Sell Pressure Pushes Treasury Bills Yields to 5.52%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange suspended trading in the shares of VFD Group Plc months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited to allow it gain access to public equity markets, increase its visibility, and strengthen its financial position. The group joined the NASD trading platform in 2020. In a notice, the NASD OTC Exchange said investors would not be able to trade securities of VFD Group Plc with effect from Friday, September 22, 2023 (today). This is per the company’s request to delist from

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Adedapo Adesanya All is not well with the Naira in the parallel market and the peer-to-peer (P2P) segments of the foreign exchange (FX) market in Nigeria, with its exchange rate against the Dollar nearing N1000. At the black market on Thursday, the Nigerian Naira depreciated against the US Dollar by N25 to sell at N995/$1 compared with the preceding session’s value of N970/$1. It was a similar story with the local currency in the P2P wing of the forex market as it lost N22 against the greenback yesterday to quote at N992/$1, in contrast to Wednesday’s exchange rate of

There are a lot of factors that determine your choice of currency when trading. For instance, if you want to know how to trade with Ripple, you must know the essential factors that affect the price of Ripple. Key Factors Affecting the Ripple Price Just like every other currency, the price of ripple is influenced by demand and supply, yet there are a couple of things that make ripple different from other currencies. These unique factors influence how participants respond to demand and supply. Ripple Supply Ripple Coin is pre-minted with 100 million of it at the time of launching;

By Dipo Olowookere A $1.5 billion project for the establishment of a shoe industry in Aba, the commercial nerve centre of Abia State from Huajian shoe industry in Dongguan, Guangzhou, China has been brokered by the state Governor, Mr Okezie Ikpeazu. The Abia-Huajian Shoe Industrial City, which will be located in Aba, will have capacity to produce 5,000 shoes per day and employ about 10,000 people directly and indirectly. It was learnt that the state government will provide the land and other investment incentives for the project, while the Huajian Group will fund the entire project. The Governor, in a

By Adedapo Adesanya The Naira tasted the three possibilities in the different segments of the foreign exchange (FX) market on Wednesday, as forex pressure continues to pose a risk to its value in the currency market. In the Peer-2-Peer (P2P) window, the value of the Naira was bolstered against the United States Dollar in the midweek session by N3 to close at N772/$1 compared with the previous day’s value of N775/$1. In the Investors and Exporters (I&E) wing, the domestic currency, however, maintained stability against the greenback at N464.67/$1, as the forex turnover weakened by 24.6 per cent or $45.71

By Dipo Olowookere Foremost non-interest bank in Nigeria, Jaiz Bank Plc, is seeking to raise not less than N3.3 billion from investors through a private placement, Business Post reports. The company held an Extraordinary General Meeting on Wednesday at its office in Abuja and it was unanimously agreed that the amount should be sourced via the means. This will require the lender to create additional 5,076,923,077 units of Jaiz Bank shares at 65 kobo each and would be allotted to the new investors. The authorisation for this has been granted by shareholders. However, the company will still seek the approvals

By Adedapo Adesanya A Federal High Court sitting in Lagos, in a landmark judgment brought by the Socio-Economic Rights and Accountability Project (SERAP), has ordered the disclosure of the spending details of over N200 billion public funds collected by the government of former Delta State governor, Mr Ifeanyi Okowa, from the Universal Basic Education Commission (UBEC) fund and allocations from the Federation Accounts. The court ordered the current Delta State Governor, Mr  Sheriff Oborevwori, to “disclose details of budgetary allocations and actual spending by his predecessor between 2015 and 2019, including specific projects carried out to improve primary education in

By Modupe Gbadeyanka One of the major players in the oil and gas sector in Nigeria, Forte Oil, has expressed its intention to raise N50 billion in fresh capital through debt instruments before the end of 2016 for the expansion of its operations. This was made known by the company to the Nigerian Stock Exchange (NSE) in a filing. Forte Oil noted that has grown its pre-tax profit by 6.52 per cent from N5.288 billion a year earlier to N5.633 billion in 2016, indicating that its revenue was up by 32.16 per cent from N91.616 billion against N121.083 billion recorded

By Yusuf An-Nuphawi The legendary Patigi Emirate in Kwara State was shaken to its marrow on Tuesday 19th February, 2019, with the irreparable demise of Alhaji Ibrahim Chatta Umar, the Etsu Patigi and Vice Chairman of Kwara State Council of Traditional Rulers. The late Umar was a celebrated king in every sense of the word. It is with indescribable joy, gratitude and feeling of fulfilment, I vividly recall my maiden encounter with the king. And indeed, his personality was endeared to me right from the get go. The late Umar, a consummate traditional leader, was the first person to compellingly

**Tasks Bankers to Support Economic Growth By Dipo Olowookere Nigerian bankers have been charged to collaborate to ensure that the banking industry does its bit to support the development of the nation’s economy. Chief Executive Officer of Ecobank Transnational Incorporated (ETI), Mr Ade Ayeyemi, who said this in Lagos recently, noted that there was also need to build capacity of people within the banking industry to be able to understand what needs to be done and to support the Nigerian government in doing the right things. The Ecobank chief and some other bankers were recently honoured by the Chartered Institute