Treasury Bills Rate Weakens to 3.5% as Demand Wanes

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Modupe Gbadeyanka One of the big players in the banking sector in Nigeria, Zenith Bank Plc, is planning to increase its deposit base by 5 percent before the end of the 2018 financial year. Chief Financial Officer (CFO) of the financial institution, Mr Mukhtar Adam, made this disclosure recently while addressing an analysts’ call after the release of the lender’s HY 2018 results, which was monitored by Business Post. He noted during the conference call that the bank plans to increase its savings deposits, while reducing its fixed deposit. According to him, Zenith Bank wants to expand its market

By Adeolu Seyi-Smith Job cuts, layoffs, wage cuts, and employee redundancy have continued to exacerbate as the coronavirus (COVID-19) pandemic continues to disrupt social life, the economy and every other human activity across countries. Hundreds of jobs have been wiped off like almost all the value chains including manufacturing, sales, and marketing, distribution, wholesale and retail, governance, aviation, tourism amongst others have been impacted negatively by COVID-19. The aviation industry, one of the worst-hit as a result of travel restrictions imposed by many countries, has recorded more job losses. For instance, WestJet has laid off 6,900 workers due to a

By Adedapo Adesanya The Nigerian Security and Civil Defence Corps (NSCDC) has disclosed that the Nigerian National Petroleum Company (NNPC) Limited has agreed to waive charges for forensic analysis of adulterated petroleum products. This was after the NSCDC frowned at charges being paid to the state oil company for forensic analysis of adulterated petroleum products. Speaking, the Commandant-General of the NSCDC, Mr Ahmed Audi, said when adulterated products are seized, analysis is carried out in the laboratory before going to court. Mr Audi said the outcome of the analysis is tendered in the court as an exhibit. “The petroleum product

By Adedapo Adesanya Vice President Yemi Osinbajo has said the TraderMoni and MarketMoni schemes are getting positive feedback and that beneficiaries are doing very well and are paying back their loans. This was disclosed by Mr Laolu Akande, the VP’s spokesman, in a statement released recently in the nation’s capital, Abuja. He said that the vice president had an interaction with newsmen after his assessment visit to markets in Keffi and Masaka towns of Nasarawa State where the TraderMoni and MarketMoni schemes are being disbursed to traders. The vice president urged beneficiaries of the loan schemes to continue to repay

By Adedapo Adesanya The 43rd trading week in 2023 ended on a negative note on the floor of the NASD Over-the-Counter (OTC) Securities Exchange, with a week-on-week decline of 0.84 per cent. The N10 billion lost by NASD investors during the five-day trading week weakened the market capitalisation of the bourse to N1.120 trillion from the N1.130 trillion it ended in the previous week of trading. In the same vein, the NASD Unlisted Security Index (NSI) depreciated by 6.98 points to settle at 826.65 points compared with the previous trading week’s 833.63 points. FrieslandCampina Wamco Plc closed as the worst-performing

By Adedapo Adesanya President Muhammadu Buhari has inaugurated a locally-built Seaward Defence Boat (SDB) 111 in Lagos State to boost the nation’s water territories. According to a statement by his presidential aide, Mr Femi Adesina, the vessel was inaugurated on Thursday and was built by NNS Oji, the third of its series to be built by the Nigerian Navy. President Buhari during the event noted that the new inductions to the Naval fleet would increase the agency’s capacity in securing the nation’s maritime domain. ‘‘We should note that we are in a critical period where our country is faced with

By Modupe Gbadeyanka A $2 billion (about N636 billion) investment deal has been completed between a Chinese conglomerate, China Polaris, and the Oyo State government. The deal, Business Post learnt, is for the establishment of a free trade zone for the manufacturing of automotive products, solar power generation, among others. Governor of the state, Mr Abiola Ajimobi, disclosed on Tuesday during the turning of the sod to herald the construction work for the project, tagged Polaris-Pacesetter Free Trade Zone, located along the Lagos-Ibadan Expressway, Ibadan, expressed optimism that the project, which occupies a thousand hectares of land, would be ‘the new

By Dipo Olowookere The Nigerian Exchange (NGX) Limited further appreciated by 0.14 per cent on Friday on the back of a renewed investor confidence, triggering a rise in the level of activities. This was largely driven by demand for the shares of FBN Holdings, Ecobank, Cutix, amongst others and at the end of the session, the trading volume rose by135.98 per cent to 510.2 million units from the previous day’s 216.2 million units. In the same vein, the trading value increased yesterday by 73.47 per cent to N5.9 billion from N3.4 billion, while the number of deals appreciated by 28.39