OGFZA Considers Cheap Electricity at Onne Free Zone

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Dipo Olowookere The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent. But hope was kept alive by the gains reported by the other key sectors of the market, with the banking counter growing by 1.71 per cent, and the industrial goods index appreciating by 0.01 per cent, while the insurance and energy sectors remained

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Adedapo Adesanya One year since the World Health Organization’s COVAX global vaccine programme made its first delivery in Africa, 83 per cent of the continent’s population is yet to receive a single dose of the life-saving COVID-19 jabs. This was disclosed by the WHO Director-General, Dr Tedros Adhanom Ghebreyesus, who added that vaccine nationalism and manufacturers prioritizing high-income countries severely limited the number of vaccines COVAX was able to supply in the first half of last year. “This is not only a moral failure, but it is also an epidemiological failure, which is creating the ideal conditions for new

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has called for the development of agricultural commodities’ value chain through value addition due to current global realities. This was made known by the Deputy Governor of Operations at the apex bank, Mr Folashodun Shonubi, on Thursday, warning that the country’s agricultural exports are vulnerable to external shocks. He said the country currently lacked control over demand and supply of export commodities and these exposed it to the dictates of external forces. “But again, if we are to export just cocoa, it is still vulnerable to external shocks and we don’t

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed for another session in the positive territory following a marginal 0.03 per cent gain on Tuesday, April 26. This was triggered by the gains recorded by a bellwether stock, FrieslandCampina WAMCO Nigeria Plc, which added N4.52 or 2.4 per cent to its value to close at N191.01 per share compared with N186.49 per share it ended a day earlier. However, another bellwether stock, Central Securities Clearing System (CSCS) Plc, posted a loss of 82 kobo or 4.8 per cent to close at N16.99 per unit in contrast to N17.81 of

By Adedapo Adesanya The Lagos State Governor, Mr Babajide Sanwo-Olu, has signed into law a bill empowering the state government to collect Value Added Tax (VAT). The Commissioner of Information and Strategy in Lagos, Mr Gbenga Omotoso, in a statement, said Mr Sanwo-Olu signed the VAT bill into law on Friday, September 10. “The Governor signed the bill for a law to impose and charge VAT on certain goods and services at about 11:45 a.m. today, after returning from an official trip to Abuja. “By this act, the bill has now become a law,” said Mr Omotoso. This signing is

Investors have been encouraged by FBNQuest Asset Management to consider contrarian investing by taking advantage of the FBN Nigeria Eurobond (USD) Fund. Contrarian investing is an investment strategy that involves purchasing and selling in contrast to prevailing sentiments of the time. This means an investor is buying assets when other market participants are selling. Having a contrarian view does not necessarily mean having a negative view of the overall stock market, or believing it is overvalued. A contrarian simply seeks opportunities to buy or sell specific investments when the majority of investors appear to be doing the opposite. Looking back,

By Dipo Olowookere Promoters of Ponzi schemes and unregistered investment schemes in Nigeria may soon be in big trouble if the law being proposed by the National Assembly is passed into law and signed by the President. On Thursday, a bill to amend the Investment and Securities Act 2007, sponsored by Mr Babangida Ibrahim, representing MalumFashi/Kafur Federal Constituency in Katsina State at the House of Representatives, scaled the second reading. The amendment is titled A Bill for an Act to Repeal the Investments and Securities Act, 2007 and Enact the Investments and Securities Bill to Establish Securities and Exchange Commission

By Adedapo Adesanya Transactions closed bearish at the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday, September 20, 2022, with the key performance indices depreciating by 0.30 per cent. The market capitalisation of Nigeria’s unlisted stocks depreciated yesterday by N2.88 billion to N973.51 billion from N976.39 billion, while the NASD Unlisted Securities Index (NSI) decreased by 2.19 points to 739.51 points from 741.70 points. The unlisted securities market plunged into the bears’ territory during the session despite the presence of a price gainer in Niger Delta Exploration and Production (NDEP) Plc, which improved by N4.00 to close at N199.00 per share

By Modupe Gbadeyanka The cocoa beverage market in Nigeria has become more competitive with the introduction of a new product called Twisco Chocolate Drink Powder. The chocolate drink was produced by Promasidor Nigeria Limited and it is to demonstrate the company’s strong commitment to enriching the lives of Nigerians by providing them with quality nutrition. The Managing Director of Promasidor Nigeria, Mr Anders Einarsson, explained that Twisco confirms the organisation’s commitment to designing quality food products to keep Nigerian families nourished, especially with a branded active ingredient, called ENERFORT. According to him, ENERFORT is a special blend of 10 power-packed