NNPC Backs Nigerian Gas Association

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

Microsoft Azure Fundamentals universally known as AZ-900 exam is specifically designed for non-technical specialists and IT beginners who want to build a cloud-related career. It validates fundamental knowledge of Microsoft Azure features and other cloud services. Since after clearing this test you receive the Microsoft Certified: Azure Fundamentals badge, it is also an optional first step towards achieving higher-level Microsoft certifications in the future. But, what are the exact advantages coming along with passing this assessment apart from getting an entry-level credential? Let’s explore the 5 main reasons to take this exam so as to find the answer. Benefits of

By Modupe Gbadeyanka Nigerian Content Development and Monitoring Board (NCDMB) has praised the management of Dangote Petroleum Refinery and Petrochemical Free Trade Zone Enterprises (DPRP) over its adherence to the local content law in the execution of its projects and declared its intention to further partner with it for effective implementation of the Local Content policy in the country. Director, Monitoring & Evaluation of NCDMB, Mr Akintunde Adelana, who represented the board’s Executive Secretary, Mr Simbi Wabote, made this disclosure weekend during the DPRP Nigerian Content Sensitization/Awareness Creation Programme, titled: “Let’s Walk the Nigerian Content Talk Together,” at Lekki Free

By Adedapo Adesanya The Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Communications Commission (NCC) are collaborating to develop a regulatory framework to provide operational guidelines for Submarine Cables and Pipeline Operators in Nigeria. Submarine and cable operators in Nigeria have been notified of the soon-to-be-implemented regulatory guideline for submarine cables and pipelines in Nigeria, in line with the provisions of the United Nations Convention on the Law of the Sea (UNCLOS). Speaking at a pre-audit meeting of both organs of government in Lagos on submarine cable regulation, the Director General of NIMASA, Mr Bashir Jamoh, noted that

By Dipo Olowookere The management of LASACO Assurance Plc has filed an application to the Nigerian Stock Exchange (NSE) for its proposed share capital reconstruction. Business Post reports that the company plans to reduce its outstanding shares by 25 per cent as every four stocks of the firm held by investors would be turned to a single unit. It was gathered that LASACO Assurance sought the approval of the regulator through its stockbroker, Signet Investment and Securities Limited. Recall that on Tuesday, October 8, 2019, shareholders of LASACO Assurance approved the request of the board to embark on the exercise

By Adedapo Adesanya Sovereign Trust Insurance Plc has released its financial statement for the first six months of 2019 and Business Post gathered that the insurance firm recorded a 21 percent drop in its net profit compared to what was earned after tax from January to June 2018. The company’s financial statements showed that it registered a profit of N480 million after tax compared to a higher N660 million recorded in HY 2018. Likewise, the profit before tax depreciated to N536.9 million from N683.7 million in the same period of last year. The decline in profit occurred despite an increase

By Investors Hub European stocks have advanced on Friday as investors digest trade data from China and earnings news from JP Morgan Chase and Wells Fargo. In economic news, a Eurostat report showed that Eurozone industrial output fell by less than expected in February. While the German DAX Index has climbed by 0.7 percent, the French CAC 40 Index is up by 0.4 percent and the U.K.?s FTSE 100 Index is up by 0.2 percent. Covestro has rallied after the Bayer spinoff said it is on a long-term and profitable growth track and remains well positioned and highly profitable. Spanish

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has debunked the report that it has devalued the Naira to N630/$1 in the official market. A national newspaper reported on Thursday on its front page that the apex bank had adjusted the exchange rate of the Naira to the United States Dollar in the Investors and Exporters (I&E) window of the foreign exchange (FX) market. But reacting to the news, the central bank described the report as “fake news,” urging members of the public to disregard it as such had not been done. Business Post reported earlier that the domestic

By Modupe Gbadeyanka The Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Operations, Mr Adebayo Adelabu, has resigned from the banking sector regulator. A statement issued on Thursday by the Acting Director in charge of Corporate Communications at the CBN, Mr Isaac Okorafor, disclosed that Mr Adelabu’s resignation has been approved by President Muhammadu Buhari. However, the disengagement of the deputy governor will take effect from Sunday, July 15, 2018. Mr Adelabu is planning to seek political office in Oyo State and as part of his rule, he is expected to resign from public office. According