PenCom Urges RSAs to Participate in Data Recapture Exercise

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

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 In its bid to support the local economy, the National Insurance Commission (NAICOM) has warned insurance companies not to consider foreign investment extensions post-recapitalisation, noting that funds raised will be invested locally. According to the insurance regulator, the ongoing recapitalisation in the sector will see emphasis on supporting big businesses, pay claims, and support the Nigerian economy considering current happenings. This was disclosed by the Acting Commissioner for Insurance, NAICOM, Mr Sunday Thomas, at a forum in Lagos, adding that the recapitalisation will not lead to more branches in foreign countries that likened to, “big as a

By Dipo Olowookere Kaduna Electric has commenced tree trimming exercise in parts of Kaduna, Sokoto, Zamfara and Kebbi, its franchise states. According to the Head, Corporate Communication, Mr Abdulazeez Abdullahi, the objective of the exercise is to improve stability in the company’s network for a more efficient electricity distribution to customers. He added that with the exercise, tracing of faults on the network and rectifying them will be easier and it will also curb the incidences of trees fouling the network lines. The Kaduna Electric spokesman also said the tree trimming exercise is very important as it helps to reduce

By Adedapo Adesanya The Nigerian Navy Ship, NNS Pathfinder, at the weekend, dismantled and excavated an over 2-kilometre illegally attached oil pipeline from well 17 within the Oil Mining Lease (OML) 18 oilfield in Elem-Krakrama Creek, Degema Local Government Area of Rivers State. It was gathered that the wellhead has just been fixed and has not yet been commissioned for use by the Nigerian National Petroleum Company (NNPC) Limited. The facility has been used by some oil thieves to steal crude oil, with an illegal tapping point of 8 inches pipeline running over 2 kilometres in multiple directions into the

By Adedapo Adesanya The Director-General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala, on Wednesday said an international agreement on waiving intellectual property rights for COVID-19 vaccines was within reach. Ahead of the global trade body meeting, Mrs Okonjo-Iweala told Reuters that the keenly debated waiver plan was “within shouting distance.” She also said an agreement could be reached on fishing subsidies in time for the meeting when 120 trade ministers from around the world gather at the body’s Geneva headquarters. “If we get one or two deliverables, that will be good. I think we are within shouting distance

By Investors Hub Most Asian stocks fell on Monday, following steep losses on Wall Street on Friday, after a strong jobs report for January helped fuel expectations that the Federal Reserve will lift interest rates more than the three times initially expected this year. Chinese shares bucked the weak regional trend to end notably higher after data showed that China’s private sector activity expanded at the fastest pace in seven years in January, driven by accelerated rates of growth across both manufacturing and services. The Caixin composite PMI rose to 53.7 from 53.0 in December. The benchmark Shanghai Composite index

By Adedapo Adesanya Federal government has been advised to consider the adoption of University Transparency and Accountability Solution (UTAS) instead of the controversial Integrated Payroll and Personnel Information System (IPPIS). President of Academic Staff Union of Universities (ASUU), Mr Biodun Ogunyemi, made this call in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja. The federal government and the university body have been in tussle after President Muhammadu Buhari directed that university lecturers must enrol on IPPIS to centralised payroll system for members of staff of the academics. However, ASUU rejected IPPIS on the grounds that

By Dipo Olowookere Clients of Nigeria’s leading investment banking institution, Stanbic IBTC Capital Limited, have been assured more innovative and best-in-class solutions. The chief executive officer of Stanbic IBTC Capital Limited, Mr Funso Akere, gave this assurance while reacting to the four awards won by the subsidiary of Stanbic IBTC Holdings Plc at the 2021 Europe, Middle East, and Africa (EMEA) Finance African Banking Awards. The EMEA Finance Banking Awards, now in its 14th edition, recognises the achievements of top commercial and investment banks as well as asset management and brokerage operations in the EMEA region. Business Post reports that

By Adedapo Adesanya Senegal have emerged the champions of the African Cup of Nations (AFCON) 2021, defeating Egpyt 4-2 on penalties in Cameroon. The Teranga Lions were held to a goalless affair after 120 minutes of football with the Pharaohs of Egypt at the Olembe Stadium in the country’s capital, Yaounde. Despite Senegal’s dominance, both teams were separated by a penalty shoot-out. The Teranga Lions overcame the 2019 disappointment in Egypt to claim their first AFCON title in their third final appearance. Senegal started their push for an opener early in the encounter and it resulted in a penalty after