Oando Stocks Fall Day After Fire Outbreak at Lagos Tank Farm

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

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 Dipo Olowookere The National Bureau of Statistics (NBS) on Tuesday announced that inflation in Nigeria increased by 17.33 per cent year-on-year in February 2021. In the previous month, January 2021, the inflation was put at 16.47 per cent, indicating that the figures last month were higher than the preceding month by 0.86 per cent. Since the federal government abruptly shut down the nation’s land borders on August 20, 2019, prices of food items have continued to increase. Things became worse when the COVID-19 pandemic caused disruption in the food supply chain as the federal government restricted movements in the

By Modupe Gbadeyanka One of the leading telecommunications companies in Nigeria, Airtel, has through its full weight behind the ninth edition of Best of Nollywood (BON) Awards taking place this week in Abeokuta, Ogun State. Thing information was confirmed by the Executive Producer of BON Awards, Mr Seun Oloketuyi, via his Facebook post on Wednesday. “We are happy to have Airtel on board this year. We hope the partnership would be even more mutually beneficial in the years ahead,” Mr Oloketuyi stated in the post. On Saturday, December 16, 2017, stakeholders in the movie industry in Nigeria fondly called Nollywood

By Modupe Gbadeyanka The National Youth Service Corps (NYSC) has been sued by frontline anti-corruption group in Nigeria, the Socio-Economic Rights and Accountability Project (SERAP), for failing to publish the exemption certificate Minister of Finance, Mrs Kemi Adeosun, claimed was issued to her by the agency few years ago. An online news platform, Premium Times, had reported last month that the Minister forged her exemption certificate even when she was not eligible by law to be exempted from one-year mandatory service, having graduated from college before the age of 30. The Minister finished from a London higher institution in 1989

By Modupe Gbadeyanka Federal government has been warned to as a matter of urgency implement policies that will grow and diversify the revenue base of the country. Failure to adhere to this, according to analysts at FSDH Research, could spell doom for the nation, especially in terms of a debt crisis. In his weekly report obtained by Business Post on Tuesday, the investment firm said government was spending too much of its revenue to pay interest on loans, leaving authorities with little resources to spend on critical sectors of the economy that could support strong growth and maintain a healthy

By Investors Hub European stocks have moved to the downside on the day following the European Central Bank?s announcement of its decision to leave interest rates unchanged. While the German DAX Index has slid by 0.7 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are both down by 0.2 percent. In corporate news, German engineering specialist Bertrandt Group’s stock declined around 2 percent after reporting sharply lower profit in its fiscal 2017, despite slightly higher revenues. The company also maintained its dividend. Petrofac shares fell around 2 percent after it said its overall trading remains in

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks likely to add to the modest gains posted in the previous session. The upward momentum on Wall Street comes amid a positive reaction to comments from Chinese Xi Jinping regarding the trade dispute between China and the U.S. Xi promised to lower import tariffs on products including cars and take other steps to further open the world’s second-largest economy. U.S. stocks failed to sustain early gains on Monday amid lingering concerns about a potential trade war between the U.S. and China. There

By Dipo Olowookere The Nigerian Exchange (NGX) Limited opened the first trading session of the new week on a wrong footing with a 0.040 per cent loss influenced by renewed sell pressure on some blue-chip stocks like Access Bank, Dangote Cement and GTCO. During the trading day, a total of 18 equities closed in the red zone compared with the 21 stocks that landed in the green territory. However, the bears had more influence on the outcome on the market despite their few numbers. Champion Breweries closed as the worst-performing share with a loss of 7.73 per cent to settle

By Dipo Olowookere The Lagos State government has said it would recall the N47 billion bond it issued to investors in December 2016 at an annual interest rate of 16.50 per cent. The state government said it would pay-off the value of the 7-year notes in June 2021, when the next interest payment is expected. In a statement, the Lagos State government explained that it was taking this decision to explore the current low yield environment in the fixed income market and then reduce the cost of debt servicing. When the papers were sold to investors about five years ago,