Prices of Oil Record Minimal Boost Amid Recession Fears

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Adedapo Adesanya The Economic and Financial Crimes Commission (EFCC) has disclosed that it has far recovered $153 million from former Petroleum Minister, Mrs Diezani Alison-Madueke. The Chairman of the Commission, Mr Abdulrasheed Bawa, made this known in the latest edition of the EFCC magazine, EFCC Alert. Mr Bawa added that 80 houses valued at $80 million were recovered from the former Minister, who is under the radar of the United Kingdom. “There are several cases surrounding Diezani’s case. I was part of that investigation, and we have done quite a lot. “In one of the cases, we recovered $153

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By Quantative Financial Analytics Volumes in the Naira Settled Currency Futures contracts surged and open interest hit a record high at the end of trading on October 25 as investors try to stock up before a possible price increase. The next futures in line to mature is the NGUS OCT 26 2016 with one day remaining. It will be recalled that the CBN is in the habit of resetting the prices of currency futures at each maturity. In anticipation of a possible price increase, investors traded 34.58 contracts which translate into $34.58 million in notional terms. Following the increased activity,

By Modupe Gbadeyanka Mr Nicolaas Vervelde has resigned as the Managing Director of Nigerian Breweries Plc. However, this will take effect on June 16, 2017. A statement issued by the company on Thursday explained that Mr Vervelde was leaving to take up “a new role within the Heineken Group outside Nigeria.” The statement, signed by the firm’s legal adviser, Mr Uaboi Agbebaku, stated further that board of Nigerian Breweries has received and approved Mr Vervelde’s resignation. The letter, it was disclosed, was submitted by Mr Vervelde to the Board of Directors at the Board Meeting held on Wednesday, May 3,

By Dipo Olowookere Nigeria’s financial system witnessed a further tightening of liquidity on Monday as the Central Bank of Nigeria (CBN) auctioned foreign exchange (forex) worth $210 million to traders in the wholesale segment of the market. This left the treasury bills market bearish as investors sustained demand on the longer end of the curve, with slight sell witnessed on some mid tenors. At the close of business, the average treasury bills yield went up by 0.15 percent to settle at 13.02 percent. The one-month note recorded the highest rise, increasing by 0.39 percent to close at 10.41 percent. The

By Jerome-Mario Utomi There are not only political but several technological obstacles that we collectively as a nation will determine how to overcome. The origin of those technological challenges was in fact highlighted in the first part of this piece (READ IT HERE) and as a natural reaction, it is possible for readers that have gone through the first part, looking at what was presented, form opinions about the possible reason(s)/explanations fuelling the science and technology challenges in Nigeria. Essentially, while some may conclude that such a challenge is rooted in the so-called mutual agreement which existed between Britain and

By Modupe Gbadeyanka Leading Inspection, Rope Access and Training company in Nigeria, JC International, has upgraded its Quality Management System (QMS) from ISO 9001:2008 to ISO 2001:2015. This move, according to the firm, is part of its efforts to continually meet national and international standards. The new ISO 9001:2015 certification adopted a risk-based thinking, whereby risks and opportunities are identified and used to improve the business processes; while the previous version, 9001:2008 centred more on using corrective and preventive techniques at meeting customer’s requirements. The certification, which is the latest version of international standard by Bureau Veritas (BV), UK, further

By Adedapo Adesanya ** Ranks FIRS 10th, Nigeria Police 35th The Presidential Enabling Business Environment Council (PEBEC) has ranked the Nigerian Content Development Monitoring Board (NCDMD) first out of the 36 ministries, departments and agencies (MDAs) of the federal government in its Overall EO1 Performance Results for January – December 2022 report. “From the 2022 EO1 Compliance Report, the top 5 MDAs achieved an average score of 71.44 per cent on the efficiency and transparency matrix with the overall winner – Nigerian Content Development Management Board (NCDMB) achieving a score of 81.11%,” PEBEC said in the report. The Standard Organisation