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Oil Rallies as Market Expects Increase Demand in US, China

Oil Rallies as Market Expects Increase Demand in US, China

Oil Rallies as Market Expects Increase Demand in US, China

Crude oil prices edged higher on Friday following robust economic data in China, and the United States, the world’s biggest oil consumers. International benchmark Brent crude traded at $94.03 per barrel on Friday, increasing by around 2.25% relative to the closing price of $91.96 a barrel on Friday last week.

West Texas Intermediate (WTI), the American benchmark, was trading at $92.81 a barrel at the same time on Friday, up 3.08% from last Friday’s session, which closed at $90.03 per barrel. The world’s two largest oil producers, Russia and Saudi Arabia, have cut back on production, raising supply fears that have driven prices to their highest point this year.

Both countries have agreed to cut output by around 1.3 million barrels per day (bpd) until the end of the year. Exacerbating supply concerns further, the Russian government announced plans last week to limit the export of gasoline and diesel fuel until fuel supplies and prices stabilize on the domestic market.

Although Russia’s diesel and gasoline exports are less than the country’s crude oil shipments, the export embargo before the winter and ongoing supply concerns have heightened market jitters. The surge in demand in the US and China, the world’s biggest oil consumers, also supported the upward price movement during the week.

The Energy Information Administration reported on Wednesday that US oil inventories decreased by about 2.2 million barrels compared to the American Petroleum Institute’s expectation of an increase of about 1.6 million barrels.

The unexpected decline in inventories signals an upswing in demand in the US. Furthermore, robust economic data from China, the world’s top oil importer, is signalling rising demand and bolstering prices. China’s week-long autumn festival holiday that begins Friday is anticipated to drive fuel demand with an anticipated rise in the number of travellers over the holiday.

The rally in oil ran out of momentum yesterday and Brent struggled to hold onto gains made in the early part of the trading session. There is likely reluctance amongst participants to push too much higher right now with the market clearly in overbought territory, according to ING analysts.

There is also possible nervousness that OPEC+ and specifically Saudi Arabia could start to ease cuts earlier than scheduled if prices move much higher- something that analysts have highlighted for quite some time now. 

Gasoil cracks received a boost yesterday with the November ICE gasoil crack rallying from around US$30/bbl to close to US$34/bbl. This is after reports that the Chinese government told state refiners that it is unlikely that they will receive any further refined product export quotas this year.

The government has issued three batches of export quotas so far this year, totalling 39.99mt, up from the 37.25mt issued over the whole of 2022. There had been some hope that China would release further export quotas, which would help ease the tightness in middle distillate markets.

The latest inventory data from Global Insights shows that refined product inventories in the ARA region increased by 76kt over the last week to 5.29mt. Gasoil saw the largest increase in stocks, growing by 79kt to 1.99mt. However, it is still well below the 5-year average at the moment and will be a concern as US moves closer towards the winter months.

In Singapore, the latest data shows that total refined product inventories fell by 1.95MMbbls over the last week to 42.04MMbbls. The draw was largely driven by fuel oil stocks, which fell by 2.08MMbbls to 19.77MMbbls, while light distillates saw a marginal decline of 245Mbbls to 12.89MMbbls.

In the gas market, Henry Hub managed a second day of gains with the market settling almost 1.6% higher yesterday. This is despite US gas storage increasing by 90Bcf over the last week, slightly above the 88Bcf the market was expecting.

This leaves total US natural gas storage at 3.36Tcf, up 13.4% year on year and also 6% above the 5-year average. Forecasts for cooler weather appear to be what has driven the market higher. CBN Devalues Naira 12.95% despite Rising Foreign Reserves

Decongestion: FG Begins First Train Cargo From Apapa Port

Decongestion: FG Begins First Train Cargo From Apapa Port
Minister of Transport, Senator Saidu Alkali

Decongestion: FG Begins First Train Cargo From Apapa Port

The Federal Government has begun the first-ever train cargo trip carrying containers from Apapa Port to Ibadan aimed at reducing congestion at the port and enhancing efficiency in Nigeria’s transportation sector.

The Minister of Transportation, Sen. Sa’id Alkali, made this known at the commencement of the maiden train cargo in Lagos on Thursday.

