Olam Denies $50bn Forex Fraud Allegations

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Adedapo Adesanya The Federal Road Safety Corps (FRSC) has announced the promotion of 2,880 officers and marshals across the federation. The Corps Public Education Officer Assistant Corps Marshal, Mr Bisi Kazeem, made the announcement in a statement issued on Sunday in Abuja. He said that the FRSC approved the promotions following the consideration of a report by its establishment committee. Mr Kazeem said 435 officers were promoted to their next ranks, 769 Marshal Inspectors and 1,676 Road Marshal Assistants were equally elevated to the next ranks. According to him, out of the 435 officers, 33 of them were promoted

By Modupe Gbadeyanka Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has commended the positive impact the financial technology (Fintech) has had in the Nigerian capital market, saying that space was beginning to make investment in the market very attractive to young people in the country. Ms Uduk gave this commendation when she hosted officials of the Department For International Development (DFID) and the Financial Conduct Authority (FCA) at her office in Abuja at the weekend. She informed her guests that in view of its contribution to investment in the nation’s capital market, the commission

By Dipo Olowookere A fire incident has been reported at a petrol depot in the Ijora Badia area of Lagos State. The inferno occurred on Thursday at a tank farm belonging to Oando Plc, an energy company listed on the Nigerian Stock Exchange (NSE). According to the Lagos State Emergency Management Agency (LASEMA), the cause of the fire could not be immediately confirmed as at the time of the update this afternoon. However, the agency said it was still battling to put the situation under control as its officials have been deployed to the scene of the fire. LASEMA, in

By Dipo Olowookere The growth reported on the floor of the Nigerian Exchange (NGX) Limited on Wednesday was sustained on Thursday as the domestic stock market appreciated by 0.04 per cent at the close of transactions. Persistent buying pressure in Dangote Cement and GTCO ensured the bulls remained at the market when trading activities ended yesterday. Business Post reports that the industrial goods sector appreciated by 0.53 per cent, and the consumer goods space went up by 0.04 per cent. The duo offset the 2.01 per cent loss posted by the energy counter, the 0.49 per cent decline reported by

By Dipo Olowookere The Nigerian Stock Exchange (NSE) ended Tuesday’s trading in the red territory again for the seventh consecutive session, losing 0.31 percent. News of the shareholder agreement signed by Seplat yesterday was not enough to provide the needed bullish trigger today as selling pressure persist. Business Post reports that the banking sector was the most hit at the stock market today, losing 1.06 percent at the close of market. At the close of transactions on Tuesday, August 14, 2018, the Nigerian stock market, which gained over 42 percent last year, has lost 7.73 percent this year. Today, the

By Dipo Olowookere Accelerating digital transformation strategies, investing in new wireless and fixed network infrastructure, and embracing emerging technologies such as AI and IoT are among the top priorities for African telecom operators for the year ahead, according to global telecom, media and technology news and events company, TMT Finance. “Like many telecom operators globally, the major African operators are having to juggle several pressing priorities. “It is well documented that traditional voice and messaging service revenues are decreasing, while pressure to plough big capex spend into new network infrastructure is weighing on balance sheets,” said Ben Nice, Managing Editor

By Adedapo Adesanya Oil prices turned lower on Monday as the US Dollar strengthened and as investors mulled over a possible May interest rate hike by the US Federal Reserve. Brent crude futures fell by $1.55 or 1.8 per cent to settle at $84.76 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.69 or 2.1 per cent to trade at $80.83 a barrel. The US Dollar has been strengthening alongside interest rate hikes, making Dollar-denominated oil more expensive for holders of other currencies. The US Dollar index gained around 0.6 per cent on Monday. Traders are betting

By Modupe Gbadeyanka Mr Usman Bello has been appointed as the new Chairman of the Nigerian Aviation Handling Company Plc (NAHCO Aviance). A statement signed by management of the firm disclosed that Mr Bello effectively takes over from the Vice Chairman, Mr Dennis Hasdenteufel, who had been acting in that position since October last year. According to the statement, Mr Bello emerged Chairman of the foremost aviation handling firm after a meeting of the board held on January 12, 2016. The statement pointed out that the Nigerian Stock Exchange (NSE) had been duly notified of the appointment as required by