Oil Sinks Lower to $66 on Dampening Demand Expectations

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By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.30 per cent on Tuesday, September 26 after Central Securities Clearing System (CSCS) Plc witnessed a decline in its closing price. This brought down the value of the unlisted securities market by N3.50 billion to end at N1.146 trillion versus the N1.149 trillion it ended a day earlier, as the NASD Unlisted Securities Index (NSI) dropped 2.48 points to end at 810.87 points compared with the previous day’s 813.35 points. The share price of CSCS Plc declined by 70 Kobo yesterday to settle at N17.50 per share, in contrast

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Adedapo Adesanya A global rating agency, Moody’s, has warned that Nigerian banks will face a fresh round of foreign currency liquidity pressures due to current global realities. In a new report, the agency said the forex liquidity pressures will arise due to low oil prices, volatile foreign inflows and lower remittances in the face of the coronavirus pandemic. This will lead to a similar situation lenders witnessed during the previous oil crisis in 2016, in which prices of the commodity plunged, leading Nigeria to an economic recession. According to Mr Peter Mushangwe, a banking analyst at Moody’s, “Lower dollar

By Dipo Olowookere A student of Graceland International School, Port Harcourt, Tamunokuro Braide, has emerged the third contestant to secure a semi-final slot for Rivers State in the on-going 2017 Cowbellpedia Secondary Schools Mathematics TV Quiz sponsored by Cowbell, the flagship brand of Promasidor Nigeria Limited. At the sixth preliminary contest in the Junior category last weekend, Braide and Ezekiel Ekanem of Advanced Breed Group of Schools, Sagamu, Ogun State moved into the semi-final stage after surviving stiff competition from Omamode Sohwo of Graceville High School, Asaba, Delta State and Kolawole Bankole of Greater Tomorrow International College, Ado-Ekiti, Ekiti State.

By Modupe Gbadeyanka Egyptian government has established a specialized digital forensic lab for Intellectual Property as part of its enforcement schemes of combating software piracy. The new lab, the first of its kind in the MENA region, is mainly designed to resolve business software and internet-based piracy cases. It authentically recovers data from digital devices and unearths new fraud techniques. The latest measures applied aim to enhance the investigative capabilities and ease the digital forensic evidence acquisition, analysis, and reporting. The cutting-edge techniques and latest technologies employed in the lab devise a roadmap for judges, prosecutors, and lawyers. The practiced

By Ibrahim Isah Online and offline, discussions on the forthcoming Senatorial contest in Kogi East have revolved around two economists and former bankers both with intimidating credentials, enthralling pedigrees but varying capacities to represent their people and deliver on campaign promises. While Dr. Victor Alewo Adoji is running on the platform of African Democratic Congress (ADC), Dr. Jibrin Isah is running on the platform of the All Peoples Congress (APC). Earlier Senatorial contests, especially the last two have happened with little or no fuse about the candidates. It was majorly about the party platform and the quality or capacity of

By Ahmed Rahma With about 754 complaints received by the National Human Rights Commission in the first six months of 2020, the agency has come up with measures that can be used to combat Sexual and Gender-Based Violence (SGBV) in Nigeria. Speaking at a workshop on Tuesday in Abuja, the Executive Secretary of NHRC, Mr Tony Ojukwu, said these complaints involved 954 victims from 27 state offices of the commission. During the event targeted at human rights defenders in support for victims, Mr Ojukwu announced that most of the cases were from Lagos, Adamawa, Ebonyi, Sokoto and Cross River. He

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, won three awards at the All Africa Employee Engagement Awards held recently in Sandton, Johannesburg, South Africa. The All-African Employee Engagement Awards rewards individuals and businesses for contributions to the development of employee engagement and the future of work on the African continent. Stanbic IBTC Holdings emerged winner in three of the 12 categories. The organisation won in the Customer and Employee Experience and Major Corporate Engagement Company of the Year categories. Mrs. Olufunke Amobi, Country Head, Human Capital at Stanbic IBTC was also awarded the 2019 Employment Engagement Professional

By Modupe Gbadeyanka In a bid to attract more investors, the Securities and Exchange Commission (SEC) has promised to make the capital market more accessible to Nigerians. This pledge was made by the Director-General of SEC, Mr Lamido Yuguda, during an interview in Abuja over the weekend, noting that this would help attract more retail investors to the capital market and ensure steady growth. “We need to make operations in the capital market as easy as possible, that way, we can attract investments. “We are aware that some investors have left their money due to the Herculean procedures involved in

By Kemi Adeosun Around the middle of 2014, when the price of crude oil fell dramatically, Nigeria’s finances became challenged. This is not hard to explain: We’ve historically depended on crude oil for as much as 70 per cent of government revenues and 90 per cent of foreign exchange earnings. The outcome—pressure on government finances—was by no means unusual. A similar fate befell most oil-rich countries around the world. Where Nigeria possibly stood out was in the fact that during the preceding three years—when oil prices were in excess of $100 per barrel—the previous administration did little in terms of