Alkali said the days of traffic congestion and logistical bottlenecks at Apapa Port were numbered, paving the way for a brighter and more prosperous future for the nation.

The minister on Sept. 12 inaugurated the loading of 30 coach container wagons.

Alkali said the 30 coach container wagons, loaded with a diverse range of goods, embarked on their maiden voyage, showcasing the immense potential of rail transportation in the country.

The minister emphasised that the train was expected to make this crucial trip three times daily, ensuring a continuous flow of goods to various parts of the country.

Alkali said the maiden train cargo trip mark a significant milestone in the ongoing mission to relieve the burden on Apapa port and streamline the movement of goods across the country.

The minister said with an ambitious goal of transporting 90 trucks of 40-foot containers daily, this initiative is poised to revolutionise Nigeria’s logistics landscape.

He said: “The decision to shift container transportation from road to rail is a strategic move that promises multifaceted benefits.

“By embracing rail transport, the government aims to minimise the traffic congestion that has plagued the Apapa area for years, leading to significant economic losses and hampered trade activities.

“Moreover, this shift will help reduce the wear and tear on roads, enhance safety, and contribute to a more sustainable and eco-friendly transportation system.

“The journey from Apapa Port to Ibadan, which spans approximately 130 kilometers, was completed with utmost efficiency and punctuality.

“The 30 coach container wagons, loaded with a diverse range of goods, embarked on their maiden voyage, showcasing the immense potential of rail transport in Nigeria.

“The train is expected to make this crucial trip three times daily, ensuring a continuous flow of goods to various parts of the country.”

Alkali said this groundbreaking achievement had been met with widespread acclaim and optimism from stakeholders across the nation.

He noted that business owners, importers, exporters and citizens alike were eagerly anticipating the positive impact this initiative would have on the economy, job creation and overall ease of doing business.

The minister said President Bola Tinubu’s  administration is committed to prioritizing infrastructure development and implementing innovative solutions to address the challenges faced by the transportation sector.

Alkali said as this transformative initiative gain momentum, plans were already underway to expand the network and establish similar container transportation routes to other key locations across the country.

The minister said this strategic expansion would not only enhance connectivity but also foster regional integration and bolster economic growth.

He said the the maiden train cargo trip to Ibadan represents a significant leap forward in the country’s pursuit of a modern, efficient and sustainable transportation system.

Alkali said it also served as a testament to the government’s dedication to improving trade facilitation, reducing logistics costs and positioning the country as a regional logistics hub.

The minister said with the successful launch of this game-changing initiative, it was clear that Nigeria’s transportation sector was on an exciting trajectory towards progress. #Decongestion: FG Begins First Train Cargo From Apapa Port#

Okonjo-Iweala Advocates Collective Approach in Tackling Socio-Economic Challenges in S’East

Okonjo-Iweala Advocates Collective Approach in Tackling Socio-Economic Challenges in S’East

Okonjo-Iweala Advocates Collective Approach in Tackling Socio-Economic Challenges in S’East
Ngozi Okonjo-Iweala, Director General, World Trade Organisation

Okonjo-Iweala Advocates Collective Approach in Tackling Socio-Economic Challenges in S’East

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okojo-Iweala, has urged South-East stakeholders to foster joint leadership in order to collectively tackle the challenges bedeviling the region.

Okonjo-Iweala made the call in her keynote address to the South-East Summit on Security and Economy, which kicked-off in Owerri on Thursday.

The theme of the two-day summit is “South East Beyond 2023, Time for a Reset.”

Okonjo-Iweala said: “We no longer have solidarity, instead we are fragmented as a people and that has made us to forget how to support each other.

“If our big problem is ourselves, it means that the solution also lies in our hands.”

The WTO boss underscored the need for the region to improve its internally generated revenue, keep the borrowing down and improve on capital expenditures.

She asked: “Governors, state legislatures and local government chairs must continuously ask themselves, are we using our FAC allocation wisely, transparently and effectively?

“Can we generate more revenue internally and how do we do it, while so motivating our productive sectors and factors?

“Are we taking on too much debts? Are we even spending the amount borrowed effectively?”

Okonjo-Iweala advised the region to seize the opportunity of the privatisation in the electricity sector to look towards solar and gas solutions as a way to improve the situation of power supply.

