UBN Property, Friesland Crash Unlisted Securities Market by 0.99%

By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

By Adedapo Adesanya Foreign trading and investment firm, Risevest, has acquired Chaka, a digital trading platform. According to Techcabal, which first broke the news, the deal, which was for an undisclosed sum, will see both entities operate as different products, though the capitalisation table of the acquiree will be updated in due course. Speaking on this, Mr Tosin Osinbodu, Chaka’s founder, said, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.” “With booming growth in many nations around the world, investors can now own a stake in the growth of other

By Dipo Olowookere The Nigerian Exchange (NGX) kicked off the first trading session in the last week of the third quarter of the year on a negative note, with the key performance indices going down by 0.66 per cent on Monday. This was partly caused by the reaction of investors to the 30 Kobo interim dividend declaration of the board of Access Holdings Plc. A few days ago, its peer, UBA Plc, raised its interim dividend payment by 150 per cent to 50 Kobo and it was expected that Access Holdings would follow the same path. However, the company disappointed

By Adedapo Adesanya The International Monetary Fund (IMF) has reaffirmed its support for the removal of fuel subsidy and the exchange rate unification of the administration of President Bola Tinubu, insisting that the policies are good for Nigeria’s economy. A representative of the global lender, Mr Ari Aisen, while featuring on Channels TV on Tuesday, maintained that the two policies must remain for Nigeria to reach macroeconomic stability. “After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel, and controlling exchange rate will lead to a much better outlook for the Nigerian economy,”

By Adebayo Komolafe The year is 15th March, 44 BC, and the great Julius Caesar lay helplessly on the floors of the Roman Senate, soaked in his own blood. He is gasping for his life after 60 Roman senators had conspired to assassinate him and thereafter stabbed him 23 times during a Senate session. One would ask how could a well-respected icon die such an awful death? Bewildered, one would think again: How could Caesar, who is so revered across the world and so honoured and loved by his own people, die in such a cruel way? Some more context,

By Modupe Gbadeyanka The death toll continues to rise following the horrific military attack on civilians in Rann, Nigeria, according to latest estimates by Médecins Sans Frontières (MSF). Around 90 people were killed when a Nigerian airforce plane circled twice and dropped two bombs in the middle of the town of Rann, which hosts thousands of internally displaced people. At the time of the attack, an aid distribution was taking place. The majority of the victims were women and children. Outside of what MSF teams have witnessed, consistent reports from residents and community leaders say as many as 170 people

By Adedapo Adesanya The Saudi energy minister, Prince Abdulaziz bin Salman, has said that despite heavy criticism of the recent decision by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to cut oil output, the cartel’s market predictions have been more accurate than others. Speaking with the Saudi state news agency (SPA), he said OPEC+ predictions had been spot on because they have been based on fundamentals rather than politics. “As I have emphasized multiple times, in OPEC+, we leave politics out of our decision-making process, out of our assessments and forecasting, and we focus solely on

By Adedapo Adesanya Following the closure of Nigeria’s land borders, which prevented the entry and exit of goods to tackle smuggling, one of its West African country, Ghana, called on authorities to rescind their decision. Ghana’s foreign and regional integration minister, Ms Shirley Ayorkor Botchwey, during a meeting with the Nigerian High Commissioner to Ghana, Mr Olufemi Abikoye, on Tuesday, said her government will deploy all diplomatic channels to ensure that Nigeria reopens its borders to the sub-region for free movement of goods. “As we speak, Nigerian goods are entering Ghana without any problem. “I think that we should find

President Muhammadu Buhari has felicitated with the General Overseer, the leadership and members of the Gospel Faith Mission International (GOFAMINT) as it celebrates its 60 years anniversary In a letter to the church, the President declared: “Sixty years is a significant milestone in the life of any individual or organization. “As the Gospel Faith Mission International turns 60, it is my pleasure to rejoice with the leadership, the teeming members and adherents of the Christian faith, who worship in the church. “Six decades of labour in the Lord’s vineyard must have produced innumerable fruits, with great impact from now to

By Dipo Olowookere The Debt Management Office (DMO) has released the total amount owed by the 36 states of the federation and the Federal Capital Territory (FCT). From the figure released by the debt office, as at December 31, 2016, the total local debts of the 36 states and the FCT stood at N2.958 trillion. However, the top three debtors are Lagos, Delta and Akwa-Ibom States, owing a cumulative amount of N708.4 billion. While the local debt stock of Lagos State is N311.7 billion, Delta State has N241.3 billion debt and Akwa-Ibom N155.4 billion. Domestic debt is the amount of

By Aduragbemi Omiyale A new software solution that will enable communications service providers to deliver customised 5G services with guaranteed performance has been introduced by Ericson. The innovation, a 5G network slicing solution for radio access networks (RAN), was built on Ericsson radio expertise and scalable and flexible architecture. According to a statement from Ericsson, the 5G RAN slicing technology allocates radio resources at one-millisecond scheduling and supports multi-dimensional service differentiation handling across slices. This strengthens end-to-end slicing capabilities for dynamic resource management and orchestration that ensure the high-quality end-user experience required by diverse use cases. “Ericsson 5G RAN slicing

By Dipo Olowookere Thursday, June 15, 2017 has been fixed for the Nigeria CFO Summit slated to take place at Oriental Hotel in Lekki, Lagos. The event hopes to gather financial executives across all industry sectors in Nigeria under one roof so as to brainstorm and share best practice and thought-provoking discourse on the future of finance, accounting, and business trends in the financial sector. Organisers of the summit explained that the annual programme offers a day of interactive learning and that is not available anywhere else. It includes presentations, panels, networking and a closing reception. It also provides a