OTC Securities Exchange Closes 0.02% Lower

By Aduragbemi Omiyale The online stock trading platform of one of the leading brokerage firms in Nigeria, Morgan Capital Securities Limited, i-Trade, has experienced a technical glitch. This technical issue has made it difficult for its clients to carry out transactions on the popular platform. Morgan Capital’s i-Trade platform is popular among retail investors in the Nigerian capital market, especially those trading equities on the floor of the Nigerian Exchange (NGX) Limited, because of its lower fees. The company has already assured its customers that it was working to restore services, providing an alternative to them. “This is to inform

By Adedapo Adesanya Oil fell on Monday as traders approached the market with caution over plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to cut production in the first quarter of 2024. Brent crude futures lost 85 cents or 1.08 per cent to finish at $78.03 a barrel while the US West Texas Intermediate (WTI) crude futures depreciated by $1.03 or 1.39 per cent to sell at $73.04 per barrel. OPEC+ announced voluntary production cuts at its meeting last week and this has raised doubts about whether or not producers would fully implement them. Investors

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

By Adedapo Adesanya The Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Modupe Gbadeyanka Nigeria’s Head of the Civil Service, Mrs Winifred Oyo-Ita, has called on the Federal Civil Servants in the country to take advantage of the N13 billion Federal Civil Servants Mortgage Loan Refinancing Scheme recently launched by the Federal Government to provide housing for workers. Mrs Oyo-Ita gave the advice recently when she led the body of Federal Permanent Secretaries to the housing fare held in her office shortly after the service wide meeting. She said that the launching of the N13bn housing scheme for Federal Civil Servants was one of the initiatives of the President Muhammadu Buhari’s

By Dipo Olowookere In order to help private healthcare providers in Nigeria deliver access to affordable healthcare services to citizens, Access Bank and GE Healthcare have agreed to work together. Through the partnership, the two organisations will provide sustainable healthcare equipment financing to the private healthcare providers. It was gathered that borrowers will be able to secure loans of up to $800,000 negotiable, based on the customer requirement, with Access Bank providing access to loans for eligible healthcare providers, while GE Healthcare will support the program through provision of GE healthcare equipment and technical support. The equipment under the partnership

By Adedapo Adesanya The federal government has been tasked to urgently recover the missing N105.7 billion of public funds from ministries, departments and agencies (MDAs) to fund the country’s public tertiary institutions. The charge was given by the Socio-Economic Rights and Accountability Project (SERAP) in a letter to President Muhammadu Buhari dated July 2, 2022. The group, in the letter signed its deputy director, Mr Kolawole Oluwadare, noted that the money could be used to improve the welfare of members of the striking Academic Staff Union of Universities (ASUU). “Pending the recovery of the missing public funds, we urge you

The online gambling market is increasing every year, and entrepreneurs are looking at this trend as a chance to establish their own online casino business. Investing money in a proven system that determines your profit margin, and almost fixed costs once you are up and running sounds like a recipe for success. There are many new casino sites on wetten.com on the market every month. But is it? Well, starting an online casino business is a tough thing to do, especially when you consider all the competition you have to beat. The online casino business requires a lot of preparations,

By Adedapo Adesanya A former Executive Secretary of the Lagos State Empowerment Trust Fund (LSETF), Mr Akintunde Oyebode, has disclosed that the Lagos lagoon was too shallow to accommodate the kind of ferry services the state needs for efficient water transportation. Mr Oyebode, who is presently the Special Advisor of the Ekiti State Government on Investment, Trade, and Innovation, made this disclosure in reaction to plans by the Lagos State government to extend its fleet to 20 ferries before the end of 2019. While commenting on the issue via his Twitter page, @AO1379, Mr Oyebode noted that the major issue

By Kester Kenn Klomegah An expert group has completed its studies of Russia’s policy implementation processes, impact and setbacks, and the development prospects in Africa, and has presented its final report with some recommendations intended to improve and scale up existing Russia’s influence in Africa. The report was prepared as part of a programme sponsored by the Russian Foreign Ministry. The Situation Analytical Report, compiled by 25 Russian policy experts, was headed by Sergei A. Karaganov, Dean and Academic Supervisor of the Faculty of World Economy and International Relations of the National Research University – Higher School of Economics (HSE

By Modupe Gbadeyanka The announcement today by the National Bureau of Statistics (NBS) that Nigeria has officially exited recession has gladdened the Presidency. A statement issued today by Mr Laolu Akande, spokesperson to Vice President, Mr Yemi Osinbajo, said the Buhari administration welcomes news with cautious optimism. Mr Akande promised that the present administration will continue to drive Nigeria’s economic growth by vigorously implementing the Economic Recovery & Growth Plan (ERGP) launched earlier this year by President Muhammadu Buhari. He further said the overall economic plan and direction of the administration has resulted, among others, in sustained restoration of oil

By Investors Hub Asian stocks climbed on Wednesday after U.S. shares posted their biggest gain in six months overnight following strong earnings from major financial and health care companies as well as encouraging reports on the U.S. economy. Chinese shares closed higher ahead of third-quarter GDP and September activity data due on Friday. The benchmark Shanghai Composite Index advanced 15.29 points or 0.6 percent to finish at 2,561.61. Hong Kong markets were closed for the Chung Yeung Festival. Japanese shares rallied further to recover from last week’s sharp downturn. The Nikkei 225 Index jumped 291.88 points or 1.3 percent to