CBN Postpones September 2023 MPC Meeting

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

By Dipo Olowookere Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company. Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week. On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to

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 Modupe Gbadeyanka On Thursday, June 29, 2017, all roads will lead to the famous waterfront Onikan stadium in Lagos for the grand finale of the 2017 edition of the GTBank Masters Cup. In its sixth season, the competition is one which is always anticipated by lovers of football in the aquatic state. The GTBank Masters Cup is a football tournament meant for secondary schools in Lagos State and this year’s finals is ending on an historic note as old rivalries will be renewed in the two matches that will feature the four most outstanding teams in this year’s competition.

By Aduragbemi Omiyale End-to-end document management and secured software solutions provider, Secured Records Management Solutions (SRMS), has opened its second document archiving warehouse in Nigeria. The warehouse, which is located in Abuja, is positioned to improve its operations and deliver efficient services to customers in the region, the firm stated. The new warehouse is equipped with automated inventory software, built to safeguard documents, ensure compliance, and the productivity of workers. The warehouse is designed to store 34,000 boxes of documents, with a fire suppression system, live CCTV surveillance, and experienced personnel. The commissioning of the 700-square feet, state-of-the-art warehouse follows

By Emmanuel Otori The emergence of e-commerce in Africa has seen online shoppers take advantage of the convenience it offers, as goods can now be delivered directly to their doorsteps while they also have the flexibility of selecting the payment channel either using their debit cards or payment upon delivery option. However, as e-commerce continues to evolve and shape how business is done, there are numerous challenges that have been associated with making orders online. These challenges, if unresolved over a long period of time, would make the trust the customer has completely diminished as the reputation of the businesses

By Adedapo Adesanya Bitfinex has become the world’s first international digital asset platform to receive a license as a Digital Asset Service Provider in El Salvador. Under El Salvador’s ground-breaking new Digital Assets Issuance Law (Ley de Emisión de Activos Digitales), Bitfinex Securities El Salvador S.A. de C.V. (Bitfinex Securities El Salvador), a fully-regulated digital asset exchange will be able to issue and trade innovative real-world tokenized assets such as equities and bonds. Bitfinex said the new license marks a significant new milestone in its long-term strategy to deliver financial freedom and inclusion to communities and countries around the world,

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has disclosed plans to sanction exporters who ship out goods from the country’s shores without Nigerian Export Proceed (NXP) numbers. This was disclosed by the Head, Public Relations of Nigeria Shippers Council (NSC), Mrs Rakiya Zubairu Bello, explaining that this was part of the council’s efforts to work with other agencies of government to ensure full compliance so that exports without the NXP are discontinued. This came as the apex bank and the shippers’ council, during a virtual meeting with the heads of foreign shipping companies, condemned their refusal to adhere

By Investors Hub The major U.S. index futures are pointing to a lower opening on Tuesday following the rally seen in the previous session. Geopolitical concerns may weigh on the markets amid rising tensions with North Korea and uncertainty about the French presidential election. Traders are also digesting the latest batch of earnings news, including mixed results from financial giants Bank of America (BAC) and Goldman Sachs (GS). Stocks moved notably higher over the course of the trading session on Monday, regaining some ground following the decline seen last week. The major averages closed firmly in positive territory, snapping a

By Aduragbemi Omiyale Debt instruments worth N3.5 trillion have been raised from the capital market in 2022 with the assistance of the Nigerian Exchange (NGX) Limited. These funds were secured by the federal, state governments, and corporate organisations through the issuance of bonds and commercial papers, with the proceeds used to finance projects and business operations. The NGX has always provided an avenue for organisations to seek cheap capital from investors by positioning itself as the prime location for raising funds. According to the Divisional Head of Capital Markets at the NGX, Mr Jude Chiemeka, the capital market could serve

One of the companies reported to have received fresh funds from US-based private equity firm, Milost Global, Japaul Oil Plc, on Monday released its financial statements for the period ended March 31, 2018. The company, in the results, recorded a weak performance despite the announcement of $350 million to be injected into it early this year, which was aimed to boost its returns. An analysis of the financial statements by Business Post showed that Japual Oil achieved a loss after tax of N3.2 billion against the N519.7 million loss posted in the first quarter of last year. In the period