Crude Oil Nears $95 Per Barrel as Supply Market Tightens

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Modupe Gbadeyanka Nigeria’s business activity improved in September despite cost pressures limiting demand, according to the latest Purchasing Managers’ Index (PMI) released by Stanbic IBTC Bank Plc. The lender said in the period under review, the private sector had a reading of 51.1 points compared with the 50.2 points achieved in August 2023. It was the rise in business activity in the country was influenced by the growth in order, though the rates of expansion in each were only modest. New orders increased for the sixth month running in September as some firms signalled an improvement in demand. While

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

By Ahmed Rahma To further demonstrate its ongoing commitment to offering customers easy and convenient ways to send and receive money, a cross-border digital payments service, WorldRemit, has launched a service for customers in Nigeria to receive foreign transfers in their bank accounts in US dollars. This move follows the new directive of the Central Bank of Nigeria (CBN) on offshore remittances and it comes ahead of the Christmas and New Year celebrations. The ability to transfer money to USD denominated bank accounts in Nigeria offers greater flexibility and payment options for those sending money transfers to support those back

By Dipo Olowookere Last week, Nigerian stocks witnessed a sharp decline in investment as they only attracted N17.3 billion from local and offshore investors, data obtained by Business Post indicated. In the week, investors bought and sold 1.278 billion shares in 21,052 deals compared with the 3.435 billion shares traded in 21,109 deals, which were worth N30.9 billion. A breakdown showed that FBN Holdings, GTCO, Guaranty Trust Holding Company and Access Bank accounted for 470.7 million units worth N6.6 billion in 3,887 deals, contributing 36.82 per cent and 37.90 per cent to the total trading volume and value respectively. It

By Modupe Gbadeyanka The South African government will on Thursday, June 29, 2017 address members of the media on the latest outbreak of Avian Influenza in the country. The media briefing is expected take place at the Tshedimosetso House, 1035 Francis Baard, Hatfield, Pretoria. A statement on Wednesday from the South African Department of Government Communication and Information said the event will hold by 9am. During the briefing, Minister of Agriculture, Forestry & Fisheries, Mr Senzeni Zokwana, will address the media on the current outbreak of the Avian Influenza in the country. He will also “explain government’s plan to deal

Speaker of the House of Representatives, Mr Femi Gbajabiamila, has disclosed that the lower chamber of the parliament is considering a fresh Stimulus Bill that will ensure that Nigerians get free electricity supply for two months to mitigate the effects of the COVID-19 pandemic. According to him, the proposed bill is to help in boosting the economy through the informal sector as the country prepares for the aftermath of the coronavirus. He said the bill, which will be the second Stimulus Bill by the Green Chamber, is to be considered immediately the House reconvenes from its ongoing break, declared due

By FSDH Research There are investment opportunities in the Federal Government of Nigeria Savings Bonds (FGNSB) as they offer attractive returns and low investment risk for low income earners. The FGN introduced the FGNSB in March 2017 to provide an avenue for the low income earners to invest their money to earn consistently good return over time. The FGNSB is also an initiative of the FGN to encourage savings among Nigerians, while it accesses capital for long-term projects. The FGNSB is open for subscription to the investing public on the first week of each month. The minimum investment in the

By Modupe Gbadeyanka Marriott International and Alibaba Group Holding Ltd have announced the establishment of a joint venture to redefine the travel experience for the hundreds of millions of Chinese consumers traveling abroad and domestically every year. The joint venture will leverage Marriott International’s global portfolio of brands and unparalleled hospitality expertise to revolutionize the travel experience as well as Alibaba’s digital retail leadership and its role as a gateway for international brands to reach over 500 million mobile monthly active users across its platforms. Drawing on resources from both Marriott and Alibaba, the joint venture will manage Marriott’s storefront

By Adedapo Adesanya Nokia has announced the signing of a new patent cross-license agreement with technology giant, Apple, which will replace the current license due to expire at the end of 2023. The terms of the agreement remain confidential between the parties but will cover Nokia’s fundamental inventions in 5G and other technologies and see it receive payments from the iPhone and iPad maker for a multi-year period. The agreement reflects the strength of Nokia’s patent portfolio, decades-long investments in research and development (R&D) and contributions to cellular standards and other technologies. Speaking on this, Ms Jenni Lukander, President of

By Adedapo Adesanya The price of the basket of 13 crudes belonging to the Organisation of the Petroleum Exporting Countries (OPEC) rose ahead of the August Joint Ministerial Monitoring Committee (JMMC), climbing to $45.49 per barrel on Tuesday. Compared with $44.94 on record at the previous day, the weighted average rose 1.22 per cent according to OPEC Secretariat calculations released on Wednesday. The OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny