Nigeria Interbank Rate Jumps to 29.5% from 19%

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya The Nigerian Content Development and Monitoring Board (NCDMB) has said that Africa’s industrialisation agenda is at the heart of the African Continental Free Trade Agreement (AfCFTA) and fossil fuels remains a very significant part of the energy mix required for industrialising the continent. This was disclosed by Mr Simbi Wabote, the Executive Secretary of the board, during his keynote address at the 9th Anniversary Lecture and Investiture into the Realnews of Fame Hall of Fame in Lagos. Mr Wabote said that revenues obtained from the sale of the hydrocarbon resources would remain “key drivers of the economies

By Modupe Gbadeyanka One of the main cement makers in Nigeria, BUA Cement Plc, has been included in the MSCI Frontier Markets Index, operated by a leading provider of research-based indexes and analytics, MSCI Incorporated. In its February 2020 Quarterly Index review for the MSCI Equity Indexes, the agency said the addition will become effective February 28, 2020. BUA Cement was the only change made to the index. “The following are changes in constituents for the MSCI Frontier Markets Indexes which will take place as of the close of February 28, 2020,” the notice from MSCI stated. Last month, BUA

By Modupe Gbadeyanka Data released on Wednesday, October 4, 2017 (today) by the Debt Management Office (DMO) revealed that the debt office plans to raise between N270 billion and N330 billion bonds in the fourth quarter of this year. The bond calendar, obtained by Business Post, showed that on October 25, 2017, it would auction N45-N55 billion FGN JUL 2021 bond at 14.50 percent, while the N45-N55 billion FGN MAR 2027 notes would be offered at 16.2884 percent same day. On November 22, 2017, the debt office said it would auction the N45-N55 billion FGN JUL 2021 paper for 14.50

By Modupe Gbadeyanka Pan-African financial services group, United Bank for Africa (UBA) Plc, has once again added to its growing list of laurels by emerging best institution in two esteemed categories at the prestigious Interswitch Awards and Gala. UBA beat other nominees in its category, taking away the prize for the Fastest Growing Bank Partner given to the bank with the most impressive performance in Verve card issuance and the Payment Innovation Driver for Trade Finance. Both awards further lend credence to the banks dominance in the digital banking space. The award, which is in recognition of innovative products and

By Investors Hub The major U.S. index futures are pointing to a modestly higher opening on Thursday, with stocks likely to move back to the upside following the late-day pullback seen in the previous session. Traders continue to digest the Federal Reserve?s monetary policy announcement on Wednesday, as the Fed raised interest rates by 25 basis points and hinted at another rate hike this year and three more in 2019. A slew of U.S. economic data may also impact trading on Wall Street, with a report from the Commerce Department showing a much bigger than expected jump in durable goods

By Adedapo Adesanya The Niger Delta Power Holding Company (NDPHC) has signed an agreement with Eko Electricity Distribution Company (EKEDC) for the supply of 300 megawatts to Ibeju-Lekki. This was disclosed by Mrs Olufunke Nwankwo, the Head of Communication and Public Relations at NDPHC in a statement in Abuja on Friday. Mrs Nwankwo said that the project would also supply power to other franchise areas in Lagos State. She said that the agreement, which was sealed in the presence of Lagos State Governor, Mr Babajide Sanwo-Olu, would see NDPHC supply electricity directly to Eko Distribution Company. Speaking at the event,

Investors Hub The major US index futures are pointing to a higher opening on Thursday following the mixed performance seen in the previous session. Traders may look to pick up stocks at reduced levels following the recent downward trend by the Dow, which ended the previous session at its lowest closing level in two months. Stocks turned in a mixed performance during trading on Wednesday, as traders reacted to the latest earnings news as well a steep drop by the price of crude oil. The major averages eventually ended the session on opposite sides of the unchanged line. While the

By Modupe Gbadeyanka The registration of the Stanbic IBTC Holdings Plc N20 billion Commercial Paper (CP) Programme has been approved for listing by Board Listings, Markets and Technology Committee of the FMDQ OTC Securities Exchange on its platform. A statement issued by FMDQ disclosed that the timely and efficient registration of the Stanbic IBTC Holdings CP Programme is a validation of its (FMDQ) mandate to be operationally excellent, towards the transformation of the Nigerian debt capital market. The statement pointed out that, “To date, FMDQ has welcomed circa N250.75 billion worth of CP issuances for quotation on its platform.” FMDQ