Why ASUU may embark on strike again

Why ASUU may embark on strike

Why ASUU may embark on strike again   The coast is not yet totally clear for public universities in Nigeria despite the thrilling news of termination of a nine-month old strike by the Academic Staff Union of Universities (ASUU) that erupted wild jubilation today. While ASUU National President, Biodun Ogunyemi, announced the calling off of the strike during a press conference in Abuja, he also warned that the Union would return to strike without notice if the government fails in meeting its part of the agreement reached with the university…

Read more

What No One Told You about “How to Make a Million Dollars Trading Forex”

forex reserves shed

What No One Told You about “How to Make a Million Dollars Trading Forex” By Olayinka Ajayi Before you start joining groups, here are what you should know about these folks peddling forex like it’s a commodity. They don’t make money from forex. Heck! Some of these folks have never navigated a forex chart. The screenshots they post are from a practice account the broker you sign up with dashes you to practice how to trade. If anyone walks up to you and starts preaching the forex gospel, ask him/her to…

Read more

Ethiopia approves the setting up of its capital market structure

Ethiopia approves

Ethiopia approves the setting up of its capital market structure   Ethiopia’s cabinet on Tuesday endorsed the establishment of a stock market, Prime Minister Abiy Ahmed tweeted. The finance ministry said in June it had drafted a bill to create a stock market authority. It was not immediately clear if this was the bill passed on Tuesday. Abiy’s office tweeted a statement saying that a capital market would ease Ethiopia’s dependency on foreign finance. Since Abiy took office in 2018, the government has slowly begun introducing economic reforms, including preparing…

Read more

Fixed income yield continue to weaken as market appetite wither

Fixed income yield continue to weaken

Fixed income yield continue to weaken as market appetite wither By Zedcrest Analysts _________________ FGN Bonds The FGN bond market continued on its sluggish note, opening and trading on a very drab note. The belly of the curve weakened aggressively, sliding another 40bps D/D. We saw better offers for 2034s-2037s paper and a few trades printed for the 2035s,2036s, and 2037s maturities with the range of 7.40%-7.60%. Offers were also bettered for the 2034s paper at the 7.50% level but were met with a rather far bid making it challenging…

Read more

BUA spends $1.05bn on cement plants in Sokoto, Edo, Adamawa

BUA spends $1.05bn on cement plants

BUA spends $1.05bn on cement plants in Sokoto, Edo, Adamawa   BUA Cement, has signed an agreement with Sinoma CBMI of China for the construction of three new cement plants of 3 million tonnes each per annum in Edo, Sokoto and Adamawa States. A statement from the company said the projects will be completed by the end of 2022. Upon completion, this will bring BUA Cement’s total capacity to 20 million metric tonnes by per annum. “At 9 million tonnes combined capacity, this is the single largest contract ever awarded…

Read more

Nigeria targets N2.8trn revenue with new gas project

Jaiz Bank targets N6.15bn

Nigeria targets N2.8trn revenue with new gas project Facility to provide 3.5m megawatts electricity in 25yrs   About N2.8 trillion-revenue is expected from a new 200 million cubic feet gas project being promoted by the Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC). This revenue is expected to be made in about 25 years as the Integrated Gas Handling Facility (IGHF) and LPG Units project would contribute at least $300 million yearly, bringing revenue to about $7.5 billion (N2.8 trillion) at full output. The…

Read more

Stock market index sustains uptrend by 1.20%

MPC outcome

Stock market index sustains uptrend by 1.20%   Bulls extended their dominance in the Nigerian equity market to seventh successive sessions on Tuesday, as the All-Share Index (ASI) appreciated by 1.20 per cent. At the close of transactions, the ASI gained 450.21 absolute points, representing a gain of 1.20 per cent to close at 37,893.61 points. Similarly, the overall market capitalisation appreciated by N235 billion to close at N19.805 trillion. The uptrend was driven by price appreciation in medium and large capitalised stocks, including Dangote Cement, Eterna, Cadbury Nigeria, Zenith…

Read more

Seplat Petroleum, Waltersmith Refinery sign crude purchase agreement

crude purchase agreement

Seplat Petroleum, Waltersmith Refinery sign crude purchase agreement   Seplat Petroleum Development Company Plc, has signed a Crude Purchase Agreement (CPA) with Waltersmith Petroman Oil Limited. According to a statement available to Business Metrics through the Nigerian Stock Exchange (NSE), Seplat stated: “The CPA is for the supply of between 2,000 and 4,000 bopd from existing working-interest production from the Ohaji South Field within OML53, for Waltersmith’s new 5,000 bopd modular refinery at Ibigwe Field, in Imo State.” Previously, Seplat’s share of Ohaji South crude was primarily evacuated to the…

Read more

AfDB approves $7m for mini-grid projects in Nigeria, others

AfDB approves $7m

AfDB approves $7m for mini-grid projects in Nigeria, others   The Board of Directors of the African Development Bank (AfDB) has approved a $7 million grant from the Sustainable Energy Fund for Africa (SEFA). The Bank explained in a press release recently that the fund is for technical assistance in setting up a mini-grid acceleration initiative to meet the needs of the continent’s fast-evolving renewable mini-grid industry. The lender said that the Africa Mini-Grid Market Acceleration Programme (AMAP), which aims to boost energy access in remote regions and enhance climate…

Read more