Nigeria’s Debt Rises to N27.4trn

By Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia

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 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 Adedapo Adesanya All is not well with the Naira in the parallel market and the peer-to-peer (P2P) segments of the foreign exchange (FX) market in Nigeria, with its exchange rate against the Dollar nearing N1000. At the black market on Thursday, the Nigerian Naira depreciated against the US Dollar by N25 to sell at N995/$1 compared with the preceding session’s value of N970/$1. It was a similar story with the local currency in the P2P wing of the forex market as it lost N22 against the greenback yesterday to quote at N992/$1, in contrast to Wednesday’s exchange rate of

By Adedapo Adesanya Oil prices traded higher on Friday as renewed supply concerns after producers rejected calls to accelerate output increases even as demand nears pre-pandemic levels. Brent crude rose to $82.74 per barrel after it grew by $2.2 or 2.73 per cent, while the United States West Texas Intermediate (WTI) crude appreciated by $2.46 or 3.12 per cent to settle at $81.27 per barrel. Prices fell on Thursday after the Organisation of the Petroleum Exporting Countries and allies (OPEC+) said at the end of its meeting that it would raise the monthly overall production by 400,000 barrels a day

By Adedapo Adesanya  For the first time in six weeks, major oil benchmark closed last week facing south as a result of worries about rising crude inventories and a second wave of coronavirus cases. Losing almost 11 percent in total last week, Brent crude oil, which hit $43 per barrel, finished at $38.73, down $3.57 or 9.22 percent, while the United States West Texas Intermediate (WTI) crude oil settled at $36.51 after going down by $3.29 or 8.27 percent. Although the markets started out strong at the beginning of week on the back of the agreement of the Organisation of

By Modupe Gbadeyanka A workforce training for early-to-mid-career protein professionals designed to equip them with the skills and knowledge necessary to drive innovation and growth in Nigeria’s agricultural sector has been organised by the Soy Excellence Centre (SEC), a US Soybean Export Council (USSEC) initiative, in partnership with the Industrial Training Fund. The collaboration between both parties, funded in part by the United Soybean Board, marks a significant milestone in the SEC’s efforts to expand its training curriculum to current and potential trainees throughout Nigeria across the Agri Training Centres. By working together, the SEC and the Industrial Training Fund

By Dipo Olowookere For the record 9th time, foremost African financial institution, Guaranty Trust Bank (GTBank) Plc, has been named the Best Bank in Nigeria by the Euromoney at its annual Awards for Excellence. The lender was also announced at the ceremony held in London on Wednesday, July 10, 2019 at the London Hilton Hotel, Park Lane as the Best Bank in Africa. The recognition given to the company reflects its position as one of the best managed financial institutions in the country, with strong and focused leadership that keep the business in a constant state of re-invention and innovation.

By Adedapo Adesanya Oil prices traded higher on the global market as fresh and optimistic comments concerning the trade deal discussion between the United States and China brought about a positive outlook on Thursday. This came from President Donald Trump who said that the US was very close to having a deal with China after seventeen months of been at loggerheads. On Thursday, President Trump tweeted “Getting VERY close to a BIG DEAL with China. They want it, and so do we!” The trade war between both countries have constantly affected oil demand and which in turn drive prices. Following

By Modupe Gbadeyanka One of the leading financial institutions in Nigeria, Access Bank Plc, is anticipating to have a reduction in its impaired loans/gross loans ratio to low single digits by end-2020, Business Post has learned. At the moment, Access Bank has impaired loans/gross loans ratio above the 8 percent average reported by more highly rated domestic peers like Zenith Bank, Guaranty Trust Bank (GTBank) and United Bank for Africa (UBA), all listed on the Nigerian Stock Exchange (NSE). In March 2019, Access Bank completed its merger with a local tier two lender, Diamond Bank and this resulted in an

By Adedapo Adesanya For yet another trading week, the NASD Over-the-Counter (OTC) Securities Exchange ended in the negative territory as it lost 1.15 per cent in Week 20. In the week, the market capitalisation dropped below N1 trillion after it closed at N990.27 trillion, as the NASD Unlisted Securities Index (NSI) depreciated by 8.36 points to wrap the week at 715.90 points compared with 724.26 points recorded at the previous week. The market breadth was flat, as there were three losers and three gainers. FrieslandCampina Wamco Nigeria Plc slumped by 5.6 per cent to end the week at N66.00 per

By Modupe Gbadeyanka The Lagos State House of Assembly on Monday resolved to intervene in the crisis rocking the Lagos State Polytechnic (LASPOTECH) over the disagreement between the management and staff of the institution. Majority Leader, Mr Sanai Agunbiade, who moved the motion which was seconded by one of his colleagues, Mr Adedamola Kasunmu, stated that LASPOTECH had been embroiled in crisis which had paralyzed academic activities in the institution. Speaking during plenary, Mr Agunbiade said, “I wish to present to this House the crisis in the only polytechnic in the state which is within my constituency.” The lawmaker representing