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Economy

OBG Unveils Courses for Sound Trading, Investment Decisions

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Damola Solanke OBG Limited Investment Decisions

By Modupe Gbadeyanka

To make Nigerians have the requisite financial market knowledge, which will enable them to make informed decisions around trading and investments with the goal of achieving financial independence, OBG Limited has introduced some strategic courses.

The company is coming up with this assistance in partnership with OBG LLC in the United States to improve financial education in the country.

The financial literacy academy, according to the company’s MD/CEO, Mr Damola Solanke, will “provide financial literacy, through the academy to participants, leveraging market insights and innovative tools to train them on how best to navigate the new financial space.”

He further stated that the institution, OBG Academy, will offer a free training program to provide an overview of the financial market in Nigeria, providing the relevant knowledge needed to efficiently navigate the Nigerian financial services space.

“At OBG, we educate and equip Nigerians with the knowledge they need to invest by themselves in the financial market so they can be independent. We also provide live mentorships, where participants can access over 200 educators worldwide for increased knowledge and practical trading techniques.

“Asides from this, we provide support for members of the academy by offering tools and strategies using Artificial Intelligence to analyse the financial market.

“Our long-term goal is to ensure that through the education offered at the Academy, people can take control of their financial lives and make informed financial decisions,” he added.

Speaking further about the academy’s mode of operation, Mr Solanke said “because our values are to empower, educate and enrich, our academy has simplified learning by providing academies to which participants can choose from depending on their preferences and needs.

“What is most interesting is that anyone willing to participate in any of the programmes at the academy does not need to have a laptop because all programmes and tools can be accessed either by using a mobile phone.”

Around the world, finance and investment engagements are evolving in a dynamic fashion. In view of this, there is a growing increase in efforts towards improving financial literacy as a means of empowering more people to have greater access to financial services and make informed financial and investments decisions

With new digital technologies changing the value proposition of financial products, services and digital currency in the financial services industry, the launch of the OBG financial literacy academy in Nigeria will further expand access to financial knowledge, tools, and resources necessary for improving financial freedom in the country.

The OBG financial literacy academy is providing financial literacy to diverse beneficiaries through three main divisions; the digital currency academy, focused on crypto, the forex academy focused on the financial markets and the binary options academy focused on fast-paced markets.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Economy

SERAP Tasks FG to Recover Missing N105.7bn to Fund Universities

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SERAP

By Adedapo Adesanya

The federal government has been tasked to urgently recover the missing N105.7 billion of public funds from ministries, departments and agencies (MDAs) to fund the country’s public tertiary institutions.

The charge was given by the Socio-Economic Rights and Accountability Project (SERAP) in a letter to President Muhammadu Buhari dated July 2, 2022.

The group, in the letter signed its deputy director, Mr Kolawole Oluwadare, noted that the money could be used to improve the welfare of members of the striking Academic Staff Union of Universities (ASUU).

“Pending the recovery of the missing public funds, we urge you to redirect some of the presidency’s budget of N3.6 billion on feeding and travels, and the N134 billion allocated to the National Assembly in the 2022 budget to meet the demands by ASUU,” it stated, urging the President to “send to the National Assembly a fresh supplementary appropriation bill, which reflects the proposed redirected budget, for its approval.”

“Meeting the demands by ASUU would confront the persistent and widening inequality in educational opportunity, and promote equal protection for poor Nigerian children,” the association said, adding that, “The apparent failure by your government to agree with the reasonable demands by ASUU, implement the good faith agreement with the union and to satisfactorily resolve the issues has kept poor Nigerian children at home while the children of the country’s politicians attend private schools.”

The ASUU accused the government of poor commitment to the payment of academic earned allowance (EAA); poor funding, the continued use of the Integrated Personnel Payroll Information System and refusal to adopt the Universities Transparency and Accountability Solution (UTAS), among others.

SERAP lamented, “The poor treatment of Nigerian children in the country’s public tertiary institutions,” saying it is “inconsistent and incompatible with the Nigerian Constitution and the country’s international human rights obligations.”

“Widening inequalities in the area of education bear all the more dramatic consequences given the importance of education, as an empowering right, in giving the possibility to all to explore and realise their potential.

“Inequalities in education have a rolling effect, leading to even more and continued inequalities in the future.”

