Unlisted Securities Market’s Trading Value Drops 91%

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Adedapo Adesanya Oil crashed below $100 per barrel on Tuesday after losing more than 7 per cent despite the ongoing war in Ukraine and a structurally tight market. At the session, the Brent crude futures lost $8.06 or 7.54 per cent to trade at $98.84 per barrel and the US West Texas Intermediate (WTI) crude futures depreciated by $7.59 or 7.37 per cent to $95.42 per barrel. Last week, prices posted their steepest weekly decline in five months as traders assessed potential improvements to the supply outlook that has been disrupted by Russia’s invasion of Ukraine. This has so

By Dipo Olowookere Subscriptions for the FGN Savings Bond for the month of June will close on Friday, June 8, 2018, Business Post is reporting. The exercise, conducted on behalf of the federal government by the Debt Management Office (DMO), will end by 12 noon today. The FGN Savings Bond for this month opened on Monday, June 4, 2018. The savings bond, Business Post reports, gives Nigerians the opportunity to invest in the bond market for as low as N5,000. It will be backed by the full faith of the Federal Government of Nigeria and is therefore deemed risk free.

By Modupe Gbadeyanka The first cloud data centre of a global leader in cyber protection, Acronis, has been launched in Lagos and will ensure that service providers do not have trouble meeting the ever-changing compliance, data sovereignty, and performance requirements they and their clients face. The Acronis cyber cloud data centre unveiled on Thursday, February 10, 2022, is one of the 111 new data centres being deployed by the company, giving service provider partners access to a full range of cyber protection solutions. According to a statement from the firm, with the new data centre in Nigeria, local service providers

By Adedapo Adesanya  The value of the Naira to the Dollar at the official exchange rate window of the Central Bank of Nigeria (CBN) also known as the interbank segment depreciated on Wednesday, February 19, 2020. According to data sourced by Business Post on the FMDQ platform, the Naira, which has traded flat at N306.95/$1 since last week, fell yesterday 5 kobo or 0.02 percent against the American dollar to close at N307/$1. However, it was a different case with the local currency against the greenback at the Investors and Exporters (I&E) segment of the market during the session as

By Modupe Gbadeyanka Two lecturers in Kwara State have been apprehended by the Economic and Financial Crimes Commission (EFCC) for their alleged involvement in cybercrime. The suspects, Abdulahi Opashola and Adebisi Ademola, are employees of the Kwara State College of Health Technology, Offa, Kwara State. They were picked up by operatives of the EFCC alongside 28 other persons at different locations within Kwara State, following intelligence gathered over their alleged involvement in the offence. A statement from the anti-graft agency on Monday said items recovered from them include: cars, phones, laptops among others. Also, the EFCC said it was making

By Dipo Olowookere The presidency has reacted to the proposed nationwide protest scheduled for February 6, 2017, to kick against the President Muhammadu Buhari led administration. Top musician, Mr Innocent Idibia well known as 2Face, is the organiser of demonstration and he has had the backing of his fellow celebrities and Nigerians, who are not happy with the hardship in the land. Reacting to the proposed action, Senior Special Assistant to President Buhari on Media and Publicity, Mr Femi Adesina, disclosed that majority of intending protesters are people that have resolved not to see anything good in this administration. The

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange opened the new week on a positive note after it recorded a 2.25 per cent growth, triggered by three securities. Central Securities Clearing Systems (CSCS) Plc, Niger Delta Exploration and Production (NDEP) Plc, and UBN Property Plc were the three stocks responsible for the growth witnessed yesterday at the NASD trading platform. NDEP Plc was the day’s highest gainer as it gained N19.50 or 8.9 per cent to close at N300 per share compared with the previous N280.50 per share. On its part, CSCS Plc appreciated by N1.65 or 6.5 per

By Modupe Gbadeyanka The founder of First City Monument Bank (FCMB), Mr Subomi Balogun, has reportedly died. According to reports, the banker died in London, the United Kingdom, on Friday morning. He started FCMB, a midlevel financial institution in Nigeria, over three decades ago. The deceased, until his death today at 89, was a high-ranking chief in Ijebu Ode, Ogun State and was known as the Olori Omoba of Ijebuland. Details later.