NSE Posts N15.4b Turnover in 5 Days as Index Sheds 2.65%

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 Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Adedapo Adesanya The duo of NASD Plc and Aradel Holdings Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, September 21. The two price losers overpowered the sole price gainer, Central Securities Clearing Systems (CSCS) Plc, to drag down the NASD Unlisted Securities Index (NSI) by 0.34 points to 805.95 points from the 806.29 points it ended in the previous day, while the total value of the unlisted stock market was relatively flat at N1.139 trillion. At the trading day, NASD Plc shed N1.15 to end the session at N11.50 per unit versus the

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Modupe Gbadeyanka The fourth edition of a mentorship class organised for Chief Executive Officers by Mama Helen Oritsejafor is billed to hold on Saturday, April 27, 2019. The quarterly programme will take place at the Eagles Place, International Gospel Centre, Warri, Delta State, by 2pm with registration free of charge. A statement issued by the organisers said interested attendees outside Delta State be part of the class via Facebook and Instagram @theceoscompany. Mrs Oritsejafor is a business industrialist, convener and founder of the CEOs Company Mentorship Class. She is also the wife of former president of the Christian Association

The online gambling industry in the United States continues to grow as new states adopt the legislation required to license and regulate operators. It was Ohio’s turn to do so on the 1st of January by signing House Bill 29 into law and allowing online bookmakers to apply for a license issued by the state’s Casino Control Commission. Shortly after putting the framework in place, Ohio issued 23 type A licenses that allow operators to offer online sports betting services via mobile apps and websites. However, shortly after going live, three bookies breached the gambling advertising rules and received fines

By Dipo Olowookere A final approval has been granted to a subsidiary of Airtel Africa Plc by the Central Bank of Nigeria (CBN) to operate mobile money services in the country. Airtel Africa, which sells its shares on the Nigerian Exchange (NGX) Limited, had applied for a Payment Service Bank (PSB) licence through SMARTCASH Payment Service Bank Limited (Smartcash). The firm was initially granted a provisional authorisation but after meeting all the requirements, the banking industry watchdog in Nigeria has now given the company a full PSB licence. Airtel Africa, which confirmed this development in a statement, disclosed that this

By Adedapo Adesanya The Chairman/Chief Executive of the National Drug Law Enforcement Agency (NDLEA), Mr Mohamed Buba Marwa, has commended the German government over ongoing efforts to boost the operational capability of the agency towards its continuous efforts at fighting drug abuse in Nigeria. This followed the plans to build a €2 million world-class narcotic detection dog training facility and the supply of dogs and vehicles to boost NDLEA’s operations. Mr Marwa gave the commendation when Mr Jan Ritterhoff, BKA liaison officer at the German embassy in Nigeria paid him a visit to discuss modalities for the project’s take off.

By Aduragbemi Omiyale Subscription for the February FGN savings bond, which started on Monday, February 7, 2022, will end on Friday, February 11, 2022. The monthly sale of the papers gives investors, especially the low-income earners, the opportunity to partake in the capital market and also contribute to nation-building. This is because they provide the government with the funds needed to finance some projects and help with the capital needed to fund the budget deficit. As it is in the previous exercises, the Debt Management Office (DMO) is offering the notes in two-year and three-year maturities. According to the circular

By Adedapo Adesanya The federal government, through the Minister of Agriculture, Mr Mohammed Abubakar, on Thursday said in spite of the security challenges facing the country, food production has not dropped. Speaking during the weekly ministerial briefing at the State House in Abuja, Mr Abubakar acknowledged that the insurgency, inhibiting farmers from accessing their farms, particularly in the North-West, North-East, and North-Central, is a concern for the federal government. He, however, maintained that food production continues at an appreciable level for most parts of the country. The Minister further revealed that 3.6 million direct and indirect jobs have been created

By Adedapo Adesanya  The Naira depreciation continued at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Thursday, October 31, 2019, Business Post is reporting. The value of the local currency declined for the second consecutive trading session yesterday, losing 8 Kobo or 0.02 percent against the US Dollar to trade at N362.66/$1 against N362.58/$1 it traded on Wednesday. At the market segment, investors pulled out a large amount to the tune of $686.72 million, 201.3 percent or $458.78 million higher than the $227.94 million transactions recorded at the previous session. It was observed that this

By Dipo Olowookere The World Health Organization (WHO) on Tuesday announced that the latest outbreak of the deadly Ebola Virus Disease (EVD) has now been largely contained. Ebola is endemic in DRC and has been identified there nine times, since 1976. It resurfaced again about two months ago, giving nations in Africa, including Nigeria, something to worry about. A statement released by the United Nations health experts revealed that a total of 55 cases of Ebola were recorded during the current outbreak of the often-deadly viral infection and 28 people died from the disease. Before the current outbreak in Equateur