NSE Lifts Suspension on African Alliance Insurance

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Modupe Gbadeyanka One of the largest European financial services groups, Societe Generale, has launched a mobile money solution called YUP in Africa. The system, an alternative to the traditional banking model in the continent, has been deployed in Ivory Coast and Senegal will more than 30,000 open wallets and nearly 600 agents in place. The lender said it plans to launch the system in Ghana by the end of 2017 and in Cameroon, Burkina Faso, Togo and Guinea in 2018. Its target is to open one million wallets in the next three years, to double Societe Generale’s individual customer

By Adedapo Adesanya Global trade faces a major threat as a giant container ship has blocked Egypt’s Suez Canal, one of the world’s busiest trade routes. The ship, known as Ever Given, after being hit by a strong wind, blocked other vessels from moving in both directions and sparking a traffic jam that could be slowdown world trade. About 12 per cent of global trade passes through the Suez Canal, which connects the Mediterranean to the Red Sea and provides the shortest sea link between Asia and Europe. The Ever Given, registered in Panama, was bound for the port city

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive side of the coin last week after it recorded a 0.22 per cent week-on-week appreciation. This happened as the bourse saw one gainer versus two losers in the week under review, leading the market capitalisation of the trading platform rising by N1 billion to N1.023 trillion from the N1.022 trillion quoted in Week 14. The NASD securities index (NSI) also added 1.61 points to wrap the week at 739.58 points compared with 737.97 points recorded in the previous week. The sole gainer in the week was Central

By Investors Hub European stocks have moved mostly lower on Wednesday as rising bond yields on expectations of higher interest rates and the recent surge in oil prices has spurred investors to lock in some profits after recent gains. The German DAX Index has slumped by 0.9 percent and the French CAC 40 Index has fallen by 0.4 percent. However, the U.K.?s FTSE 100 Index is bucking the downtrend and inching up by 0.2 percent. In economic news, French industrial production decreased as expected in November after rising in the two previous months, data from statistical office Insee showed. Separately,

The paparazzi are known for often taking covert photographs of celebrities and selling them to tabloids or gossip magazines. In a similar vein, could the increasing number of smart, connected devices coming into our lives start acting like covert “data paparazzi”? And what can we do to avoid it? Find out here. Today, our devices collect and forward information to all sorts of external parties: our home security alarm provider, our electricity supplier, our fitness watch vendor, our car manufacturer, our security needs to be good enough that it deters attackers and so on. Smart assistants listen to our voice

By Investors Hub European stocks have moved mostly lower on Friday as investors digest President Donald Trump’s comments on the Federal Reserve and watch movements in the Chinese yuan. Trump said that he is “not thrilled” with interest rate hikes by the Fed but claimed he respects the independence of the central bank. China’s central bank lowered its yuan midpoint for the seventh straight trading day, stoking concerns that Beijing could turn a trade war into a currency war. While the U.K.?s FTSE 100 Index has edged down by 0.2 percent, the French CAC 40 Index and the German DAX

By Dipo Olowookere President Muhammadu Buhari has extended his warm congratulations to candidate of the New Patriotic Party (NPP), Mr Nana Akufo-Addo, on his historic win of the December 7 Ghana presidential election. President Buhari also felicitated with the government and people of Ghana, the National Electoral Commission, and candidates of political parties, for the decorum, maturity and peaceful conduct of the election that produced a winner from an opposition party, who was contesting for the third time. Mr Buhari said in a statement issued by his spokesman, Mr Femi Adesina, that as a scion of one of the biggest

By Modupe Gbadeyanka On Saturday, February 9, 2019, popular digital publishing platform, Publiseer, emerged winner of the Startup World Cup Nigeria Regional Competition. The keenly contested event took place at the Civic Hive in Lagos, but Publiseer beat nine other startup firms for the title. With this, Publiseer will join other regional winners from various countries, including Mauritius, South Africa, and Kenya, at the grand finale of the Startup World Cup slated for May 17, 2019 in San Francisco, USA. Winner of the competition, organised by a San-Francisco based venture capital firm, Fenox VC, will receive a $1 million investment