Africa Prudential Suffers Decline in H1 2021 Revenue, Profits

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Dipo Olowookere Commercial banks in Nigeria have been directed by the Central Bank of Nigeria (CBN) to ensure they refund all charges from customers for cash deposits and withdrawals since the beginning of this month. This followed the reversal of the cashless policy reintroduced on April 1, 2017, by the apex bank. In a circular issued by the bankers’ bank, its Director of Banking & Payments System Department, Mr Dipo Fatokun, ordered the banks to ensure “all necessary refunds should be made accordingly” to customers already charged for the suspended services. “You will recall that a directive was issued

By Aduragbemi Omiyale A total of 60 startups established by entrepreneurs of African origin have been selected by a tech giant, Google, for the second cohort of Google for Startups Black Founders Fund (BFF) for Africa. The beneficiaries will have the opportunity to have a share of the $4 million in funding support to assist their companies to expand their operations to other regions. A digital pensions platform from Nigeria, Awabah, is among the startups chosen by Google for the programme and will join others to undergo a 6-month training programme that includes access to a network of mentors to

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By Dipo Olowookere The Securities and Exchange Commission (SEC) has hinted that companies listed on the Nigerian Stocks Exchange (NSE) may raise up to N200 billion from the debt market this year through the issuance of bonds. If this is done, it would be an all-time high in the country. In 2016, a total of N103 billion was raised from the debt market, which remains Nigeria’s all-time high. The Nigerian economy fell into recession in the second quarter of 2016 due to drop in oil price in the global market and decline in output of crude oil in the country

By Modupe Gbadeyanka The suspension earlier placed on disconnection of power supply of its customers has been lifted by Ikeja Electric. On April 1, 2020, Business Post reported that Ikeja Electric announced that it would not be disconnecting electricity of non-paying customers within its franchise network during the 2-week stay-at-home period enforced by federal government to curb the spread of coronavirus. The move, according to the Acting CEO of Ikeja Electric, Ms Folake Soetan, was to ensure that “our customers enjoy steady and quality supply throughout this difficult period and beyond. We recognize the fact that electricity supply is critical

By Modupe Gbadeyanka A bakery in Niger State has been sealed by the National Agency for Food and Drug Administration and Control (NAFDAC) for baking bread with a prohibited substance, potassium bromide. Master bakers in Nigeria had been warned against using potassium bromide in making bread, though some of them still use it. Niger State Coordinator of NAFDAC, Mr Anikoh Ibrahim, said on Wednesday that the agency sealed the bakery located in Lapai Area Council of the state during an unscheduled visit. Mr Ibrahim said NAFDAC would continue to sensitise master bakers in the state on the danger of using

By Adedapo Adesanya The Chief of Defence Staff (CDS), General Lucky Irabor, has said that the four new ballistics gunboats launched by the Nigerian Navy, would boost the fight against oil theft and sea piracy in the Niger Delta region. This is as the Nigerian Navy has inducted four armoured gunboats built at the Naval Shipyard Limited in Port Harcourt, Rivers State. The Defence Chief explained that the induction of the ballistic gunboats, built locally, reaffirmed the resolve of the Armed Forces to clear all illegalities and criminalities at the nation’s maritime space. Mr Irabor added that the new platforms

By Adedapo Adesanya Socio-Economic Rights and Accountability Project (SERAP) has urged the Independent National Electoral Commission (INEC) to pursue constitutional and legal reforms that would explicitly recognize Nigerians’ right to vote and to vote securely in free, fair, and honest elections as a fundamental right. In the message addressed to Mr Mahmood Yakubu, the electoral body’s chairman, SERAP urged him “to promote constitutional and legal reforms that would contain explicit mandatory provisions on internet voter registration, and the use of modern technology, including in casting and counting, voter registration and systems for reporting results.” Recall that the Supreme Court on Thursday,