NSE Upgrades X-Issuer for Market Integrity

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

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 Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

Mobile money services have been taken to the next level in Senegal with the partnership entered into between Comviva and Free Senegal, the second largest mobile network operator in the country. The telco, in order to enhance its mobile money service called Free Money and deliver a world class digital payments experience to its customers, adopted Comviva’s mobiquity® Money, which is trusted among top telecoms providers in the world. mobiquity® Money is the world’s largest mobile money platform with over 60 deployments in more than 45 countries. Launched in 2014, Free Money is one of the leading mobile money services

By Adedapo Adesanya After shedding at the previous session, there was a respite for the Naira at the Investors and Exporters (I&E) segment of the foreign exchange market on Valentine’s Day. The local currency gained 16 kobo equivalent to 0.04 percent on the US Dollar to close at N364.76/$1 compared with N364.92/$1 it traded at Thursday’s session. This was buoyed by the lesser demand for forex at the market segment during the session as the transaction value went down by 60 percent or $429.72 million to $282.33 million from $712.05 million of the previous day. The Naira’s performance at the

By Sodeinde Temidayo David President Muhammadu Buhari has asked the National Assembly to allow the federal government under his leadership to borrow fresh loans from international sources. Mr Buhari, in a letter, appealed to the parliament to allow him to source external loans worth $4 billion and €710 million, and grant components of $125 million to finance projects in the country. If this request is approved, it would further increase the nation’s debt stock, which is currently nearing N35 trillion. In the letter, the President explained that he intends to obtain the capital from the World Bank, French Development Agency,

By Modupe Gbadeyanka Zenith Bank Plc says it will no longer go on with its plans to raise about N100 billion from the capital market through public hearing, rights issue or any other method deemed fit by the board in local or international market or combination of both. This comes barely 24 hours after shareholders at the company’s Annual General Meeting (AGM) in Lagos approved the board’s request to raise the amount to boost its operations. In a statement issued in Lagos on Thursday, Zenith Bank said it decided to suspend the exercise due to weak capital markets and struggling

By Dipo Olowookere The Central Bank of Nigeria (CBN) has again defended its decision to stop the sale of foreign exchange (FX) to Bureaux De Change (BDC) operators on July 27, 2021, maintaining that it was the right step. The Director of Corporate Communications at the CBN, Mr Osita Nwanisobi, while addressing reporters on Monday in Abuja, said the apex bank took the action because it was not sustainable in the long run. “Such a practice was not sustainable in the long run, considering that many of the BDCs had since deviated from the purpose for which they were issued

By Adedapo Adesanya The Nigerian Security and Civil Defence Corps (NSCDC) recorded a reduction in the rate of oil theft and pipeline vandalism during the yuletide season in Rivers State. This was made known by the NSCDC Commandant in Rivers State, Mr Muktar Lawal, who noted that this occurred as a result of measures put in place by the corps. In a statement by the Command’s Public Relations Officer, Mr Micheal Oguntuase, he said the anti-vandal team of the corps has been on 24/7 security checks on pipelines and other oil installations within the state. He assured that the internal

By Aduragbemi Omiyale A 10-week equity-free accelerator for African startups designed to tutor participants on how to use artificial intelligence to solve local challenges has been introduced by Google. The initiative is called Google for Startups Accelerator: AI First. It recognises the transformative role AI is playing across the world, innovating industries and reimagining the realms of possibilities. It also highlights the significant contributions of African startups in addressing some of the region’s most pressing challenges through the use of AI. A statement from Google disclosed that application for the programme has commenced. It is for startups up to series

By Modupe Gbadeyanka Bad debts worth N400 billion have been sold by the management of Unity Bank in preparation of injection of fresh capital into the financial institution by new investors having talks with the company. Few days ago, the board of Unity Bank confirmed that it was having discussions with new potential investors interested in pumping money into the bank, which has struggled for survival lately. In the statement issued by the lender, the ongoing talks would soon be completed and the shareholders would be informed details of the new deal to be struck with the unnamed “prospective investors.”