One-Month T-Bills Yield Drops to 15.18% After Previous Day’s 0.25% Rise

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya Data from the Cinema Exhibitors Association of Nigeria (CEAN), has revealed that Nigerians spent about N3,124,026,959 in cinemas between January and June 2019, the News Agency of Nigeria (NAN) reports. Movies like ‘Aquaman’, ‘Chief Daddy’ and ‘Up North’ opened the year as top three movies with estimated combined earnings of N168.3 million. The movies maintained their positions until ‘Glass’ debuted at number one in the fourth week with ‘Aquaman’ taking second place and ‘Chief Daddy’, third and ‘Up North’ the fourth place. This resulted in total earnings of N91.409 million which fell to N77.259 million as January

By Adedapo Adesanya As Nigeria drives toward inclusive energy transition and implementation of power services, General Electric has reiterated its commitment to support a robust, timely, just, and as it plans for improved energy access for the country and Sub-Saharan Africa. This commitment came at the recently concluded 9th edition of the Nigeria Energy Conference themed Affordable, Reliable and Sustainable Energy through Collaboration. According to the Africa Energy Outlook 2022, Africa accounts for less than 3 per cent of the world’s energy-related carbon dioxide (CO2) emissions. It has the lowest emissions per capita of any region. In addition, there are

By Adedapo Adesanya The Naira crumbled against the Dollar in the Investors and Exporters (I&E) window of the foreign exchange market on Wednesday, September 6, as FX liquidity issues continued to affect space, putting pressure on the nation’s legal tender. Data obtained by Business Post indicated that the domestic currency lost 3.6 per cent or N26.62 against the greenback in the midweek session to close at N771.59/$1 versus Tuesday’s value of N744.97/$1. The value of forex transactions, according to data from the FMDQ Securities Exchange, increased by 2.7 per cent or $1.7 million to $65.30 million from the $63.60 million reported

By Modupe Gbadeyanka Former Deputy Governor of the Central Bank of Nigeria (CBN), Mr Kingsley Moghalu, has criticised President Muhammadu Buhari for issuing directive to the CBN Governor, Mr Godwin Emefiele, to stop provision of foreign exchange (forex) to importers of food items into the country. On Tuesday, at his home town in Daura, Kastina State, when he received Governors elected under the platform of the All Progressives Congress (APC), Mr Buhari directed Mr Emefiele not to allocate a Cent for food imports. Reacting to this on Tuesday evening, Mr Moghalu said the President has no right to give directive

By Modupe Gbadeyanka Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has appealed to oil pipeline hackers to desist from such nefarious act which according to him is not only harmful to the environment but equally hazardous to the pipeline vandals and the economy. Speaking while receiving a delegation of the Nigerian Environmental Society who was at the NNPC Towers Abuja for a business meeting, Mr Baru noted that the ugly incident of petroleum pipeline pulverization presented a loss-loss scenario for the vandal, the environment and the economy. The GMD restated the commitment of the

By Dipo Olowookere The Nigerian Senate on Tuesday finally laid the 2018 appropriation bill after postponing it in the past two different times. The #Budget2018 Report was laid on the floor of plenary today by Chairman of the Senate Committee on Appropriations, Mr Danjuma Goje. Last week, spokesman of the upper parliament, Mr Aliyu Sabi Abdullahi, said the Senate would lay the report last Tuesday and pass on Wednesday and if it was not laid on Tuesday, it would be done on Wednesday to be passed today. However, the red chamber did not lay the 2018 budget report any of

By Dipo Olowookere Recently, the Nigerian Communications Commission (NCC) directed telecommunications companies operating in the country to make it possible for their customers to rollover any unused data within seven days of expiration of their subscriptions. But operators in the industry have kicked against this, claiming it would badly affect their revenue and could kick them out of business if care is not taken. Speaking on the matter, President of the Association of Telecommunication Companies of Nigeria (ATCON), Mr Olusola Teniola, stressed that the directive would ensure full utilisation of data purchased by telecoms consumers. “Currently, the annual operating levy

By Dipo Olowookere The intense retail drive of Union Bank of Nigeria Plc has yielded a good result as its customer deposits crossed the N1 trillion mark in the third quarter of 2020. The lender, in its financial statements for the period ended September 30, 2020, disclosed that the deposits increased by 28 per cent to N1.1 trillion in the period under consideration from N886.3 billion it stood in the full year of 2019. Union Bank is one financial institution that has invested heavily in customer-led products and digital channels and this led to the acquisition of over 600,000 customers,