Dangote Cement to Sell Bonds for Debt Refinancing

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

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 Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Adedapo Adesanya Nigeria’s e-commerce revenue is expected to rise by 477 per cent to $75 billion in 2025 from the current $13 billion per annum, according to a forecast presented by the Federal Ministry of Industry, Trade and Investment. The projection was given by Mrs Evelyn Ngige, Permanent Secretary of the ministry on Tuesday in Abuja at the second national e-commerce roundtable organised by the ministry. Mrs Ngige, while speaking at the event themed e-Commerce in Post COVID-19 Economy, Potential Change in Business Process Outlook and Shifting Domestic and Global Policies on Commodity Trade, pointed out that Nigeria’s e-commerce

Foremost Financial Institution, First Bank of Nigeria Limited, is unarguably the leader in the banking industry in Nigeria. Its capital base, national spread, customer-friendly products and services are second to none. The bank’s Corporate Social Responsibility (CSR) efforts cut across the nook and cranny of the country. These activities which stand First Bank include social and health intervention as well as support; small business empowerment and educational support which are all implemented to reinforce the capacity of individuals and businesses to contribute to national development. With its over 126 years of business operations in Nigeria, indeed the first Nigerian company

By Aduragbemi Omiyale Governor Babajide Sanwo-Olu of Lagos State has asked residents of the metropolis to call a number to report any bank that refuses to accept the deposits of old Naira notes. In a series of tweets on his verified Twitter page on Monday evening, Mr Sanwo-Olu said his government would take action against such a financial institution, emphasising that the old currency notes remain legal tender as declared by the supreme court on March 3, 2023. Last week, some commercial banks began dispensing the old currency denominations to customers but refused to accept them as deposits when returned

By Modupe Gbadeyanka The immediate past Minister of Aviation, Mr Hadi Sirika, has accused the Chairman of the House Committee on Aviation, Mr Nnolim Nnaji, of demanding a 5 per cent stake in controversial Nigeria Air. Mr Sirika made this allegation while appearing on Arise TV’s ThisDay Live on Sunday evening, monitored by Business Post. About a day to the end of the tenure of the immediate past President, Mr Muhammadu Buhari, the former Minister launched the national carrier in Abuja. This raised dust in the media, compelling the House of Representatives to conduct a hearing, where the acting Managing

By Investors Hub Asian stocks ended mixed on Friday as continued uncertainty over Brexit and lingering U.S.-China trade tensions kept underlying sentiment cautious going into the weekend. Chinese stocks advanced after reports Beijing will request the cancellation of some planned and existing U.S. tariffs on Chinese imports in exchange for buying more U.S. agricultural products. The benchmark Shanghai Composite Index climbed 14.01 points, or 0.5 percent, to 2,954.93 ahead of high-level trade talks later in the day. Hong Kong’s Hang Seng Index dropped 0.5 percent to 26,667.39. Japanese shares hit a fresh one-year high as semiconductor-related stocks surged after the

By Faith Shalom Introduction If your financial goal is to increase your wealth or save for a purpose, then this article is for you. The skill you need to master your finances might just be a few money habits. I have put together a short list of things you should try to help you achieve your financial goals. Automate your savings An easy way to fatten your savings without overthinking it is to automate your account deposits. For instance, setting up a direct debit payment from your salary account to your investment/savings account) is as easy as ABC. This minimizes

By Dipo Olowookere Frantic effort is being made by the Federal Government to secure a loan of $550 million from China NEXIM for the acquisition of two additional satellites to adequately equip NIGCOMSAT to discharge its duties. This information was disclosed by the Minister of Communications, Mr Adebayo Shittu, during an interactive meeting with stakeholders on the establishment of the proposed ICT University of Nigeria, ICT Development Bank and ICT Park and Exhibition Centre. The Minister highlighted the critical concerns of his ministry to include acquisition of two satellites, $350 million for Galaxy Backbone to complete the funding of its

By Dipo Olowookere The Rivers State government has sealed the regional office of 9mobile in Port Harcourt, the state capital, over an alleged non-payment of Pay As You Earn (PAYE) taxes of expatriates on its payroll. The office, according to information, was closed down by officials of the Rivers Internal Revenue Service (RIRS), who accused the telecom firm of owing about N108 million. However, the management of 9mobile denied owing the state government such a huge amount, emphasising that that it has no expatriate residing in the state on its payroll. 9mobile faulted the state government for clamping down on