“I want to suggest that we convene a South-East investment forum, not for people from outside the region or abroad but for our own Igbo business people.

“In this forum, we should examine what is blocking greater investment in the South-East region and what we can do to block these leakages,” she further said.

She emphasized the need for the region to consider diversifying and attracting investments in the supply chain of pharmaceuticals, fertilisers, labour intensive industries and digital technology.

She also advised the stakeholders to take advantage of the benefits in digital trade for micro, small and medium enterprises, online education, health and accounting services.

Okonjo-Iweala urged the region to draw from its diaspora resources to build on the health sector.

“I am sure the South-East governors, coming together, can do some financial engineering and find a way to float a South-East diaspora bond or fund to capture some loans and tenured to financing some development priorities,” she said.

Speaking on behalf of the South-East Traditional Rulers, the Obi of Onitsha, Igwe Alfred Achebe, commended the South-East governors for organising the summit.

Achebe said, “The complex security situation in the zone and the economic strangulation of the zone, arising from the insecurity, have greatly affected major markets in the area.”

The traditional ruler further expressed the need to set a peculiar agenda for the people shared by all stakeholders above partisanship.

She also advocated the need to focus on strategic economic development, organised regional security and rebirth of the Igbo nation through revisiting and repositioning of Igbo values.

Earlier in an address of welcome, the former Senate President and Chairman of the summit, Anyim Pius Anyim, said the event aimed at sending clear message to diaspora and Nigerians.

“We are here to send a clear message to our people at home and abroad, and our fellow Nigerians that the Igbo nation strives to become more coercive in order to be more effective in contributing its quota in the search for national consensus on equity, peace and development,” he said.

He said the summit was not intended to dish out directives to the governors but create a platform for sharing of new ideas and understanding on areas of collaboration and integration.

Anyim, however, said that since 1999, the attention of governments shifted, adding that “no government in the South-East had considered it needful to service industrial corridors and attract investors to set up factories.

“The implication is that unemployment rate had multiplied and could be the reason for the upsurge of crime and criminality in the zone.

“We need to rethink our developmental priorities,” he said, while calling for the re-engineering of the entrepreneurship sector and realignment of the educational system with the regional needs.

The Chairperson of the Organising Committee, Sen. Chris Anyanwu, thanked the delegates from the region to the summit.

According to Anyanwu, the summit, which attracted the five South-East governors, religious, cultural and traditional leaders, is expected to set agenda for the region’s accelerated economic transformation, social harmony and effective security. #Okonjo-Iweala Advocates Collective Approach in Tackling Socio-Economic Challenges in S’East#

AfDB Unveils Country-by-Country Report on Africa’s Green Financing Needs

Risk Betting: Foreign Investors Increase Nigeria Eurobond Buying

Risk Betting: Foreign Investors Increase Nigeria Eurobond Buying

Risk Betting: Foreign Investors Increase Nigeria Eurobond Buying

Risk Betting: In the international debt market, foreign portfolio investors (FPIs) increased buying momentum on the Nigerian government Eurobonds despite budding macroeconomic uncertainties spooked by a number of pressure-induced growth-targeted policies.

Consequently, Federal Government US dollar denominated bonds recorded a surge in prices. At the same time, benchmark yield sloped downward as the authority continues efforts to position Africa’s largest economy by the size of its gross domestic product (GDP) for prosperity.

President Bola Tinubu has signalled an intention to drive growth by removing bottlenecks with dual reforms that heightened economic pain but applauded by global rating agencies, investment banking firms and global index services providers.

But despite a decision to float the local currency using a willing buyer, willing seller approach, the naira has lost a great deal in 2023 with no respite in sight due to foreign currency shortage in the economy.

“Nigeria must strive to pump more oil to meet its OPEC+ quota, raising hydrocarbon sales is the best bet due to relatively overdependence on oil export which has a direct connection with economic growth…

“Eurobond is a bad bet now, but then government can work around other external funding with lower debt service costs to support gross external reserves position, offset FX backlog and then provide market intervention, support for the naira”, Research analysts at LSintelligence Associates said in an email correspondence.

