Brent Trades $76, WTI Nears $72 Amid Supply Cuts

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

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 Central Bank of Nigeria (CBN) announced an emergency slash in the interest rates on all its intervention facilities to 5 percent from 9 percent per annum with effect from March 1, 2020. Governor of the CBN, Mr Godwin Emefiele, made this announcement on Monday, when he presented policy measures to tackle the effect of coronavirus on the economy. The apex bank said it has granted all deposit money banks leave to consider temporary and time-limited restructuring of the tenor and loan terms for businesses and households mostly affected by outbreak of the COVID-19 disease in the

By Modupe Gbadeyanka Wife of the Lagos State Governor, Mrs Bolanle Ambode has charged parents in the state to encourage hand-washing among their children as well as maintain a clean and healthy environment in order to prevent them from contracting infections. The Lagos First Lady gave the charge while speaking at Maryland, lkeja during the flag-off of the mass de-worming exercise for primary school pupils organized by the State’s Ministry of Youth and Social Development. She noted that worm parasites contributed significantly to malnutrition in children by stealing the nutrients they ingest, leading to dangerous health conditions like severe anaemia,

By Modupe Gbadeyanka The Central Bank of Nigeria (CBN), in a circular dated Wednesday, April 5, 2017, released guidelines for the regulation of Non-Interest (Islamic) Microfinance Bank (NIMFBs) in the country. The circular, signed by the apex bank’s Director in charge of Financial Policy and Regulation Department, Mr Kelvin Amugo, categorised the NIMFB into unit, state and national licence with minimum paid-up capital of N20 million, N100 million and N2 billion respectively. He further stated that the minimum standard operating procedures, prudential ratios and other regulatory requirements that operators of NIMFBs are expected to comply with were specified in the

By Dipo Olowookere The trading in the shares of Chellarams Plc at the nation’s stock market has been put on hold by the management of the Nigerian Exchange (NGX) Limited. This action was taken last Thursday, according to a notice issued by the NGX to the investment community. The reason for suspending the stocks of the company was because of its failure to file its financial statements as required by the listing rules. According to the stock exchange, the embargo on Chellarams shares was pursuant to Rule 7.1(b): Rules for Listing on the growth board of the NGX Limited which

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) has announced an extension to Monday’s trading session by one hour. This followed the suspension on trading activities on the nation’s bourse earlier today as a result of a technical issue. The glitch was later result as at about 1:45pm and the management of the stock market said due to the four-hour trading time lost during the technical problem, the trading day will now end by 3:30pm instead of 2:30pm. “The Nigerian Stock Exchange (NSE) today, January 14, 2019, encountered a technical glitch which impacted trading activities for about four hours. “Head

By Adedapo Adesanya The National Insurance Commission (NAICOM) has called on insurance brokers and executives to make their presence felt in rural areas across the country to drive the acceptance for insurance and also bring about financial inclusion. This call was made by the Acting Commissioner of the body, Mr Sunday Thomas, when he welcomed a delegation of the Nigerian Council of Registered Insurance Brokers (NCRIB) led by Mrs Bola Onigbogi during a courtesy visit to the Commission in Abuja. According to the Acting Commissioner, people will show interest and accept insurance if brokers who are the intermediate entities extend

By Dipo Olowookere Governor Abubakar Sani Bello of Niger State has described late Lieutenant Colonel Mohammed Abu Ali as a national hero whose battleground conduct was worthy of commendation and emulation by all Nigerians. Mr Sani Bello said Abu Ali’s discipline, gallantry, bravery, patriotism, selfless service, commitment  and clear understanding of the battle space and what was at stake ensured various successes recorded in operations he led in the fight against Bokom Haram particularly liberation of earlier occupied  territory by terrorists in the North East. The Governor, in a condolence message signed by his Chief Press Secretary, Malam Jibrin Baba

By Adedapo Adesanya The Naira closed stronger against the United States Dollar on Monday at the Investors and Exporters (I&E) segment of the foreign exchange market. According to data sourced from FMDQ, the domestic currency was further fortified by 33 kobo equivalent to 0.09 percent at the market window to close at N386/$1 in contrast to N386.33/$1 it ended at the segment last Friday. This was despite the rising demand for forex at the investors’ window, which normally put the local currency under pressure. Business Post reports that yesterday, there was a 242.1 percent or $86.97 million spike in the