Nigerian States’ Domestic Debts Hit N3.4tr, Lagos Tops Chart

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By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya Ahead of the 33rd edition of the Africa Cup of Nations (AFCON) set to begin next month in Cameroon, the Nigeria Football Federation (NFF) has announced changes to the Super Eagles team to play at the tournament. Napoli striker Victor Osimhen will not be a part of the team as well as Watford attacker Emmanuel Dennis, Cyprus-based Abdullahi Shehu, and centre-back Leon Balogun. The NFF in a statement released on Friday seen by Business Post gave reasons why the players will not be part of the team and named new players that have been called up as

By Adedapo Adesanya Twitter owner, Mr Elon Musk, has named a new chief executive officer (CEO) of the company just over six months after his controversial takeover of the social media firm. The billionaire said Ms Linda Yaccarino, the former head of advertising at NBCUniversal, would oversee business operations at the site, which has been struggling to make money. He said she would start in six weeks while he remains as executive chairman and chief technology officer (CTO). “Looking forward to working with Linda to transform this platform into X, the everything app,” he wrote on Twitter, confirming the decision

By Nkem Ndem Business travel is inevitable for most people in the Nigerian workforce. Aside from the fact that it contributes a lot to the economy and GDP of the country, it opens doors for the individual businessman or woman, opportunity seeker, and small scale business person or business owner. In Nigeria, however, many companies view business travel simply as an expense and do not see the benefits that come from it. They, therefore, budget very little for it, making the trip in itself extremely tedious for the employee who gets the assignment to embark on the journey. The truth

By Cowry Asset During this week, which had four trading days, the Central Bank of Nigeria (CBN) auctioned treasury bills worth N117.18 billion, viz: 91-day bills worth N7.89 billion, 182-day bills worth N6.21 billion and 364-day bills worth N103.07 billion. In line with our expectation, their respectively stop rates fell to 12.95 percent (from 13.00 percent), 15.00 percent (from 15.25 percent) and 15.57 percent (from 15.60 percent) Also, T-Bills worth N72.34 billion were sold via Open Market Operations (OMO). The outflows were more than offset by inflows worth N249.12 billion in matured treasury bills. However, NIBOR for overnight funds, 1

Investors Hub The major US index futures are pointing to a roughly flat opening on Monday, as traders may be reluctant to make any significant moves. Ahead of the Good Friday holiday, traders may stick to the sidelines early on amid a relatively quiet day on the U.S. economic front. With traders digesting mixed jobs data as well as developments overseas, stocks showed a lack of throughout much of the trading session on Friday. The major averages spent the day bouncing back and forth across the unchanged line. The major averages eventually ended the session slightly lower. The Dow edged

By Adedapo Adesanya Oil prices returned to the bearish territory on Friday, just a day after hitting a nine-month high, as demand worries due to new coronavirus-related restrictions overshadowed progress toward vaccination programmes. After rising for most of the past few weeks, due to hopes of a vaccine-induced boost in economic growth and energy demand, oil prices returned downward as the long term effects of the virus keep outweighing the near term positives. As at last night, the price of the Brent crude was down by 25 cents or 0.5 per cent to $49.98 per barrel, while the West Texas

By Dipo Olowookere Trading activities on the floor of the Nigerian Stock Exchange (NSE) ended again on a bearish note on Tuesday as investors continue to take profit, patiently waiting for the half year results of some market heavyweights, which are expected to be released before the end of this week or next. Business Post reports that the market ended 0.81 percent lower yesterday with the year-to-date returns closing at -3.35 percent. This was as the All-Share Index (ASI) depreciated by 303.16 points to close at 36,963.70 points from 37,266.86 points the previous day, while the market capitalization decreased by

By Adedapo Adesanya Stocks worth N3.8 million were transacted at the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday. This amount was 79.5 percent lower than the N18.8 million equities traded at the previous session by traders at the exchange. During the midweek session, a total of 346,761 units of securities exchanged hands, 77 percent lesser than the 1.5 million units recorded at Tuesday’s session. However, the number of deals executed yesterday remained flat at two and these were from Afriland Properties, which traded shares worth N93,522 and Central Securities Clearing Systems (CSCS) Plc, which transacted N3.75 million worth of its