Nigerian Exchange All-Share Index Closes Flat

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded yet another positive week-on-week performance after stretching its gains by 1.44 per cent in Week 47. This expanded the portfolios of NASD investors by N17 billion in the week to N1.162 trillion from the N1.145 trillion recorded in Week 46, as the NASD Unlisted Security Index (NSI) increased by 12.16 points to 857.29 points from 845.13 points in the previous week. The trading week was with three price gainers and three losers, with Aradel Holdings Plc on top of the advancers’ chart after it grew by 10 per cent to finish

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Modupe Gbadeyanka In a bid to increase collaboration between Nigerians in diaspora and Lagos-based professionals to attract more capital, the Lagos Chapter of Nigerians In The Square Mile (NISM) has been launched on the Nigerian Stock Exchange (NSE). NISM is a new initiative aimed at strengthening trade ties between Nigerian professionals in London and those in Nigeria for better investment opportunities. At the launch in Lagos on Wednesday, NISM Chairman, Mr Paul Onifade, said the idea was a convergence of Nigerians in London, working to create framework that would align London and Lagos market. Mr Onifade noted that such

By Modupe Gbadeyanka Justice Abiola Adewemimo of the Benin Judicial Division of the National Industrial Court of Nigeria has ordered Fidson Healthcare Plc to pay the sum of N4 million to its former employee, Mr Obateru Olufemi Abidemi, for illegally withholding his first degree certificate despite asking for it to be returned to him. Business Post reports that Mr Abidemi worked with Fidson as a pharmacist for over two years and one of the conditions for getting the job in August 2007 was for him to deposit his Bachelor of Pharmacy degree certificate with the company. However, trouble started after

By Nneka Okumazie The logic of culpability, deployed in life, is often applied by many to God, whenever something goes wrong. But everyone forgets that there are too many situations that are not of God, or from Him. Many often think against the creator and their smartness is always why didn’t the creator create to their personal satisfaction? The desire for control, or say power is often applied to God by many. Like, what His love should mean or show? When He should answer prayers, or what He should do or not do? Many say ask why create this world?

By Adedapo Adesanya The International Monetary Fund (IMF) has stuck to its forecast that Nigeria’s economy will grow by 2.7 per cent this year, just as it raised its forecast for 2023 to 2.7 per cent from the 2.6 per cent it projected last year. The new GDP growth forecast for Nigeria was contained in the IMF’s January World Economic Outlook (WEO) report released on Tuesday. This is as the Bretton Wood institution lowered its global economic growth forecast for this year, as the Omicron variant continues to spread unabated and supply chain disruptions stoke inflation amid higher energy prices.

By Ahmed Rahma The President of Guinea, Mr Alpha Conde, has received his first dose of COVID-19 vaccine as part of a scheme mainly involving government officials. The African leader received the jab on Friday and it is the vaccine produced by Russia called the Sputnik V vaccine. Mr Conde, 82, is one of few African Presidents to have received the coronavirus vaccine. More of the vaccine is expected in the country before the end of March 2021. Mr Conde was vaccinated to boost the confidence of the citizens in the shot. Spokesperson of the country’s Health Agency, Ms Sory

By Dipo Olowookere Veteran broadcaster, Mr Cyril Stober, has taken his colleague, Elizabeth Banu, who works with the Nigerian Television Authority (NTA), as his new wife. Mr Stober recently retired from NTA after working for the Federal Government owned media platform for many years. The veteran newscaster was in Yola, Adamawa State on Saturday, January 13, 2018, to perform marriage rites for his new lover, who hails from the state. Friends and family members of the new couple were present at the traditional marriage ceremony today to honour the lovebirds. While in service, both Mr Stober and Elizabeth Banu read

When looking for cryptos that could change the future, we often hear about Ripple (XRP) and Cardano (ADA). While the popular tokens are considered game-changers by most, they are both being outperformed by the new kid on the block Gorilix (SILVA), a token from Gorilix Defi that aims to establish itself as a part of crypto portfolios worldwide as part of the companies mission to put financial power in the hands of its holders. In 2021 Ripple launched the XRP Ledger (XRPL. Unlike Bitcoin or Ethereum, the XRPL uses a unique Federated Consensus mechanism as its method of validating transactions.

By Adedapo Adesanya The Naira performed badly against the United States Dollar at the unregulated segment of the foreign exchange (forex) market in Nigeria on Friday. Business Post gathered from AbokiFX, a platform for tracking black market rates of the Naira to the Dollar and other global currencies, that the domestic currency depreciated by N3 or 0.62 per cent yesterday against the greenback. At the close of transactions for the day, the Nigerian Naira was selling at N485/$1 in contrast to N482/$1 it traded at the preceding day. Also, the local currency had a woeful day against the Euro as it