Ways Nigerians Can Profitably Invest in the Financial Market (Legally)

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

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 African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Hyther Nizam With COVID-19 accelerating the digital transformation of businesses, many organisations were forced to adopt a work-from-home strategy, and customers began to increasingly purchase goods and services online. The outbreak highlighted the critical nature of software and its impact on people’s lives, both professionally and personally. At the same time, the function of the IT department has evolved and it has been crucial in supporting organisations in shifting to a new way of working. While numerous departments have seen budget cuts, many businesses have increased their IT spending. This is because the department, now expected to complete more

By Dipo Olowookere A paramount traditional ruler in Yoruba land, Oba Lamidi Olayiwola, the Alaafin of Oyo, has been congratulated by the Chairman, House of Representatives Committee on Diaspora, Mrs Tolu Akande-Sadipe, on his 82nd birthday. The lawmaker, in a statement made available to newsmen on Thursday, described the monarch as a seasoned administrator, who has used his knowledge and experience to bring about a revolution in Oyo. Mrs Akande-Sadipe, who represents the people of Oluyole federal constituency at the National Assembly, disclosed that despite being an Ibadan woman, she is related to the Oyo ruling empire through her great

By Modupe Gbadeyanka First Bank Holdings Plc, formerly known as First Bank of Nigeria Plc, has announced the end of its Global Depositary Receipt (GDR) programme. The company, in a letter dated November 4, 2016 and signed by its Secretary, Mr Tijjani Mohammed Borodo, disclosed that the programme will precisely be “terminated on 28 December 2016.” First Bank explained in the letter that, “Deutsche Bank Trust Company Americas, in its capacity as the Depositary, has sent a notice to the clearing systems to notify the termination date of 28 December 2016.” It said further that, “If any GDRs are outstanding after

By Adedapo Adesanya The Lagos State Governor, Babajide Sanwo-Olu, at an interactive session on Wednesday, met with the first set of finalists identified for the Lateef Jakande Leadership Academy. The academy, which officially commences in January 2023, is a leadership and mentorship programme of the state government with the vision to develop tomorrow’s leaders today for public service and governance in Africa. The Lagos State Governor was accompanied by the Commissioner for Establishment, Training and Pension, Mrs Ajibola Ponnle; the Commissioner of Education, Mrs Folashade Adefisayo and the newly appointed Executive Secretary, Ms Folasade Coker, who will be responsible for

By Adedapo Adesanya Nigerian delegates have departed for the United Kingdom ahead of the September 26 court session to overturn the $9.6 billion judgement by a UK court against Nigeria in favour of Process and Industrial Developments Ltd (P&ID). The delegates include Attorney General of the Federation, Mr Abubakar Malami; the Inspector-General of Police, Mohammed Adamu, and the Governor of Central Bank of Nigeria, Godwin Emefiele. Other members of the delegation include the Minister of Information and Culture, Lai Mohammed, and the acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu. Business Post reported in August that a

By Modupe Gbadeyanka The former Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Nuhu Ribadu, has been appointed as a Special Adviser by President Bola Tinubu. The retired police officer was chosen by the President as the Special Adviser on Security. He will work with other aides appointed by the President. The President chose Mr Wale Edun as the Special Adviser on Monetary Policies, while Mr Dele Alake is the Special Adviser on Special Duties, Communications and Strategy. Also, Mr John Ugochukwu Uwajumogu was picked as the Special Adviser on Industry, Trade and Investment; Mrs Olu Verheijen will

By Dipo Olowookere Despite witnessing a positive investor sentiment, the last trading session of the week at the Nigerian Exchange (NGX) Limited closed 0.55 per cent lower on Friday following profit-taking by traders. Business Post reports that all the five key sectors of the exchange closed in the green territory, with the insurance index appreciating by 1.95 per cent. The energy sector gained 0.62 per cent, the consumer goods counter closed higher by 0.12 per cent, the banking space grew by 0.04 per cent, while the industrial goods landscape appreciated by 0.03 per cent. However, the All-Share Index (ASI) depreciated

By Modupe Gbadeyanka Nigeria’s currency market registered $327 million worth of trades on Monday, about six times more than its usual volume, the market regulator told Reuters. That included a single $270 million transaction at 345 naira per dollar, by foreign investors buying local currency bonds, Bola Onadele, the Managing Director of FMDQ OTC Securities Exchange, said in an interview. Other transactions were carried out from 314.50 to 317.34 per dollar. Average trading is around $50 million a day on normal days. It might reach $100 million on days the Central Bank of Nigeria (CBN) intervenes in the currency market.