Weak Investor Sentiment as Nigerian Exchange Drops 0.06%

By Adedapo Adesanya Oil prices settled lower on Thursday even after Russia announced a ban on fuel exports, with Brent crude down by 23 cents to $93.30 a barrel while the US West Texas Intermediate crude (WTI) lost 3 cents to sell at $89.63 per barrel. Russia temporarily banned gasoline and diesel exports to all countries outside a circle of four ex-Soviet states with immediate effect to stabilize the domestic fuel market, the government said on Thursday. It said the ban did not apply to fuel supplied under inter-governmental agreements to Moscow-led Eurasian Economic Union members, including Belarus, Kazakhstan, Armenia

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 Though the supply of foreign exchange (FX) in Nigeria has remained low, the Naira closed stronger against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments on Wednesday, September 20, and maintained stability in the parallel market. According to data obtained from FMDQ Securities Exchange, the local currency appreciated against the Dollar in the midweek session by 0.76 per cent or N5.89 to sell for N770.71/$1 versus the previous rate of N776.60/$1 amid a decline in the value of forex transactions by 9.4 per cent or $6.65 million to $64.36 million

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Dipo Olowookere A legal practitioner based in Abuja, Mr Musa Baba-Panya, has taken Access Bank Plc to court, seeking N100 million as damages. Mr Baba-Panya alleged that Access Bank has failed to reverse the N40, 000 allegdly debited from his Diamond bank account while using Access Bank’s ATM facility on March 11, 2017. The lawyer filed the suit against the lender at the FCT High Court through his counsel, Mr Chidi Ifeonye, on May 26, 2017. Addressing newsmen, Mr Ifeonye said the N100 million was to cover general, aggravated and punitive damages for the defamation he suffeed as a

By Dipo Olowookere The external reserves of Nigeria have now fallen to the $34 billion region, data sourced by Business Post from the Central Bank of Nigeria (CBN) has revealed. According to the data, the nation’s foreign reserves depleted to $34.67 billion on Monday, April 6, 2020 from $34.98 billion on Thursday, April 2, 2020. It was observed that on Monday, March 30, 2020, what was left in the buffers was $35.26 billion and the next day, Tuesday, March 31, 2020, it depleted to $35.16 billion, before declining to $35.01 billion on Wednesday, April 1, 2020. From the analysis, the

By Kester Kenn Klomegah A leading global aluminium producer, Russian Aluminium (RusAl), has delivered to Guinea a consignment of the world’s first registered vaccine against COVID-19 Sputnik V, as well as medical preparations and consumables for the diagnosis and treatment of COVID-19. A delegation of the Russian Foreign Ministry, as well as representatives from RusAl, arrived in Conakry with a medical cargo. The ceremony took place at the capital’s airport where 10,000 doses of the Sputnik V vaccine were delivered in the presence of the Minister of Foreign Affairs of Guinea, Ibrahima Kalil Kaba, who, on behalf of the President

By Modupe Gbadeyanka Hilton and King Faisal Corniche Development (KFCD) have agreed to work together to make a $66 million hotel a reality at The Avenues in Manama, Bahrain. Recently, a meeting was held in Dubai attended by Hilton CEO, Mr Chris Nassett, and Mohammed Alshaya, Chairman of KFCD and Mabanee Company S.A.K. The parties confirmed an agreement to open Bahrain’s first Hilton Hotels & Resorts property. The 210 room Hilton Bahrain Bay Hotel & Residences will be located at The Avenues in Manama, a major retail and leisure destination scheduled to open later this year. The announcement strengthens a

By Adedapo Adesanya The leadership of the National Assembly has been tasked to probe the N4.1 billion budgeted for the parliament alleged to be missing. This charge was given by the Socio-Economic Rights and Accountability Project (SERAP) in a letter addressed to the Senate President, Mr Ahmad Lawan, and Speaker of the House of Representatives, Mr Femi Gbajabiamila. In the letter dated May 15, 2021, and signed by SERAP deputy director, Mr Kolawole Oluwadare, the parliament was asked to “urgently probe and refer to appropriate anti-corruption agencies fresh allegations that N4.1 billion of public money budgeted for the National Assembly

Speaker of the House of Representatives, Mr Femi Gbajabiamila, has disclosed that the lower chamber of the parliament is considering a fresh Stimulus Bill that will ensure that Nigerians get free electricity supply for two months to mitigate the effects of the COVID-19 pandemic. According to him, the proposed bill is to help in boosting the economy through the informal sector as the country prepares for the aftermath of the coronavirus. He said the bill, which will be the second Stimulus Bill by the Green Chamber, is to be considered immediately the House reconvenes from its ongoing break, declared due

By Adedapo Adesanya Airtel Africa Plc has secured a new $500 million loan with a group of relationship banks to partially refinance its €750 million bonds maturing on May 20, 2021. The banks are Bank of America, BNP Paribas, Citibank, HSBC, J.P. Morgan, Standard Chartered Bank, Axis Bank and Kotak Mahindra Bank (the last two are Indian lenders). In a disclosure issued on Wednesday by the Company Secretary, Mr Simon O’Hara, Airtel Africa said, “The new committed facility consists of a combination of a revolving credit facility and term loans with tenor of up to 4 years. The facility will

By Adedapo Adesanya President Bola Tinubu on Wednesday forwarded his supplementary ministerial list containing 19 nominees to the Senate for screening and approval. More ex-governors made it to the list, which was submitted during plenary today by his Chief of Staff and former Speaker of the House of Representatives, Mr Femi Gbajabiamila. The list read by the Senate President, Mr Godswill Akpabio, contained former Governors of Osun, Mr Gboyega Oyetola, Mr Simon Lalong of Plateau, Mr Bello Matawalle of Zamfara, and Mr Atiku Bagudu of Kebbi. Others were Mr Abdullahi Gwarzo, Mr Bosun Tijani, Mrs Maryam Shetty, Mr Isiak Salako,