NSE Turnover Rises by 12.32% in July to N97.08b

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Adedapo Adesanya The average price of Premium Motor Spirit (PMS), otherwise known as petrol, surged by 230.8 per cent on a year-to-year basis to N626.70 per litre in August 2023 versus N189.46 per litre in the same period of 2022. This is according to the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch (August 2023), which showed that the average retail price increased on a month-on-month basis by 4.39 per cent from N600.3 per litre in July. The skyrocketing cost of petrol came as President Bola Tinubu, during his inauguration speech on May 29,

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

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 Modupe Gbadeyanka Reports reaching us from Abuja, the seat of power, indicate that President Muhammadu Buhari for the umpteenth time is absent at the weekly Federal Executive Council (FEC) meeting. The meeting reportedly kicked off at about 11am on Wednesday and the President was not sighted, leaving the Vice President, Mr Yemi Osinbajo, to preside over it. This is the third consecutive time Mr Buhari has not presided over the meeting, further fuelling speculations that his health might have deteriorated, making him unable to carry out some of his constitutional duties. Though the Presidency has claimed the President is

By Modupe Gbadeyanka Young entrepreneurs and investors willing to do business in Oyo State have been assured of a conducive environment as well as credit facilities. This assurance was given by the Commissioner for Trade, Industry, Investment and Cooperatives, Mr Olasunkanmi Olaleye, at the Ibadan Business Festival, held at the Trans Amusement Park, Ibadan. According to him, the administration of Mr Seyi Makinde is leaving no stone unturned in making the state a hub for investment. He said one of these is by providing credit facilities for Micro, Small and Medium Enterprises (MSMEs), graduate loan schemes and other technical supports.

By Aduragbemi Omiyale The former chief executive officer of the National Bureau of Statistics (NBS), Mr Yemi Kale, has joined a leading audit firm, KPMG Nigeria, as a partner and chief economist. Mr Kale was also Nigeria’s Statistician General of the Federation between 2011 and 2021 and was very respected for how he projected the agency as a reputable stats agency. In a post on Thursday, KPMG said Mr Kale would lead the company’s view on macroeconomics and enhance the breadth of our solutions involving economic modelling and macroeconomic analysis in private and public sector clients. “The partners and staff

By Modupe Gbadeyanka As the organised labour unions in the country prepare for a nationwide protest from Wednesday, August 2, 2023, to force the government to meet their demands, the Nigeria Police Force (NPF) has warned those planning to cause mayhem under the guise of the demonstrations. The acting Inspector-General of Police, Mr Kayode Egbetokun, in a statement issued by the spokesman of the security agency, Mr Olumuyiwa Adejobi, ordered watertight security across the country. The protests are being organised by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) due to the effect of the removal of the

By Modupe Gbadeyanka The Business School Netherlands (BSN) has again been rated Tier one among the Global Executive MBA Business Schools rankings in the latest CEO Magazine Global Ranking. In the 2022 Global MBA Rankings released in February 2022, the BSN International Action Learning MBA emerged sixth among the Tier One European MBA Rankings, while BSN International Action Learning MBA claimed the second spot in the Global Online MBA Rankings. The CEO Magazine Global Ranking is a global recognition hotly desired by the world’s top business schools. The platform has published its MBA rankings annually for the past 10 years

A training programme aimed at improving the skills of drivers working with the Federal Government has commenced in Abuja. The exercise is being handled by the Federal Road Safety Corps (FRSC) and Business Post was informed that it would hold in batches. Our correspondent was further informed that the training programme is in compliance with the presidential directive. It was learnt that the presidency ordered the FRSC to conduct regular trainings for government drives to improve their skills, knowledge and competence levels. At commencement of the trainings, Assistant Corps Marshal, Kayode Olagun, urged the participants to see themselves as ambassadors

By Adedapo Adesanya The Federal Road Safety Corps (FRSC) has warned automobile owners not to interfere with the Calibrated Speed Limiting Devices installed in their vehicles, saying that indulging in such could lead to impoundment of the vehicles and re-installation of the speed limiters. Speed limiters are electronic devices that determine the top speed at which a moving vehicle can travel and then communicate that information to the vehicle’s engine management systems, where if beyond the limit, the speed of the vehicle is reduced to the pre-set calibrated value. According to the Corps Marshal, Mr Boboye Oyeyemi, in a press

By Aduragbemi Omiyale A prominent financial institution in the country, Union Bank of Nigeria Plc, has announced an upward review of the salaries of its employees. A statement from the company said this move was taken because of the rising cost of goods and services in the country caused by the removal of petrol subsidy by the federal government. The lender further said it would introduce a bus pick-up service for its workers to convey them from various places to work so as to help them reduce transportation costs. The bank said this comprehensive compensation strategy applies to full-time and