Domestic Market Extends Rally by 0.07% as Investors Mop up Oil Stocks

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

 By Adedapo Adesanya The Brent crude futures marked its lowest settlement on Thursday since July as concerns remained over the outlook for the demand of the commodity. On Thursday, the price of the black gold was down by 36 cents or 0.81 per cent to trade at $44.07 per barrel, while the US West Texas International (WTI) crude lost 20 cents or 0.48 per cent to finish at $41.17 per barrel. After gaining in the past few weeks, crude has faltered as the coronavirus continues to rage in many parts of the world and the demand outlook remains uncertain. Purchases

By Modupe Gbadeyanka Former Governor of Delta State and senatorial candidate of the All Progressives Congress (APC) in Delta South Senatorial District, Mr Emmanuel Uduaghan, has called on the Nigerian authorities to look for better ways to handle to issue of illegal refineries in the oil-rich Niger Delta region of the country. In a post via his verified Facebook page, the medical doctor turned politician argued that considering issuing an operating license to owners of these local refineries would boost the nation’s economy. “About 6,000 illegal refineries operational in the country, were reportedly destroyed by the Joint Military Task Force,

By Investors Hub Asian stocks gave up early gains to end mixed on Wednesday despite strong gains on Wall Street overnight and a rally in oil prices amid warnings of western air strikes against Syria. China’s Shanghai Composite index rose 17.76 points or 0.56 percent to 3,208.08 after PBOC Governor Yi Gang said China will allow more foreign investment in the financial sector over the next few months. Meanwhile, China’s inflation eased more-than-expected in March as demand decreased after the Lunar New Year holidays, official data showed. Similarly, factory gate inflation weakened for the fifth consecutive month. Consumer prices in

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Tuesday, November 06, 2018 conducted an unexpected Open Market Operations (OMO). Business Post observed that the sale of the treasury bills at the secondary market was generally not successful as the apex bank could only raise N316.23 billion from the N500 billion worth of the instruments auctioned to investors. From the N50 billion worth of the 121-day bills, the bank received subscriptions valued at N21 million, while from the N150 billion of the 184-day paper, the CBN got subscriptions worth N77.37 billion, and from the N300 billion worth of the

Over 4,500 Licenced Bureau de Change (BDCs) operators have been advised to stop use of Yahoo and Gmail for official communication especially to the Central Bank of Nigeria (CBN). This advice was given by the Association of Bureau De Change Operators of Nigeria (ABCON), which said its members can create or reactivate over 4,000 official/corporate emails on its platform. President of the association, Mr Aminu Gwadabe, during a chat with financial journalists in Lagos, said the advice followed a circular from the Other Financial Institutions (OFIs) Department of CBN, directing all OFIs including BDCs to adopt corporate e-mails for their

By Modupe Gbadeyanka Mr Babatunde Oladele Kasali has been announced as a Non-Executive Director of Wema Bank Plc, following the approval of the Central Bank of Nigeria (CBN). The appointment of Mr Kasali was disclosed in a statement issued by the financial institution on Tuesday, which was made available to Business Post. In the statement, Mr Kasali was described as a consummate professional with expertise in Audit, Risk Management, Compliance and Retail banking, spanning over three decades. He has served as General Manager and Regional Bank Head for United Bank for Africa (UBA) Plc, a bank he joined in 1996.

By Aduragbemi Omiyale The global mentorship program of Nexford University called Global Grid has been launched in Nigeria with the aim to connect learners to promising careers through mentorship. Serving as mentors for the scheme are Dr Ola Brown of Flying Doctors Healthcare Investment Company, Dr Modupe Adefeso-Olateju of The Education Partnership Centre, Yemi Faseun of YF Talent Partners, and Gbenga Totoyi of Alan & Grant. According to the Washington D.C.-based next-generation university platform, Global Grid enables talents from across the world to prepare for remote jobs as it increases awareness around the millions of jobs that are moving online,

The International Chamber of Commerce’s 10th annual Global Survey titled ‘Global Trade: Securing Future Growth’ has revealed that counter-terrorism and other international regulations are significantly inhibiting the ability of SMEs to trade internationally. According to the latest ICC Global Survey, of 251 banks in 91 countries, trade finance remains constrained, with a key reason for the constraints being lenders’ requirements to comply with international regulations. Of particular concern are regulations countering the financing of terrorism (CFT) as well as international sanctions stipulations. Some 87% of the respondents reported that complying with counter-terrorism and international sanctions regulations is a “major challenge”