“Apart from being a right in itself, the right to education is also an enabling right. Education creates the ‘voice’ through which rights can be claimed and protected, and without education, people lack the capacity to achieve valuable functioning as part of living.

“If people have access to the education they can develop the skills, capacity and confidence to secure other rights. Education gives people the ability to access information detailing the range of rights that they hold, and government’s obligations.”

“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest,” it stated.

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Economy

Nigeria Loses $1bn to Crude Oil Theft in Q1 2022

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crude oil distillation

By Adedapo Adesanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that Nigeria lost $1 billion in revenue during the first quarter of this year due to crude oil theft.

According to Mr Gbenga Komolafe, the head of the commission, out of the 141 million barrels of oil produced in the first quarter of 2022, only about 132 million barrels of oil were received at export terminals.

“This indicates that over nine million barrels of oil were lost to crude oil theft… this amounts to a loss in government revenue of about $1 billion… in just one quarter,” Mr Komolafe said.

“This trend poses an existential threat to the oil and gas sector and by extension, the Nigerian economy if not curbed,” he added.

The petroleum industry regulator said that crude oil theft has increased to a daily average of 108,000 barrels in the first quarter of 2022 from 103,000 barrels in 2021.

The theft has resulted in the declaration of force majeure at Bonny Oil & Gas Terminal, a pipeline transporting crude from the oil-rich Niger Delta to export vessels, among others, creating a hostile environment and disincentive to investors.

Nigeria loses millions of barrels of crude oil a year because of theft and vandalism including the tapping of crude from a maze of pipelines owned by oil majors.

This has restricted the country from meeting the 1.799 million barrels per day of crude oil production allocated to it by the Organisation of the Petroleum Exporting Countries and allies (OPEC+) for consecutive months.

Recently, the country for yet another month failed to meet its crude oil production output as it recorded a decline of 80,000 barrels per day in June.

Earlier in May, Nigeria lost 45,000 barrels per day, making it the largest laggard among the countries not exempted from the 2020 output deal.

According to a Reuters survey, secondary data from sources showed that this decline occurred as a result of outages and maintenance curbed output.

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Economy

FX Shortage at Official Window Weakens Naira to N619/$1 at P2P

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Domiciliary Accounts to Naira

By Adedapo Adesanya

The difficulty in getting foreign exchange (FX) for transactions at the official forex window, the Importers and Exporters (I&E) segment, has deepened the woes of the Naira at the Peer-2-Peer (P2P) window.

On Friday, the value of the Nigerian currency to its American counterpart depreciated by N6 or 0.98 per cent as it was traded at N619/$1 compared with the preceding day’s N613/$1.

Business Post reports that at the spot market, the value of transactions stood at $78.86 million last Friday, just 2.9 per cent or $2.22 million higher than the $76.64 million reported a day earlier.

The low trades eased the pressure on the domestic currency during the trading session as it appreciated by a marginal 5 kobo or 0.01 per cent to N425.00/$1 from the previous day’s N425.05/$1.

Also, at the interbank segment, the local currency strengthened against the Pound Sterling by N5.26 to N500.65/£1 from N505.91/£1 and against the Euro, it gained N3.56 to sell at N434.03/€1 compared with Thursday’s rate of N437.59/€1.

At the parallel market, the Naira gained N5 or 0.82 per cent on the greenback to trade at N607/$1 compared with the previous day’s rate of N612/$1.

A look at the digital currency market revealed that the bears were dominant on Friday as seven of the key coins tracked by this newspaper shed weight, with Binance Coin (BNB) falling by 3.6 per cent to trade at $214.77.

Ethereum (ETH) went down by 3.3 per cent to trade at $1,034.82, Cardano (ADA) declined by 3.2 per cent to $0.4423, Solana (SOL) recorded a 3.1 per cent slump to quote at $32.04, Litecoin (LTC) depreciated by 2.7 per cent to $50.08, Bitcoin (BTC) crashed by 2.5 per cent to $19,034.61, while Ripple (XRP) depreciated 1.6 per cent to trade at $0.3105.

Conversely, TerraClassicUSD (USTC) continued its stellar growth as it rose by 26.3 per cent to $0.0565, Dogecoin (DOGE) went up by 1.2 per cent to sell at $0.0664, the US Dollar Tether (USDT) recorded a 0.02 per cent rise to $0.999.

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