Nigeria’s OTC Stock Market Depreciates by 1.40%

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

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By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Peer-2-Peer (P2P) wing of the foreign exchange market on Monday, October 2, as the official market, the Investors and Exporters (I&E) window closed for the Independence Day holiday. In the P2P segment, the Nigerian Naira appreciated against the American currency by N3 to sell at N998/$1 compared with the preceding session’s value of N1,001/$1. In the same vein, the local currency improved its value against the US Dollar on Tuesday by N1 to sell at N1001/$1 versus the previous session’s exchange rate of N1002/$1. During the Independence Day

By Adedapo Adesanya There are plans by the Nigeria Export Processing Zones Authority (NEPZA), the Oil and Gas Free Trade Zone Authority (OGFZA), as well as Nigeria Economic Zones Association (NEZA), and the Nigeria Customs Service (NCS) to remodel the administration and management of the country’s Free Trade Zones (FTZ) to strengthen their impact on the economy. These critical stakeholders agreed to remodel the operations when Mr Adesoji Adesugba MD/CEO of NEPZA, and his counterpart in OGFZA, Mr Tijjani Kaura, and Mr Toyin Elegbede, Executive-Secretary of NEZA, paid a working visit on the Acting Comptroller-General of Customs, Mr Bashir Adewale

By Ahmed Rahma The high-interest rates commercial banks charge for loans in Nigeria have again come to the fore, with the Manufacturers Association of Nigeria (MAN) describing it as an enemy of productivity in the nation’s manufacturing sector. In a report by the group, it was revealed that most of the Chief Executive Officers interviewed disagreed that the lending rates of commercial banks to manufacturers kill productivity in the sector. The respondents also said loan seekers also go through difficulties when assessing loans from the lenders, adding that the cost of borrowing in the country remained at double digits even

By Modupe Gbadeyanka To nudge the emergence of world-class technology experts, the federal government has set aside the sum of N100 million for about 2,000 youths across the country. The money, according to the Minister of Interior, Mr Rauf Aregbesola, would be accessible to the beneficiaries in the next two years for training in different areas such as software development and design, amongst others. The Minister said the N100 million Technology Fund is part of the government’s efforts to tap into the growing digital economy. Speaking at the inauguration of a Digital Nigeria Centre (DNC) in Ilesa, Osun State, applauded

One of the most efficient and successful ways of building wealth over a long period of time is through investing in stocks. All the most successful people have dedicated themselves to investing. One of the prime examples of stock investors is Warren Buffet. Investing in stock allows you to invest your money in a company and reap the benefits of the company’s growth through the years. The biggest misconception that exists or existed is that there’s a barrier to entry due to large funds being involved in the stock market. But it’s not at all true. With the technology and

Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, has been chosen to head the Consultative Committee for the 13th Annual Banking and Finance Conference coming up next year. The conference is organized by the Chartered Institute of Bankers of Nigeria (CIBN) and Mr Akinwuntan’s team would be expected to put plans in place for a successful programme. It was gathered that the baton of chairmanship of the Consultative Committee fell on the renowned banker at an event held on Wednesday in Abuja, the nation’s capital city. According to CIBN, the choice of the pan African Ecobank was hinged on the

E-commerce platforms like Jumia and fintech companies have brought a new dynamic to everyday living in Northern Nigeria. Individuals, households, small enterprises, and huge corporations are increasingly turning to the internet for a variety of transactions. More importantly, Jumia and other partners’ dedication to opening the digital space in the northern states has resulted in increased awareness and knowledge of the enormous capabilities and benefits of e-commerce. E-commerce platforms, in particular, have accelerated digitisation in the north by eliminating barriers to entry such as scepticism, lack of confidence, and concerns about data security breaches, among others. Nano Strix, a 3PL

By Adedapo Adesanya A new set of funds amounting to N1.46 billion will come into the country for the reinstatement of the Ajaokuta Steel Plant, which has been laying fallow for over three decades. Minister of Mines and Steel Development, Mr Olamilekan Adegbite, confirmed this in Lagos on Tuesday. He noted that the funds will come from two sources, with $1 billion from the African Export-Import Bank (Afreximbank) and $460 million from the Russian Export Centre. Mr Adegbite disclosed that a Memorandum of Understanding (MOU) would be sealed by all parties in the agreement this month to guide the transactions.

By Modupe Gbadeyanka A frontline economist and member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), Dr Doyin Salami, has advised the Federal Government to ensure the protection of private investments in the country if it must get Nigeria out of recession. Dr Salami made this plea last Friday at the third edition of the NSE Bloomberg CEO Roundtable held at the Stock Exchange House in Marina, Lagos. While delivering his speech, the renowned economist called on policy makers to focus on growth that is sustainable and inclusive. He noted that defining the role of