Three Price Losers Land NASD OTC in Negative Territory

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

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 Adedapo Adesanya The Naira closed mixed at the foreign exchange (FX) market on Friday, depreciating against the US Dollar in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments and appreciating in the parallel market amid a new leadership at the Central Bank of Nigeria (CBN). On Friday, the CBN announced the resumption of Mr Olayemi Cardoso as the next head of the apex bank, in an acting capacity pending his confirmation by the Nigerian Senate. He is taking over the role amid a worrying FX market, high inflation, and increased call to halt interest rate hikes which currently

By Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia

By Modupe Gbadeyanka After calls from several quarters for the sacking of the service chiefs, President Muhammadu Buhari has finally listened and has replaced them. A statement issued on Tuesday afternoon in Abuja by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, said Mr Buhari accepted the resignation of the service chiefs. With this development, General Abayomi Olonisakin, the Chief of Defence Staff; Lt-General Tukur Buratai, the Chief of Army Staff; Vice Admiral Ibok Ekwe Ibas, the Chief of Naval Staff; and Air Marshal Sadique Abubakar, the Chief of Air Staff; have all left their

By Itumeleng Mukhovha One can easily assume that international investors are deterred from investing in Africa given the growing need to weather a global financial crisis, which has been distorted by Brexit, rising geopolitical tensions, tightened global liquidity conditions, leveraged loans and sketchy debts that continue to riddle bank systems, idiosyncratic governments and the bond yield curve that is trending toward inversion. However, this is not the case. Conversely, the global financial crisis and the desperate search for growth, yield and solvency has led investors to pay more attention to emerging markets in Africa, and in particular frontier markets with

By Modupe Gbadeyanka Minister of State for Power, Works and Housing, Mr Mustapha Baba Shehuri, has said that President Muhammadu Buhari’s administration is unequivocally committed to addressing the housing needs of Nigerians through the National Housing Programme (NHP). He said the programme was part of Federal Government’s campaign promise to provide critical infrastructure that would enhance the socio- economic development of the country. The Minister, who was in Minna, Niger State, on the first leg of his inspection tour of NHP sites in the North-Central geo-political zone, stated this during a courtesy call on the Governor of the state, who

By Adedapo Adesanya Africa Prudential Plc has received an ISO 27001 certification for Information Security Management. The leading registrar and technology provider has now confirmed its quality and performance capability and the effectiveness of its information security management system. The certification was carried out by the independent certification body, which is accredited by the Professional Evaluation and Certification Board (PECB). ISO 27001 is a globally recognized information security management standard developed by the International Organization for Standardization to ensure the confidentiality, integrity, and availability of information assets being held by the company. In less than three years, Africa Prudential has

By Adedapo Adesanya The Asset Management Corporation of Nigeria (AMCON) has taken over two properties belonging to Mr Ademola Seriki in Lagos and Abuja over outstanding debts of about N1 billion. This followed the order by Justice Chuka Austine Obiozor of the Federal High Court sitting in Lagos. According to a statement signed by the Head of Corporate Communications, AMCON, Mr Jude Nwauzor, “Ideally, AMCON does not in the first instance resort to the courts except when the obligor defiles all overtures from the corporation for a peaceful resolution of an obligation. “But the case between AMCON vs Ademola Seriki

By Dipo Olowookere The management of United Bank for Africa (UBA) Plc has said its results for the second quarter of 2020 should be released on or before Tuesday, September 29, 2020. The lender made this disclosure on Monday, August 31, 2020, in a notice sent to the Nigerian Stock Exchange (NSE), to inform investors on the reason for the delay. According to UBA, a tier-1 bank, the audited results for the half-year ended June 30, 2020, have not been submitted to the exchange because of the Central Bank of Nigeria. Last month, the financial institution’s board of directors held

By Atedo Peterside Distinguished Ladies and Gentlemen, As part of their 14th Daily Trust Dialogue, the management of Daily Trust requested a presentation from me on “BEYOND RECESSION: TOWARDS A RESILIENT ECONOMY”. My focus will be on “Towards a resilient economy”, because virtually all the actions and policies that are required to help build a resilient economy are the exact same ones that will naturally take Nigeria well beyond today’s economic recession and unto a path of rapid and sustainable economic growth. If you aim for the skies you might end up at the ceiling. Likewise, if you do what

With the growth of industrialisation, globalisation, advances in technology, and rapid communication, it is evident that the world’s energy needs will only increase. In fact, according to statistics, electricity demands alone rising twice as fast as the overall energy use, and by 2040, it is likely to increase even more. The issue surrounding who consumes the most energy depends on the type of energy. Currently, China is leading the world when it comes to electricity consumption, while the United States consumes the most oil. Canada uses an energy mix of hydroelectricity, oil, natural gas, nuclear, among others. And as things