There were tepid trading activities in the local bond market despite a positive trend around the financial system liquidity.  Traders at CardinalStone reported that the average yield rose marginally by a basis point to close at 14.48%.

Fixed income analysts spotted sell pressures at the mid-segment (+2bps) of the curve.  Especially on the July 2030 (+3bps) and April 2032 (+8bps) papers, while the short and long ends of the curve closed flat.

Across the benchmark curve, Cordros Capital said the average yield was unchanged at the short and long ends but expanded at the mid-segment. In the money market, the Nigerian Interbank Offer rates crashed across most of the maturity gauges as the overnight NIBOR declined by 2.25% points to 9.63% as the liquidity level in the financial system eased.

Also, the key money market rates such as the open repo rate (OPR) and the overnight lending rate (OVN) lowered further to 7.61% (from 10.50%) and 8.33% (from 11.05%) respectively.   The financial system liquidity was supported by inflows from FGN bond coupon payments totalling N164.29 billion.

Analysts said the reduced pressures in the market would for a while, reduce local deposit money banks’ search for funding at the Central Bank of Nigeria’s standing lending facility. It was noted that trading activities on the Nigerian Treasury bills ended on a bullish note. Fixed income market analysts said the average yield declined by 4bps to 8.3%.

Across the curve, analysts at Cordros Capital reported that the average yield contracted at the mid (-13bps) and long (-1bp) segments. This came as fixed interest securities investors demanded the 168-day to maturity (-74bps) and 329-day to maturity (-1bp) bills, respectively. Conversely, the average yield closed flat at the short end.

Elsewhere, the average yield contracted by 1bp to 12.2% in the OMO segment.

Amidst expectation of yield repricing, the average secondary market yield on the Nigerian Treasury Bills was down across the short, mid and long end of the curve on the back of buy-interest.   In Nigeria’s Eurobonds market, the average secondary market yield closed negative, rising by 62bps. #Risk Betting: Foreign Investors Increase Nigeria Eurobond Buying Naira Devaluation Deepens Economic Crisis in Nigeria

AfDB Unveils Country-by-Country Report on Africa’s Green Financing Needs

AfDB Unveils Country-by-Country Report on Africa’s Green Financing Needs

AfDB Unveils Country-by-Country Report on Africa’s Green Financing Needs

The African Development Bank(AfDB) Group has unveiled a country-by-country economic reports on Africa’s climate change and green growth financing needs.

The aim of the report is to guide African policymakers in their discussions during the 28th United Nations (UN) Conference on Climate Change (COP 28).

The bank said the global event would take place in Dubai, United Arab Emirates, from Nov. 30 to Dec. 12.

The new Country Focus Reports (CFRs) provide analysis and policy recommendations to strengthen countries’ active participation at COP 28.

The theme of the reports is “Mobilising private sector finance for climate and green growth in Africa”.

The report foster policy dialogue on macroeconomic performance and outlook and provide insights on mobilising private sector and natural capital finance to drive the continent’s climate resilience and green growth policies.

Prof Kevin Urama, AfDB’s Chief Economist and Vice President, said the reports would evoke sound, practical and implementable policies to enhance private sector financing for climate change and green growth.

“As countries prepare for COP28, the reports provide each African country with independent, verified analysis and recommendations.

“For evidence-based negotiations on climate finance and green transitions during the global conversation.

“The reports contain several short, medium, and long-term policies to accelerate African countries’ economic growth and build resilience to shocks. “They provide governments and potential investors with up-to-date, accurate data to inform policy and investment decisions,”Urama said

The vice president said climate change had been identified as one of the most pressing existential threats to Africa’s inclusive growth and sustainable development.

According to Urama, this year’s country reports explore opportunities to leverage private sector resources and natural capital to close the climate finance gap.

He said this would support the transition to inclusive, strong, and sustainable green growth.

According to Urama, expanding private sector participation in green growth markets requires several policy interventions, including strengthening the capacity to develop long-term green growth strategies.

He said that this includes the development of appropriate regulations and incentives, supporting project preparation and development, and developing more robust capital markets.

“This will support easy entry and exit for domestic and global investors.

“It will require greater use of blended finance, the use of de-risking facilities at scale, and the development of platforms.

