SEC Sets Deadline for Approval of Nominee Accounts

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Adedapo Adesanya The price of headline crudes belonging to member states of the Organisation of the Petroleum Exporting Countries (OPEC) stood at $36.75 per barrel on Thursday, following recent gains according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the crudes from 13 OPEC member countries including: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon). Others are Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). OPEC, in its

In line with its mission to empower Africans with the payment solutions they need to thrive in a digital community, HabariPay has partnered with Google Hustle Academy to train targeted MSMEs on digital payment solutions. The Hustle Academy seeks to provide MSMEs across Kenya, Nigeria, Ghana, and South Africa with expert training on business strategy and development, digital marketing, and financial planning. The participants will also have access to key industry leaders and masterclasses on business to help create opportunities and boost business growth and job creation across the region. This year, the academy aims to train 5,000 MSMEs across

By Investors Hub The major U.S. index futures are pointing to a sharply lower opening on Monday, with stocks poised to extend the sell-off seen last week. Concerns about higher interest rates may weigh on Wall Street, although analysts have noted that the markets are due for correction following recent strength. With traders worried about the prospect of higher interest rates, stocks moved sharply lower over the course of the trading session on Friday. The sell-off on the day extended the pullback off record highs seen earlier this week. The major averages ended the day just off their lows of

By Ahmed Rahma A Swedish-Swiss multinational corporation, ABB, has called on governments and industries to accelerate the adoption of the technology to help combat climate change. ABB, which is headquartered in Zurich, Switzerland, revealed in its new whitepaper titled Achieving the Paris Agreement: The Vital Role of High-Efficiency Motors and Drives in Reducing Energy Consumption that there is the potential for significant energy efficiency improvements in industry and infrastructure, which can be enabled by the latest and most high-efficiency motors and variable speed drives. According to the President of ABB Motion, Morten Wierod, industrial energy efficiency has the single greatest capacity

By Nneka Okumazie If money is always the most important thing to an individual, or oftentimes the leading purpose, whatever the individual does would often make a negligible difference. This, applicable to groups as well, shows the risk with money-as-everything that has become a dominant force in society. Yes, currency keeps a good balance of general life, necessity and production, but currency is not that worth it to become central to how all decisions are made. There are many across societies, who in their own right have great diligence, but often for currency optimization. This makes them space holders in

By Dipo Olowookere The nation’s bourse kicked off transactions yesterday on a bearish note despite the level of activity recording significant improvement. The Nigerian Stock Exchange (NSE) closed with a 0.37 percent loss on Monday to expand the year-to-date loss to 4.75 percent. Despite this, the volume of shares traded by investors broadly increased by 1872.06 percent to 2.9 billion units from 145.3 million, while the value rose by 38.53 percent to N3.9 billion from N2.8 billion in the last session. The significant growth in the volume of transactions was as a result of the activity around Wema Bank as

By Dipo Olowookere The board and management of BUA Cement will list shares of the company on the trading platform of the Nigerian Stock Exchange (NSE), Business Post can authoritatively report. The stock of the cement company would be admitted on the NSE on Thursday, January 9, 2020, a circular from the exchange sighted by this newspaper on Wednesday confirmed. BUA Cement is joining the local bourse after the recent merger between Obu Cement and Cement Company of Northern Nigeria (CCNN), with approvals received from the court as well as regulatory agencies, including the Securities and Exchange Commission (SEC). BUA

By Aduragbemi Omiyale Though the Nigerian Sukuk market is still in its infant stage, it has the potential to grow bigger because of the large population of Muslims in the country. This was the view of Fitch Ratings in an article published recently, where it noted that the local Sukuk market share of the global space still remains less than 0.5 per cent, according to International Islamic Financial Market’s 2020 Sukuk database. In 2017, Nigeria launched the first sovereign Sukuk and since then, it has raised up to N362.5 billion ($918 million at N394/$1), representing 2.3 per cent of the