NSE Unveils CEOs of NGX Group, Nigerian Exchange, NGX Regulation

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Aduragbemi Omiyale A workshop designed to educate investors, especially those in the retail end of the curve, on how they can improve corporate governance has been organised by the Nigerian Exchange Regulation (NGX RegCo) Limited. The two-day event, which took place on Thursday, November 23, and Friday, November 24, 2023, was themed Rights and Responsibilities of Shareholders in Driving Corporate Governance. According to the NGX RegCo, the seminar was designed to promote a transparent and fair market, with participants agreeing that all hands must be on deck to sanitize the market and bring the boards and management of listed

By Adedapo Adesanya The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Dipo Olowookere African heads of state have endorsed two major new initiatives to help end AIDS by 2030. The community health workers initiative aims to recruit, train and deploy 2 million community health workers across Africa by 2020. The western and central Africa catch-up plan aims to rapidly accelerate access to HIV treatment in the region and close the gap in access between African regions. The initiatives were endorsed at the AIDS Watch Africa Heads of State and Government Meeting, held on 3 July during the 29th African Union Summit in Addis Ababa, Ethiopia. Western and central Africa catch-up

By Adedapo Adesanya The National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians to an organic apple and blackcurrant juice from Australia, warning them against the consumption of the drink. The Director-General of NAFDAC, Mrs Moji Adeyeye, said the products have been certified harmful for human consumption and should not be consumed. “The Centre for Food Safety (CFS) of Hong Kong’s Food and Environmental Hygiene Department has warned against the consumption of Pure Tassie Organic Apple and Blackcurrant Juice originating from Australia. “This was due to (an) unacceptable level of patulin (a mycotoxin) which had exceeded

By Dipo Olowookere The growth recorded on the floor of the Nigerian Stock Exchange (NSE) on Thursday was short-lived as the market fell by 1.40 per cent on Friday. At the last trading session of the week, the selloff in the shares of the big players in the industrial goods sector weakened the positive performance of other sectors. The counter depreciated by 4.55 per cent and it was the lone loser as the banking space grew by 0.52 per cent, the consumer goods index rose by 0.28 per cent, the energy space jumped 0.14 per cent, while the insurance counter

By Adedapo Adesanya The revenue from the sale of white products – petrol, kerosene, diesel, cooking gas – rose by 24.7 per cent to N234.6 billion in the month of March from N188.2 billion sales recorded in February 2021. This was disclosed by the Nigerian National Petroleum Corporation (NNPC) downstream subsidiary, the Petroleum Products Marketing Company (PPMC), in the March 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR). According to a statement by the Group General Manager, Group Public Affairs Division of the corporation, Mr Kennie Obateru, the report indicated that total revenues generated from the sales

By Dipo Olowookere Heritage Bank Limited’s commitment to the development and growth of the creative industry has been recognised by the Federal Government. Dubbed as Nigeria’s Most Innovative Banking Service Provider, Heritage Bank said it supports the sector because it was concerned on how to find a framework to provide funding for players in the industry. At a two-day Creative Nigeria Summit held in Lagos recently with the theme: Financing the Film, Television and Music Industries; which was co-sponsored by the lender, Minister of Information and Culture, Mr Lai Mohammed, said it was a nice thing to have the bank

By Adedapo Adesanya The federal government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has threatened to sanction any fuel station or depot selling above the stipulated approved pump price of N165/litre for Premium Motor Spirit (PMS), otherwise known as petrol. The threat followed the persistent fuel scarcity being witnessed in Lagos, Abuja and its environs as well as in other parts of the country. In a joint inspection on fuel stations in Abuja on Monday, the chief executive of the agency, Mr Farouk Ahmed, explained that the exercise was carried out in collaboration with some top officials

By Adedapo Adesanya Oil futures finished slightly lower on Wednesday, July 22, pulling back gains after hitting a four-month the previous day. This came from an unexpected weekly climb in US crude stockpiles, which followed a slip in fuel demand as data showed that the recent outbreak in coronavirus cases has started to hit US consumption. The international benchmark, Brent crude, consequently dropped 4 cents or 0.09 per cent to sell at $44.28 per barrel, while the US West Texas Intermediate (WTI) crude lost five cents or 0.12 per cent to settle at $41.87 per barrel. Both crude futures had

By Dipo Olowookere Unity Bank Plc on Friday announced its financial statements for the first quarter of the year ended March 31, 2019. The financial institution said during the period under review, its gross income jumped to N10.1 billion from N8.8 billion, with the interest and similar income appreciating to N8.5 billion from N7.7 billion. However, the net interest income depreciated in the period under review to N3.6 billion from N4.3 billion on the back of the 45 percent increase in the interest and similar expense, which ended at N4.9 billion in Q1 2019 versus N3.4 billion in Q1 2018.