SEC Holds Capital Market Committee Meeting November 21

By Adedapo Adesanya Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Dipo Olowookere The rights issue announced by the board of Sovereign Trust Insurance Plc will close on Wednesday, August 21, 2019, the company has said. The exercise was earlier scheduled to wrap up on Wednesday, July 31, 2019, but the insurer sought the approval of the Securities and Exchange Commission (SEC) to extend it. On Tuesday, August 19, 2019, the Nigerian Stock Exchange (NSE) informed the investing community that SEC granted the request by the insurance company to add three more weeks. Sovereign Trust Insurance is selling 4.170 billion ordinary shares of 50 kobo each at 50 kobo to

By Adedapo Adesanya Brent crude hit the $78 region on Monday following hopes that the Omicron COVID-19 variant will have a limited impact on global demand in 2022. This development raised the price higher by $2.46 or 3.2 per cent to $78.60 a barrel and pushed the West Texas Intermediate (WTI) crude value higher by $1.78 or 2.4 per cent to $75.57 per barrel. Though Omicron is spreading faster than any COVID-19 variant yet, the market is choosing to focus on the evidence that most people infected with it are showing mild symptoms. Oil, which plunged by more than 10

By Adedapo Adesanya Kuwait joined Saudi Arabia on Monday in announcing fresh, voluntary oil production cuts to be implemented in June. The member of the Organisation of the Petroleum Exporting Countries (OPEC) made the decision to slash production by 80,000 barrels per day in June, on top of the cuts already agreed under a pact by the group of major oil producing countries last Month. The Kuwaiti Oil Minister, Mr Khaled al-Fadhel, disclosed this on Monday, joining the de-facto leader of the cartel in announcing fresh oil production cut to be implemented next month. Saudi Arabia earlier said on Monday

By Adedapo Adesanya  The first trading day of the new week at the foreign exchange (forex) market ended on Monday, October 28, 2019 with the Naira recording a mixed performance at the different market segments. For example, at the Investors and Exporters (I&E) window of the market, the local currency appreciated marginally against the US Dollar by 2 kobo or 0.02 percent to quote at N362.09/$1 compared to N362.11/$1 recorded last Friday. This was as the market turnover at the segment went down yesterday by 61.6 percent or $197.63 million as investors exchanged a total of $123.01 million in contrast

Wale Yusuff, the Managing Director of Wärtsilä in Nigeria, explains how businesses operating in energy-intensive industries like cement or steel are investing in flexible engine technologies to secure reliable and efficient power while also setting the perfect stage to make good on their decarbonisation objectives. Nigeria is a major industrial hub. It is home to energy-intensive manufacturing businesses whose operations, and growth potential, are constrained by the weakness of the country’s electricity supply. To mitigate this, industrial companies have been building their own power generation capabilities, but the result has often been the reliance on expensive and polluting diesel generators.

By Dipo Olowookere Governor Nyesom Wike of Rivers State has disclosed that his administration will work closely with Real Madrid Football Club of Spain to establish its academy in the state. Mr Wike made this disclosure via a statement issued on Wednesday by his Special Assistant on Electronic Media, Mr Simeon Nwakaudu. The Governor said the soccer academy will groom international talents. He said football, apart from being a source of entertainment globally, has proven to be a veritable empowerment tool. “We will work with the management of Real Madrid Football Club to ensure that a football academy is sited

By Dipo Olowookere The United States Agency for International Development (USAID) and the Ghana Grains Council held the sixth annual Pre-harvest Agribusiness Forum in Sunyani on October 20. The event brought together more than 1,000 farmers, buyers, processors, equipment dealers, transporters, financial institutions and others who work in agriculture and agribusiness. The aim of the annual event is to foster long-term business relationships, discussions, and the exchange of ideas in order to drive economic growth in Ghana’s agriculture sector. The event featured a conference, an exhibition, and break-out sessions centred on this year’s theme of “profiting together.” The theme highlighted

By Adedapo Adesanya Nigeria and South Korea have agreed to intensify their collaboration in trade and shipping development. This followed a meeting held in Lagos between the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Mr Bashir Jamoh, and the Consul General, Embassy of the Republic of Korea in Nigeria, Mr Kim In-Taek. Both countries have maintained good maritime and trade relations since the 1980s. But the meeting took place to expand the relationship between both countries in line with global economic dynamics. The NIMASA Director-General said after the meeting with the South Korean envoy that development of