Customs Generates N1.2b At Seme Border In November

By Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia

By Adedapo Adesanya The duo of NASD Plc and Aradel Holdings Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, September 21. The two price losers overpowered the sole price gainer, Central Securities Clearing Systems (CSCS) Plc, to drag down the NASD Unlisted Securities Index (NSI) by 0.34 points to 805.95 points from the 806.29 points it ended in the previous day, while the total value of the unlisted stock market was relatively flat at N1.139 trillion. At the trading day, NASD Plc shed N1.15 to end the session at N11.50 per unit versus the

By Dipo Olowookere The leadership uncertainty in the Central Bank of Nigeria (CBN), which some observers have said led to the indefinite postponement of the Monetary Policy Committee (MPC) meeting, further put investors off at the local equity market on Friday. Yesterday, the central bank said the person chosen by President Bola Tinubu to head the organisation, Mr Yemi Cardoso, has resumed in an acting capacity replacing the former acting CBN chief, Mr Folashodun Shonubi. Mr Shonubi was appointed by Mr Tinubu to take over from Mr Godwin Emefiele, who was suspended from office and was said to have resigned

By Adedapo Adesanya The average price of Premium Motor Spirit (PMS), otherwise known as petrol, surged by 230.8 per cent on a year-to-year basis to N626.70 per litre in August 2023 versus N189.46 per litre in the same period of 2022. This is according to the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch (August 2023), which showed that the average retail price increased on a month-on-month basis by 4.39 per cent from N600.3 per litre in July. The skyrocketing cost of petrol came as President Bola Tinubu, during his inauguration speech on May 29,

By Adedapo Adesanya The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, has expressed confidence that a demutualised bourse will enable it diversify its operations to evolve into a more robust and competitive stock market. Mr Onyema expressed this view ahead of a mandatory Court-Ordered Meeting (COM) of members expected to pass the requisite resolutions for the demutualisation alongside an Extraordinary General Meeting (EGM) of the bourse. The exchange will hold the EGM to pass the resolutions for the appointment of inaugural board members of Nigerian Exchange Group Plc, the new identity the NSE will assume

By Modupe Gbadeyanka A major labour union in the oil and gas sector on Wednesday staged a peaceful protest at the premises on General Electric (GE) office in Lagos. The union, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accused the firm of high handedness. It said despite the intervention of the Minister of Labour and Employment, Mr Chris Ngige, General Electric was yet to honour the agreement reached at a meeting in Abuja. PENGASSAN said General Electric has failed to pay some workers ARCO Group, its servicing subsidiary, as it promised the Minister during the meeting. The

By Modupe Gbadeyanka Analysts at FSDH Research have warned that any attempt by the Monetary Policy Committee (MPC) to cut rate at its meeting next week will lead to a negative real yield, with a possible significant capital flight from Nigeria by foreign investors. FSDH, in its latest report obtained by Business Post, said it expects the committee to still hold the rate at 14 percent. Members of the MPC will meet next week and observers are keenly awaiting outcome of the meeting. FSDH noted that the value of the Naira recorded a mixed performance but show relative stability since

By Dipo Olowookere Tuesday, March 6, 2018, has been fixed for the day to announce winner of €20000 Henrike Grohs Art Award. Already, Em’kal Eyongakpa from Cameroon, Georgina Maxim from Zimbabwe and Makouvia Kokou Ferdinand from Togo have been shortlisted for the award, which was conceived by the Goethe-Institut and the Grohs family. The winner will be awarded on March 13 in Abidjan. Em’kal Eyongakpa is an intermedia artist who approaches the experienced, the unknown, as well as collective histories through a ritual use of repetition and transformation. His recent ideas draw from indigenous knowledge systems and aesthetics, ethnobotany, applied

By Modupe Gbadeyanka The newly completed fly over bridge at Abule Egbe along the popular Lagos/Abeokuta Expressway would be commissioned on Wednesday, May 17, 2017 (today). The ceremony is expected to be performed by the Lagos State Governor, Mr Akinwunmi Ambode. The Abule Egba fly over bridge was constructed by Mr Ambode as part of efforts to ensure free flow of traffic in the area. It is expected that with the bridge, motorists would no longer experience traffic gridlock in the area anymore. The bridge comes with street lights and a water fountain.

By Modupe Gbadeyanka Management of Dangote Sugar Refinery has expressed its intention to source for N21.2 billion from the capital market through equity injection before the end of this year. The amount, the firm said, would form part of the N106 billion budgeted to finance its operations within the next six years, aimed at achieving the Dangote Sugar Master Plan, which is in two phases; targeting production of 690,000 MT of sugar across five northern sites, and production of 881,000 MT of sugar and creation of 75,000 jobs. At the company’s ‘facts behind the figure’ presentation at the Nigerian Stock

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market by 1.7 per cent or N7 on Friday, assuaging fears that the currency will be devalued again. The local currency sold for N415.07/$1 at the official FX window yesterday in contrast to N422.07/$1 it traded on Thursday, according to data obtained from FMDQ Securities Exchange. The Nigerian currency had suffered a significant loss a day earlier after investors feared that the Central Bank of Nigeria (CBN) may be forced to devalue the Naira again. Speaking at the

By Modupe Gbadeyanka Polaris Bank Limited, which was formerly operating as Skye Bank Plc, has won its case against the Abia State Government over a N1.528 billion tax assessment disagreement brought before a tax appeal tribunal sitting in Enugu State. The lender had taken the Abia State Board of Internal Revenue to the tribunal, seeking to determine if the agency followed due process provided in tax laws and regulations in dealing with it. According to Polaris Bank, it wanted to know if the state government was entitled to collect development levy and business premises levy without enabling state’s laws and