“That allow the private sector to invest in a portfolio of green projects, rather than individual projects, to diversify and manage risk,” Urama said.

The AfDB’s Acting Director of Country Economics, Ferdinand Bakoup, said the Country Focus Reports 2023 built on the African Economic Outlook 2023 which was launched in May.

Bakoup said the report also build on the subsequent Regional Economic Outlooks launched in July.

He said: “the CFRs’ detailed country-level analysis and policy recommendations will impact policy design and future projects and programmes in African countries.

“Through these continental, regional, and country-specific reports, AfDB seeks to reduce the information imbalances that result from generalising about countries across a very diverse continent.

“The document highlights how governments can strengthen macroeconomic performance and outlook and catalyse private sector and natural capital finance to support climate action and green growth initiatives in the country.

“These include green bonds, debt for climate swaps, green banks, blended finance, carbon markets, and several other innovative financing instruments, “he said.

The African Economic Outlook (AEO) 2023 and the Regional Economic Outlook reports highlight the resilience of several African economies despite a series of compounding shocks in recent years.

The shocks include the COVID-19 pandemic, the persistent impact of climate change, global conflicts, financial market volatility, rising debt vulnerabilities and more.

The Country Focus Reports gives more specific insights for each African country. #AfDB Unveils Country-by-Country Report on Africa’s Green Financing Needs#

SSA Youthful Population Represents Tremendous Opportunities– IMF

SSA Youthful Population Represents Tremendous Opportunities– IMF

SSA Youthful Population Represents Tremendous Opportunities– IMF

SSA Youthful Population Represents Tremendous Opportunities– IMF

The youthful population of Sub-Saharan Africa (SSA) represents tremendous opportunities for the region in spite of challenges. The International Monetary Fund (IMF) Director of Communication Department, Julie Kozack, made this known at the IMF Headquarters in Washington, DC during a news conference.

She was speaking at the 2023 Annual Meetings in Marrakech, Morocco from Oct. 9 to Oct. 15. “The region has been very much affected by the succession of shocks, the pandemic, the cost of living crisis, and food insecurity.

“In addition, the region has been affected, of course, by tightening global financial conditions, and that has led to what we are calling the funding squeeze. All of that has happened in a situation where the region is also facing, in some countries, high debt. So the challenges, of course, are very significant in Africa.

“But I would be remiss if I did not also mention the opportunities in the sense that Africa is a continent with a youthful population, which presents tremendous opportunities for the region as well,” she said.

Kozack said the Annual Meetings was an opportunity to bring the global community together, noting that this was the first time in 50 years that the Meetings was held on the African continent. According to her, it is a consequential moment for global membership.

“The world’s economies are gradually healing from a series of shocks, pandemic, Russia’s invasion of Ukraine, cost of living crisis, climate events on every continent.

“So we see this as a time to bring the global economy together, to bring global economic leaders together to discuss how we can come together as a global community to overcome these challenges.

“Particularly as it affects low-income and vulnerable countries, and that we see as a major topic for the meetings.”

Commenting on the coups in some African countries, Kozack said the role of the IMF was to contribute, via policy advice, capacity development and financing to a more stable economic and social environment.

She said this would be done by engaging in solutions to humanitarian challenges, social exclusion, insecurity, and lack of basic public services.

“Staying engaged in Sahel countries and similar fragile states is therefore important, and that is what we had in mind when we put together our recent strategy for fragile and conflict-affected states,” she said. #SSA Youthful Population Represents Tremendous Opportunities– IMF

Naira Devaluation Deepens Economic Crisis in Nigeria

UK Economy Expands in Q2-2023

UK Economy Expands in Q2-2023

UK Economy Expands in Q2-2023

The economy of the United Kingdom (UK) expanded in the second quarter of the year 2023, according to the statistics office, consolidating on the previous quarterly growth – having shaken off a recession tantrums.

The gross domestic product (GDP) grew by 0.6% year-on-year during the second quarter of 2023, up from a preliminary estimate of 0.4%. Growth in the first quarter was revised up to 0.3% from a previously reported 0.1%, according to data from the Office for National Statistics released Friday.

An upward revision to the prior quarter’s figures indicates the economy could be withstanding some of the pressures from high inflation and a cost-of-living crisis.

