NSE X-Academy Extends Capacity Building Opportunities to CIBN

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Adedapo Adesanya  The Nigerian Naira weakened by 17.9 per cent or N144.49 against the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 6 as confidence waned in the Central Bank of Nigeria’s (CBN) ability to boost the market with enough foreign exchange (FX). Yesterday, the exchange rate of the Naira to the Dollar closed at N951.22/$1 in the official market compared with the preceding session’s rate of N806.73/$1. This happened as the forex turnover slightly went down by 4.9 per cent or $7.05 million to $135.58 million from the $142.63 million reported in the

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Dipo Olowookere Mrs Owen Omogiafo has been appointed as an Executive Director of Transnational Corporation of Nigeria (Transcorp) Plc. A statement issued by the leading conglomerates disclosed that the appointment of Mrs Omogiafo takes effect from Sunday, July 1, 2018. She brings on board over 18 years’ corporate experience and is currently Chief Operating Officer of the Tony Elumelu Foundation, Africa’s leading philanthropic organisation. She has held senior leadership positions including Director of Resources, at Heirs Holdings, a family owned investment company with a portfolio spanning the power, oil and gas, financial services, hospitality, real estate and healthcare sectors,

By Ebitonye Akpodigha Following reactions that trailed comments made by a top official of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, that the present pump price of fuel at N145 per litre was no longer sustainable, the corporation has made clarification concerning the issue. At a press briefing in Abuja on Tuesday, the Group General Manager, Group Public Affairs Division of NNPC, Mr Garba Deen Muhammad, said the price of Premium Motor Spirit (PMS), popularly known as petrol, has not been increased. Mr Muhammad said, “For this moment, there is absolutely no plan and no need to do

By Adedapo Adesanya Justice James Omotosho of the Federal High Court Abuja has given an order of perpetual injunction restraining the National Broadcasting Commission (NBC) from imposing fines on broadcast stations in the country. Justice Omotosho also set aside the N500,000 fines imposed on each of the 45 broadcast stations on March 1, 2019. Delivering the judgment, he described NBC’s act as being ultra vires. That is, it carried out actions taken that exceeded the scope of power given to them by Nigerian laws. He also held that NBC, not being a court of law, had no power to impose

By Modupe Gbadeyanka The board and management of United Bank for Africa (UBA) Plc have expressed their satisfaction with the contribution of its pan-Africa subsidiaries to the group’s total revenue. In view of this, they have approved the appointments of Rokia Hacko, Chioma Mang, Chinedu Obeta, Bode Aregbesola, Kingsley Ulinfun and Usman Isiaka as CEOs of arms in Mali, Uganda, Zambia, Senegal, Tanzania and Sierra Leone respectively. UBA boasts of 20 subsidiaries across Africa and according to its Chairman, Mr Tony Elumelu, the group’s pan-African businesses are currently responsible for over 40 per cent of total group revenue. In a

By Dipo Olowookere The management of Nigeria’s largest electricity distribution company, Ikeja Electric Plc, has reaffirmed its commitment to support quality primary education and contribute to the growth of the education sector through its Personal-Corporate Social Responsibility (PCSR) initiatives. While joining the rest of the world to mark the 2018 Children’s Day, the electricity company said it would continue to create opportunities and platform that will prepare children to excel in their academic pursuits. Head of Corporate Communication at Ikeja Electric, Mr Felix Ofulue, who led the company’s delegation to G.R.A Nursery and Primary School, Ogudu, Lagos, emphasized that as

By Adedapo Adesanya President Muhammadu Buhari on Tuesday launched the Eastern railway rehabilitation project. The Eastern corridor is a narrow-gauge rail track stretching from Port-Harcourt, Rivers State, through the South-East, North Central and North-East, terminating in Maiduguri, the Borno state capital. With a total of 61 stations and passing loops, the project has a contract timeline of 36 months. It was designed for a maximum speed of 80km/h on the mainline as well as 60km/h on the branch line. The China Civil Engineering Construction Corporation (CCECC) is also handling the project like it did with other rail projects in the

By Dipo Olowookere The treasury bills market was bullish on Monday as investors prepare for the sale of the government’s debt instrument via primary market tomorrow. Business Post reports that market players are of high hopes that treasury bills yields will increase as towards the end of the year and early next year, when the general elections will hold. The Central Bank of Nigeria (CBN) had hinted recently that it would rate interest rate to curtail an anticipated rise in inflation likely to be caused by huge spending by politicians preparing for the polls. However, at the close of transactions

By Adedapo Adesanya The average fare paid by commuters for bus journey within the city increased by 8.2 percent month-on-month from N206.73 in March to N223.71 in April, the National Bureau of Statistics (NBS) has published. This was contained in its Transport Fare Watch report for April 2020 released on Wednesday, May 27, showing that there was a 23.4 percent increase year-on-year. According to the report posted on its website, states of the federation with highest bus journey fare within city were Zamfara N410.00; Kebbi N348.00 and Abuja N332.29. Meanwhile, states with lowest bus fare within city were Bauchi N140.00;