Crude Oil Market Gets 1% Boost on Canada Wildfire Disruption

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

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 Dipo Olowookere The year-to-date loss of the Nigerian Stock Exchange (NSE) shrank to 0.02 per cent on Wednesday following the 0.83 per cent growth recorded by the market. This was buoyed by the rising demand for equities, which left stocks of 20 companies on the exchange appreciating in value during the session. Only eight shares closed in the red territory yesterday. At the close of business, the All-Share Index (ASI) increased by 219.8 points to 26,831.76 points from 26,611.96 points, while the market capitalisation finally hit N14 trillion after gaining N117 billion to settle at N14.025 trillion as against

By Aduragbemi Omiyale The N4.2 billion borrowed by VFD Group from domestic investors during the Series 1 commercial paper sales has been repaid by the proprietary investment company. This demonstrates VFD Group’s commitment to maintaining a strong financial position, fostering investor confidence, and meeting its obligations on time. Some months ago, the firm approached the Nigerian capital market to source funds under its N20 billion commercial paper programme. Several investors purchased the corporate debt instrument because of their faith in the company to redeem the commercial paper at maturity. VFD Group and Kairos Capital Limited, the lead issuing house, collaborated

By Comrade Omaga Daniel With the recent developments in our polity, it is has become very glaring that the major political parties in Nigeria have run their full cycle. There is no sign of reinvention or rejuvenation. It’s the good old “maintenance of status quo” syndrome. Our parties have become ventures that thrive primarily for the well-being of ‘cabals’ and ‘king makers’. This is a situation that has relegated the ordinary citizens who have little or no stake to the background after the usual offering monies, beer and stomach infrastructure in the words of Ayodele Fayose that are offered during

By Modupe Gbadeyanka Social media giant, Facebook, with the aim of giving people around the world a new way to discover great videos and interact with friends, content creators and other fans, has made its video-on-demand service, Facebook Watch, available globally while also expanding its Ad Breaks program so more partners can make money from their videos. The firm explained that taking Facebook Watch global also means new opportunities for creators and publishers around the world. Facebook Watch enables users discover new videos spanning entertainment, sports, news and more in a personalized Watch feed, catch up with creators and publishers

By Ahmed Rahma An album of a Nigerian artiste, who recently won his first Grammy award, Damini Ebunoluwa Ogulu, professionally known as Burna Boy, has been ranked as the most-streamed album in Africa on a music App, Spotify. Burna Boy is one of the biggest and most successful African artistes who rose to prominence in 2012 after releasing Like to Party, the lead single from his debut studio album L.I.F.E in 2013. In 2017, Burna Boy signed with Bad Habit/Atlantic Records in the United States and Warner Music Group internationally. His third studio album Outside marked his major-label debut and

By Adedapo Adesanya Nigerian bus-hailing app, Plentywaka, has launched WakaCab, a new car-hailing service with fully-trained drivers in Asaba, the Delta State capital. Building on the success of Plentywaka’s bus-hailing service, WakaCab can be booked for personal and shared rides on the app. For commuters in Asaba, and soon in Warri, the launch of WakaCab eradicates the need to locate a taxi, making commuting much easier. The startup raised $300,000 in pre-seed expansion funding in August and has now started that process by moving to tackle Southern Nigeria’s limited transport links by breaking into the taxi-hailing space. Speaking on the

By Adedapo Adesanya The recent gradual decline in the value of Naira in relative to the Dollar at the foreign exchange market in Nigeria is making some investors to panic. The fret is already affecting things at the Bureau de Change (BDC) segment of the forex market on Friday when the domestic currency neared the N470 mark against the US dollar. According to data gathered by Business Post from the Association of Bureau de Change Operators of Nigeria (ABCON), the local currency depreciated against the American currency by N2 in Lagos to sell at N469/$1 in contrast to N467/$1 it

By Kester Kenn Klomegah As Russia prepares to strengthen its overall corporate economic profile during the African leaders’ summit, policy experts are questioning bilateral agreements that were signed, many of them largely remained unimplemented, at least, for the past decade with various African countries. Experts, such as Professors Vladimir Shubin and Alexandra Arkhangelskaya, Institute for African Studies in Moscow, have argued that Russia needs to be more strategic in aligning its interests, and be more proactive with instruments and mechanisms in promoting economic cooperation in order to reap the benefits of a fully-fledged partnership. “The most significant positive sign is