Crude Oil Market Slides Despite Draw in US Stockpiles

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

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 Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Dipo Olowookere The decision of Heritage Bank Plc to support young entrepreneurs in the country is beginning to pay off as the nation’s most innovative banking service provider was recently awarded for its outstanding contributions toward improving the lives of Young Business Owners in Nigeria. At the 5th anniversary ceremony of the highly-rated Nigerian Young Professionals Forum (NYPF) Awards for 2018, the lender honoured for its efforts. Recall that recently, the financial institution was bestowed with the Best Bank of the Year Business Support/Entrepreneur Development at the Africa Value Award 2018. It was also adjudged as the Best SME

By Nwaorgu Faustinus Newly appointed Special Adviser to the President on Niger Delta Affairs and Coordinator of the Presidential Amnesty Programme, Prof Charles Dokubo, has set up a special, eight-man review committee to check activities of the programme. Members of the committee include Prof. Ayibaemi Spiff, Chief Otonye Amachree, Mr Unyime Isong Eyo and Ms Azizat Muhammed. Other members include the current Directors of Finance and Accounts, Procurement, Administration and the Head of Audit in the Presidential Amnesty office. According to the Media Consultant to the Presidential Amnesty Programme, Wabiye Idoniboyeobu, the committee was inaugurated last Thursday at the conference

By Dipo Olowookere The management of BOC Gases Nigeria Plc has announced the increase of the stake of TY Holdings Limited in the company to 72 per cent. Business Post reports that TY Holdings, owned by a retired army general, Mr Theophilus Yakubu Danjuma, recently acquired 60 per cent of the organisation’s stocks amounting to 249,746,823 units from BOC Holdings UK. Before the purchase, he had only 12 per cent shareholding of the firm but the latest acquisition increased his stake to 72 per cent, making him the largest shareholder. A statement signed by the company secretary, Mrs Ronke Segun-Alabi,

By Investors Hub European stocks have extended yesterday’s losses on Thursday amid worries that the firing of FBI Director James Comey will hinder the US President Donald Trump’s proposed tax overhaul and his broader economic stimulus agenda. The UK’s FTSE 100 Index has tumbled by 1.3 percent, the French CAC 40 Index is down by 1 percent and the German DAX Index is down by 0.8 percent. While the euro held somewhat steady, the pound rose above $1.30 for the first time since September in the wake of the growing scandal engulfing Trump and amid strong retail sales data. UK

By Adedapo Adesanya In another round of projections, the International Monetary Fund (IMF) has disclosed that Nigeria is heading towards its worst recession in over 30 years as it expects the nation’s economy to contract by 3.4 percent this year. This was disclosed by the Bretton Wood institution in its latest edition of the World Economic Outlook report released on Tuesday, April 14. The report cited by Business Post noted that the current COVID-19 pandemic will severely impact growth across all regions, but offered that in 2021, the Nigerian economy will rebound by as much as 2.4 percent. In the

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By Dipo Olowookere As part of plans to support the Nigerian Content Development and Monitoring Board (NCDMB) in its human capital development initiative in the oil and gas sector and in compliance with its Nigerian Content commitments on the project, Dangote Petroleum Refinery and Petrochemicals has selected 200 youths from the host community to participate in the six-month vocational training. Executive Director, Capital Projects, Dangote Group, Mr Devakumar Edwin, described the initiative as a demonstration of Dangote Refinery’s commitment to building capacities and empowering youths in the country. According to him, the programme was launched with the support of the