Oil Prices Increase as US, China Advance Trade Deal

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed in the green territory after it chalked up by 0.37 per cent on Friday, September 22, as three securities finished on the price gainers’ chart and one stock closed in the price losers’ table. This raised the market capitalisation of the OTC Exchange by N4.24 billion to N1.143 trillion from the previous day’s N1.139 trillion, as the NASD Unlisted Securities Index (NSI) increased during the session by 3.00 points to finish at 808.95 points compared with Thursday’s 805.95 points. At the close of transactions, investors traded a total of 10.7

By Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Aduragbemi Omiyale A foremost beer maker, South African Breweries (SAB), plans to honour individuals, organisations and others promoting sustainability to encourage others to join the train. The company is collaborating with ESG Africa to host Beyond Awards, a sustainability recognition platform, on October 3, 2023, at the Sandton Convention Centre. The awards will be host to four categories: Sustainable Development Goals Champion Award, Best Sustainability Report Award, Best Sustainability Project Award, and African Trailblazer Award. Entries to all categories are free of charge, and the deadline for completion is September 6, 2023, while winners will be announced at an

By Dipo Olowookere The restructuring and recapitalisation of the Bank of Agriculture (BoA) has been approved by the National Council on Privatisation (NCP). “The restructuring of the BOA is in alignment with the Government’s desire to make financing options readily available to farmers for an aggressive diversification of the Nigerian economy,” the council stated. The body, chaired by the Vice President, Mr Yemi Osinbajo (SAN), also approved the commencement of the privatisation of Afam Power plants 1-5 to inject additional power into the national grid and improve electricity nationwide. At the meeting, under the chairmanship of Mr Osinbajo, the council

By Adedapo Adesanya The latest update of the Global Debt Database by the International Monetary Fund (IMF) showed that total global debt (public and private) reached $188 trillion at the end of 2018. This is up by $3 trillion when compared to 2017 ($185 trillion) as increased borrowings from Nigeria, China, Argentina, and other countries contributed to this. In Nigeria’s case, the country debt rose to N24.4 trillion at the end of the 2018 from N21.7 trillion in 2017. The IMF noted that global average debt-to-GDP ratio (weighted by each country’s GDP) recorded an increase up to 226 percent in

By Dipo Olowookere The Federal Government has maintained that it would continue to dialogue with aggrieved groups in the Niger Delta region of the country with a view to finding a lasting solution to restiveness in the region. Minister of State for Petroleum, Mr Ibe Kachikwu, expressed optimism that very soon, the security challenges in the area would soon be a thing of the past. Speaking via a statement issued in Abuja on Friday, Mr Kachikwu appealed to all stakeholders in the region to embrace peace and dialogue and shun acts that further create difficulties for the country as well

By Modupe Gbadeyanka As part of its determination to support entrepreneurs with good business ideas but are unable to raise funds for advancement, Ecobank Nigeria has agreed to become the lead sponsor of Lions’ Den TV reality show. The show, which is a spinoff of the popular Dragons Den and Shark Tank in the UK and the US respectively, is packaged by Ultima Studios, a leading reality television programmes producer in West Africa. The 2021 edition of the show will hit the screens soon. The Lions’ Den brings together budding entrepreneurs and innovators with seasoned investors and business leaders to

By Modupe Gbadeyanka A Memorandum of Understanding (MoU) for the development of fuel-ethanol processing plant that would produce 84 million litres of bio-fuel per year has been sealed by the Nigerian National Petroleum Corporation (NNPC) and the Kogi State government. Speaking during the signing of the MoU on Tuesday in Abuja, Group Managing Director of the NNPC, Mr Maikanti Baru, said the project would yield a cane mill and a raw and refined Sugar Plant of 126,000 tonnes annually. He stated that the Bagasse co-generation Plant would also generate 64 Megawatts of power, stressing that the plant would include a

By Modupe Gbadeyanka Toshiba Tec Corporation has announced the availability of digital signage to its customer base with a focus on serving organizations in the sports and entertainment and retail industries especially in the United States and Europe. Toshiba Tec equips clients with all of the hardware, software and services required to implement best-in-class digital signage ranging from a single screen to large stadium displays. Through Toshiba America Business Solutions’ strong partnership with AEG, the leading sports and entertainment company in the world, Toshiba Tec currently implements digital signage in several stadiums and arenas. The company’s digital signage has been

By Adedapo Adesanya AFEX Commodities Exchange Limited has announced plans to drive initiatives for stakeholders in the agricultural sector to promote investor education in a bid to help them make informed investment decisions as the sector continues to expand. This is part of efforts aimed at ensuring that farmers and other relevant stakeholders in the commodities market are financially literate to harness opportunities in the capital market. Part of the initiatives will involve knowledge-sharing sessions, video tutorials, one-on-one with financial experts, and detailed reports on commodity value chains, all of which will be incorporated into its technological platforms. Speaking on