Nigerian Equities Resume Trading with N143b Loss

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Adedapo Adesanya  The Nigerian Naira weakened by 17.9 per cent or N144.49 against the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 6 as confidence waned in the Central Bank of Nigeria’s (CBN) ability to boost the market with enough foreign exchange (FX). Yesterday, the exchange rate of the Naira to the Dollar closed at N951.22/$1 in the official market compared with the preceding session’s rate of N806.73/$1. This happened as the forex turnover slightly went down by 4.9 per cent or $7.05 million to $135.58 million from the $142.63 million reported in the

By Adedapo Adesanya Brent crude closed below $75 per barrel on Wednesday, precisely selling at $74.39 per barrel after shedding $2.81 or 3.5 per cent. It was the lowest level for the crude oil grade since June, as a larger-than-expected rise in US fuel inventories added to worries about fuel demand, also pressuring the West Texas Intermediate (WTI) crude futures by $2.74  or 3.8 per cent in the midweek session to $69.58 a barrel. The US Energy Information Administration (EIA) reported a crude oil inventory draw of 4.6 million barrels for the week to December 1. A sizeable inventory build

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Modupe Gbadeyanka National Information Officer of the United Nations Information Centre (UNIC) Nigeria, Mr Oluseyi Soremekun, has enjoined Nigerians to imbibe the culture of peace, noting that, “Peace is sacrosanct and non-negotiable. Everyone needs to imbibe the culture of peace by upholding mutual trust and respect for one another.” He said this while speaking at a workout tagged, ‘Sweat4Peace’ organised by a Non-Governmental Organisation (NGO), Galaxy4Peace, in collaboration with UNIC as part of the countdown activities to mark the International Day of Peace (21 September). The event held at the Federal College of Education (Technical) Akoka Lagos was attended

By Modupe Gbadeyanka One of Nigeria’s largest pharmaceutical manufacturing companies, Evans Medical Plc, has lost its assets to its bankers. In a statement issued last week, the firm, established in 1954, explained that it lost its assets after it failed to meet up with the loans it took from Skye Bank and First Bank. As a result of this development, the two banks obtained a court order to take over the company’s assets. However, the pharmaceutical manufacturing company did not state the exact amount of loan it took from the lenders. “Evans Medical Plc (Evans Medical) would like to announce

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has asked the governors of oil-producing states to disclose the spending of the oil derivation refunds of N625 billion recently paid to them by the federal government. In a statement on Sunday by its Deputy Director, Mr Kolawole Oluwadare, SERAP also wants the oil derivation spending to be widely published for accountability purposes within seven days. According to the statement, the governors of the nine states must “provide and widely publish details of spending of the oil derivation refunds of N625 billion recently paid to them by the federal government,

By Adedapo Adesanya Crude oil prices for major benchmarks welcomed the month of September to the positive territory on Tuesday with support from some economic data which indicate signs of recovery. For the Brent crude, it gained 51 cents or 1.13 per cent to trade at $45.79 per barrel, while the US West Texas Intermediate (WTI) crude futures improved by 15 cents or 0.35 per cent to quote at $42.76 per barrel at the market. The oil market had performed bearish on Monday but WTI logged its fourth straight monthly rise, while Brent rose for a fifth straight month after

By Adedapo Adesanya The Idiroko Unit Command of Federal Road Safety Corps (FRSC) in Ogun has cautioned motorists against drunk driving and reckless driving to avert mishaps during Easter celebration. The warning came from Mr Akinwunmi Olaluwoye, the Idiroko Unit Commander of FRSC on Tuesday in Ota, Ogun. The Christian Easter holidays will cover Good Friday from April 2 through Easter Monday on April 5, 2021. Mr Olaluwoye said the warning had become necessary as drunk and reckless driving had contributed to some of the road crashes that have claimed many lives in the state. The unit Commander admonished motorists

By Dipo Olowookere Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Tunde Fowler, has been appointed as member of the International Experts Committee on Tax Matters. Mr Fowler was appointed by the United Nations Secretary-General, Mr Antonio Guteress, and his appointment was conveyed by the Minister Plenipotentiary of Nigeria Permanent Mission, New York, Mr Bolaji Akinremi, in a mail to the FIRS. Fowler, who is also the chairman of the African Tax Administration Forum, and the Joint Tax Board, was the chairman of the Lagos Internal Revenue Service. His inauguration as member of the global tax committee will

By Adedapo Adesanya The National Emergency Management Agency (NEMA) has commenced the second phase of food distribution from items donated by King Salman of Saudi Arabia through his Humanitarian Aid and Relief Centre (KSrelief) for 8,000 households of Internally Displaced Persons (IDPs) in four camps and host communities in Borno State. This was disclosed by the Director-General of NEMA, Mr Mustapha Habib Ahmed, at the flag-off of the distribution in Maiduguri on Thursday. He explained that at the conclusion of the second phase of the distribution, about 16,000 IDPs in Borno State would have benefitted from the food donation by

By Dipo Olowookere The average yields of treasury bills at the secondary market on Monday depreciated by 0.04 percent to settle at 12.70 percent, Business Post is reporting. This was mainly due to drop recorded in the long end of the curve as a result of investor sentiment to the debt instruments. The 6-month paper lost 0.04 percent yesterday to finish at 13.91 percent, while the 9-month note depreciated by 0.05 percent to close at 14.29 percent, with the 12-month bill going down by 0.16 percent to settle at 14.32 percent. However, yields on the 3-month note appreciated by 0.07