Traders Union Presented A Fake Forex Brokers List in Nigeria For 2023

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Adedapo Adesanya The Nigeria Labour Congress (NLC) has said it would ensure that the next national minimum wage to be negotiated in 2024 reflects the prevailing cost of living. The union also lamented that following the removal of fuel subsidy by the federal government, life has become extremely unbearable for workers. Addressing participants at the opening of the 19th edition of the NLC’s Harmattan School in Abuja, President of the NLC, Mr Joe Ajaero, said it had become necessary for governments at all levels to recognise that life and living conditions were exceedingly difficult, especially for working people in

By Adedapo Adesanya The Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Dipo Olowookere The newly inaugurated board of the Securities and Exchange Commission (SEC) has been urged to quickly conduct a forensic audit on Lafarge Africa Plc and other listed companies on the Nigerian Stock Exchange (NSE). This call was made by a stockbroker in the nation’s capital market, who incidentally is the Managing Director of APT Securities and Funds Limited, Mr Garba Kurfi. On June 24, 2019, the federal government inaugurated the board of SEC with a directive to make the stability of the capital market a cardinal objective. The nine-member board, under the chairmanship of Mr Olufemi Lijadu,

**It’s not his first time of stealing   By Dipo Olowookere Top social media activist and journalist, Ms Kemi Olunloyo, has narrated how popular Nigerian filmmaker and Lagos socialite, Mr Seun Egbegbe, who was accused of stealing phones, tried to hypnotise a sales girl in Lagos on Tuesday, November 22, 2016. Ms Olunloyo, in her investigation into the alleged phone theft, revealed that Mr Egbegbe left his house with the intention of using charm on phone retailers at the popular Computer Village in Ikeja, Lagos. She said however, during the process, he was caught and could have been killed if

By Dipo Olowookere The application filed by Abbey Mortgage Bank Plc to the Nigerian Stock Exchange (NSE) seeking its approval for the listing of its rights issue has been approved. The firm had sought the approval of the exchange for the listing of shares from its rights on the trading platform. The application was filed on behalf of the organisation by its stockbroker, Anchoria Investment and Securities Limited. A regulatory document seen by Business Post revealed that the approval was granted by the stock exchange’s management on Tuesday, October 20, 2020. Abbey Mortgage Bank is planning to sell to its

By Dipo Olowookere The Nigerian Exchange (NGX) Limited is again on the upward trend triggered by renewed confidence investors have in domestic equities as companies wrap up operations for the year. The All-Share Index (ASI) appreciated by 0.73 per cent or 365.40 points on Thursday to close at 50,300.00 points compared with Wednesday’s 49,934.60 points, and the market capitalisation increased by N199 billion to settle at N27.397 trillion as against the previous day’s N27.198 trillion. Business Post reports that the bourse was bubbling yesterday as traders showed enthusiasm in the market, and at the close of transactions, the consumer goods

By Modupe Gbadeyanka The International Monetary Fund (IMF) has predicted that Nigeria’s economy will experience a growth rate of about 8 percent this year. The global financial institution made this known in its latest report released on Tuesday. According to the report, the increase would be influenced by both the sustained growth in the agricultural sector and recovery in oil production. In the report titled ‘World Economic Outlook, April 2017: Gaining Momentum?’, the IMF also projected that the world economy would grow by 3.5 percent in 2017 from 3.1 percent in 2016 and rise to 3.6 percent in 2018. It

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has disclosed that it recorded a 34 percent increase in trading surplus, amounting to N5.3 billion in its December 2019 operations compared with the N3.9 billion surplus posted in November. This disclosure was made through a statement released by the corporation’s Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, who explained that details of the surplus were captured in the December 2019 edition of the National Oil companies’ Monthly Financial and Operations Report (MFOR). The national oil company noted that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC),

By Modupe Gbadeyanka The United Nations (UN) High Commissioner for Human Rights, Zeid Ra’ad Al Hussein, on Thursday issued a strong warning about the deteriorating situation in the Democratic Republic of the Congo, and insisted that, as part of the effort to avert a major crisis, there must be accountability for the killing of dozens of civilians and other human rights violations that took place during the outbreak of violence earlier this week. The High Commissioner said, “I am deeply saddened by the recent explosion of violence in the capital Kinshasa. “The high number of civilian casualties, the burning of

By Adedapo Adesanya Crude oil prices rose on Thursday after the United States Energy Information Administration (EIA) report showed rapidly declining inventories and record-high fuel demand in the midst of the peak summer driving season. The EIA reported an inventory draw of 6.9 million barrels for the week to July 2 compared with a draw of 6.7 million barrels for the previous week. Analysts had expected the EIA to report a 3.925 million barrels draw in crude oil inventories for the week. This is coming after the American Petroleum Institute (API) reported a seventh straight weekly inventory draw on Wednesday.