Senate Summons SGF, AGF, CBN Governor Over ‘Missing’ N596bn
By Adedapo Adesanya
The Senate has summoned Secretary to the Government of the Federation (SGF), Mr Boss Mustapha; the Accountant General of the Federation (AGF), Mr Ahmed Idris; and the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to explain the whereabouts of an ecological fund of N596 billion.
The summon came on Thursday following an audit query from the Auditor-General of Federation, Mr Anthony Ayine, which said that between 1999 and 2015, a total of N596 billion was transferred from the nation’s coffers into the ecological fund account without proper accounting.
Mr Ayine had said that contrary to the provision of Section 5(4) of the Revenue Allocation Act which requires that an agency be established to manage the ecological fund, no agency had been established to manage it.
He said that instead the National Committee on Ecological Problems (NCEP) is the body responsible for handling ecological problems in the country which is a body under the Office of the Secretary to the Government of the Federation (SGF) hence why Mr Mustapha was summoned.
It was also revealed that the Chairman of the NCEP is the Minister for Environment, Housing and Urban Development but this is a separate ministry under the present administration.
Thereafter, the Senate committee chairman, Mr Matthew Urhoghide, summoned the Secretary General of the Federation (SGF), Boss Mustapha, while also asking the CBN to submit the statement of ecological fund account to the committee.
“The Central Bank should come and furnish us with the statement of account of the Ecological Fund. The SGF should come and brief us on the statement of account of the Ecological Fund,” Mr Urhoghide said.
NASD OTC Exchange Closes 0.36% Higher as Trading Volume Surges
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed the Friday session on March 17 in the positive territory as three stocks pushed the market up by 0.36 per cent.
The three price gainers were led by Niger Delta Exploration and Production (NDEP) Plc, which added N15.00 to move up to N205.00 per unit from N190.00 per unit.
FrieslandCampina Wamco Nigeria Plc appreciated during the trading day by N1.11 to close at N75.11 per share compared with the previous day’s value of N74.00 per share, while Afriland Properties Plc went up by 2 Kobo to settle at N2.09 per unit versus Thursday’s value of N2.07 per unit.
The trio pushed down the N4.00 lost by 11 Plc yesterday, as the stock price of the energy firm ended at N150.00 per share, in contrast to the preceding day’s N154.00 per share.
At the close of business, the market capitalisation of the NASD OTC exchange rose by N3.48 billion to close the day at N961.12 billion compared with the preceding day’s N957.64 billion.
In the same vein, the NASD Unlisted Securities Index (NSI) appreciated by 2.65 points to wrap the session at 731.44 points compared with 728.79 points of the previous session.
Yesterday, there was a jump in the volume of securities traded by 2,115.1 per cent to 739,755 units from 33,396 million units, the value of transactions increased by 15,683.7 per cent to N30.6 million from N193,846, and the number of deals jumped by 150 per cent to 10 deals from the four deals carried out a day earlier.
Geo-Fluids Plc remained the most traded stock by volume (year-to-date) by trading 425.2 million units valued at N448.5 million, UBN Property Plc was in second place for selling 365.8 units worth N309.5 million, and NRMC Plc was in third place for exchanging 25.0 million units valued at N137.5 million.
On a year-to-date basis by value, VFD Group Plc was on top of the chart after trading 7.3 million units worth N1.7 billion, trailed by Geo-Fluids Plc with 425.2 million units worth N448.5 million, and UBN Property Plc with 365.8 million units valued at N309.5 million.
Naira Appreciates at Black Market, Peer-to-Peer, I&E
By Adedapo Adesanya
The Naira appreciated against the United States currency in the Peer-to-Peer (P2P), the black market and the Investors and Exporters (I&E) windows of the foreign exchange (FX) window on Friday, March 17.
The Naira gained N2 against the US Dollar during the session as it closed at N754/$1, in contrast to the previous session’s value of N756/$1.
In the parallel market, the domestic currency improved its value by N1 against the American Dollar on Friday to quote at N747/$1 compared with Thursday’s exchange rate of N748/$1.
