Relief as FTX Recovers $5bn Assets in Customer Funds

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Adedapo Adesanya The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not

By Adedapo Adesanya The crude oil market rose on Tuesday after data signalled that inflation could start to subside in the world’s largest oil-producing country, the United States, which would be a positive for the demand for the commodity. Business Post reports that Brent crude grade rose by $1.02 or 1.1 per cent yesterday to $94.16 a barrel while the US West Texas Intermediate (WTI) crude grade appreciated by $1.18 or 1.4 per cent to $87.05 per barrel. Price support came as US producer prices increased less than expected in October, with the data also showing a decline in the

By Jerome-Mario Chijioke Utomi Even though previous opinion articles, commentaries and interventions by this author favoured/supported policies and decisions of the Delta State Government, it will, however, for reasons, be considered very logical, rational and practical to say that the same state government will definitely feel hesitant as to why they should read this present piece or accept the content of solution it proffers as beneficial and helpful to the real development in the state education sector as the piece stoutly opposes the state government’s inconsiderate decision and describes as ill-timed the recent hikes in students’ fees in virtually all

By Udeme Etukeyen Seen from afar, Nigeria is one large African nation and the continent’s most robust economy, but within the powerhouse that Nigeria represents, there are several engines that drive the economy. Best known is Lagos State, which includes Nigeria’s largest city and economic capital, but beyond there a less known success stories that merit global attention. Of Nigeria’s 36 states, debatably the most impressive is Akwa Ibom state, led by Governor Udom Emmanuel, elected only three years ago. Just last month, Governor Emmanuel commissioned seven new roads with 34 additional roads planned to provide over 2000 jobs to

By Modupe Gbadeyanka Contrabands worth N35 million have been seized by men of the Kano/Jigawa Customs Area Command of the Nigeria Customs Service (NCS). Comptroller in-charge of the Command, Mr Nasir Ahmad, informed newsmen on Tuesday that five suspects were arrested in connection to the seizures. He listed items confiscated as 1200 bags of foreign rice, 300 jerrycans of foreign vegetable oil, 100 bags of foreign sugar and 200 cartons of foreign spaghetti. According to the Customs chief, the arrest was made possible after three weeks of intensive operations. “We have five suspects arrested so far and they would be

By Dipo Olowookere Transactions closed positive on Customs Street on Friday as a result of gains posted by Nestle Nigeria and 16 other equities, which lured the bulls back to the market to cut short the reigns of the bears. Business Post reports that the Nigerian Stock Exchange (NSE) finished 0.19 percent higher yesterday on the impact of renewed bargain hunting by investors. This increased the All-Share Index (ASI) by 52.54 points to settle at 27,698.69 points and fortified the market capitalisation by N25.6 billion to finish at N13.484 trillion. Nestle Nigeria led the 17 stocks on the gainers’ chart

By Ezedi Udom With over 1 billion people and 500 million internet users in Africa, e-commerce has in the last 8 years improved the quality of lives on the continent by helping consumers to shop and pay for millions of products online at the best prices wherever they live. Thanks to the various players championing this cause, such as Jumia, Konga, Payporte, Mall for Africa; the list is endless. E-commerce is also creating new opportunities for SMEs to grow, and job opportunities for a new generation to thrive. In 2019 more than 110,000 sellers, including local African companies and entrepreneurs

Cross-border securities transactions across African capital markets have received a significant boost as Nigerian Exchange Limited (NGX) and Pan African Payments Settlement System (PAPSS) signed a Memorandum of Understanding (MOU) to integrate cross-border securities payments system in the capital markets. The MoU, signed in a virtual ceremony on Tuesday, February 28, saw attendance from notable individuals, including the President of Afreximbank, Professor Benedict Oramah; the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda; and Chairman of NGX, Mr Abubakar Mahmoud, among others. The CEO of NGX, Mr Temi Popoola, while giving his remarks, said that integrating PAPSS

 By Adedapo Adesanya The Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a new pump price band of N151.56 per litre in Nigeria with effect from Wednesday, September 2, 2020. The new price band is a hike of N12.94 or 9.3 per cent from the previous pump price of N138.62 per litre. This new development was contained in a memo released by the Pipelines and Product Marketing Company (PPMC) and signed by Mr D.O Abalaka today. “Please be informed that a new product price adjustment has been effected on our payment platform. ”To this end, the price of Premium Motor