T-Bills Market Closes Bearish as CBN Relaxes OMO Sale

By Aduragbemi Omiyale The online stock trading platform of one of the leading brokerage firms in Nigeria, Morgan Capital Securities Limited, i-Trade, has experienced a technical glitch. This technical issue has made it difficult for its clients to carry out transactions on the popular platform. Morgan Capital’s i-Trade platform is popular among retail investors in the Nigerian capital market, especially those trading equities on the floor of the Nigerian Exchange (NGX) Limited, because of its lower fees. The company has already assured its customers that it was working to restore services, providing an alternative to them. “This is to inform

By Dipo Olowookere The online stock trading platform of Morgan Capital Securities Limited, iTrade, is now back online. The iTrade service went offline on Monday due to a technical glitch, which the company confirmed has been resolved, allowing its numerous clients to buy and sell shares and other securities without hassle. “Thank you for your patience and understanding. “This is to inform you that the trading platform (iTrade) is now fully up and running to enable you to trade seamlessly. “Our sincere apologies for any inconvenience caused as a result of this,” a statement from the company, which was sighted

By Adedapo Adesanya  The prices of the crude oil benchmarks, Brent and the West Texas Intermediate (WTI) fell to a near five-month low on Tuesday on a stronger US Dollar and demand concerns. According to data obtained by Business Post, Brent futures went down by 83 cents or 1.1 per cent to $77.20 a barrel and WTI weakened by 72 cents or 1.0 per cent to $72.32 per barrel. The prices were the lowest for both crude benchmarks since July 6. This put the market down for a fourth day in a row on doubts over voluntary supply cuts announced by

By Adedapo Adesanya Oil fell on Monday as traders approached the market with caution over plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to cut production in the first quarter of 2024. Brent crude futures lost 85 cents or 1.08 per cent to finish at $78.03 a barrel while the US West Texas Intermediate (WTI) crude futures depreciated by $1.03 or 1.39 per cent to sell at $73.04 per barrel. OPEC+ announced voluntary production cuts at its meeting last week and this has raised doubts about whether or not producers would fully implement them. Investors

By Aduragbemi Omiyale Two new independent non-executive directors have been appointed to the board of a sector-agnostic proprietary investment company, VFD Group Plc. The firm, which publicly trades its stocks on the Nigerian Exchange (NGX) Limited, confirmed this development in a statement. The appointees joining the board comprising highly respected professionals are Ms Rashida Saleh and Ms Nneka Okekearu. The statement disclosed that the appointments became effective on Wednesday, October 25, 2023, though subject to shareholder approval at the next Annual General Meeting (AGM) of the organisation. VFD Group, which said the addition of the duo underscores its commitment to

By Dipo Olowookere As the Central Bank of Nigeria (CBN) holds its last Monetary Policy Committee (MPC) meeting this week, many observers are not expect any cut in the interest rate. At the moment, the benchmark interest rate is 14 percent and it has remained so for many months. With the inflation gradually retreating, some economic experts say a drop in the interest rate would not be a bad idea. However, most of them are not expecting such to happen this year, probably from the first quarter of next year. The National Bureau of Statistics (NBS) is releasing the Gross

By Dipo Olowookere Former Minister of Industry, Mr Kola Jamodu, PZ Cussons Nigeria Plc, will retire from the company as Chairman next month, a statement from the organisation has disclosed. Mr Jamodu, who doubles as the Chairman of Nigerian Breweries Plc, was appointed the Chairman of the Board of Directors of PZ Cussons Nigeria Plc in November 2014. This was after he had earlier left the firm in 2001 when he was appointed as the Minister of Industry by former president Olusegun Obasanjo. He left the position in 2003. Before his appointment as Minister, he was appointed as a non-executive

By Adedapo Adesanya MTN Nigeria has reshuffled its top management team with the appointment of Mr Karl Toriola as its new Chief Executive Officer (CEO) effective March 1, 2021. This was disclosed on Monday in a notice to the Nigerian Stock Exchange (NSE) and signed by the company’s secretary, Mrs Uto Ukpanah, who explained that the March 2021 handover date is to provide enough time for a smooth transition. Mr Toriola, who currently serves as the vice president West and Central Africa (WECA), excluding Nigeria and Ghana, is taking over from the current CEO, Mr Ferdinand Moolman, who will exit

A Masterclass event was recently hosted by Interswitch Group for the top 81 finalists out of the 17,460 who registered for the InterswitchSPAK 2.0 National Qualifying Examination. The event was part of the InterswitchSPAK Switch-a-Future project, a CSR initiative of the company focused on rewarding and driving increased interest in the study of Science, Technology, Engineering and Mathematics (STEM) subjects among Senior Secondary School students across Africa. It was designed to impact in the student soft skills that are readily not taught in the classroom, through real-life thought leaders. Majority of the participants spoke about the need to be trustworthy,

By Dipo Olowookere Shareholders of Sterling Bank Plc will get a cash dividend of 3 kobo for each stock of the company held by shareholders of the organisation as at the close of business of Monday, May 4, 2020. The disclosure was made on Thursday by the board of the mid-tier bank after it released the financial statements of the company for the year ended December 31, 2019. The lender said while it would close its register of members from May 5 to 8, 2020, the payment would be done on May 20, 2020, advising shareholders to update their records

By Adedapo Adesanya The Polymer Institute of Nigeria (PIN) has lamented the mass importation of polymer into the country, calling on the federal government to intervene in the sector. PIN lamented the huge loss in foreign exchange in a communiqué issued and signed by its National President, Mr Paul Mamza, at the end of the institute’s 31st Annual Technical Conference held at Jos, Plateau State. The event had the theme Polymer in the Extractive Industries: Prospects and Challenges. Polymers are materials made of long, repeating chains of molecules. Polymer is often used to describe plastics, which are synthetic polymers. Mr

By Dipo Olowookere The 11th Annual International Shea Conference has been scheduled for Abuja, Nigeria, from March 12 to 14, 2018. Addressing newsmen recently at her office, Minister of State for Industry, Trade and Investment, Mrs Aisha Abubakar, said her Ministry was ready to make the event successful. She further disclosed that the International Shea Conference was being hosted in collaboration with Federal Ministry of Agriculture and Rural Development, and this year’s conference is with the theme ‘Going Further Together.’ Mrs Abubakar emphasized the importance of the conference which she said include the need for participants to learn best practices,