Nigeria Can Generate N7trn from Blue Economy—Agbakoba

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 Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

Low internet penetration, bad road network and infrastructure deficit were among the hindrances identified to forestall e-commerce success in its early days in Nigeria. This was largely due to the fact that the majority of the country’s population lived in rural areas. This was and still is the situation in major African markets. The only exceptions are North African countries because they have over 70% urban population. While internet penetration is fastly growing and driving online activities among the people in Nigeria, the road infrastructure needed to get items delivered at sub-hub locations are not growing at a commensurate proportion.

By Adedapo Adesanya The Lagos State government said it would hold the 2020 edition of its Eko City Farmers’ Fair and Appreciation Day on Sunday, December 20 to enable residents shop for produce, including rice, at farm gate prices. The state’s Commissioner for Agriculture, Ms Abisola Olusanya, stated this on Thursday in Lagos. She said that residents would have the opportunity to buy rice at N20,000 per 50kg bag as part of the state government’s intervention in collaboration with the federal government and Kebbi Government. Ms Olusanya noted that the fair, which would hold at the Ndubusi Kanu Park, Alausa,

By Dipo Olowookere The local stock market maintained its positive momentum on Monday with a 0.05 per cent growth buoyed by bargain hunting in GTCO, Zenith Bank, Fidelity Bank and others. Investors took a position in these equities ahead of the release of the third-quarter earnings later this month as they begin to notify the market of their forthcoming board meetings to consider the results. This development helped the All-Share Index (ASI) rise yesterday by 21.88 points to 40,243.05 points from 40,221.17 points and lifted the market capitalisation by N14 billion to N20.970 trillion from N20.956 trillion. Business Post reports

By Modupe Gbadeyanka Some petrol stations in Lagos are selling premium motor spirit (PMS) to consumers at a pump price between N215 per litre and N270 per litre, Business Post reports. A tour of filling stations in some parts of the metropolis by this reporter showed that the long queues witnessed a few weeks ago are gradually going shorter. A number of petrol stations visited in the Alimosho area of Lagos State are selling the product to motorists but at a price above the approved rate of N170 per litre. At a fuel station opposite Rauf Aregbesola Medical Centre, Okunola,

By Adedapo Adesanya President Muhammadu Buhari has nominated Mr Adolphus Arhotomhenla Aghughu to become the new Auditor-General of the Federation pursuant to Section 86(1) of the Constitution of the Federal Republic of Nigeria (as amended). Mr Aghughu has been acting as the Auditor-General since the voluntary retirement of Mr Anthony Mkpe Ayine, from service upon attainment of the mandatory retirement age of 60 years on October 25, 2020. The Senior Special Assistant to the President on Legislative Matters (Senate), Mr Babajide Omoworare, made this known in a statement. The Auditor-General designate hails from Edo State and holds a Master’s degree

By Modupe Gbadeyanka The Emirates Group this week announced its 30th consecutive year of profit and steady business expansion. In its 2017-18 Annual Report released on Wednesday, the Emirates Group posted a profit of AED 4.1 billion (US$ 1.1 billion) for the financial year ended 31 March 2018, up 67% from last year. The Group’s revenue reached AED 102.4 billion (US$ 27.9.billion), an increase of 8% over last year’s results, and the Group’s cash balance increased by 33% to AED 25.4 billion (US$ 6.9 billion) supported by the bond issued in March and strong sales due to the early Easter

By Modupe Gbadeyanka Toshiba Electronic Devices & Storage Corporation today announced the launch of the MG07ACA Series, the world’s first enterprise 14TB Conventional Magnetic Recording (CMR) HDD. Using a 9-disk, helium-sealed design, the new MG07ACA Series provides the power-efficient capacity and storage density needed by cloud-scale and enterprise storage solution providers to achieve their TCO objectives. “We have raised the bar with the new MG07ACA Series 9-disk helium-sealed design,” said Akitoshi Iwata, Vice President of Storage Products Division, Toshiba Electronic Devices and Storage Corporation. “By utilizing an innovative design, we continue to improve the benefits that high-capacity disk storage can

By Adedapo Adesanya Nigeria and other oil-dependent economies are facing a worsening situation as it appears that oil demand won’t see any improvement anytime soon. This is based on a new report from the Organisation of the Petroleum Exporting Countries (OPEC), which downwardly revised global oil demand to an average of 90.2 million barrels per day in 2020. The oil cartel in a report released on Monday said this was caused by a weaker-than-expected recovery in India and other Asian countries, and warned that risks remain “elevated and skewed to the downside” for the first half of next year. The