Reps Accuse Samsung, Hyundai of Breaching Local Content Laws

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Modupe Gbadeyanka Equity value of the Nigerian Stock Exchange (NSE) on Tuesday improved by N189 billion at the close of trading activities due to the gain recorded in the share of Dangote Cement Plc, a day after it led the stock market to a loss of N149 billion. The company gained N7.35k today to lead the gainers’ chart, closing at N156.61k per share, while Nigerian Breweries followed after progressing by N3.10k to finish at N133.15k per share. Guinness rose by N3.5k to end at N64.40k per share, Total Plc advanced by N1 to close at N284 per share, while

By Adedapo Adesanya Oil rebounded on Thursday after a report of sliding gasoil stocks in Europe ended the volatile sessions triggered by demand worries and a strong US Dollar. During the trading day, Brent improved its value by 15 cents or 0.2 per cent to $83.36 a barrel, and the US West Texas Intermediate (WTI) crude rose by 16 cents or 0.2 per cent to $79.05 a barrel. Dutch consultancy firm, Insights Global, posted data that gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub declined by 3 per cent in the latest week. This

By Cowry Asset This week, in line with our expectation, the Naira/Dollar exchange rate was relatively stable week-on-week at the interbank market (NIFEX), Bureau De Change and parallel market segments by at N329.75/$, N360/$ and N363/$ respectively. This was amid injections by the CBN worth $195 million into the foreign exchange market of which $100 million was allocated to Wholesale (SMIS), $50 million was allocated to Small and Medium Scale Enterprises and $45 million was sold for invisibles. At the Investors & Exporters Forex Window (I&E FXW), the local currency appreciated further against the Dollar by 0.23 percent to N359.56/$

Managing Director/CEO of First Bank of Nigeria Limited and Subsidiaries, Dr Adesola Adeduntan, in this interview reveals that with about 12,000 agents across the entire network, the distribution of its automated teller machines across the country, the bank has built a solid foundation upon which it can rapidly grow its business and that the financial institution will continue to be a dominant player in the retail banking segment of the industry. Obinna Chima, Goddy Egene and Nume Ekeghe present the excerpts: There was a major development in the banking industry some days ago, which saw Access Bank and Diamond Bank

By Adedapo Adesanya Nigeria is set to receive a supply of 105,000 tonnes of fertilizer (raw material) from Russia and Canada on June 3 and June 6 respectively. This is according to the Managing Director and Chief Executive Officer of Nigeria Sovereign Investment Authority (NSIA), Mr Uche Orji, at the ministerial press briefing at the State House on Thursday. He stated that the Russia-Nigeria potassium link has been re-established in spite of the ongoing Russia-Ukraine war. The expected Russian and Canadian potassium used for blending fertiliser is also part of efforts to ramp up production of the commodity in time

By Dipo Olowookere Barely two months after the Shell Petroleum Development Company of Nigeria Limited (SPDC) declared force majeure on the Bonny Light Export, the Anglo-Dutch oil giant on Friday announced the lifting of the force majeure, indicating resumption of normal loading activities from its Bonny terminal in Rivers State. SPDC had declared the force majeure on May 17, 2018, following the shutdown of the Nembe Creek Trunkline (NCTL) by the operator, Aiteo Eastern E&P Company Limited. Aiteo also declared force majeure on the NCTL production which necessitated the subsequent action by SPDC on Bonny Light exports. The NCTL is

By Modupe Gbadeyanka Newly appointed Director General of the Lagos State Safety Commission (LSSC), Mr Hakeem Dickson, has pledged to ensure that every building in the state has an insurance cover to mitigate the devastating effects of disasters. Mr Dickson gave this assurance while addressing members of the Lagos State House of Assembly during plenary as part of the exercise to approve his nomination as the head of the commission. The House had in the recent past directed Mr Dickson to vacate his headship of the commission for failure to get clearance from the House. The DG, who tendered unreserved

By Sodeinde Temidayo David The Nigerian National Petroleum Corporation (NNPC) has expressed its willingness to work in partnership with the Nigerian Exchange Limited (NGX) for a short term on the option of financing. This was made known by the Group Managing Director of NNPC, Mr Mele Kyari, during the visitation of the stock exchange team to his office in Abuja recently. Mr Kyari noted that the recent signing of the Petroleum Industry Act (PIA) has opened up unique opportunities to create value for shareholders and there is a need to access capital to build on NNPC’s positioning as the largest