Nigerian Currency Appreciates to N457/$1 at Black Market

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 Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Modupe Gbadeyanka In recognition of its innovative efforts in stretching the boundaries of big data and location-based analytics, front-running IT solutions and services provider ITWORX, has been named the 2017 ESRI Partner of the Year for Big Data & Analytics. ITWORX garnered the prestigious award at this year’s Esri Partner Conference, held recently in California-USA, crowning the Company’s successful implementation of its ‘InSite Suite’ a location-based behavioral analytics solution, in collaboration with Esri, for the Telco sector. “By bringing the power of Big Data to ESRI’s geo-spatial platform, ITWORX ‘InSite Suite’ significantly improves the way Telco Operators draw insights

By Dipo Olowookere Interests in the shares of Guinness Nigeria, Cadbury Nigeria, FBN Holdings and others lifted the Nigerian Exchange (NGX) Limited by 0.12 per cent on Friday. From analysis of the trading data, the consumer goods, banking and energy sectors saw significant bargain hunting activities during the session, leaving their respective index closing higher by 0.57 per cent, 0.41 per cent, and 0.03 per cent. However, the insurance counter witnessed a pocket of profit-taking as its index went down by 0.09 per cent, while the industrial goods sector closed the way it opened for the session. When the bourse

By Modupe Gbadeyanka A bakery in Niger State has been sealed by the National Agency for Food and Drug Administration and Control (NAFDAC) for baking bread with a prohibited substance, potassium bromide. Master bakers in Nigeria had been warned against using potassium bromide in making bread, though some of them still use it. Niger State Coordinator of NAFDAC, Mr Anikoh Ibrahim, said on Wednesday that the agency sealed the bakery located in Lapai Area Council of the state during an unscheduled visit. Mr Ibrahim said NAFDAC would continue to sensitise master bakers in the state on the danger of using

By Dipo Olowookere Transactions at the Nigerian stock market ended on Friday on a positive note with investors smiling with N180.8 billion gain at the close of trading activities. Unlike yesterday, when the All-Share Index (ASI) went down by 1.56 percent, it rose today by 1.32 percent after gaining 502.38 points to close at 38,436.08 points. The market capitalisation on Friday appreciated by N181 billion to settle at N13.678 trillion, while the Year-to-Date (YtD) return closed at 43.02 percent. Business Post reports that the volume and value of equities transacted today recorded significant rise with investors trading a total of

Fintech lending company, Renmoney, in partnership with Ikoyi club, will be holding the first edition of the Renmoney Squash Tournament. The competition is a great opportunity for members of Ikoyi Club to take part in a competitive, fun, social and physical activity. The tournament starts on Monday, May 13, 2019 and ends on Friday, May 17, 2019. Commenting on the sponsorship, Renmoney’s Chief Marketing Officer, Apekhade Idogho, said, “We have partnered with Ikoyi Club to develop this tournament to promote the game of squash and drive awareness of the investment solutions Renmoney has to offer”. Yetunde Faulkner, Director, Wealth Management

By Aduragbemi Omiyale The number of customers on the digital wallet platform of Colombian-based digital payments company, MOVii, has crossed 1.5 million. MOVii is powered by Comviva’s mobiquity platform, which enables over 70 digital financial services in more than 50 countries. The firm is ranked fifth amongst all financial institutions in Colombia in terms of transaction volume and has reached this milestone faster than any other financial institution in the country. It is the country’s first 100 per cent digital money platform, where everything from customer registration to payments happens using the mobile application. Its vision is to revolutionise financial

By Aduragbemi Omiyale The chief executive of the Central Securities Clearing System (CSCS) Plc, Mr Haruna Jalo-Waziri, has expressed delight at his election as the new Vice President of the regional association of global Central Securities Depositories (CSDs), Africa and Middle East Depositories Association (AMEDA). The Nigerian will be working closely with Mr Abdalla Abdin, the Chief Executive Officer of Bahrain Clear, who currently serves as the President of the association, in steering the affairs of AMEDA and leading the execution of strategic initiatives towards delivering value to its members and broader stakeholders. “I feel greatly honoured by my nomination

By Adedapo Adesanya The Securities and Exchange Commission (SEC) has warned that amid rising digital adoption, youths should be mindful of fraudulent investments that are Ponzi schemes and make conscious efforts to invest in legitimate capital market products. Speaking on the sidelines of the Global Money Week 2023, the Director of the Market Development Department of the commission, Mr Nestor Ikeagu, said partaking in illegal investments could affect the growth of their financial future. Global Money Week (GMW) is an annual awareness-raising campaign on the importance of ensuring that young people from, an early age, are financially aware and are