Pension Assets Grow from N2.5tr to N6.2tr in 5 Years

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

By Adedapo Adesanya Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Adedapo Adesanya The Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), Mrs Mojisola Adeyeye, has said about 82 per cent of Nigeria’s agricultural products exported illegally were seized by European Union countries. The NAFDAC head said this as she lamented the alarming rate of rejections of food exports from Nigeria due to the non-involvement of the agency in the screening and certification of such goods. She said that agricultural commodities that Nigeria exported within the first nine months of 2022 generated N427.6 billion ($1.02 billion). However, Mrs Adeyeye said there was more that could

By Adedapo Adesanya The United Furniture Dealers Association of Nigeria has commended the federal government over the inclusion of the members of the association in a scheme tailored for small enterprises. President of the association, Mr Emeka Egwuekwe, has, however, asked that members of his group be included in the Central Bank Of Nigeria (CBN) N50 billion COVID-19 stimulus package for households and small businesses in the country. Business Post had reported that the federal government recently released the guidelines to access the N75 billion Micro, Small and Medium Enterprises (MSME) Survival Fund and Support Initiatives, which took effect from

By Adedapo Adesanya Last week, the NASD Over-the-Counter (OTC) Securities Exchange gained 0.16 per cent after the market saw three price advancers and one price decliner in five days of trading. This expanded the market capitalisation of the bourse by N1.43 billion in the third trading week to N928.96 billion from the N927.53 billion recorded in the second trading week. In the week, the NASD Securities Index (NSI) increased by 1.1 points to settle at 706.97 points as against the 705.87 points it finished a week earlier. The gainers were led by Niger Delta Exploration & Production (NDEP) Plc, which

By Modupe Gbadeyanka At the stock market in Nigeria last week, the Financial Services Industry (measured by volume) led the activity chart with 491.758 million shares valued at N2.211 billion traded in 6,241 deals; thus contributing 76.90% and 34.25% to the total equity turnover volume and value respectively. This was closely followed by the Conglomerates Industry with 64.507 million shares worth N58.500 million in 681 deals traded, while the third place was occupied by the Consumer Goods Industry with a turnover of 54.901 million shares worth N3.307 billion in 2,386 deals. Trading in the Top Three Equities namely – Access

By Ebitonye Akpodigha The Asset Management Corporation of Nigeria (AMCON) has been directed by a Federal High Court sitting in Abuja to pay Capital Oil and Gas Industry Limited the sum of N26.5 billion as contained in a consent judgment delivered in 2013. The ruling was given on Thursday. Justice Abdul Kafarati, in his judgment, held that the court has powers to enforce its judgment or that of any lower courts in the country. “An order is granted for AMCON to provide Trade Finance Facility in the sum of N16 billion for revamping of the plaintiff’s business and to pay

By Modupe Gbadeyanka The management of Institute of Chartered Accountants of Nigeria (ICAN) has introduced a new code of ethics for its member with the aim to reduce or possibly eliminate financial corruption from the profession. Addressing journalists this week in Lagos, President of ICAN, Mr Isma’ila Zakari, explained that the ethical standard applies to all categories of professional accountants, including auditors and others in the public and private practices, including those in the not-for-profit organisations. He noted that it would make practitioners exhibit high level of professionalism, as well as boost government’s war against corruption. The International Ethics Standard

By Modupe Gbadeyanka More teachers would be employed this week by the Edo State government, Governor Adams Oshiomhole has assured. He made this known in Benin City, the state capital, on Friday, November 4, 2016 during an interactive session with female students of different schools at the Second Edo State Festival of the Girl Child organized by ‘We Care Trust Foundation’, a pet project of his wife, Mrs Iara. Mr Oshiomhole revealed that interviews have already been conducted to select the new teachers, noting that they would be posted to schools this week. According to the Governor, his administration is

Barring any last-minute changes, top banker Mr Victor Adoji, is expected to declare his intention to contest the November 16, 2019 governorship election in Kogi State under the Peoples Democratic Party (PDP) platform. Mr Adoji, the candidate of the African Democratic Congress (ADC) for the senate seat of Kogi East Constituency, in the February 2019 National Assembly elections, has been adjudged as the best chance of the PDP in the quest to wrestle power from the ruling All Progressives Congress (APC) in the state. Those who hold the position say Mr Adoji’s campaign structure during the last election was one