Asian Shares Rise in Midweek Trade

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

Exercise is any movement that works out your muscles to help burn excess calories in your body. This can include dancing, walking, jogging, running, swimming, etc. Being active has many health benefits, both mentally and physically. An 11 minute-session of exercise each day can even help you live longer and happily. But remember to confirm with physical therapy or medical clinic in your area with the help of this site by clicking here. This is important, particularly if you have chronic health problems like arthritis, diabetes, or heart disease or if you have any questions or concerns. Here are the

By Dipo Olowookere An agreement has been reached between Final Draft and Afri Reviews for a competition tagged All-Africa Screenwriting Contest. The contest which is in its inaugural year intends to discover a new generation of screenwriters on the African continent, uncover high-concept ideas, link top scriptwriters with top filmmakers, and improve the quality of movies made on the continent. The aim of the partnership is to support the motion picture industry, which starts with scripting before the cameras. Information available to us indicates that the All-Africa Screenwriting Contest is scheduled to kick off in September this year. It was

By Modupe Gbadeyanka Mr Ayeni Philip Olusegun has been appointed as a non-executive director of Morison Industries Plc, a company listed on the Nigerian Stock Exchange (NSE). A statement signed by the company’s Secretary, Miss Abosede Agbetu, disclosed that the appointment of Mr Olusegun was confirmed by Board of Directors of the firm. In the statement issued on Monday, January 30, 2017, it was disclosed that the appointment of Mr Olusegun takes effect from February 1, 2017. The appointee is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and holds a B.A. degree in Pastoral Theology. He

By Modupe Gbadeyanka The N70.6 billion needed by the Nigeria Communications Commission (NCC) as its budget in 2016 has been approved by the House of Representatives. This followed the consideration and approval of the report submitted by the House Committee on Communications led by Mr Saheed Fijabi. According to the report which was considered by the Committee on Supply chaired by the Speaker, Mr Yakubu Dogara, the lower legislative chamber of the National Assembly authorised the issue from the Statutory Revenue Fund of the NCC, N70,672,492,000. From this total, N22,211,186,000 is for recurrent expenditure while N15,651,475,000 is for Capital Expenditure.

By Dipo Olowookere The board and management of BUA Cement will list shares of the company on the trading platform of the Nigerian Stock Exchange (NSE), Business Post can authoritatively report. The stock of the cement company would be admitted on the NSE on Thursday, January 9, 2020, a circular from the exchange sighted by this newspaper on Wednesday confirmed. BUA Cement is joining the local bourse after the recent merger between Obu Cement and Cement Company of Northern Nigeria (CCNN), with approvals received from the court as well as regulatory agencies, including the Securities and Exchange Commission (SEC). BUA

By Bloomberg Editorial Africa and the world cannot afford a failing economy in the continent’s most populous nation. Yet that is exactly what Nigeria might be getting: Its economy is on track to shrink by 1.7 percent this year, the official unemployment rate has more than doubled over the last two years, and inflation is at an 11-year high. One concrete step President Muhammadu Buhari could take to address the crisis would be to eliminate the country’s disastrous foreign exchange controls. Instead, Buhari has made no secret of his desire to defend Nigeria’s currency. And the central bank has mostly

By Modupe Gbadeyanka If Fintech, banks and telecommunications companies can work together more, Nigeria could experience huge economic growth, the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, has opined. The reputable banker maintained that for Nigeria Fintechs to accelerate positive disruption for value, there is a strong need to develop talents, solve a problem beyond payments, monetize data and challenge the status quo. Mr Akinwuntan, who made this submission at the Nigeria Fintech Week themed Evolving Economic Disruptions; Fintech as a Solution, stressed that efforts must be for the establishment digital school of Fintech to groom talents, deepen skills

By Adedapo Adesanya The National Information Technology Development Agency (NITDA) has set 2024 to establish a cybersecurity laboratory to tackle the rising spate of cybercrimes in the country. The lab will be carried out with support from the Chartered Institute of Forensic and Certified Fraud Investigator of Nigeria (CIFCFIN), Mr Kashifu Inuwa, Director-General of NITDA, said on Monday in a statement issued by Mrs Hadiza Umar, Head, Corporate Affairs and External Relations in Abuja. Mr Inuwa, while receiving CIFCFIN’s President, Mr Iliyasu Gashinbak and his team, said the collaboration was necessary to promote digital forensics, reinvigorate the tech ecosystem and