Amosun Tasks Entrepreneurs to Invest in Ogun

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

By Adedapo Adesanya The Naira depreciated in the opening session of the week in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 27 against the Dollar by N19.71 or 2.5 per cent as the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said the lender was committed to clearing a backlog of foreign exchange (forex). “We have initiated the payment of unsettled forward foreign exchange obligations, and these payments will continue until all obligations are cleared,” he told bankers last Friday during a dinner speech in Lagos. However, his assurance could not ease the pressure

By Adedapo Adesanya Ugandan ride-hailing startup, SafeBoda, has announced its intentions to terminate operations in Kenya from Friday, November 27, 2020. In a statement via its official Twitter handle, the company announced that it would cease operations in the East African country due to the COVID-19 (coronavirus ) pandemic. The startup, which launched in Kenya’s capital in 2018, stated that while Nairobi has gradually started to recover from the pandemic, boda transportation has been hit hard. According to Safeboda, “This has meant our business cannot sustainably operate in this environment and unfortunately the timeline for a full recovery is not

By Modupe Gbadeyanka In the second quarter of 2021, Nigeria generated N512.3 billion from value-added tax (VAT), data from the National Bureau of Statistics (NBS) has revealed. This was higher than the N496.4 billion VAT revenue generated in the first quarter of this year, the data further showed, indicating a 3.20 per cent quarter-on-quarter increase. In addition, the amount generated from VAT in the period under review was 56.56 per cent higher than the N327.2 billion raked in the same period of last year, the stats office noted. It was observed that other manufacturing generated the highest amount of VAT

By Modupe Gbadeyanka On December 16, 2021, customers of Wakanow were hosted at an exclusive dinner at the 788 on the Sea Restaurant, Twin Waters, Lekki, Lagos. It was the first time such an event was taking place and it provided an opportunity for the company to express its gratitude to customers and seek more support from them. “This event is part of the company’s effort to strengthen relationships with existing customers and show appreciation for their long-term partnership with Wakanow. “We are grateful to all our partners and staff for making the year an eventful one. With over a

The dwindling Nigerian economy is expected to receive a huge boost with the pumping of about $700 million into it. It is no longer a secret that the economy is struggling and businesses in Nigeria finding it very hard to survive, including citizens. An Anglo-South African financial services firm called Old Mutual has declared its intention to invest in the real estate and agriculture sectors in Nigeria. On Friday, the company signed agreements with Nigeria’s sovereign wealth fund to inject a huge amount of money into the two sectors, one of which the government is paying attention to as another

By Adedapo Adesanya Oil futures settled with a loss on Thursday as concerns over a slowdown in energy demand, due to the impact of the latest resurgence of coronavirus pandemic, undermined support provided from a bigger-than-expected drop in U.S. crude supplies. As a result, the Brent crude futures lost 28 cents or 0.5 per cent to trade at $55.53 per barrel, while the West Texas Intermediate (WTI) crude futures dropped 52 cents or 0.98 per cent to $52.53 per barrel. It has been observed that demand uncertainty continues to surround the market as slow travel activity in China, one of

By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) has collaborated with international oil companies (IOCs) to deploy a structured and holistic security apparatus to tackle incidence of oil and gas infrastructure sabotage in the country. General Manager, Group Security Department of the NNPC, Mr Sam Otoboeze, said in Abuja that this will complement the efforts of the Federal Government in security operations. Mr Otoboeze stated that the one-stop-shop security machinery was tailored at professionally and effectively securing the oil and gas environment in line with global best practices for the good of the national economy. He said the security

By Dipo Olowookere All television and radio stations operating in Nigeria have been directed by the National Broadcasting Commission (NBC) to deactivate their Twitter accounts or risk being sanctioned. The order was given by the regulatory agency of the broadcast industry in the country in a circular issued on Monday by the Director-General of the NBC, Mr Armstrong Idachaba. In the statement, the NBC chief said broadcast stations still using Twitter after the federal government suspended operations of the famous micro-blogging platform in the country, were disobeying the government. The regulator said it particularly is not happy that TV and

By Investors Hub Asian stocks rose broadly on Tuesday after the three-day U.S. government shutdown ended and the Bank of Japan maintained its massive monetary stimulus program. The U.S. House and the Senate voted Monday to end the government shutdown and subsequently passed a bill to fund the government for about three weeks after Senate majority leader Mitch McConnell promised to address the fate of young immigrant ‘Dreamers.’ Regional markets shrugged off news that the U.S. will impose steep tariffs on imported washing machines and solar panels. China’s Shanghai Composite index jumped 45.14 points or 1.29 percent to 3,546.50 as