Brent Nears $70 as Market Clutches to Positive Data

By Bliss Okperan Nigeria’s internet speed averages 25 megabits per second (Mbps), according to data from Surf Shark, a cybersecurity company focused on developing humanised privacy and security solutions. The ranking, contained in the 5th annual (Digital Quality of Life Index (DQL), showed that the country dropped two places to 7th from 9th within the last two years. A quick average analysis shows that at an average of 25 Mbps, Nigeria is far from the world’s fastest fixed internet Singapore, which is 300 Mbps and is ahead compared to the slowest fixed internet in the world, Yemen, which is 11

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange continued its weekly positive run as it extended its gains by 0.41 per cent in the 38th week of trading in this year. The bullish posture was supported by the improvements in the share prices of six companies admitted to the alternative stock exchange in Nigeria. This increased the NASD Unlisted Securities Index (NSI) by  2.30 points from 805.65 points in the previous week to 808.95 points, as the market capitalisation of the bourse was relatively unchanged on a week-on-week at N1.140 trillion. Food Concepts Plc led the price gainers’ after

By Aduragbemi Omiyale Mr Tokunbo Akande, the Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has waded into the controversies surrounding stamp duty. The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have been at loggerheads at to which of them should collect the revenue charged on financial transactions in the country. Mr Akande, while commenting on the matter, described stamp duty as ‘a revenue stamp and not a postage stamp.’ While featuring as a guest on The Tax Talk programme on Channels Television recently, he emphasised that

By Adedapo Adesanya Nigeria has repaid a total of $12.56 billion in external debt as of 2022, data from Intelpoint showed. According to the latest debt figures, Nigeria’s total public debt rose by 75.3 per cent to N87.38 trillion at the end of the second quarter of 2023 against N49.85 trillion recorded in the first quarter of the year. The rise came as the country securitised the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN) to the federal government. The overdraft is a loan facility through which the CBN finances the shortfalls in the government’s

By Dipo Olowookere In validation of the impeccable quality of service it provides in the Nigerian market, Stanbic IBTC Bank Plc, a member of Stanbic IBTC Holdings Plc, has received a 4-star rating in the first ever Lafferty Banking 500 Global Benchmarking Study. Published by the Lafferty Group which provides research and intelligence to the banking industry across the world, the Lafferty Banking 500 study is a survey of 500 banks worldwide, expanded from 100 surveyed in 2016 and 2017, in which banks are given star-ratings out of five with institutions from 72 markets across all global regions ranging from

By Aduragbemi Omiyale Some healthcare providers who were exceptional during the COVID-19 pandemic have been honoured at the Nigeria Healthcare Excellence Awards (NHEA) with support from Sterling Bank Plc. At the 8th annual event held in Lagos over the weekend, special recognition awards were given to Medbury Medical Services as the Most Responsive COVID-19 Testing Company of the Year and Seven-UP Bottling Company Plc as the Most Outstanding COVID-19 Consumables Manufacturer of the Year. Other recipients were the African Centre of Excellence for Genomics of Infectious Diseases (ACEGID), Redeemers University in Ede, Osun State as the Most Outstanding Genomics Laboratory

By Dipo Olowookere The region will witness the largest show in the amusement industry, DEAL 2017, to provide an effective platform for the stakeholders within the African entertainment and amusement sector, as per International Expo Consults (IEC), the organisers of the show. In the wake of growing developments in the African region, it is essential for shows like DEAL to bring key players of the amusement and leisure industry to converge at a focal point to showcase ingenious products which can benefit the market. “DEAL has been steadily gaining popularity on all fronts as the African amusement sector will benefit

By Dipo Olowookere Shares of Seplat Plc have depreciated by N15 since the beginning of this week, Business Post is reporting. This development came on the back of news last weekend about Chairman of the oil firm, Mr Ambrosie Ojiako, being ordered by a Lagos court to pay three financial institutions the sum of $144 million. According to reports, Mr Orjiako and his firm known as Shebah Exploration and Production Company Limited were asked to pay the amount to Skye Bank (now defunct and known as Polaris Bank), Diamond Bank and the Africa Import Export Bank. A Federal High Court

By Dipo Olowookere There are strong indications that the payment of Value Added Tax (VAT) on transactions conducted on the floor of the Nigerian Stock Exchange (NSE) may again be suspended for another period soon. This is because federal government is looking into the requests made stakeholders in the nation’s capital market for an extension for the VAT exemption on NSE transactions. Business Post reports that in 2014, the federal government, through the Minister of Finance, Mrs Ngozi Okonjo-Iweala, had announced a 5-year tax holiday for players in the stock market so as to encourage more participation. This VAT exemption

By Dipo Olowookere Tonight, all attention will shift to the grand finale of the InterswitchSPAK 1.0 National Science Competition, which airs on terrestrial and PayTV stations. According to information available to Business Post, the finals will be aired on AIT and Africa Magic Channel 154 today, Saturday, February 9, 2019 at 6pm and 7pm respectively. Other television stations on which the show will be aired include TVC Lagos, STV Jos, NTA Kano, EBS Edo, NTA Port-Harcourt, DBS Asaba and OSRC Akure. Feelers reaching us indicate that during the show, many eyes will be glued to the television as nine finalists

European stocks moved to the downside earlier in the session and remain mostly lower following the release of the U.S. jobs report. While the French CAC 40 Index has fallen by 0.3 percent, the German DAX Index and the UK’s FTSE 100 Index are both down by 0.4 percent. The downside remained capped after European Central Bank Vice President Luis de Guindos said that the bank is keeping all monetary policy options on the table for dealing with an economic slowdown and fulfilling its inflation goals. Meanwhile, trade talks between the U.S. and China will resume next week after U.S.

By Modupe Gbadeyanka The implementation of financial autonomy for the state legislature and judiciary would commence this week, the federal government has confirmed. The Minister of Labour and Employment, Mr Chris Ngige, said the 36 state governors, after studying the document, agreed to implement the long-awaited policy from Monday, May 24, 2021. This would be done as they get the allocation for May 2021 from the Federation Account Allocation Committee (FAAC) from tomorrow. At a reconciliation meeting with the striking members of the Judiciary Staff Union of Nigeria (JUSUN) and Parliamentary Staff Association of Nigeria (PASAN), it was agreed that