Brent Slides Further on Mixed US Economic Signals

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Dipo Olowookere The regulator of the stock market in Nigeria, the Nigerian Exchange (NGX) Regulation Limited (RegCo), has announced its intention to change rules guiding free-float for companies listed on the NGX Limited. In a notice obtained by Business Post, the organisation further said it wants to amend the cross-border listing rules and develop guidelines for migrating listed securities from one board of the bourse to another. At the moment, the exchange does not have rules regulating the migration of listed securities from one board to another, prompting the regulator to “address this lacuna and to foster NGX’s commitment

By Dipo Olowookere A report by Vanguard has revealed that the N220 billion set aside by the Central Bank of Nigeria (CBN) four years ago to assist owners of small businesses is still cloaked in secrecy. Michael Eboh of Vanguard reports that the scheme was launched under the Micro, Small and Medium Scale Enterprises Development Fund (MSMEDF) with the money expected to be disbursed to qualified business owners. Below is the full report Favour Okoro runs a small tailoring and fashion designing shop along Okumagba Avenue, a busy neighbourhood in Warri. She has five sewing machines. It is a small

By Adedapo Adesanya The Niger Delta Development Commission (NDDC) has flagged off a programme targeted at youths to harness their creative gifts in the entertainment industry and reduce unemployment across the region. While flagging off the programme – Niger Delta Talent Hunt (NIDETH) – at the commission’s headquarters in Port Harcourt, the Interim Administrator of NDDC, Mr Effiong Akwa, assured that the agency would continue to create programmes to address the challenges of youths in the region as well as elevate the initiatives of youths in the Niger Delta. “Niger Delta is blessed. Let me use this opportunity to tell

By Adedapo Adesanya More pressure is pilling on the Naira at the Peer-2-Peer (P2P) segment of the foreign exchange (forex) market amid a shortage in foreign currencies in Nigeria. The local currency depreciated against the United States Dollar on Monday at the market window by 0.34 per cent or N2 to close at N584/$1 compared with N582/$1 it was exchanged last Friday. The nation has been struggling with FX scarcity despite the prices of crude oil rising on the global scene and efforts by the Central Bank of Nigeria (CBN) to continue to defend the Naira are not yielding the

By Kestér Kenn Klomegâh From late February to early March, in Ouagadougou, the capital of Burkina Faso, there was the week-long Africa’s largest film festival FESPACO. In fact, FESPACO was launched in 1969. This festival provided some kind of entertainment, but the most important aspect was the platform created a show screening different films with diverse themes. The competition was very keen, with rewards for winners delivering excellent results. Wolfram Vetter, the European Union ambassador in Burkina Faso, called the film festival “an important contribution to peace and reconciliation in Burkina Faso and beyond.” The EU was the event’s largest

By Adedapo Adesanya The African Development Bank Group (AfDB) has said Africa has been losing from 5 to 15 per cent of its gross domestic product GDP per capita growth because of climate change and its related impacts. This is at it needs about $1.6 trillion between 2022 and 2030 to meet its national contributions, says AfDB Acting Chief Economist and Vice President, Mr Kevin Urama. Speaking at a panel discussion titled African Countries Ownership in Determining Climate Agenda on the sidelines of the Egypt International Cooperation Forum (Egypt-ICF 2022) in Cairo, he urged developed nations to bridge the climate

By Modupe Gbadeyanka On Thursday, November 24, 2016, the Batch B of the National Youth Service Corps (NYSC) will resume orientation. Already, their call-up letters have been posted on the NYSC portal for print out. It is no doubt that some intending corps members get confused on what they should take along to the camp, but Business Post is here to help you solve that problem. Below is a list of Official NYSC Camp Registration Requirements: CALL UP LETTER: This is a vital part of camp registration and the only evidence that you are a prospective corps member and you

By Aduragbemi Omiyale The era of unclaimed dividends in the nation’s stock market seems to be coming to an end very soon, going by the latest move by the Securities and Exchange Commission (SEC). In 2015, worried by the huge value of investors’ sweat laying fallow, SEC introduced the e-Dividend Mandate Management System (e-DMMS). This system was to allow the payment of cash rewards to investors directly into their bank accounts upon registering for an electronic dividend payment mode. With this, the usual issuance of physical dividend warrants to shareholders who qualify for dividend payment was stopped, allowing them to

By Modupe Gbadeyanka A new report from Nielsen titled ‘Navigating the New Normal in Nigeria’ has identified how tough market conditions in Nigeria altered the shopping pattern of residents in the Africa’s most populous nation. The report noted that consumers, due to these                challenging macro-economic forces, have dumped unnecessary products for immediate consumption needs. “Spend has been diverted away from discretionary categories like Confectionery (snacks and sweets) and Personal Care (Health and Beauty) products to essential food and commodities, to make ends meet,” Managing Director of Nielsen East & West Africa, Mr Abhik Gupta was quoted as saying in