Brent Crude Oil Rises 0.31% to $67 on Monday

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 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 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 Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Modupe Gbadeyanka Some educational materials have been donated to Wesley School of Hearing Impaired, Surulere, Lagos, and Whanyinna Nursery and Primary School, Makoko, Lagos. The items were given by GE Gas Power in collaboration with United Way Greater Nigeria (UWGN) through the Back to School drive to foster student development. About 150 schoolchildren from the two schools received the learning essentials to encourage reading culture among children from disadvantaged backgrounds. “This collaboration with GE to enhance the quality of education as well as promote literacy and reading culture among children in beneficiary schools is important in our efforts to

By Modupe Gbadeyanka The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, on Wednesday said the state-owned oil agency will no longer operate the country’s refineries after their rehabilitation. Speaking today in an interview on Arise TV breakfast programme, The Morning Show, he said upon completion of the ongoing rehabilitation exercise, the refineries would be handed over to a private firm on an Operations and Maintenance (O&M) basis. “We are going to get an O&M contract, NNPC won’t run it. We are going to get a firm that will guarantee that this plant would run for

By Modupe Gbadeyanka Nigerian rising star, Fave, has expressed her joy at being named as the latest EQUAL Africa ambassador of the month by music streaming giant, Spotify. Fave is joining the EQUAL programme’s list of fierce African women making waves in music. The Spotify EQUAL Music Programme is part of an effort to foster gender equality and provide a platform to celebrate influential female artists in Africa. Fave has continued to gain fame and popularity since the release of her breakthrough hit single, Baby Riddim in September 2021 via emPawa Africa. The 22-year-old singer is a burgeoning Nigerian Afro

By Dipo Olowookere Shares of A.G. Leventis Nigeria Plc have been placed on full suspension by the Nigerian Stock Exchange (NSE), a notice from the exchange has revealed. Trading in the company’s equities was put under hold by the local bourse with effect from Friday, December 27, 2019, the disclosure signed by the Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai, noted. This action was taken to prevent further trading in the company’s shares so as to determine the shareholders that will qualify to receive the scheme consideration from the Scheme of Arrangement between A.G. Leventis (Nigeria)

By Dipo Olowookere The planned protest for Monday, August 5, 2019 organized by Publisher of Sahara Reporters, Mr Yele Sowore, has been described as criminal, treason, felony and an act of terrorism by the Nigeria Police Force. A statement signed by the spokesman of the NPF, Mr Frank Mba, warned organisers of the march to desist from going on with the demonstration or be prepared to face the full wrath of the law. In the early hours of Saturday, Mr Sowore was picked up by men of the Department for State Services (DSS) at his Ikeja, Lagos residence and taken

By Adedapo Adesanya The global streaming platform, Netflix, has appointed the Group Executive Chairman and founder of Econet, Mr Strive Masiyiwa, to its board. The appointment has made Mr Masiyiwa the first-ever African to join the board of directors of the company. Mr Masiyiwa is Zimbabwe’s richest businessman with an estimated net worth of $1 billion and leads mobile telecom giant Econet Global’s operations in over 20 countries across Africa and Europe. Currently serving on several international boards including the Global Advisory boards of Bank of America and Stanford University as well as chairing the Alliance for a Green Revolution

By Adedapo Adesanya Lagos State Government has suspended all government activities and declared lockdown for three days in view of growing violence in the state. This was disclosed by Governor Babajide Sanwo-Olu in a live broadcast on Wednesday observed by Business Post. This is coming some hours after reports and images of armed uniformed men opening fire on #EndSARS protesters at the Lekki tollgate area of the state on Tuesday evening. He said, “Fellow Lagosians, in the sensitive mood and in the mood of the nation at this time, I have directed further that we have an immediate suspension of

By Adedapo Adesanya The market capitalisation of the NASD Over the Counter (OTC) Securities Exchange returned to the N500 billion region on Friday after it appreciated by 0.26 per cent. This was buoyed by the price appreciation recorded by the shares of FrieslandCampina WAMCO Nigeria Plc, which are traded on the platform. Business Post reports that the equity price of the milk maker at the unlisted securities market increased by N1.34 or 1.1 per cent to settle at N120.34 per unit in contrast to N119 per unit of the previous day. As a result of this growth, the market capitalisation improved by