Nigeria’s Total Debts Rise 4.5% to N23tr in Q1 2018

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya The local currency weakened against the US Dollar by 50 kobo or 0.12 per cent at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Wednesday, November 9. According to data obtained from the market yesterday, the value of the Naira to the Dollar was N416.50/$1 compared with the preceding day’s N416/$1. The domestic currency suffered the loss despite a 26.0 per cent or $27.31 million decline in the demand for FX at the market window on Wednesday. During the trading day, the value of transactions at the I&E stood at $77.61 million

By Adedapo Adesanya West Africa’s pioneer solar-based internet and voice service provider, Tizeti, is set to expand its operations within Nigeria and Ghana, and into new neighbouring Cote d’Ivoire and Togo in addition to listing its Nigerian subsidiary. With over 2.8 million subscribers on its platform, a revenue of over N11 billion over 10 years, and no debt, the firm is exploring an Initial Public Offer (IPO) in the stock market for investors/shareholders while setting its eyes on expanding its footprints across the Francophone and Anglophone countries in West Africa. This was disclosed by the company’s founder and chief executive

By Dipo Olowookere About three explosions in different areas of Maiduguri, Borno State, have led to the death of no fewer than 17 persons. The suicide attacks occurred on Tuesday night, at about some minutes after 10pm, and also left several people injured. It is believed that the bombings were carried out by suspected members of the Boko Haram terrorists group. Chairman of the Borno State Emergency Management Agency, Mr Satomi Ahmed, who confirmed the incident, informed newsmen that rescue workers promptly reacted to the unfortunate incident with victims quickly taken to the hospital. It was gathered that the explosions

Sport is hugely popular across Africa, and none more so than in Nigeria. Football is the most popular sport, as it is in the rest of the world, and Nigeria has produced many elite-level footballers and performed well at the FIFA World Cup. But there are plenty of other sports that Nigerians love to play and watch, and with such a large and diverse population it’s no surprise. And like many other regions sports betting – a great way to add some more excitement into sport – is getting big in the country, with many options available such as the

By Adedapo Adesanya The federal government has conceived the idea of building an aerotropolis in the country’s airports which will showcase Nigeria’s rich cultural heritage and tourism potential while boosting businesses and investment. This was made when the convener of the EnjoyNigeria Expo 2021, Mr Isa Yusuf Sago, paid a visit to the ministry of aviation to seek collaboration ahead of the exposition. The Minister, Mr Hadi Sirika, said the ministry had introduced and collaborated on many programmes to showcase Nigeria’s rich cultural and tourism heritage and potential. Mr Sirika, represented by Mr Shehu Mohammad, who pledged his cooperation and

By Bliss Okperan A federal judge has temporarily blocked a ban on TikTok set to come into effect next year in Montana, stating that the popular video-sharing app was likely to win its pending legal challenge. The US District Court Judge, Donald Molly, placed the injunction on the ban on Thursday, until the case originally filed by TikTok in May, has been ruled on its merits. During the ruling, he said, “The current record leaves little doubt that Montana’s legislature and attorney general were more interested in targeting China’s ostensible role in TikTok than they with protecting Montana consumers.” However,

By Modupe Gbadeyanka A long-term agreement has been sealed between Obat Oil and Petroleum Ltd and Vital Allied Energy Supply & Services Ltd, (VAE) for the supply of 100,000mt of refined product quarterly, with a delivery of 30,000mt monthly. The first tranche of AGO cargo arrived at Obat terminal in Apapa within the week and loading activities commenced immediately and then discharged into tanks. In view of the high demand for the use of the product in the market, plans are already in progress by VAE to further increase the monthly volume to meet up with the market demand. The

By Adedapo Adesanya The Naira was relatively stable against three major foreign currencies tracked across the various segments at the foreign exchange market on Friday, October 9. At the Investors and Exporters (I&E) segment of the market yesterday, the domestic currency traded flat against the United States Dollar at N385.83/$1. This occurred as the turnover of the transactions for for the session reduced by 23.5 per cent or $41.4 million as trades valued at $134.83 million were exchanged compared with the previous session’s $176.23 million, according to data obtained from FMDQ Securities Exchange by Business Post. A look at the