Crude Oil Falls as Possible Rate Hike Shadows Chinese Data

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

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 Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Modupe Gbadeyanka A former marketing executive with Google and Microsoft, Ms Joyce Kim, has joined the services of global leader in cloud customer experience and contact centre solutions, Genesys. Ms Kim was appointed by the firm as the chief marketing officer (CMO) of Genesys, succeeding Merijn te Booij, who now serves as general manager (GM) for the company’s new business unit, Employee Engagement Solutions. A statement issued by the company stated that Ms Kim, who will report to Chief Executive Officer (CEO), Mr Tony Bates, will oversees worldwide marketing for Genesys. She is expected to play a pivotal role

By Adedapo Adesanya The Indigenous People of Biafra (IPOB) has said the November 6 governorship election in Anambra State may not hold as long as the federal government doesn’t acquiesce to the “unconditional release” of their leader, Mr Nnamdi Kanu. IPOB in a statement signed by its Media and Publicity Secretary, Mr Emma Powerful, on Saturday gave the federal government up till November 4 to release Mr Kanu unconditionally, or it would commence a one-week lockdown in the region effective November 5, a day before the Anambra governorship election. The group explained that the one-week sit-at-home order, which would end

By Investors Hub Despite uncertainty about a U.S.-China trade deal and ongoing unrest in Hong Kong, European stocks are moving higher on Tuesday, with investors tracking economic data, earnings reports and other corporate news for direction. Automobile, banking and resources stocks are among the prominent gainers. While the French CAC 40 Index has edged up by 0.2 percent, the German DAX Index and the U.K.?s FTSE 100 Index have jumped by 1 percent and 1.1 percent, respectively. In the U.K. market, Halma shares have moved sharply higher after the company said its adjusted profit for the first-half rose 14 percent

By Adedapo Adesanya The Federal Government, through the Ministry of Industry, Trade, and Investment, is set to implement a national investment policy that will attract both local and foreign direct investments into the county. This disclosure was made by the Minister of Industry, Trade, and Investment, Mr Adeniyi Adebayo, in an interactive session with the press at the nation’s capital, Abuja in an event that also had the Minister of State for the Ministry, Mariam Katagum, in attendance. According to Mr Adebayo, the President Muhammadu Buhari-led administration is ready to ensure a better investment climate for investors, adding that the

By Modupe Gbadeyanka Thirty members of the National Youth Service Corps (NYSC) have been given a grant of N10 million after a business pitch presentation held across 10 of the 36 states of the federation. The funding support was provided by Unity Bank Plc through its Unity Bank Entrepreneurship Development Initiative, known as Corpreneurship Challenge. It is targeted at empowering fresh graduates and corps members on one-year compulsory national youth service. The scheme is currently in its ninth edition. A statement from the lender disclosed that the 30 corps members were picked from Rivers, Delta, Sokoto, Edo, Abuja, Akwa-Ibom, Osun, Kano, Bayelsa,

By Dipo Olowookere The first trading session of the new week at the exchange located on Customs Street, Victoria Island, Lagos closed bullish as Nigerian stocks appreciated by 0.89 per cent on Monday. The gains recorded by 26 equities, which overpowered the losses printed by eight shares pushed the All-Share Index (ASI) higher by 340.48 points to 38,722.87 points from the previous 38,382.39 points and lifted the market capitalisation by N178 billion to N20.260 trillion from N20.082 trillion. Business Post observed that the growth achieved yesterday was influenced by gains across the key sectors of the market with the exception

By Lukman Otunuga OPEC+ is set to meet this afternoon to determine output levels for May. The cartel is widely expected to stick to its existing deal to gradually increase oil production. Any surprises or changes to the script could spark volatility across oil markets. While the meeting is important, other events have snatched investors’ attention. Reports that the United States is set to adopt new steps to bring down high fuel prices hammered oil benchmarks on Thursday. On top of this, OPEC+ will no longer be using oil data from the International Energy Agency (EIA) amid a deepening dispute

**Explains How Deal Started By Modupe Gbadeyanka American equity firm, Milost Global Inc, has terminated its deal with Unity Bank Plc after a media report in Nigeria claimed the transaction was fraudulent. The New York-based private equity firm lamented that its effort to help grow the Nigerian economy through genuine investment were rubbished by those who were bent on tarnishing its image in the Africa’s largest economy. However, the firm, in a statement issued on Monday afternoon, said despite this, it would continue to do business in Nigeria. Kim Freeman, Managing Partner & CEO of Milost, stated that, “Milost will