Crude Bounces 2% as Market Clings to Infrastructure Bill Prospects

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By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

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 Modupe Gbadeyanka On Monday, $195 million was sold to the foreign exchange market by the Central Bank of Nigeria (CBN). A statement issued by the Acting Director in charge of Corporate Communications Department at the apex bank, Mr Isaac Okorafor, explained that the fresh intervention was to boost liquidity at the market. He added that three segments of the forex market shared the amount, revealing that $100 million went to the inter-bank, $50 million to the SMEs and the invisibles $45 million. According to him, the central bank is satisfied with the level of compliance in the forex market

By Modupe Gbadeyanka The national scale issuer ratings assigned to Forte Oil Plc of A-(NG) and A1-(NG) in the long term and short term respectively have been affirmed by Global Credit Ratings (GCR) with the outlook accorded as Stable. Concurrently, the Series 1 Fixed Bond rating has been affirmed at A-(NG) and placed on Stable Outlook. The ratings expire in June 2018. A statement issued by GCR explained that the ratings were accorded to Forte Oil Plc after taking cognisance of the firm’s top-tier position in the Nigerian downstream petroleum industry, underpinned by a visible brand, significant assets across the

By Dipo Olowookere About N1.107 trillion has been earned from dividends between January 2022 and May 2022 by shareholders of some companies listed on the Nigerian Exchange (NGX) Limited. According to corporate action from the NGX website, 57 companies across 11 sectors of quoted companies on the bourse have made the payment to their respective investor on a year-to-date basis. The payments were made by the organisations for the 2021 financial year. They declared the cash rewards after the release of their results in the period under review and more are still expected for the half-year of the current fiscal

By Adedapo Adesanya The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the federal government to declare a state of emergency on the nation’s oil and gas sector, particularly the four state-owned refineries. This call was made by the National President of PETROAN, Mr Billy Gillis Harry, who noted that President Bola Tinubu must take urgent steps to revamp the refineries in order to stop the continuous hike in the price of petroleum products. Mr Harry, while speaking to newsmen in Port Harcourt, warned that the problem of price hikes would not end anytime soon until

By Modupe Gbadeyanka Vice President Yemi Osinbajo has been pencilled down to declare open the World Conference of Banking Institutes (WCBI) taking place in Lagos in April 2017. Other dignitaries expected at the programme included the Governor of Lagos State, Mr Akinwunmi Ambode; and the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele. The event, in its 22nd edition, would be hosted by the Chartered Institute of Bankers of Nigeria (CIBN) and it is the first in West Africa. It was learnt that Mr Ambode has adopted the conference as part of the state’s activities to celebrate the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.08 per cent on a week-on-week basis in the 35th trading week of the year, buoyed by the improvements in the prices of eight stocks on the platform. It was observed that low-capped equities joined the bellwethers to lift the alternative bourse in the five-day trading week, resulting in the NASD Unlisted Securities Index (NSI) moving up by 5.85 points to 791.22 from 785.37 points, as the market capitalisation expanded by N10 billion to N1.110 trillion from N1.101 trillion. In the week under review, there was a surge in

By Investors Hubs Asian stocks ended broadly lower on Wednesday after U.S. technology stocks came under heavy selling pressure overnight on concerns about tighter industry regulations. Trade-related tensions also kept investors nervous. China’s Shanghai Composite Index dropped 44.43 points or 1.4 percent to 3,122.22, while Hong Kong’s Hang Seng Index tumbled 768.30 points or 2.5 percent to 5,789.50. Japanese shares fell sharply, with the overnight sell-off in big U.S tech companies and price adjustments on ex-dividend trades weighing on the market. The Nikkei 225 Index fell 286.01 points or 1.3 percent to 21,031.31, and the broader Topix index closed 1