Banks, Investors Give ThriveAgric $56.4m

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

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 Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Modupe Gbadeyanka On Saturday, May 13, 2023, stakeholders will gather at the Landmark Event Centre, Lagos, for the 2023 second edition of the Interswitch Career Fair. The theme of the programme is The Future of Work and will afford participants the opportunity to explore trends in today’s workplace, as well as insights into the future of work. It will also present opportunities for forward-thinking professionals, enabling them to connect, network and explore new career opportunities. With the rise in cutting-edge technologies such as artificial intelligence and robotics, the workplace is at the threshold of a new frontier. In light

By Adedapo Adesanya Oil prices further moved downwards on Tuesday as a surge in the number of Delta variant coronavirus cases in China signalled a dent in demand for the global oil market. Brent crude oil futures went down by 42 cents or 0.58 per cent to $72.47 per barrel, while the United States West Texas Intermediate (WTI) crude oil futures depreciated by 66 cents or 0.93 per cent to sell at $70.58 per barrel. In China, the Delta variant has spread to 32 provinces within the last two weeks, indicating a rapid spread in the world’s largest oil importer.

By Dipo Olowookere About N121 billion has been spent by Dangote Sugar Refinery Plc on equipment, land acquisition, compensation to land owners, consultancy and related services in its backward integration project. Chairman of the sugar refiner, Mr Aliko Dangote, gave out this information at the company’s Annual General Meeting (AGM) held in Lagos last week. He pointed out that Savannah Sugar Company remained the only company producing sugar from its own grown sugarcane in the country, with over N30 billion spent to date despite major setbacks that hampered progress. According to Mr Dangote, the major setbacks were flood, community relation

By Modupe Gbadeyanka Managing Director/CEO of Guaranty Trust Bank Plc (GTBank), Mr Segun Agbaje, has emerged the 2016 Ai Socially Responsible Investment (SRI) 30 CEO of the year at this year’s 9th annual Ai CEO Investment Summit which took place on the sidelines of the UN General Assembly. Launched in 2007, the Ai Institutional Investment and Capital Market Awards, is the only pan-African awards designed to recognize Africa’s best performing stock exchanges, listed companies, investment banks, research teams, regulators, socially responsible companies and sovereign wealth and pension fund investors. The investment and business leadership awards aim to reward exceptional business

By Adedapo Adesanya Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has warned that the country could get into trouble if the price of crude oil at the international market sells at $22 per barrel. Speaking on Wednesday at a consultative roundtable meeting organised by the Central Bank of Nigeria (CBN) in Abuja, the oil expert said about 50 cargoes carrying the commodity have not found landing. “As at today with the Nigerian crude, we have 50 cargoes that have not found landing; it means the traders have purchased it but they don’t know how

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By Adedapo Adesanya A day after lifting the NASD Over-the-Counter (OTC) Securities Exchange from the dungeon, Nigerian Exchange (NGX) Group Plc has returned the bourse to the bears with the help of its cousin, Central Securities Clearing Systems (CSCS) Plc. Yesterday, the duo failed to extend the stay of the unlisted securities market in the bullish territory for a second session, plunging the market into a loss by 0.02 per cent. This sliced the market capitalisation of the exchange by N130 million to N639.95 billion from N640.08 billion and weakened the NASD Unlisted Security Index (NSI) by 0.15 points to

The Managing Director of Elgusto Classic International, Mr Roland Uche Ogbonna, has been brought before Justice Abdulazeez Anka of Federal High Court in Ikoyi, Lagos. Mr Ogbonna was charged on Friday, August 12, 2016, by the Nigeria Customs Service (NCS), Federal Operations Unit on three counts charge bordering on illegal importation of furniture, breaking of customs seal and evasion of duty payment. Business Post learnt that the suspect and his company were alleged to have imported 511 sets of various furniture from China in July 2016, contrary to provision of section 47 (i) and (ii) of the Customs and Excise