Tag: Investors

Stock market slumps further, as investors lose ₦9tr in 3 weeks

Aminu Imam
Stock market slumps

Nigerian equities extended their downward trend in June, with investors losing about ₦9 trillion in market value within the first three weeks of the month as bearish sentiment continued to dominate trading activities. Latest data from the Nigerian Exchange (NGX) showed that the All-Share Index (ASI) and market capitalization declined by 3.59% during the week to close at 235,941.27 points and ₦151.327 trillion respectively. The sharp decline translated to a loss of ₦5.69 trillion in market value within a week, effectively wiping out the ₦4.59 trillion gain recorded by the…

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Investors accuse Petroleum Minister, Lokpobiri of bribe demands in oil licence approvals

Aminu Imam
Investors accuse Lokpobiri

Nigeria’s fragile oil and gas sector is once again mired in controversy as multiple industry insiders accuse the Minister of State for Petroleum Resources, Heineken Lokpobiri, of illegally demanding bribes from companies and stalling approvals for the extension of Petroleum Prospecting Licences. Five separate sources in the petroleum sector confirmed that the Minister had been holding up statutory processes since June. Three of the sources provided direct testimony, while two others corroborated the claims, all on the condition of anonymity for fear of reprisals. According to the Petroleum Industry Act…

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