Cutix, Neimeth, 11 Others Bleed Market by 0.06%

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya Allianz Global has called on the Nigerian government and all stakeholders to work towards reforming the country’s pension industry. According to Allianz Global Pension Report, “The coverage of the Nigerian pension system is still very low and limited access to financial services stops the build-up of sufficient private old-age savings to cushion the lack of the public pension pillar.” “As regards to sustainability of the system, Nigeria ranks also in the bottom third. It is advised that the harmonization of the retirement ages of the various professions and adjusting the retirement age in line with future increase

By Aduragbemi Omiyale The shares of Sterling Bank Plc have been delisted from the Nigerian Exchange (NGX) Limited and have been replaced with the stocks of Sterling Financial Holdings Company Plc. This was done after Sterling Bank rejigged its business model and adopted the holding company structure to allow it to play in the different sectors of the financial industry. Prior to the listing of the new organisation on the local stock exchange, the equities of the old public entity were placed on full suspension to allow for a smooth process. Business Post reports that the delisting and relisting of

By Adedapo Adesanya Following the approval by the Central Bank of Nigeria (CBN), Nigeria’s lifestyle and payment service bank, 9PSB (Payment Service Bank), is set to commence operations in fostering financial inclusion drive in the Nigerian ecosystem. According to a statement from the bank, this move will allow customers to overcome some constraints such as regular long queues in the banking halls, consistent network failure, stringent documentation to assess credit facilities, frequent transaction/dispensing error, delay in transaction completion and process among others. Speaking on the vision of 9PSB’s entrant into the Nigerian financial sector, the CEO of 9mobile, Mr Alan

By Dipo Olowookere The Nigerian Exchange (NGX) Limited recorded a slow growth on Wednesday as the market breadth remained negative with 19 price losers and 16 price gainers. However, Cutix shares moved higher with double-digit growth as it appreciated by 10.00 per cent to top the gainers’ chart at the midweek session to settle at N5.50. Veritas Kapital gained 8.70 per cent to finish at 25 kobo, Tripple Gee rose by 7.78 per cent to 97 kobo, Presco appreciated by 3.71 per cent to N72.60, while NAHCO improved by 2.44 per cent to sell at N2.52. At the other end,

If there is one national truth, it is that Nigerian banks will genuinely make you wish you had saved your money in a milk tin. We aren’t even complaining too much about the heavy transfer fees, maintenance costs, crazy stamp duty charges, or the unavailability of the ATM machines when you need them. Rather, the most pressing problem is the fact that even after enduring all these issues, going to the bank to sort out problems is almost impossible. Especially during the coronavirus, it is a known fact that if you want to be attended to in a bank, you

By Adedapo Adesanya The Inspector General of Police (IGP), Mr Kayode Egbetokun, has revealed the plans by the Nigeria Police Force to ensure the smooth running of the November 11 governorship elections in Imo, Kogi, and Bayelsa States. Appearing as a guest on Channels Television’s People’s Townhall on Election Security in Abuja on Sunday, Mr Egbetoku said the agency was adequately prepared for the exercise, assuring voters that the polls would be hitch-free. He said that since the elections will take place in only three states, the police will draw personnel from across the remaining 33 states and the Federal

By Modupe Gbadeyanka Clients of Stanbic IBTC Trustees have been assured of unparalleled risk management as the company has the trusted hands to provide this service. According to the chief executive of the firm, Mr Charles Omoera, the trust solutions of Stanbic IBTC Trustees are geared at helping individuals run effective businesses with peace of mind and plan their estates to ensure successful and seamless transfer of assets to their future generation. “The importance of estate planning cannot be over-emphasised. It provides for and protects our loved ones and their interests. “Through the use of Wills and Trusts, these interests

By Dipo Olowookere Edo State Governor, Mr Godwin Obaseki, has signed into law a bill establishing the Edo State College of Agriculture. At the signing ceremony on Monday at the Government House in Benin City, the state capital, the Governor assured that the agricultural sector in the state would get a new lease of life with the new institution. Mr Obaseki explained that the essence of the Edo College of Agriculture Law was to have three schools of agriculture that would train the needed manpower to drive and sustain the ongoing reforms in the state’s agricultural sector. “When this government