Nigerian Stock Market Shrinks by 0.42%, Investors Lose N38b

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 Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Adedapo Adesanya The duo of NASD Plc and Aradel Holdings Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, September 21. The two price losers overpowered the sole price gainer, Central Securities Clearing Systems (CSCS) Plc, to drag down the NASD Unlisted Securities Index (NSI) by 0.34 points to 805.95 points from the 806.29 points it ended in the previous day, while the total value of the unlisted stock market was relatively flat at N1.139 trillion. At the trading day, NASD Plc shed N1.15 to end the session at N11.50 per unit versus the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Dipo Olowookere For the umpteenth time, the Nigerian National Petroleum Corporation (NNPC) has assured stakeholders in Delta State and the Niger Delta in general that it has no plan to relocate the headquarters of its subsidiary, Nigerian Gas Company (NGC) from its present location in the state and the region to somewhere outside the region. The agency assured that the focus of its current management under the headship of Mr Mele Kyari, was to ensure harmonious relationship with stakeholders and host communities in such a way as to entrench a win-win scenario for all concerned. The NNPC, in a

By Cowry Asset The FGN Eurobonds traded on the London Stock Exchange (LSE) increased in value across most of the maturities amid bargain hunting last week. The 10-year, 6.75% JAN 28, 2021 bond and the 10-year, 6.38% JUL 12, 2023 bond appreciated by $0.50 (yield fell to 4.74 percent) and $1.36 (yield fell to 5.44 percent) respectively. Also, FGN bonds traded at the OTC segment appreciated across all the maturities amid buy pressure, in line with our expectation. The 20-year, 10.00 percent FGN JULY 2030 debt, the 10-year 16.39 percent FGN JAN 2022 debt and the 7-year 16.00 percent FGN

By Adedapo Adesanya The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has confirmed that the sale of the $6.2 billion Eurobonds will commence in September. The Minister confirmed this information on Thursday at a workshop organised by the Chartered Institute of Stockbrokers (CIS) in Abuja themed Leveraging the Financial Markets to Achieve Double-Digit Economic Growth for Nigeria. Mrs Ahmed, while declaring the event opened today, noted that the President Muhammadu Buhari led administration was committed to boosting the nation’s economy, adding that the Eurobonds to be issued are for the purpose of raising funds for the new

By Dipo Olowookere Eight new cases of COVID-19 have been reported in Nigeria, bringing the total of people to have tested negative for the virus in the country to 232. The latest announcement was made by the Nigeria Centre for Disease Control (NCDC) on Sunday night. Earlier in the day, 10 fresh cases were reported in the country, bringing the total number of new coronavirus cases recorded on Sunday, April 5, 2020 to 18. In the fresh cases declared this night, the NCDC said five were from Lagos, two in the FCT Abuja and one in Kaduna State. “Eight new

By Dipo Olowookere About 18 hotels, restaurant and event centres in Lagos have been sealed by officials of the Lagos State Internal Revenue Service (LIRS). The affected businesses were shut down for failure to pay their taxes due under the Hotel Occupancy and Restaurant Consumption Laws of Lagos State 2009. A statement issued by the state government disclosed that the hotels and restaurants owe a total sum of N427 million. Speaking during the state-wide tax enforcement exercise last Friday, the Director, Legal Services of the LIRS, Mr Seyi Alade, warned that defaulting hotels, restaurants and event centres will henceforth face

By Adedapo Adesanya The federal government has again extended the deadline for the National Identity Number (NIN)-Subscriber Identity Module (SIM) data verification till the end of the year. Minister of Communications and Digital Economy, Mr Isa Pantami, who announced this, urged Nigerians and legal residents to complete the process before December 31, 2021. This information was disclosed on Saturday in a statement jointly signed by the spokespersons for the Nigerian Communications Commission (NCC) and the Nigerian Identity Management Commission (NIMC), Mr Ikechukwu Adinde and Mr Kayode Adegoke, respectively. Both agencies had in a statement in June announced October 31 as

By Dipo Olowookere Renowned global rating agency, Moody’s Investors Services Limited, has disclosed that the capital expenditure part of the 2018 budget signed into law last month by President Muhammadu Buhari cannot be fully implemented by federal government. In November 2017, Mr Buhari submitted a budget of N8.6 trillion to the National Assembly. However, when it was passed by the parliament in May 2018, it was raised to N9.1 trillion. This did not augur well with the President, who told Nigerians that he reluctantly signed by the budget into law because he did not want it to delay any longer.

By Investors Hub European stocks have fallen on Monday, as global growth worries linger and the dollar weakens slightly ahead of key central bank meetings this week, with the Fed widely expected to raise its benchmark interest rates Wednesday by 25 basis points. Traders are also digesting media reports suggesting that the Italian government has forged a deal with populist leaders to submit a revised budget proposal to the European Commission. Elsewhere, U.K. Prime Minister Theresa May faces parliament today and it is expected to urge Members of Parliament not to “break faith with the British people” by demanding a