energy, Mr Olalere Odusote, while delivering a keynote address at the closing of the 3rd Lagos Real Estate Market Place Conference And Exhibition in Lagos. Speaking at the event themed A Town Hall Meeting On The Lagos Real Estate Emerging Markets – Mitigating The Potential Risks, the Commissioner explained that this became necessary as most private individuals and businesses in Lagos utilised diesel-powered generators

By Modupe Gbadeyanka An improved Dettol Cool soap has been introduced into the Nigerian market by Reckitt for protection against 99.9% of disease-causing germs. At the launch of the product, the General Manager of Reckitt Sub Sahara Africa, Mr Akbar Ali Shah, said, “At Reckitt, we have a purpose, which is to protect, heal and nurture in the relentless pursuit of a cleaner, healthier world. “We also continually innovate to enable access of our high-quality health and hygiene products to every member of society. “Our Dettol Cool bar soap is enriched with the power of menthol that helps to protect

**Target 500,000MT By 2021 By Modupe Gbadeyanka Cocoa farmers in Nigeria have expressed their intention to achieve about 500,000 metric tons by the year 2021. This was revealed by National President of Cocoa Association of Nigeria (CAN), Mr Sayina Riman, in a phone chat with Independent newspaper recently. Mr Riman said his members will hit this target if the public sector will facilitate the push and drive because they intend to start producing about 12 million seedlings yearly to farmers for rehabilitation and regeneration. He said, “That 12 million, if we do that consistently in four years; in seven years

By Adedapo Adesanya Oil prices rose on Monday, beating worries about oversupply as positive economic data from Europe, Asia and the United States boosted gains. Brent crude futures gained 37 cents or 0.85 per cent to trade at $43.89 per barrel, while the US West Texas Intermediate (WTI) crude futures rose 55 cents or 1.37 per cent to $40.81 per barrel. The market had opened in the negative earlier on Monday but data showed that manufacturing activity in the United States accelerated to its highest level in nearly 18 months in July as orders increased despite a resurgence in new

By Adedapo Adesanya The Securities and Exchange Commission (SEC) has said it was shifting its attention to an efficient derivatives trading market this year after achieving a considerable success in reducing unclaimed dividends in 2019. Acting Director-General of SEC, Ms Mary Uduk, while speaking in an interview, said derivatives trading was among the top priorities of the commission in 2020 because it was an important tool for boosting liquidity in the Nigerian capital market. “Derivatives are traded in all the big markets around the world and they are used in risk management. They are also used to hedge the trade

By Dipo Olowookere One of the leading flour millers in the country, Flour Mills of Nigeria Plc, has expressed its determination to exploit value-accretive opportunities in order to record more business and financial growths in the future. Few days ago, the company released its financial statements for 2017. During the period, the firm recorded a Profit After Tax (PAT) of N13.6 billion, while the Profit Before Tax (PBT) was N16.5 billion. Chief Financial Officer (CFO) of the company, Mr Jacques Vauthier, while commenting on the results, noted that Flour Mills was making efforts to grow its business in the country.

By Dipo Olowookere A former House of Representatives member from Ondo State, Mr Gbenga Elegbeleye, has announced his decision to leave the Peoples Democratic Party (PDP). Mr Elegbeleye tendered his resignation letter today to Ondo State chairman of the PDP through the Chairman of Akoko North East Local Government in Ikare-Akoko. He said he was quitting the party due to personal reasons. In his resignation letter titled ‘Resignation of my Membership of Peoples Democratic Party in Ondo State’, Mr Elegbeleye said, “I write to inform you of the resignation of my membership of Peoples Democratic Party effective from the date