Crude Oil Prices Slump as Trump Triggers Fresh Trade War with China

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 Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

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 Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Jerome-Mario Chijioke Utomi It is a pedestrian knowledge that the Delta State University, Abraka, Delta State, on Saturday, April 29, 3023, held its 15th convocation that produced 58 first-class graduands with Obuseh Emmanuel Ewere of Electrical/Electronic Engineering emerging the Overall Best Graduating Student with a C.G.P.A of 4.91. What is, however, newsy is that the week-long event, which was held with varying activities, has, more than anything else, revealed two separate but similar developments within the institution. First, the convocation ceremony provided guests made up of parents, media professionals, development professionals and critical stakeholders the opportunity to come in

By Sodeinde Temidayo David Nigerian educational and learning technology platform, uLesson, has received a wider global appeal as it featured on a programme aired on Cable News Network (CNN). This followed the $7.5 million in a Series A round led by US-based Owl Ventures it received earlier this year. The company was featured in a recent episode of Inside Africa. Founded in Jos, Nigeria, uLesson’s popularity skyrocketed after the lockdown began, with over half a million downloads between March and August of 2020. The platform provides pre-recorded educational content for secondary school students, as it leverages best-in-class teachers, media, and

By Adedapo Adesanya The oil market settled lower on Monday following signs of progress in nuclear talks between the United States and Iran, which could lead to the removal of US sanctions on Iranian oil sales. At the session, the price of the Brent crude went down by 16 cents or 0.17 per cent to $91.53 per barrel, while the US West Texas Intermediate (WTI) crude fell by 4 cents or 0.4 per cent to $91.28 per barrel. Crude prices last week rallied for the seventh week on ongoing worries about supply disruptions fueled by extreme cold US weather and

By Dipo Olowookere For the fourth consecutive day, the Nigerian Stock Exchange (NSE) closed on Thursday on a sad note as investors continue to react to the mixed half year earnings of companies listed on the stock exchange. At the close of transactions yesterday, the market depreciated by 0.19 percent, dragging the Year-to-Date (YtD) gains further down to -5.26 percent. The benchmark index, All-Share Index (ASI), lost 67.16 points to close at 36,232.66 points, while the market capitalisation decreased by N21 billion to finish at N13.228 trillion. However, the market recorded improved activities as the total volume and value of

By Dipo Olowookere Managing Director of Africa Prudential Plc, Mr Obong Idiong, has said the company will continue to focus on its diversification strategies for the delivery of superior value to stakeholders. Mr Idiong made this disclosure while reacting to the financial statements of the company for the first quarter of 2020, which were released to the investing community on Thursday. According to him, “Our focus at Africa Prudential is still driven by our digital transformation strategies, achieving world-class superior value for all our stakeholders as we continue to pursue our diversification strategies.” During the period under review, revenue from

By Adedapo Adesanya Following the conclusion of its 26th Annual General Meeting (AGM), the Central Securities Clearing System (CSCS) Plc has distributed the sum of N4.3 billion to its shareholders. The money is the total dividend recommended by the board of directors of the organisation for the financial year ended December 31, 2019. The payment followed the approval of the shareholders at the company’s virtual AGM by proxy held at the Nigerian Stock Exchange (NSE) event centre in Lagos on Friday, May 22. The CSCS dividend translated to 86 kobo per share, higher than the 70 kobo per share paid

By Damilola Faustino A good number of people only think about cleaning up their phone when something starts to go wrong. Android devices are smart enough that regular maintenance isn’t necessary, but it’s still a good idea to perform a clean up every once in a while. Don’t underestimate the impact of staying digitally organized—it might just keep your phone working for longer. The trick is finding phone cleaner apps that actually live up to expectations. At best, a bad cleaner app wastes storage space; at worst, it could infect you with malware and spam you with ads. Not all

A recent finding of the Supreme Court of Seychelles in the case of MultiChoice Africa Holdings B.V and SuperSport International (Pty) Ltd v Intelvision Limited shows courts in Africa are willing to protect the rights of African content producers and rights holders. The court found that Intelvision was breaking the law when it broadcast matches from the 2019 African Cup of Nations (AFCON) football tournament for which it did not have broadcast rights. This is the first successful application of Seychelles’ Copyright Act. This decision sets a strong national and regional precedent in upholding content-sharing agreements to ensure that the