Nigerian Exchange Loses 0.36% on Weak Investor Sentiment

By Adedapo Adesanya The Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

By Adedapo Adesanya The Nigerian government is targeting an estimated $55.2 billion in oil and gas investments by 2030, according to the Special Adviser to the President Bola Tinubu on Energy, Mrs Olu Verheijen. She said the government has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria. The President’s aide recently organised sessions in Lagos and Abuja in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to review ways to improve the sector and address the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy. Involved in

By Dipo Olowookere The trio of Universal Insurance, Oando and UBA were the busiest stocks on the floor of the Nigerian Exchange (NGX) Limited last week, trading 2.212 billion units valued at N8.907 billion in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total trading volume and value, respectively. In the week, investors transacted 3.911 billion shares worth N30.379 billion in 38,536 deals versus the 2.933 billion shares worth N47.449 billion exchanged in 44,654 deals in the preceding week. Financial stocks dominated with 2.774 billion units valued at N15.241 billion in 16,379 deals, contributing 70.92 per

eToro is like a big global marketplace for people who want to trade. It has been around since 2007 and serves folks in over 140 countries. It’s great for both the pros who know their stuff and newcomers who are just starting out. They even have a practice account for beginners and ways for people to earn without doing much. Sometimes, though, things don’t work out, or people just change their minds. Traders Union has got you covered with a guide on how to close eToro account the right way. Comparing eToro account options eToro offers trading conditions that many

By Dipo Olowookere Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has disclosed that the nation’s current proven gas reserves stand at about 202 trillion cubic feet (TCF), up from initial figure of 199TCF with a potential for up to 600TCF in undiscovered resources. Speaking at the 11th Nigerian Gas Association International Conference & Exhibition, the NNPC chief said based on these numbers, Nigeria had almost 10 times the Trinidadian reserves base and is 9th in the world based on proven gas reserves, saying, with the undiscovered potential, Nigeria could be in the same league

By Modupe Gbadeyanka No fewer than 215 workers on its payroll have been sacked by one of the commercial banks in Nigeria, Unity Bank, on Wednesday. The dismissed workers were those who “achieved less than 40 per cent of their performance target, which affected the lender’s overall profitability in recent years,” The Nation reports. It was also reported that Unity Bank asked the affected workers to go due part of its reengineering strategy for greater performance. The development comes on the first day at worker from the two-day public holidays declared by the Federal Government to mark Eid el-Kabir. The

By Adedapo Adesanya One of the leading property investment company, Afriland Properties Plc, is looking to expand its properties portfolio by tapping into the federal government’s infrastructural development plan ahead of 2020. This was disclosed by Managing Director/Chief Executive Officer of the company, Ms Uzo Oshogwe, at the first NASD Investors’ Call Forum, where market stakeholders were assured a better 2020 financial year. Speaking on the plans of the company, she said, “We are going to venture into infrastructure development because we know the government has already approved a lot of funding for it.” Ms Oshogwe further added that with

By Adedapo Adesanya  The Naira’s performance at the foreign exchange market ran into its third consecutive ‘good’ day as the Nigerian currency continued to perform impressively across the parallel and investors segments of the foreign exchange market in the country on Friday. At the Investors and Exporters (I&E) window, the Naira appreciated by 0.03 percent or 11 Kobo to close at N362.08/$1,better than N362.19/$1 registered at the segment on Thursday. Following Thursdays’ trend, daily market turnover went up by $12.54 million to $322.44 million from $309.88 million in the previous session, indicating a 4 percent increase in market volume. At

By Aduragbemi Omiyale Interswitch Financial Inclusion Services (IFIS) has announced the first set of winners in its Quickteller Paypoint Double Up promo expected to end on March 31, 2022. The first set of winners was selected from the six geopolitical zones in Nigeria at the first round of a raffle draw held on March 3, 2022, and have all been contacted to receive their prizes, ​​with presentations conducted across the regions. To ensure that the raffle draw was in strict compliance with regulatory protocols, it was closely monitored by the representatives of the Federal Competition and Consumer Protection Commission (FCCPC),

By Adedapo Adesanya The federal government has disclosed that it added 6,216MVA, about 6000MW, to the national grid since 2015. This was disclosed by Minister of Power, Mr Abubakar Aliyu, in Abuja at the 11th edition of the President Muhammadu Buhari (PMB) Scorecard Series (2015-2023) held on Tuesday. The Minister noted that 73 of the power transformers were installed by the Transmission Company of Nigeria (TCN) in substations across the nation, citing that the achievement will boost Nigeria’s capacity for economic productivity. He noted that some of the completed Power Transformer/Substation projects include the 150MVA 330/132kV Interbus Power Transformer at

By Dipo Olowookere It was a day of honour for the Group Managing Director of Rainoil Limited, Mr Gabriel Ogbechie, at the 2018 edition of Oil Trading and Logistics Conference. During the event, Mr Ogbechie was announced as the Downstream Man of the Year for the Nigerian oil industry. The debonair entrepreneur, who sits atop the fast-growing Rainoil Group of businesses, was presented the award at the event, which had in attendance energy experts, petroleum industry big wigs, public sector personalities, a cross section of thought leaders and celebrities. Preceding the individual award, Rainoil Limited was presented the Merit Award

By Dipo Olowookere Today, Wednesday, July 11, 2018, the Nigerian Stock Exchange (NSE) rules on nominal transfers have taken effect. A notice released yesterday by the NSE disclosed that the rules were approved by the Securities and Exchange Commission (SEC) and would be officially taking effect today. The rules on the nominal transfers are under the Rule 15.34 of the NSE Rulebook, from page 87 to 89. The NSE Rulebook is a compilation of all the rules, regulations and guidelines of the market regulator in one document, which facilitates quick and easy access to the Rules by Dealing Members, Issuers,