Brent Slides 3% as US Stockpiles Jump, OPEC+ Retains Policy

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Dipo Olowookere The American University of Ras Al Khaimah (AURAK) has signed a cooperation agreement with Wayne State University (WSU) of Detroit, Michigan of the United States, establishing the US-based university into its latest international partner. The agreement, which was initiated by AURAK’s School of Engineering and the School of Engineering, is centred on a Transfer Student Program in which students can earn college degrees from AURAK and WSU simultaneously. The Transfer Student program is divided into two phases. In the first phase AURAK students must complete three years of a four-year, pre-approved engineering program with a 3.0 grade

By Dipo Olowookere Presidential candidate of the Young Progressives Party (YPP), Mr Kingsley Moghalu, has promised to ensure entrepreneurs in the country have access to N1 trillion Venture Capital Fund if elected President of Nigeria in 2019. Mr Moghalu made this pledge at the palace of Emir of Kano, Muhammadu Sanusi II, when he led members of his Kingsley Moghalu Support Organisation (KIMSO) and To Build A Nation (TBAN) to Kano State. The presidential aspirant, a former deputy governor of the Central Bank of Nigeria (CBN), worked under the monarch when he was the CBN Governor. Mr Moghalu said his

By Ahmed Rahma The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has explained why the federal government is bent on selling some national assets despite oppositions to this. Mrs Ahmed, while speaking on Friday on Channels Television’s Sunrise Daily, disclosed that the sale of these “moribund” government properties would benefit Nigerians and boost the nation’s economy. She argued that some of these controversial governments assets were currently moribund and provide little or no value to Nigerians in their current state. “There are some government assets that are dead that can be sold to the private sector to

Skye Bank Plc has approached the Nigerian Stock Exchange (NSE) to give it up till September 2016 to file the interim Financial Statements for the periods ended March 31, and June 30, 2016. Business Post correspondent gathered that the bank explained to the NSE that the delay in submitting the financial report was due to the resignation of 12 of the 16 Directors on the Board of the Bank on July 4. Skye Bank also said it delayed submitting the report because of the challenges it faced due to its integration with Mainstreet Bank Limited which was approved mid-2015. The

By Aduragbemi Omiyale Over the weekend, more than 3,000 Nigerians joined a public forum organised by the Nigerian Exchange (NGX) Limited to educate them on money management and sustainable investing skills. The programme, moderated by US-based financial planner and author, Mr Kalu Aja, was held via a Twitter Spaces session, with the different products available on the exchange, including equities, fixed income, Exchange Traded Funds (ETFs), mutual funds and Exchange Traded Derivatives (ETDs) explained to them by the Head of Product Development at NGX, Ms Chidinma Chukwueke-Okolo. She spoke about ETFs and mutual funds, which give investors options to diversify

By Modupe Gbadeyanka Federal Government on Monday explained why President Muhammadu Buhari was yet to act on the allegation of certificate forgery levelled against Minister of Finance, Mrs Kemi Adeosun. It is about a month ago Mrs Adeosun was accused of using a forged National Youth Service Corps (NYSC) exemption certificate to get her present job, an offence that attracts jail term. But despite calls for her resignation, neither the President nor the Minister has spoken on the issue. Speaking on the matter yesterday in Abuja, Minister of Information and Culture, Mr Lai Mohammed, said it would be inappropriate for

By Modupe Gbadeyanka The foundation for the next success stories in Nigeria’s film industry was laid on Wednesday as Sahara Group announced Joseph Duke as winner of its ‘Grooming Film Extraprenuers with Kunle Afolayan’ project. Duke won with a documentary entitled ‘Give Us This Day’. Duke’s documentary, which beat entries from 20 finalists, highlighted the challenges faced by entrepreneurs, including a story about caring for special needs children. More than 150 entries were received in the competition which began in June 2016 following the partnership between Sahara Group and the award winning filmmaker Kunle Afolayan, designed to identify and empower

By Modupe Gbadeyanka Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Wabote, has disclosed that the board has obtained all necessary approval to relaunch the Nigerian Content Intervention Fund (NCI Fund). Speaking recently at the technical meeting held between top officials of Dangote Refinery and NCDMB at the refinery project site in Lekki, Lagos, Mr Wabote said the slight cost differentials between Nigerian and foreign vendors should not be an excuse to export jobs, stressing that the opportunity cost of creating employment for Nigerians, developing local capacity, retaining spend in the economy and engendering a