Overnight Rate Jumps as T-Bills Market Trades Flat

By Dipo Olowookere The Nigerian Exchange (NGX) Limited quickly returned to the green territory after chalking up 0.43 per cent on Tuesday as a result of buying activities in some financial and industrial goods equities. The high demand for some large-cap stocks at the exchange influenced the rebound recorded during the session, ahead of the forthcoming earnings season. Business Post reports that the industrial goods index appreciated by 1.94 per cent, the banking space grew by 1.45 per cent, and the consumer goods sector improved by 0.08 per cent, while the insurance space depreciated by 0.17 per cent, with the

By Adedapo Adesanya The Nigeria Labour Congress (NLC) has said it would ensure that the next national minimum wage to be negotiated in 2024 reflects the prevailing cost of living. The union also lamented that following the removal of fuel subsidy by the federal government, life has become extremely unbearable for workers. Addressing participants at the opening of the 19th edition of the NLC’s Harmattan School in Abuja, President of the NLC, Mr Joe Ajaero, said it had become necessary for governments at all levels to recognise that life and living conditions were exceedingly difficult, especially for working people in

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited will alter how its crude cargoes are priced from January 2024. According to a new circular, the state oil company will start pricing its supplies against the monthly average of Dated Brent, the physical crude benchmark, raising worries that the nation’s barrels may become more risky. Prior to this latest move, Nigeria prices its crude cargoes based on Dated Brent’s average settlement in the five days after loading. NNPC plans to stick with the initial nominated loading dates for pricing purposes, according to the circular. Bloomberg reported that traders said

By Adedapo Adesanya The supply of foreign exchange (FX) into the Nigerian Autonomous Foreign Exchange Market (NAFEM) improved by 92.9 per cent or $68.7 million on Tuesday to $142.63 million from $73.93 million on Monday, according to data obtained from the FMDQ Securities Exchange. This improvement in forex liquidity into the official market supported the Naira to gain weight against the United States Dollar yesterday, as its value soared by N31.04 or 3.7 per cent to N806.73/$1 from the N837.77/$ it ended a day earlier. This also trickled down to the parallel market, which witnessed less pressure from customers, helping

By Dipo Olowookere The All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) further depreciated by 33.37 basis points on Wednesday to close at 31,145.34 basis points. This was as the market closed 0.11 percent lower amid profit taking by investors, sinking the year-to-date loss deeper to 0.91 percent. At the close of transactions, the total value of shares on the local bourse, which is measured by market capitalisation, reduced by N13 billion to settle at N11.614 trillion. Business Post reports that a stock in the consumer goods space, Nestle Nigeria, was mainly responsible for the loss recorded during the

By Adedapo Adesanya Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has said the recent discovery of hydrocarbon deposits (crude oil) in the Gongola basin would bring about a lot of employment opportunities in the country. He made this disclosure while speaking at the recently concluded 9th Edition of the Practical Nigerian Content Summit in Yenegoa, Bayelsa State. The GMD, who was represented at the event by Mr Farouk Sai’d, Chief Operating Officer, Corporate Services, NNPC, said there were a lot of possible ways the Nigeria economy in general and the oil and gas Industry

By Dipo Olowookere A renowned author and journalist, Dr Michael Owhoko, has written a new book, which exposes the tactics deployed by some employees who perpetrate fraud through stealing in the workplace. In the new piece, he described corporate thieves as Workplace Rats because of the devastating impact they have on organisations. “Fraudsters in organisations are likened to rats at the workplace because they leave in their trail, the destruction of valuables and capital through fraud and unethical practices, resulting in most times, to bankruptcy or liquidation. “Like rats, their actions invoke pains as they never add value to anything.

Group Managing Director of Zedcrest Capital Group, Adedayo Amzat will be joining other industry captains at the Lendtech Leaders Panel of Lagos FINTECH Week on Thursday, April 25, 2019 to explore various challenges and opportunities in consumer lending by fintech firms and banks. During the session, the panellists will also examine pathway to 100 per cent automated loan business. A subsidiary of new-age financial solutions powerhouse – Zedcrest Capital, Zedvance Limited, offers consumer lending services to a growing number of the Nigerian population. According to Zedvance, since commencing its operations in March 2014, the company has come to be considered

South Africa’s African Women in Supply Chain Association (AWISCA) has signed an MOU with the Women in Logistics & Transport (WiLAT) organisation from Côte D’Ivoire to collaborate on the delivery of tailor-made entrepreneurial skills training in the logistics and supply chain and to bolster such capacities across the African continent through mentorship, training and coaching. AWISCA is an organisation focused on the upliftment, empowerment and transformation of Sub-Saharan Africa’s supply chain skills environment. The association aims to address shortages and capacity gaps and to provide integrated solutions that confront such challenges pragmatically. Founded by Lebo Letsoalo, a globally renowned supply

By Modupe Gbadeyanka A top apartment management company in Nigeria, Eko Shortlets, has expanded its business with the unveiling of Holiday ShortStays, a service aimed to benefit property owners and travellers. A statement from the firm disclosed that in addition to helping travellers get seamless accommodation in strategic locations in the country, Holiday ShortStays will help them locate the best hotels, boat rentals, and car rentals. “Holiday ShortStays is a marketplace where people who have apartments can put it up there to find those who need these services, including property owners, managers, car and boat rentals, and hotels,” the Managing

By Modupe Gbadeyanka FMDQ OTC Securities Exchange has formalised its partnership with S&P Dow Jones Indices through the signing of a memorandum of understanding (MoU) for the development and publication of co-branded fixed income indices in the Nigerian financial market at a brief ceremony on Tuesday, February 7, 2017, at FMDQ’s offices. The partnership is to improve price discovery and transparency in the Nigerian financial markets. In attendance to witness this landmark event were representatives of SPDJI, led by Mr Kurt Zyla, Managing Director & Global Head of Exchange Relationships, SPDJI; the Director-General, Securities and Exchange Commission (SEC), represented by