Brent Jumps to $96 Per Barrel on Further Tighter Supply

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

By Dipo Olowookere The Nigerian Exchange (NGX) Limited posted a 0.25 per cent growth at the close of trading activities on Friday, influenced by persistent bargain-hunting. Business Post reports that the market breadth index was positive yesterday after 33 stocks closed on the gainers’ chart and 21 equities ended on the losers’ table, indicating a strong investor. Secure Electronic Technology was the best-performing stock for the trading session as its value rose by 10.00 per cent to 55 Kobo, followed by MeCure, which gained 9.90 per cent to close at N9.21, Neimeth appreciated by 9.85 per cent to N2.23, Multiverse

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

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 Ahmed Rahma Foremost Nigerian writer, Ms Chimamanda Ngozi Adichie, has been described as an inspiration to many Nigerians, especially the womenfolk, that nothing can be difficult to achieve if they desire it. The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, while welcoming Ms Adichie to a digital closing gong ceremony held in her honour recently, noted that the writer was a testament that Nigeria is blessed with talent. He said it was in recognition of her literary exploits and successes that the exchange felt it necessary to honour her with the closing gong ceremony

By Dipo Olowookere Access Bank’s baseline credit assessment (BCA) has been downgraded by Moodys’ Investors Service to b3 from b2, with its long-term CRRs dropped to B2 from B1, its long-term CRA lowered to B2(cr) from B1(cr) and the national scale CRRs dropped to Aa3.ng from Aa1.ng. In a release by the rating agency, it was explained that the decision to lower the Nigerian lender’s rating was because of the possible weakening of the bank’s credit profile following the merger with Diamond Bank, despite the immediate improvement to Access Bank’ funding structure and long-term profitability. It said following the merger,

By Dipo Olowookere The Nigerian Stock Exchange (NSE) registered its first gain of the week on Friday following the positive performance of stocks in the industrial goods sector of the market and others. The equities market rebounded yesterday by 0.21 percent to shrink the year-to-date loss to 5.77 percent. The All-Share Index (ASI), which closed on Thursday at 29,553.12 points, increased on Friday by 63.26 points to settle at 29,616.38 points. In the same vein, the market capitalisation, which finished at N11.100 trillion in the previous session, appreciated by N24 billion yesterday to end at N11.124 trillion. Business Post reports

By Modupe Gbadeyanka The Nigeria Customs Service (NCS) has appointed NOVA Merchant Bank as a duty collecting bank. This development will enable the young bank handle duty payments for its clients in addition to process and issue custom bonds along with guarantees on their behalf. A statement issued by the financial institution said this is in fulfilment of its commitment to constantly find new ways to serve its customers better. The bank now has the authorisation to collect import, excise and other duties for the customs. “We are excited about this appointment because it would enhance efficiency and improve turnaround

By Samuel Ighoyota Akporhiunuvwiyo There is a growing population of betting companies in Nigeria. This is a result of increase in the number of betters in Nigeria. At a time in the country, it was only just pool betting, but as of today, we have seen a rise in the number of betting companies; the likes of Nairabets, Bet9ja, Accessbet, Blackbet, etc come to mind. It is a common belief by betters that betting is a good way of raising money or getting additional income to solve their financial needs. To some, this is correct, while to others, this is

By Dipo Olowookere The National Bureau of Statistics (NBS) has disclosed that in May 2021, the inflation in Nigeria moderated to 17.93 per cent year-on-year from 18.12 per cent in April 2021. This 0.19 per cent decline in the consumer price index (CPI) was influenced by the easing of the food index to 22.28 per cent year-on-year in May 2021 from 22.72 per cent year-on-year in April 2021. In the inflation data released by the NBS on Tuesday, it was disclosed that on a month-on-month basis, the headline index increased by 1.01 per cent in May 2021, 0.04 per cent

By Dipo Olowookere Any authorised foreign exchange dealers that fail to adhere strictly to the recently introduced forex policy by the Central Bank of Nigeria (CBN) risks suspension from the market, the apex bank has threatened. The bankers’ bank, in a statement issued on Sunday and signed by its Director in charge of Financial Markets Department, Dr Alvan Ikoku, explained that this latest warning came on in line with its determination to meet forex demand in the market and to further increase foreign exchange availability to all end-users and ensure that a fair and verifiable exchange rate operates in the

By Modupe Gbadeyanka The Lagos State Fire and Rescue Service has disclosed that it received it recently received no fewer than 17 fire outbreak calls from residents of the metropolis. In a statement issued on Monday, the agency, which described this as alarming, warned members of the general public, particularly motorists, to desist from indiscriminate storage of Premium Motor Spirit (PMS), otherwise known as petrol, in inappropriate places. Fuel queues have resurfaced in the state since last week, and at the moment, the product is sold in jerry cans along the road. This has also caused some consumers to embark