Crude Prices Down 1% as Investors Weigh OPEC Decision

By Adedapo Adesanya  Appreciation in the stock prices of Newrest Airline Services & Logistics (ASL) Plc, Food Concepts Plc, and UBN Property Plc saw the NASD Over-the-Counter (OTC) Securities Exchange extend its gain by 0.47 per cent on Tuesday, December 5. Data showed that Newrest increased its price by N1.61 during the session to settle at N17.71 per unit compared with the previous day’s price of N16.10 per unit, Food Concepts Plc (owners of Chicken Republic) gained 15 Kobo to close the day at N1.65 per share versus N1.50 per share, and UBN Property Plc rose by 13 Kobo to

By Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

By Modupe Gbadeyanka Taxpayers, including organisations and individuals, who are yet to pay their outstanding taxes, will not pay penalties and interests if they make the payments on or before December 31, 2023. This tax default forgiveness was given by the Federal Inland Revenue Service (FIRS), which explained that it created this window in “recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.” However, it stressed that if the full principal payment is not done before the deadline, defaulters would be forced to pay the outstanding tax liabilities. The Chairman of the FIRS, Mr

By Adedapo Adesanya Oil fell on Monday as traders approached the market with caution over plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to cut production in the first quarter of 2024. Brent crude futures lost 85 cents or 1.08 per cent to finish at $78.03 a barrel while the US West Texas Intermediate (WTI) crude futures depreciated by $1.03 or 1.39 per cent to sell at $73.04 per barrel. OPEC+ announced voluntary production cuts at its meeting last week and this has raised doubts about whether or not producers would fully implement them. Investors

By Modupe Gbadeyanka The suspension earlier placed on disconnection of power supply of its customers has been lifted by Ikeja Electric. On April 1, 2020, Business Post reported that Ikeja Electric announced that it would not be disconnecting electricity of non-paying customers within its franchise network during the 2-week stay-at-home period enforced by federal government to curb the spread of coronavirus. The move, according to the Acting CEO of Ikeja Electric, Ms Folake Soetan, was to ensure that “our customers enjoy steady and quality supply throughout this difficult period and beyond. We recognize the fact that electricity supply is critical

By Dipo Olowookere Candidate of the Peoples Democratic Party (PDP) in the Saturday governorship election, Mr Ademola Adeleke, has been declared wanted by the Nigeria Police Force (NPF). A statement issued on Wednesday by spokesman of the police, Mr Jimoh Moshood, said Mr Adeleke, a sitting Senator, is wanted for his alleged involvement in examination malpractice. He said the governorship aspirant committed the offence during the National Examination Council Examination (NECO) in 2017. The police said Mr Sikiru Adeleke, Mr Aregbesola Mufutau (Principal of Ojo-Aro Community Grammar School, Egbedore LGA, Osun State), Mr Gbadamosi Thomas Ojo (school staff responsible for

By Modupe Gbadeyanka The non-performing loan (NPL) ratio of First Bank of Nigeria (FBN) Limited has been rated credit negative by Moody’s Investors Service because it requires higher loan-loss provisions that will harm profitability. Moody’s said in a report on Thursday that, “We expected the bank’s NPL ratio to decline to 15 percent to 17 percent by year-end 2018 and to less than 15 percent this year. “Although management is confident that a large percentage of these NPLs will be resolved this year, Nigeria’s benign economic environment will likely delay defaulters’ recoveries.” First Bank, one of the five tier-one lenders

By Modupe Gbadeyanka Seed funding between $20,000 and $50,000 would be given to 15 Nigerian YouTubers and others from Africa to support their acts. Apart from this, they will also receive dedicated partner support for six months and have the opportunity to participate in programmes, including bespoke training, workshops and networking programmes spread out across the year. The funding package is from YouTube for the 2023 #YouTubeBlack Voices creators and artist cohorts, which comprises African fast-rising musical artists, Gyakie from Ghana, Kamo Mphela from South Africa, Asake from Nigeria, and BNXN from Nigeria. The cohort will also include Hip Hop

By Modupe Gbadeyanka An employee of Zenith Bank Plc, Mr Omotola Fawehinmi, has been arrested and arraigned before Justice Austin C. Obiozo of the Federal High Court sitting in Ikoyi, Lagos. The banker was arrested by operatives of the Economic and Financial Crimes Commission (EFCC) in Lagos after the complainant, Union Bank Plc, filed a petition to the commission. The suspect was arraigned on Thursday, August 1, 2019 on a five-count charge bordering on forgery and failure to carry out due diligence to the tune of N700 million. One of the counts read, “That you, Omotola Fawehinmi, sometime in February,

By Dipo Olowookere An actor in the Nigerian movie industry, Mrs Foluke Daramola-Salako, has been unveiled as the brand ambassador for property firm, Suru Group Limited. In her role, the movie star will make use of her large following on social media to positively project the image of the company. Managing Director of Suru Group, Mr Edward Akinlade, during the unveiling of the actress at Suru Express Hotel in Lagos, disclosed that, “The company will explore every good platform to deepen its strength in every sphere of its conglomerate: Suru Homes & Properties, Suru Express Hotel, and Prolific Microfinance. “We

By Modupe Gbadeyanka Stakeholders in the financial services industry in Nigeria have commenced participation in the development of African standards for financial services under the auspices of the African Organization for Standardization (ARSO). Welcoming members of the National Mirror Committee of the ARSO Technical Harmonization Committee on Good Financial Grant Practice (GFGP) (ARSO THC 12-2) to a meeting at the Standards Organisation of Nigeria (SON) corporate headquarters in Abuja, the Director General, Mr Osita Aboloma, stated that the establishment of the THC 12-2 further emphasizes the importance of standards in every facet of human existence. This, according to him, also

By Adedapo Adesanya The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed that the multi-billion-dollar refinery in Lagos being built by Mr Aliko Dangote is 97 per cent completed. The agency disclosed this to newsmen in Abuja when representatives of the Dangote Petroleum Refinery presented the work plan for the facility for 2022/2023. Speaking on the refinery project, NMDPRA’s Chief Executive, Mr Farouk Ahmed, reiterated the importance of the Dangote Refinery to the country while assuring that the agency will give all necessary support to ensure timely completion and kick-start operations. The oil facility, situated on 6,180 acres