Nigerian Equities Shed 0.06% As Forte Oil Tops Losers

By Adedapo Adesanya Oil prices moderated in choppy trade on Monday as Russia relaxed its fuel ban amid a widening demand worry. Brent crude futures lost 2 cents during the session to trade at $93.29 per barrel, and the US West Texas Intermediate (WTI) crude depreciated by 35 cents to close at $89.68 per barrel. Last week, prices were down after a hawkish Federal Reserve rattled global financial markets and raised concerns that interest rates could stay higher for longer affecting oil demand. This snapped a three-week rally of more than 10 per cent after Saudi Arabia and Russia constrained

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Adedapo Adesanya The confirmation of the new Central Bank of Nigeria (CBN), Mr Yemi Cardoso, and four deputies, generated mixed reactions in the foreign exchange (forex) market on Tuesday. Business Post reports that while it did magic in the Investors and Exporters (I&E) window, it could not replicate this in the Peer-to-Peer (P2P) and the black market segments. After his confirmation on Tuesday, the new CBN governor said the immediate plan to stabilise the Naira would be for the apex bank to settle some financial obligations and make “transparent rules”. “Number one is what I will term an operational

By Investors Hub European stocks have fallen on Tuesday, as confused signals over U.S.-China trade talks as well as a broadly weaker dollar have prompted traders to take some profits after the previous session’s rally. Italy has continued to be in focus after the country’s Prime Minister Giuseppe Conte said the revised budget would be ready in the coming hours. The British pound has jumped after a senior EU law officer said the U.K. could halt Brexit by unilaterally revoking Article 50. While the French CAC 40 Index has fallen by 0.4 percent, the U.K.?s FTSE 100 Index and the

By Modupe Gbadeyanka This Wednesday and Thursday, shareholders of Dangote Cement and Greif Nigeria Plc will meet in Lagos to either approve or disapprove requests of their respective boards. On Wednesday, January 22, 2019 at the Eko Convention Centre, Lagos at 11am, investors of Dangote Cement will gather for an Extraordinary General Meeting (EGM) to decide on the share buy-back programme proposed by the board. The board said the company intends to repurchase a total of 1.704 billion ordinary shares of Dangote Cement from the stock market, representing 10 percent of the total issued shares of the cement giant; 17,040,507,405

By Adeniyi Ogunfowoke Antivirus doesn’t necessarily mean your system is secured especially if you are always online. When on the World Wide Web, you may unknowingly download a file embedded with viruses and your so called antivirus may not alert you. Hackers have developed or evolved smart ways to gain entry into your personal system to steal vital information. They make the virus less conspicuous. Besides, it is not only when you are online that a system can be infected. It is, therefore, important to look out for signs that will let you know if your laptop is infected. We

By Modupe Gbadeyanka Deputy Governor of the Central Bank of Nigeria (CBN), Mrs Serah Alade, has retired from the apex after 24 years. Mrs Alade was one time the Acting Governor of the CBN after her boss, Mr Lamido Sanusi, was sacked as the CBN Governor by former President Goodluck Jonathan in February 2014. Until her retirement on Wednesday, Mrs Alade was the CBN Deputy Governor in charge of Economic Policy, a position she held since 2007. She was actively involved in the drafting of the medium-term economic programme for Nigeria and the International Monetary Fund staff monitored programme/standby arrangement.

By Dipo Olowookere No fewer than 45,000 officers and men of the Nigeria Security and Civil Defense Corps (NSCDC) have been deployed to provide tight security across the country during this yuletide season. A statement issued by National Public Relations Officer of NSCDC, Mr Emmanuel Okeh, disclosed that Commandant General of the security outfit, Mr Abdullahi Gana Muhammadu, approved the deployment of the personnel comprising sniffer dogs, specialised units such as SWAT, CBRN, Emergency and Rescue Team, Ambulances and Mobile Surveillance Vehicle to every nooks and crannies of the country to ensure a hitch free celebrations. Speaking while addressing his

By Modupe Gbadeyanka The Electoral Act (Amendment) Bill, 2021, which passed by the National Assembly on November 18, 2021, and sent to President Muhammadu Buhari for assent but was rejected, has been re-amended. The President declined assent to the bill because the parliament inserted a clause that makes it mandatory for political parties to elect candidates for elections only through direct primaries. On Wednesday, the Senate adjusted this clause and approved direct, indirect primaries or consensus as to the procedure for the nomination of candidates by political parties for the various elective positions. The upper chamber of the legislative arm

By Adedapo Adesanya The value of Naira depreciated against the United States Dollar on Tuesday by 0.29 per cent or N1.20 at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market. Business Post reports that forex traders exchanged the greenback with the local currency at the investors’ FX window at N418.50/$1 for their customers as against the N417.30/$1 of the previous session. It was observed that the market witnessed a disruption in the supply of FX, which contributed to the weakening of the domestic currency during the session. But the Nigerian currency performed better against the other

By Dipo Olowookere About N121 billion has been spent by Dangote Sugar Refinery Plc on equipment, land acquisition, compensation to land owners, consultancy and related services in its backward integration project. Chairman of the sugar refiner, Mr Aliko Dangote, gave out this information at the company’s Annual General Meeting (AGM) held in Lagos last week. He pointed out that Savannah Sugar Company remained the only company producing sugar from its own grown sugarcane in the country, with over N30 billion spent to date despite major setbacks that hampered progress. According to Mr Dangote, the major setbacks were flood, community relation