Crude Oil Prices to Trade Above $40 This Week

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Aduragbemi Omiyale Knowledge, they say, is power and with the changing world, it is very important to always update what someone knows so as to be well-informed, especially in the investment world. This was the main reason Stanbic IBTC Stockbrokers, a subsidiary of Stanbic IBTC Holdings Plc, recently hosted a virtual session to enlighten Nigerians on the potentials of investing in the stock market. The Stanbic IBTC webinar themed You Don’t Know About Stocks? Come On Now featured stockbroking experts like Afolabi Gbenro, Head, Sales Trading and Benjamin Jesumuyiwa, Head, Mandate and Settlements, both of Stanbic IBTC Stockbrokers with

By Dipo Olowookere This yuletide will be memorable for Lagos fun seekers, especially those in the Ikeja axis, with the berthing of Blackwood Grills and Bar in the vicinity. This is because the new exclusive dancing bar cum restaurant, magnificently located on Olu Akerele Street, Ikeja, Lagos, is an architectural delight, parading immaculate surrounding, which makes it an ideal place for pleasure and business. The fun place is packed with a hallow of paradise, watering hole, unique features designed interiors, laced with contemporary furnishings, elegant styling with great attention to details. Trust, Blackwood exudes the cosmopolitan nature of Hammed Oke,

By Dipo Olowookere Leader of the Indigenous People of Biafra (IPOB), Mr Nnamdi Kanu, was on Tuesday, October 17, 2017, not present in court at the resumption of his treason trial. Mr Kanu was expected to appear before Justice Binta Nyako of the Federal High Court sitting in Abuja for continuation of his trial after he was granted bail few months ago, but he was nowhere to be found. However, his fellow defendants were present at the court today as well as his surety, Senator Eyinaya Abaribe, urged the court to refund the N100 million bond he earlier agreed to

By Modupe Gbadeyanka A multi-agency convoy led by the United Nations World Food Programme (WFP) has delivered lifesaving humanitarian assistance to families trapped for four months by increased insecurity in, and around, the town of Yei in South Sudan. The convoy of 38 trucks transporting one month of food rations including sorghum, yellow-split peas, and vegetable oil from WFP, water, sanitation and child protection items from the UN Children’s Agency (UNICEF) and shelter items from the UN Refugee Agency (UNHCR) arrived in the town on Friday. “We have deployed a rapid response team to provide food to nearly 52,000 people

By Aduragbemi Omiyale President Muhammadu Buhari has sought the approval of the Senate to take an $800 million loan from the World Bank to disburse to vulnerable Nigerians. The credit facility is expected to be paid into the bank accounts of some poor Nigerians identified by the government under its social investment programme aimed to assist citizens who are unable to get good jobs to fend for themselves. Recall that recently, it was reported that the World Bank was willing to give the federal government $800 million as a palliative for the removal of the petrol subsidy. In a letter

By Modupe Gbadeyanka Oyo State government has promised to use 60 percent of the latest Paris Club Refund of N7.9 billion to pay salaries, wages and pensions of workers in the state, saying that its decision to use 100 percent of its federal allocations for workers’ welfare still stands. The government has also explained that about 80 percent of its much touted debt profile of N115bn by political opponents is made up of salaries, gratuities, pensions and wages owed workers and pensioners in the state, emphasizing that it also includes gratuities and pensions predating Governor Ajimobi’s administration. Commissioner for Finance

By Dipo Olowookere Tech giant, Google, has invested in SafeBoda to enable the company to scale its transportation-led app to offer new payment and financial services solutions for its expanding set of customers, passengers, drivers and merchants. Google made the investment, the first in the series, through its Africa Investment Fund launched by the CEO of Google and Alphabet, Mr Sundar Pichai, at Google for Africa in October. SafeBoda is a venture-backed firm with investors like GoVentures (GoJek), Allianz X, Unbound, Beenext and Justin Kan. SafeBoda app was launched in 2017 to connect passengers to their community of safer and

By Dipo Olowookere A meeting between representatives of the Nigeria Labour Congress (NLC) and Ecobank Nigeria over the latter’s non-renewal of the contract of its third party recruitment agencies has commenced in Lagos. On Thursday, officials of NLC in collaboration with its affiliate, Nigeria Union of Banks, Insurance and Financial Institution Employees (NUBIFIE), had picketed the head office of Ecobank on Victoria Island over the issue. They had accused the financial institution of not holding talks with the affected contract workers, who were laid off after the bank did not renew its deal with the agencies that recruited them. The