NIPCO Agrees $301m For 60% Stake In Mobil Oil

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

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 NASD Over-the-Counter (OTC) Securities Exchange suspended trading in the shares of VFD Group Plc months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited to allow it gain access to public equity markets, increase its visibility, and strengthen its financial position. The group joined the NASD trading platform in 2020. In a notice, the NASD OTC Exchange said investors would not be able to trade securities of VFD Group Plc with effect from Friday, September 22, 2023 (today). This is per the company’s request to delist from

By Modupe Gbadeyanka Ten companies, including Julius Berger Nigeria Plc, which is listed on the Nigerian Stock Exchange (NSE), have been shortlisted from the 32 firms which offered to construct the Fourth Mainland Bridge in Lagos. Special Adviser to the Governor on Works and Infrastructure, Engr. Aramide Adeyoye and the Director-General, Office of Public-Private Partnerships, Mr Ope George, said in a joint statement on Friday that the next step will be to evaluate the 10 bids and make a further decision. According to them, the 32 companies, which responded to the call for Expression of Interest (EOI) for the construction

By Adedapo Adesanya An opportunity has opened for private and Small and Medium Enterprise (SME) health providers in Nigeria to access credit facility to expand their operations. The loan, created through the Open Doors African Private Healthcare Initiative, is worth $30 million and it is for healthcare providers in Nigeria and four other high malaria burden African countries. It will specifically support healthcare providers in Nigeria, Ghana, Kenya, Tanzania and Uganda to continue offering essential health services, including malaria treatments, to more than five million Africans, especially during the COVID-19 pandemic. The facility was created by the Health Finance Coalition,

By Modupe Gbadeyanka The bullish trend recorded on the Nigerian Stock Exchange (NSE) since the beginning of this week slumped further today after yesterday’s initial loss. The all-share index, which fell by 0.03 percent on Wednesday, depreciated further on Thursday by 0.62 percent. The ASI finished at 27,854.78 basis points today after it closed at 28,027.23 basis points the previous day with a loss of 172.45 basis points. The market capitalisation, which ended at N9.626 trillion yesterday, closed at N9.567 trillion today, recording a loss of N59.236 billion. On Wednesday, the market lost N2.431 billion. Forte Oil fell by N7.69k

By Modupe Gbadeyanka Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has disclosed that federal government was planning to introduce tax incentives for the capital market from next year. In 2014, the federal government, through the then Minister of Finance, Mrs Ngozi Okonjo-Iweala, announced a 5-year tax holiday for players in the stock market so as to encourage more participation. This VAT exemption ended July 24, 2019, with brokerage firms informing their clients that they would begin to pay the tax on commissions earned for executing any buy or sell transactions from July 25, 2019. Despite calls from

By Modupe Gbadeyanka No fewer than four persons have been feared dead during a suicide attack in Bama area of Borno State on Sunday morning. Two suicide bombers were killed in the early morning attack, while two persons worshipping at a mosque in the town were also slain by the terrorists. The terrorists were suspected to be members of the Boko Haram sect, who stormed a mosque around Bama Dina area of Shehuri /Mairi/ Hausari ward of Bama Local Government Area of Borno State. According to eyewitnesses, the suicide bombers were among worshippers praying at the mosque at about 5am

By Dipo Olowookere The board of Guinness Nigeria Plc has proposed the payment of N1.80k per share dividend to shareholders of the brewery giant. Business Post reports that the proposed cash dividend is for the 2018 financial year, which ended June 30, 2018. A notice issued by the company with its headquarters in Lagos disclosed that the reward would paid to shareholders on Thursday, October 25, 2018. However, this would be subjected to their (shareholders) approval at the company’s Annual General Meeting (AGM) slated for Wednesday, October 24, 2018, at the Transcorp Hilton Hotel, Abuja at 11am. Guinness Nigeria disclosed

By Dipo Olowookere A Senior Unsecured national scale rating (NSR) of A1.ng has been assigned to Access Bank Plc issuance of up to N15 billion five-year senior unsecured notes. This rating was assigned to the Nigerian lender by Moody’s Investors Service with the NSR rating on review for downgrade, in line with Access Bank’s other ratings. The A1.ng senior unsecured NSR rating assigned to the senior unsecured notes is aligned with Access’ A1.ng local currency deposit NSR rating, recognizing that the debt securities will be unsecured and unsubordinated obligations of Access Bank and will rank at least equally with all

By Investors Hub The major U.S. index futures are pointing to a roughly flat opening on Wednesday, with stocks likely to show a lack of direction following the mixed performance seen in the previous session. Traders are likely to remain reluctant to make significant moves ahead of the Federal Reserve?s monetary policy announcement this afternoon. The Fed is widely expected to leave interest rates unchanged, but traders will keep a close eye on the accompanying statement for clues about the outlook for rates. The looming Fed announcement may overshadow the release of a report from payroll processor ADP showing private