We Never Ordered Operators to Raise Data Prices—FG

By Adedapo Adesanya The duo of NASD Plc and Aradel Holdings Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, September 21. The two price losers overpowered the sole price gainer, Central Securities Clearing Systems (CSCS) Plc, to drag down the NASD Unlisted Securities Index (NSI) by 0.34 points to 805.95 points from the 806.29 points it ended in the previous day, while the total value of the unlisted stock market was relatively flat at N1.139 trillion. At the trading day, NASD Plc shed N1.15 to end the session at N11.50 per unit versus the

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Adedapo Adesanya Twenty-two oil and gas companies have been selected as successful bidders for the gas flare commercialisation programme of the Nigerian Upstream Petroleum Regulatory Commission ((NUPRC). The 2022 Nigerian Gas Flare Commercialization Programme (NGFCP) auction process was for 49 Flare Sites put forward by the agency under the erstwhile administration of Mr Muhammadu Buhari. The immediate past government in December 2016 launched NGFCP to involve third-party investors or off-takers in harnessing gas released as a by-product of oil production, a crucial part of the seven big wins of the administration for the oil and gas sector. Launched by

By Dipo Olowookere Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has described the Nigerian capital market as very critical to the attainment of economic growth and development of the nation. The SEC chief, speaking on Tuesday when she visited some media houses in Lagos, said the capital market can assist the country achieve its infrastructural development, while also creating wealth for citizens. Represented by the Head of External Relations Department at SEC, Mr Sufian Abdulkarim, Ms Uduk noted that the agency was stepping up regulation to ensure that Nigerians are able to invest in

By Adedapo Adesanya WhatsApp has announced that its latest update will allow users to share Higher Definition (HD) photos through the messaging app. According to an announcement shared by Meta CEO, Mr Mark Zuckerberg, on his Instagram broadcast channel and via a Facebook post on Friday, the HD photos feature is rolling out to global users over the next few weeks, followed by support for HD videos. The feature, which allows users to preserve the high-def resolution of the photos they share with friends and family, was previously in beta testing with select users. To access the new feature, users

By Dipo Olowookere One of the marketing gurus in Nigeria, Mr Joseph Dada, has been reappointed to the board of Livestock Feeds Plc. He is joining the company’s board again as a non-executive director. A statement issued by the firm said the appointment of Mr Dada is with effect from Monday, May 27, 2019. On February 8, 2013, Mr Dada was appointed to the board of Livestock Feeds Plc as a non-executive director, but he resigned on July 23, 2019. Mr Dada graduated from the prestigious Ahmadu Bello University, Zaria with B.Sc (Hons) in Economics. He holds a Master’s of

By Adedapo Adesanya Oil rose by 1 per cent as top producers like Saudi Arabia and Russia extended supply cuts through September, adding to undersupply concerns. Brent moved up by 1.3 per cent or $1.10 to $86.24 a barrel, while the US West Texas Intermediate (WTI) crude appreciated by 1.6 per cent or $1.27 to $82.82 a barrel. Saudi Arabia on Thursday extended a voluntary oil production cut of 1 million barrels per day to the end of September, keeping the door open for another extension. As it took the decision, Russia also elected to reduce its oil exports by

By Dipo Olowookere A free seven-day workshop for entertainers has been organised by the American Internet Business School (AIBS). The workshop was put together by AIBS to help artistes, musicians, comedians, producers, and entertainment executives navigate through the new normal caused by COVID-19. Since the outbreak of the virus in Nigeria in March 2020, the federal government has placed strict restrictions on the gathering of more than 20 persons. This has made it impossible for show promoters to organise events, thereby keeping entertainers out of jobs for nearly three months. Founder and CEO of AIBS, Dr Ope Banwo, explained that

By Dipo Olowookere It was a very bad day for the Nigerian currency at the parallel segment of the foreign exchange market yesterday. The Naira suffered a total loss of N10 against the British Pound Sterling and the Euro at the black market. Business Post reports that while N4 was lost against the Pound, the local currency shed N6 against the Euro. The Naira, which traded at N488 per Pound on Tuesday, was exchanged the next day at N492 at the parallel market. Also, the Nigerian legal tender, which was sold for N434 to the Euro at the black market

By Aduragbemi Omiyale The total debt profile of Nigeria increased by 2.98 per cent on a quarter-on-quarter basis to N42.84 trillion in June 2022 from N41.60 trillion in March 2022. A statement issued by the Debt Management Office (DMO) disclosed that the total public debt stock of N42.84 trillion comprises the funds borrowed by the federal government, the 36 state governments and the Federal Capital Territory (FCT). In Dollar terms, the money owed by Nigeria stood at $103.31 billion as at June 30, 2022, in contrast to $100.07 billion as at March 31, 2022. These debts were incurred by the