Chapel Hill Denham Closes as Most Active Stockbroker

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Adedapo Adesanya Analysis of Nigeria’s total merchandise trade shows that the country recorded an improved trade balance between April and June 2022. A nation has a trade surplus if its exports are greater than its imports; and in Nigeria’s case, the imports are mainly higher than exports, meaning that the nation has a trade deficit. However, the country’s total merchandise trade dropped by 1.2 per cent to N12.8 trillion in the second quarter of 2022 from N13.0 trillion in the first quarter of the year, according to the National Bureau of Statistics(NBS) Foreign Trade in Goods Statistics Report for

Sports betting has taken Nigeria by storm! And it’s hard to ignore its incredible growth in recent years. Betting was only legalised in Nigeria in 2005 under the National Lottery Act 2005. The late 2000s witnessed a game-changing rise of online sports betting in African countries. Now, you can find countless Nigerian betting sites operating nationwide, and guess what? Around 60 million Nigerians are actively placing their bets. That is an incredible one-third of the population getting in on the action! Despite being Africa’s second-largest online gambling market, some experts believe it won’t take long before Nigeria surpasses South Africa. What’s driving this

By Aduragbemi Omiyale Nigerians living abroad who invested in the $300 million diaspora bond issued by the federal government in 2017 have received the value of their initial investment. The debt instrument matured on June 27, 2022, and according to a statement issued by the Debt Management Office (DMO), the bond has been redeemed. Nigeria approached the international capital market to source $300 million to finance part of the deficits in the 2017 budget as the nation was just recovering from a recession it slipped into a year earlier. The exercise afforded citizens of the country living abroad to support

By Modupe Gbadeyanka The National Bureau of Statistics (NBS) on Wednesday said as at March 31, 2019, the total public debt portfolio of the federal and state governments stood at N24.95 trillion. Breaking this down, the stats office said the total public debt showed that N7.86 trillion or 31.51 percent of the debt was external while N17.09 trillion or 68.49 percent of the total debt was domestic. An analysis of the data by Business Post clearly stated that from the N17.09 trillion domestic debts owed by the country, 52.56 percent of it or N13.1 trillion is for the federal government

By Modupe Gbadeyanka Minister of Information and Culture, Mr Lai Mohammed, has said the Federal Government was working with the private sector to make major festivals in the country attractive to domestic and foreign tourists and to leapfrog the events to the top cadre of global festivals. He made the disclosure in Offa, Kwara State, on Thursday at the 2016 edition of the ‘Íjakadi Festival’, a traditional wrestling event that dates back to the 14th century. The Minister, who was represented by Mr Raphael Arulogun, General Manager of NTA Ilorin, said the starting point is to train the managers of

By Modupe Gbadeyanka Mr Paris Anatolitis has been appointed as the new chief executive of Moja Group, a leading African digital expert and consultancy service. The appointee will be expected to help spearhead the company’s progressive strategic objectives as it positions itself as one of the most prominent in this high-potential region thanks to an unrivalled understanding of the local dynamics of each individual market. Prior to this appointment, Mr Anatolitis was the Commercial Director for Entain and played a leading role in growing the organisation’s gaming business, while also enhancing digital performance, exploring and expanding into new territories and

By Modupe Gbadeyanka A report released by FBN Quest, the research arm of FBN Holdings Plc, revealed that its manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, eased in November to 60.1 index points from 64.8 index points. This figure is in contrast to the manufacturing PMI of the Central Bank of Nigeria (CBN) released last week, stating that an eighth consecutive growth to 55.9 points in November. In its daily Good Morning Nigeria report, FBN Quest noted that its partner, NOI Polls, gathered and compiled the data and the index was found in developed markets (such as the

By Dipo Olowookere About 250,000 hectares of arable land have been earmarked for farming as agricultural zone for the use of farmers in Oyo State. According to the Oyo State government, over 500 farmers have applied for the use of land to be allocated for free to boost agricultural produce in the state. Commissioner for Agriculture and Natural Resources, Prince Oyewumi Oyewole, explained that the zero tolerance policy of the present administration in the state on fallow agricultural farm land was aimed at encouraging mechanized farming by every individual. Mr Oyewole, during an appearance on a radio programme in Ibadan