Household consumption rose by 0.2% from a flattish Q1 while gross fixed capital formation advanced by 4.6, driven by a 9.2% surge in business investment.

Business investment in Britain increased 4.1% following a revised 4% growth in the first quarter, the Office for National Statistics said Friday.

The final reading was above the flash estimate of a 3.4% gain. On a yearly basis, UK business investment climbed 9.2%, against the prior 7% increase and the flash reading of a 6.7% rise.

In addition, government consumption rebounded by 1.3% after two periods of contraction, and net trade contributed positively to GDP, as exports rose by 3.2%, and imports declined by 2.5%.

Economists polled by the Wall Street Journal also expected on-quarter growth of 0.2% in 2Q.

Industrial production helped drive the increase in the second quarter, the ONS said, with output jumping there by 1.2% in the quarter, revised up from a previously estimated increase of 0.7%.

Q2 GDP data for the U.K. shows that the economy was a little more resilient in the first half of the year than previously thought, although momentum appears to be fading, according to Ruth Gregory, economist at Capital Economics.

The revision of 1Q growth to 0.3% from 0.1% previously now means that GDP is 1.8% above its pre-pandemic level, taking it above France in the G7 rankings. But sources of growth seem unlikely to be sustained, she says.

The high level of recent business investment won’t last, given it was helped by the government’s super-deduction allowance, and the growing drag from higher interest rates means households will struggle to keep increasing their spending at their current rate, Gregory says

Naira Devaluation Deepens Economic Crisis in Nigeria

Naira Crashes as Markets Fail to Meet Forex Demand

Naira Crashes as Markets Fail to Meet Forex Demand
Yemi Cardoso, CBN Gov

Naira Crashes as Markets Fail to Meet Forex Demand

The Nigerian naira crashed further due to demand threat across foreign exchange markets. Both official and parallel markets experienced negative exchange rate movement a day after the Islamic holiday due to foreign currency shortage in the economy.

The local currency continues to lose value due to an imbalance between foreign currency demand for importations, purchases for the private sector and individual needs and the supply side.

At the investors’ and exporters’ forex window, the Nigerian naira depreciated by 2.68% against the US Dollar, closing at N775.31, data from the FMDQ platform showed.

The Naira saw demand pressure hitting harder across the various forex markets despite the news on the confirmation of the new Central Bank of Nigeria (CBN) Governor.

Also, at the parallel market, the local currency depreciated by 0.80% to close at another new low of N1,008, according to channel checks. Some traders said they have less and less foreign currency each day to meet rising demand from invisible users.

MarketForces Africa Research noted that the nation’s external reserves plunged marginally, closing at $33.261 billion at the time of writing on Thursday. 

In the commodities market, West Texas Intermediate (WTI) crude oil futures eased slightly to $90.05 per barrel on Thursday as traders took profit amidst other macros around oil price oscillation.

The Brent Crude closed at $93.17 per barrel on the back of bargain hunting and interest rate worries. For the naira, analysts remained bearish, saying there is no respite in sight.

The CBN participation at the Investors and Exporters Fx window has been weak. The apex bank decision was not unconnected to the recent devaluation of the local currency.  Naira Crashes as Markets Fail to Meet Forex Demand Naira Devaluation Deepens Economic Crisis in Nigeria

Nigerian Exchange Down By N111bn over Wild Mood Swings

Nigerian Exchange Down By N111bn over Wild Mood Swings

Nigerian Exchange Down By N111bn over Wild Mood Swings

Due to sustained selloffs on major listed companies’ shares, the combined value of all the stocks listed on the Nigerian Exchange (NGX) went down by more than N111 billion on Thursday after the Islamic holiday. 

The downturn in the market has been supported by investors’ mood swings due to policy uncertainties, and macro weaknesses, causing a switch away from previous buying interest that pushed key indices upward.

The local bourse has now lost more than N1 trillion in the past few days as equities investors began to take early exits ahead of the third quarter earnings season.

After the Islamic holiday, the stock market continues with selloffs, dragging the Nigerian Exchange All-share index, and year-to-date return lower by 31 basis points.

The local bourse now recorded its sixth consecutive negative outing amidst uncertainties driven by weak macros and the central bank’s indefinitely postponement of its policy meetings.

