We Barred Foreign Stocks Trading to Prevent Exploitation—SEC

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya The Union of European Football Association (UEFA) has announced that this season’s Champions League, suspended in March due to the COVID-19 pandemic, will resume on August 7 and be completed with an eight-team mini-tournament which will take place in Lisbon, Portugal. This was made known by UEFA Deputy General Secretary, Mr Giorgio Marchetti, on Wednesday, adding that the decision was finalised after an executive committee meeting held by video conference. The quarter-finals and semi-finals will be played over one leg, instead of the usual two, with the final to be held on August 23. There are still

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed the week in the flat territory on Friday, August 21 as the total market value and the unlisted securities index remained at the previous levels it closed on Thursday. Specifically, the market capitalisation and the NASD Unlisted Security Index (NSI) both closed the session at N520.93 billion and 709.17 points respectively. However, the number of deals executed by market participants reduced by 61.1 per cent or 11 deals as seven deals were carried out at the bourse compared with the 18 deals recorded at the previous trading day. The deals

By Investors Hub Asian stocks ended mixed on Wednesday as strong earnings from U.S. industrial giant 3M Co. as well as Apple CEO Tim Cook?s comments about U.S.-China trade tensions helped investors put growth and trade worries on the back burner. The dollar index dipped slightly ahead of the Federal Reserve?s policy statement, while the British pound nursed losses after British lawmakers rejected most amendments that sought to avoid Britain leaving the European Union without a deal. Oil prices edged higher on concerns about supply disruptions after the U.S. imposed sanctions on state-owned Venezuelan oil company PDVSA. China’s Shanghai Composite

By Modupe Gbadeyanka A new study released by a management consulting firm, Analysys Mason, for Ericsson has highlighted the potential economic benefits of 5G in emerging markets. The comprehensive research shed its light on 15 countries in Asia, Africa and Latin America, looking into how the governments, regulators and policymakers can play a key enabling role in using the latest technology to improve their gross domestic products (GDPs) and internet penetration. The study also looked into how 5G can impact the lives of consumers and the environment in these countries, which are Bangladesh, Brazil, Chile, Colombia, Egypt, India, Indonesia, Malaysia,

By Dipo Olowookere Former Secretary to the State Government (SSG) in Lagos State, Mr Tunji Bello, has been named in the 25-man list of commissioners and special advisers designates sent to the state house of assembly for confirmation. The nominees’ list was transmitted to the parliament on Sunday for ratification in fulfilment of Governor Babajide Sanwo-Olu’s election promise to accelerate his administration’s development agenda. A statement by the Governor’s Deputy Chief Press Secretary, Mr Gboyega Akosile, said Mr Sanwo-Olu carefully picked the nominees based on their cognate experience in their respective professions. According to him, the list contained names, who

By Dipo Olowookere The demand for long-dated debt instrument by investors at the secondary market for treasury bills continued on Thursday when the Central Bank of Nigeria (CBN) floated an OMO auction. Business Post reports that during the exercise, the apex bank offered for sale OMO bills worth N300 billion in three maturities. However, subscriptions worth N886.66 billion were received from market players. It was observed that larger percentage of these offers were from the long-date instrument, which was subscribed to by 289.88 percent. The CBN had auctioned N200 billion worth of 364-day bill, but received offers valued at N779.75

By Dipo Olowookere President of the American Business Council (ABC), the affiliate of the US chamber of commerce, Mr Lazarus Angbazo, has described the United States as a natural business partner of Nigeria. Mr Angbazo, who is also the President and CEO of GE’s Business operations in Nigeria, made this disclosure at the ABC launch of the 2018 US Economic Impact Survey with the media. The launch was the result of a comprehensive business survey of US firms operating in Nigeria and underscores the significant impact that US trade and investment has on this economy. In the survey, 74 US

By Modupe Gbadeyanka A total of N142 trillion market turnover was realized on the trading floor of the FMDQ OTC Securities Exchange in 2017. This was buoyed by the platform’s drive to support and champion growth and development in the Nigerian debt capital, foreign exchange (FX) and derivatives markets. According to its 39th edition of its monthly report made available to Business Post on Wednesday, FMDQ noted that the turnover for last year showed a year-on-year growth rate of 24.97 percent from the N113.65 trillion recorded in 2016. FMDQ has remained steadfast and continues to focus on delivering its mandates