It was a similar outcome for the Nigerian currency at the I&E segment of the market as it closed stronger against the greenback by 17 Kobo or 0.04 per cent to sell at N461.83/$1 versus the N462.00/$1 it was quoted at the previous session.
This happened as there was a 10.2 per cent or $9.97 million in the value of forex transactions recorded during the session to $87.81 million from the $97.78 million reported a day earlier.
In the interbank segment of the market, the Naira witnessed no movement against the Pound Sterling and the Euro, closing at N556.45/£1 and N487.99/€1, respectively.
In the cryptocurrency market, Bitcoin (BTC) moved to a fresh nine-month high on Friday at above the $27,000 level. The surge followed the US Federal Reserve’s decision to backstop embattled banks to a record of $152.9 billion.
BTC recorded a 6.0 per cent rise to trade at $27,546.42, Ethereum (ETH) improved by 5.8 per cent to sell at $1,813.37, Solana (SOL) chalked up 11.9 per cent to quote at $22.48, Litecoin (LTC) went up by 6.4 per cent to trade at $86.62, and Cardano (ADA) rose by 6.2 per cent to trade at $0.3523.
Further, Dogecoin (DOGE) made a 4.8 per cent appreciation to quote at $0.0776, Ripple (XRP) recorded a 3.9 per cent gain to settle at $0.3843, and Binance Coin (BNB) added 3.8 per cent to sell for $344.22, while the US Dollar Tether (USDT) and Binance USD (BUSD) traded at $1.00 each.
Oil Market Settles Lower in Toughest Week Yet
By Adedapo Adesanya
The oil market settled lower on Friday, reversing early gains of more than $1 a barrel as banking sector fears caused both benchmarks to reach their biggest weekly declines in months.
Brent crude futures lost $1.73 or 2.3 per cent to close at $72.97 per barrel, and the US West Texas Intermediate crude fell by $1.61 or 2.4 per cent to settle at $66.74 per barrel.
Brent fell nearly by 12 per cent in the week, its biggest weekly fall since December, and on its part, WTI futures fell 13 per cent, its biggest since last April.
The market has remained jittery following the collapse of Silicon Valley Bank (SVB) and Signature Bank and with trouble at Credit Suisse and First Republic Bank.
The latest help went to First Republic Bank, which was rescued by a group of major US lenders, easing worries about the current banking turmoil.
The news calmed the markets, which were on edge over a potential banking crisis following the collapse of two US banks and the storm at Credit Suisse over the past week.
The bank is set to receive a $30 billion lifeline from a group of America’s largest banks, including JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Truist.
Investors are now awaiting the Federal Reserve’s rate decision next week. They widely expect the US central bank to raise rates by 25 basis points.
Analysts still expect constrained global supply to support oil prices in the foreseeable future.
Members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) attributed this week’s price weakness to financial drivers rather than any supply and demand imbalance, adding that they expected the market to stabilise.
Saudi Arabia and Russia, in a meeting on Thursday, affirmed their commitment to OPEC+’s decision last October to cut production targets by two million barrels per day until the end of 2023.
This comes ahead of an OPEC+ monitoring panel meeting that is due to meet on April 3.
There are also expectations that China’s demand recovery will continue to support prices, with US crude exports to China in March heading towards their highest in nearly two and a half years.
Latest News on Business Post
- Aleph Organises Free Online Digital Marketing Masterclass March 20, 2023
- Emirates Forward Bookings Remain Robust on Strong Customer Demand March 20, 2023
- The Okeho Exodus: A Review March 20, 2023
- Maintaining Nigeria’s Momentum in the Fight Against Maritime Criminality March 20, 2023
- Ramadan: Ogun Community Gets Free Medical, Household Items March 20, 2023
- Russian, African Parliamentarians Stand Against United States in Africa March 20, 2023
- SERAP Takes Buhari, NBC to Court over Threats March 20, 2023
- CAF President Tasks Infantino on African Football Growth March 20, 2023
- Data Shows Opportunities for Streaming Services in Romance Films March 20, 2023
- NDLEA Seizes 1.2m Opioid Pills, Arrests Afro-Europe Cartel Suspects March 20, 2023