Citing data from the Nigerian Exchange, stockbrokers reported that the market index or All-Share Index reduced by 203.54 basis points today, representing a decrease of -0.31% to close at 66,448.63.

Also, data from the Nigerian Exchange showed that year-to-date return moderated further to 29.65%, as investors’ wealth was down by approximately ₦111 billion. Furthermore, market activities were down, as the total volume and total value traded dropped by –24.78 % and -24.67% respectively.

Approximately 273.80 million units valued at ₦3,412.21 million were transacted in 6,826 deals, according to a market report by Atlass Portfolios Limited. 

ACCESSCORP was the most traded stock in terms of volume, accounting for 16.76% of the total volume of trades. The financial services group was followed by ZENITHBANK (7.72%), UNITYBNK (7.21%), UBA (6.32%), and TRANSCORP (5.75%) to complete the top 5 on the volume chart.

Likewise, ACCESSCORP was also the most traded stock in value terms, with 20.84% of the total value of trades on the exchange. RTBRISCOE topped the advancers’ chart with a price appreciation of 9.76 per cent.

The company was trailed by CWG (9.72%), BETAGLAS (+9.55%), VERITASKAP (+8.33%), CORNERST (+7.88%), and eleven others.

Twenty-six stocks depreciated, where VITAFOAM was the top loser, with a price depreciation of -9.92%, as FTNCOCOA (9.88%), OANDO (-9.84%), UCAP (-7.20%), DANGSUGAR (-6.00%), and UBA (-3.59%) also dipped in price.

According to Atlass Portfolios Limited, the market breadth closed negative, recording 16 gainers and 26 losers. In addition, the market sector performance closed negative.

The Banking and Consumer goods sectors went down by -1.01% and -0.68% respectively, while the Insurance sector grew by +0.83%. The Oil & Gas and Industrial sectors closed unchanged.

Overall, the equities market capitalisation dropped by ₦111.40 billion, representing a decline of -0.31%, to close at ₦36.37 trillion from ₦36.48 trillion on Wednesday. #Nigerian Exchange Down By N111bn over Wild Mood Swings Naira Devaluation Deepens Economic Crisis in Nigeria

Oil Firm CEO Arraigns for Stealing Access Bank N4.4bn

Oil Firm CEO Arraigns for Stealing Access Bank N4.4bn

Oil Firm CEO Arraigns for Stealing Access Bank N4.4bn

The Economic and Financial Crimes Commission (EFCC) on Thursday arraigned the Chief Executive Officer of Emee Oil And Gas Nig. Ltd., Florence Onojame, who allegedly defrauded Access Bank of N4.4 billion.

Onojame appeared before an Ikeja Special Offences Court alongside her company, on a three-count charge of conspiracy, stealing and receiving fraudulently obtained property.

The defendant, however, pleaded not guilty to the charge. EFCC counsel, Mr Fatai Mohammed, thereafter prayed to the court for a trial date and remand of the defendant. Mohammed told the court the defendant committed the offences with four others at large, sometime in February 2022 in Lagos.

The counsel said that the defendant stole N4.4 billion which she fraudulently transferred via Primusplus, an electronic banking platform of Access Bank, using her company’s login details.

He added that the defendant further transferred the sum into several accounts domiciled with the bank.

The prosecution counsel further submitted that the defendant retained the control of N100 million in her Access Bank account with the name of her company and transferred the sum from Total Energy Nig. Ltd. account, knowing same to be proceeds of criminal activities.

Defence counsel, Mr Williams Onate, however, informed the court that a bail application for his client had been filed before the court and served on the prosecution.

“We will be praying for a short adjournment for hearing of the bail application and that the defendant be ordered to remain in the custody of the EFCC,” Onate said. According to EFCC, the alleged offences contravene Sections 278, 326 and 409 of the Criminal Law of Lagos State, 2015.

Justice Mojisola Dada ordered that the defendant should be kept at the Ikoyi Correctional Centre, pending the hearing of her bail application. Dada adjourned the case until Oct. 10 for a hearing of the bail application. #Oil Firm CEO Arraigns for Stealing Access Bank N4.4bn

Naira Devaluation Deepens Economic Crisis in Nigeria