Crude Oil Prices Down on Chinese Economic Figures

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Modupe Gbadeyanka The board of Ikeja Hotels Plc has been dissolved by the Securities and Exchange Commission (SEC) as a result of the lingering boardroom crisis in the company. The capital market regulator explained that it took the decision to disband the board of the firm to forestall further crisis. Some majority shareholders of the hotel have been at loggerheads, which even resulted into the resignation of Mr Goodie Ibru as Chairman. A statement issued on Thursday by the Head of the Corporate Communications of SEC, Mr Naif Abdulsalam, disclosed that, “To forestall chaos in the organisation, the commission

By Dipo Olowookere Chief Executive Officer of SIFAX Group, Dr Taiwo Afolabi, would be honoured today, Sunday, April 29, 2018 by some grassroots footballers in Lagos State, Business Post has learned. This is in celebration of his birthday. Information gathered by our correspondent revealed that all legs will lead to the Campus Mini Stadium, Ajele, Lagos Island, today as teams of the Lagos Grassroots Soccer Association will lock horns to honour Mr Afolabi. The celebrant is a vibrant player in the Nigerian maritime sector. One of the attributes that stands SIFAX out from other shipping lines in Nigeria and Africa

By Adedapo Adesanya The Nigerian Automobile Technicians Association (NATA) Lagos State chapter has lauded Hyde Energy following an assessment of the quality of lubricants produced and distributed in the Nigerian market as well as adherence to international best practices by Hyde Energy Lubricant business. This came as the executive members of the association visited the energy trading company’s lubricant blending plant located in Ijebu-Ode, Ogun State. The lubricant plant, one of the largest lubricant manufacturing facilities in Nigeria, has the capacity to blend 30,000 litres of lubricant per day. The lubricants produced at the Hyde Energy blending plant undergo stringent

By Adedapo Adesanya More pressure is pilling on the Naira at the Peer-2-Peer (P2P) segment of the foreign exchange (forex) market amid a shortage in foreign currencies in Nigeria. The local currency depreciated against the United States Dollar on Monday at the market window by 0.34 per cent or N2 to close at N584/$1 compared with N582/$1 it was exchanged last Friday. The nation has been struggling with FX scarcity despite the prices of crude oil rising on the global scene and efforts by the Central Bank of Nigeria (CBN) to continue to defend the Naira are not yielding the

By Dipo Olowookere Governorship aspirant under the aegis of the Peoples’ Democratic Party (PDP), Mr Soalabo West, has assured the people of Rivers State that his approach to governance will be totally different from the style of the incumbent Governor, Mr Nyesom Wike. The aspiring Governor gave this assurance during a radio show on Nigeria Info 92.3 FM. According to the politician, “My style of governance will surely be different from that of Governor Wike. I am a social democrat; therefore, I will be guided by the principles of equity, justice and fairness. All 23 local government areas will benefit

By Adedapo Adesanya The Nigerian Communications Commission (NCC) has called for more innovative Public-Private-Partnership (PPP) approaches aimed to make telecommunications infrastructure safer, more resilient and robust in Nigeria. This was made by Mr Umar Danbatta, the Executive Vice Chairman of NCC, while delivering his keynote address at two-day Virtual Information Communication Technology & Telecommunications (ICTEL) organised by the Lagos Chamber of Commerce and Industry (LCCI) themed Disruptions, Resilience and Governance in Digital Economy. He said the agency was always exploring means to attract more investment into the sector. “There is no gainsaying the fact that the next frontier for enriching

By Modupe Gbadeyanka Oando Plc has announced a delay to the publishing of its results for the year ended December 31, 2016. The oil and gas firm, in its apology to its shareholders for any inconvenience caused, promised to update the market in due course. It said in a statement that the board has approved the audited Financial Statements and “we hope to be in a position to file the accounts by close of business on Monday, April 3, 2017.” However, Oando said this is “subject to final regulatory approval.”

By Quantitative Financial Analytics The daily trading volume of Nigeria Settled FX currency futures has plunged over the past weeks as the original excitement that greeted its introduction appears to have waned. An analysis of the open interest reports issued by the FMDQ indicates that the currency futures market had momentum, going by the notable and hitherto increasing trading volume the market enjoyed from June 27th until a couple of weeks ago. Volumes, enthusiasm wane At introduction, the Naira settled currency market was instituted as a way to manage foreign currency risk exposure by Nigerians and Nigerian companies. As the