Nigerian Stock Market Remains Strong, Gains 0.02%

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has confirmed the resignation of Mr Godwin Emefiele as its governor and the resumption of Mr Olayemi Cardoso as the next head of the apex bank, albeit in an acting capacity. The apex bank’s Director of Corporate Communications, Mr Isa AbdulMumin, said Mr Cardoso will act as governor pending his confirmation by the Nigerian Senate, which is away on recess until Tuesday, September 26. This also confirms the exit of Mr Folashodun Shonubi, who was acting in that position following the ousting of Mr Emefile three months ago. “Dr Olayemi Michael

By Adedapo Adesanya Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

Forex trading in Malaysia has been legal and regulated by the central bank, Bank Negara Malaysia (BNM), since 2012. While Malaysia’s growing economy attracts financial companies, traders need to beware of scammers who target beginners seeking quick profits. Traders Union (TU) experts provide a Forex scammer list for Malaysia and discuss types of Forex scams. Blacklist of Forex scam brokers in Malaysia BNM, the country’s financial regulator, maintains a list of nearly 400 companies involved in Forex trading scams in Malaysia. These companies are regularly updated as they engage in fraudulent activities, such as using manipulated software, blocking withdrawals, and

By Adedapo Adesanya The Naira depreciated against the US Dollar in the Investors and Exporters (I&E) window of the foreign exchange market on Wednesday, May 10, trading at N463.02/$1. According to data obtained from FMDQ Securities Exchange, this indicated that the local currency recorded a 77 kobo or 0.17 per cent loss as it was transacted on Tuesday at the spot market at N462.25/$1. It was observed that the Nigerian currency came under pressure yesterday as a result of a significant increase in the demand for forex at the official market. The turnover for the trading session was $178.68 million,

By Dipo Olowookere One of the leading independent investment banking firms in Nigeria, Afrinvest, has predicted a 2.7 percent rise in the country’s Gross Domestic Product (GDP) in the third quarter of this year. The National Bureau of Statistics (NBS) is expected to release the GDP for the Q3 of 2017 on Monday morning. In the second quarter of this year, the Africa’s largest economy posted a marginal GDP growth of 0.55 percent and this pulled Nigeria out of recession it slipped into last year. In the first quarter of 2017, according to the NBS, Nigeria’s GDP contracted by 0.52

By Modupe Gbadeyanka Operatives of the Lagos State Task Force have arrested a man who impersonated a journalist with the TV Continental (TVC), a media outfit. Speaking on the arrest, Chairman of the agency, Mr Olayinka Egbeyemi, disclosed that the suspect was arrested during an enforcement operation carried out around Maryland and its environs where 67 miscreants and hoodlums were arrested and traders selling goods at unauthorised places were dislodged. The Chairman stated that the suspect, Mr Soji Gboye, 36, of 5, Adesoye Street, Mende, who claimed to be a TVC correspondent, was arrested while obstructing the personnel of the

By Adedapo Adesanya The Iranian government has moved to woo Nigeria for more partnerships that will strengthen the relationship between both countries. The Iranian Foreign Minister, Hossein Amirabdollahian, expressed this view in a phone conversation with Nigeria’s Minister of Foreign Affairs, Mr Geoffrey Onyeama. During the chat, both state officials exchanged views on the latest state of bilateral relations between Iran and Nigeria as well as international developments. The Iranian foreign minister said half a century of relations between the two countries is a great and solid capital for the development of political, economic, and cultural relations between Iran and

By Adedapo Adesanya The House of Representatives has called on the federal government to extend the current railway line in Apapa Port to Tincan and Ijegun ports in Lagos State. The call followed the adoption of a motion by Mr Oghene Egoh at Wednesday’s plenary in Abuja. Speaking on the motion, Mr Egoh noted that the Tincan Port is the second busiest port in Nigeria after the Apapa Port, stating that it has a storage capacity of 28,000 metric tonnes of grain. “The terminal handles wheat, maize and malt and could take delivery of about 4000 metric tonnes of grain

By Modupe Gbadeyanka Lagos State Commissioner for Economic Planning and Budget, Mr Akinyemi Ashade, has been redeployed to take over as the Commissioner for Finance. A statement signed by the Chief Press Secretary to the Governor, Mr Habib Aruna, explained the decision was made shortly after the State Executive Council meeting on Wednesday. Mr Aruna further explained in the statement issued today that Governor Akinwunmi Ambode has directed Mr Ashade to resume his new portfolio with immediate effect. However, the CPS noted that Mr Ashade would still oversee the Ministry of Economic Planning and Budget pending when the State Executive

Mr Olumayowa Meseko has been appointed at the new Company Secretary of 11 Plc (formerly Mobil Oil Nigeria Plc), with effect from June 14, 2019. In a statement signed by Managing Director of the energy firm, Mr Adetunji Oyebanji, it was disclosed that the appointment followed the approval of the company’s board of directors. Mr Oyebanji noted that in view of the appointment of Mr Meseko to the office of Company Secretary of Mobil Oil Nigeria, “Messrs Danladi, Adams & Co shall cease to act as Company Secretary of 11 Plc with immediate effect.” Mr Meseko, who holds a Master

When looking for information online, knowing which websites you can trust and which you cannot is essential. Unfortunately, not all websites are created equal; some can be untrustworthy. So how can you tell if a website is reliable? These six simple steps will help you find out. Check the SSL Certificate The first step is to check the SSL certificate of the website. SSL (Secure Sockets Layer) is a protocol that provides security for communications between web browsers and servers. A website with a valid SSL certificate means that all information exchanged between the browser and server is encrypted and