NSE Market Indices Bearish, Down 0.09%

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Adedapo Adesanya Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

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

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

By Aduragbemi Omiyale Nigeria has recorded a quarter-on-quarter decline of 54.06 per cent in the total value of capital importation into the country in the second quarter of 2021, the National Bureau of Statistics (NBS) has revealed. In a report released by the agency, it was disclosed that the FX inflows from April to June 2021 stood at $875.6 million in contrast to $1.9 billion recorded in the first quarter of this year. On a year-on-year basis, the capital importation went down by 32.38 per cent as the inflows in the same period of last year was $1.3 billion. Business

By Dipo Olowookere One of the leading brewery companies in the country, Guinness Nigeria Plc, has been tipped to maintain its strong market position despite the various challenges it is facing at the moment. Share price of the company at the Nigerian Stock Exchange (NSE) has plummeted lately and at the close of market on Monday, it was down by 30 kobo to sell at N18 per share. Last week, a local rating agency, Global Credit Ratings (GCR), assigned national scale issuer ratings of A+(NG) and A1(NG) in the long term and short term respectively to Guinness Nigeria Plc, with

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) under its CEO, Mr Oscar Onyema, has continued to fly higher, carting several award ceremonies both in and outside the country. On Friday, November 8, 2019, in Ghana, the exchange was named winner of the Best Corporate Social Responsibility Initiative award (Promoting Sustainability & Reporting) at the 9th edition of the Marketing World Award. This was in recognition of the remarkable initiatives implemented by NSE to advance sustainability reporting in Nigeria. During the event, NSE Head of Corporate Communications department, Mr Olumide Orojimi, was also named Corporate Communications Professional of The Year.

The Edo State Governor, Mr Godwin Obaseki, has assured of timely completion of the state’s National Youth Service Corps (NYSC) permanent orientation camp in Okada, Ovia North East Local Government Area of the state. The Governor gave the assurance when he inspected ongoing construction of the NYSC permanent orientation camp, noting that his administration was working towards completing the project within six months. He noted that the construction of the NYSC camp is being revived 16 years after the construction of the facility commenced. Mr Obaseki said his administration has completed the documentation process for the contracts and mobilised contractors

**He Should Not Contest in 2019 By Dipo Olowookere President Muhammadu Buhari has been advised to jettison any plans of re-contesting for the presidency in 2019. This advice was given by the man who toppled President Buhari’s military regime in 1985, former Military President Ibrahim Babangida, in a statement issued on Sunday. Mr Babangida urged the President to step aside in order to give a younger person the chance to lead Nigeria into the Promised Land. The former military dictator, who annulled the 1993 presidential election believed to have been won by late MKO Abiola, said in the statement signed

By Dipo Olowookere Oyo State government has expressed its joy over the Federal Government’s approval for the establishment of six cashew factories for export in the country. Oyo State is among the six states of the federation where the proposed cashew-processing factories ‎for export will be sited. The other states include Enugu, Imo, Benue, Kogi and Kwara. At the Federal Executive Council (FEC) on Wednesday, the Federal Government said a popular store in the United States called Walmart, requested from Nigeria 130,000 tons of roasted cashew nuts valued at $7 billion. In order to meet this demand and others, the

By Dipo Olowookere Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has shunned an invitation extended to him by the House of Representatives to investigate the over $44 million discovered in a flat in Ikoyi, Lagos, by the Economic and Financial Crimes Commission (EFCC) few months ago. It was learnt that Mr Emefiele did not honour the invitation, claiming he was not permitted by the National Security Agencies Act to discuss security issues in public. The CBN Governor, in a letter to the House Committee on National Security and Intelligence, which was mandated to probe the matter,

By Modupe Gbadeyanka A deal to finance infrastructure and SME projects, including women-owned enterprises in Nigeria, has been signed between the African Development Bank Group (AfDB) and United Bank for Africa Plc (UBA). Business Post gathered that the agreement involves a loan of $150 million that would be used to support development of productive sectors of the economy; particularly the power sector, infrastructure, women owned enterprises as well as SMEs. The deal was sealed on Wednesday between the two organisations. Speaking on the development, the Group Managing Director/CEO of UBA, Mr Kennedy Uzoka, noted that, “This line of credit comes