EEDC Restructures, Appoints Jayaraman Acting MD

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 Bliss Okperan A foremost content reader, FeedSpot, has named Business Post Nigeria as one of the Top 25 Nigeria Personal Finance Blogs. In the list, Business Post was placed in the 8th position, ranking among other reputable online platforms serving readers with quality and educative business and financial news reports and articles. In the top 10, FeedSpot listed Nairametrics as number one, followed by UBA Group, Financial Nigeria Magazine, Investors King, Cowrywise Blog, Financial Watch, MakeMoney, Business Post Nigeria, Nigeria Galleria Blog, and Money Matters with Nimi. Other platforms listed were LagosMums, Financengr, Rosabon Financial Blog, Ohimai Consulting Blog,

By Adedapo Adesanya Nigeria has repaid a total of $12.56 billion in external debt as of 2022, data from Intelpoint showed. According to the latest debt figures, Nigeria’s total public debt rose by 75.3 per cent to N87.38 trillion at the end of the second quarter of 2023 against N49.85 trillion recorded in the first quarter of the year. The rise came as the country securitised the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN) to the federal government. The overdraft is a loan facility through which the CBN finances the shortfalls in the government’s

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 Modupe Gbadeyanka Monday, June 12, 2023, has been declared a public holiday by the federal government to celebrate Democracy Day. In a statement on Thursday, the federal government congratulated Nigerians on the occasion and wished them a Happy Democracy Day celebration. “Nigeria’s democratic journey has, like in many other climes, encountered both stormy and smooth sails, but the ship of state, its institutions and most importantly, the Nigerian people have remained steadfast on the tenets of democratic governance. “On this memorable occasion, therefore, Nigerians and friends of Nigeria are invited to appreciate the progress that has been made, celebrate

By Adeniyi Ogunfowoke With the trending economic situation, many businesses have failed. Regardless, many of the causes of business failure can be prevented. These causes shared by Jumia Travel, the leading online travel agency will help you put together a plan to make sure your business is around for decades. Lack of experience Lack of experience is one of the causes of business failure. If you are inexperienced or your management is made up of novices, then your business is likely to fail. When starting a new business, it is advised you get the services of people experienced in that field.

By Ahmed Rahma A former member of the Nigerian Senate, Mr Emmanuel Ebok-Essien, has emerged as the new National Chairman of Pan Niger Delta Forum (PANDEF), the mouthpiece of monarchs, leaders and stakeholders of the coastal states of Niger Delta. The Akwa Ibom State lawmaker succeeds the former Military Administrator (MILAD) of Akwa Ibom State, late Idongesit Nkanga, who died of COVID-19 complications last year. His ratification and approval of the nomination of other national officials were contained in a communiqué signed by the national leader of PANDEF, Mr Edwin Clark, and former governor of Akwa Ibom State, Mr Obong

By Investors Hub The major U.S. index futures are pointing to a modestly lower opening on Wednesday following the upward move seen in the previous session. Following the sell-off seen on Monday, stocks moved back to the upside during the trading day on Tuesday. The Dow climbed 116.36 points or 0.5 percent to 24,727.27, the Nasdaq rose 20.06 points or 0.3 percent to 7,364.30 and the S&P 500 ended up 4.02 points or 0.2 percent to 2,716.94. The strength on Wall Street may partly have reflected bargain hunting following the notable decline seen during trading on Monday. Trading activity was

By Modupe Gbadeyanka About 30 million people in sub-Saharan Africa have been pushed into extreme poverty by the COVID-19 pandemic, wiping out more than five years of progress, a report released on Wednesday at the ongoing Bloomberg New Economy Forum in Singapore has revealed. Whilst some ground will be made up as economies across the continent recover, this will still not be enough to meet the United Nations’ Sustainable Development Goal of eradicating poverty by 2030 – a target that was already a stretch before the pandemic hit. The Bloomberg Economics Special Report titled Long COVID: Jobs, Prices and Growth

By Modupe Gbadeyanka The Center for Middle Eastern Studies (CMES) at Harvard University today opened its first overseas office in Tunisia, home to a tradition of learning and research that extends from Antiquity to the present. The office and the year-round programs run from the location are made possible by the support of Harvard College alumnus Hazem Ben-Gacem (AB ’92). “The Middle East is a part of the world that you’ll never fully understand unless you get your feet on the ground and experience it first-hand,” said William Granara, CMES Director and Professor of Arabic. “Thanks to Hazem’s generosity, Harvard

By Aduragbemi Omiyale The President of the African Development Bank (AfDB), Mr Akinwumi Adesina, has warned that about 39 million Africans could fall into extreme poverty in 2021. The respected banker said this in an exclusive interview on CNN’s First Move with Julia Chatterley, recently, noting that the COVID-19 pandemic has further exposed the challenges facing the continent. He, therefore, called on the world, especially the advanced economies, to come to the aid of Africa, which is finding it difficult to vaccinate its over one billion population. “Last year, we had 30 million people went into extreme poverty. This year

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange remained in the bearish zone on Tuesday, May 17 as another negative price movement dragged the bourse down by 0.03 per cent. This came as a Nigerian financial services company, Capital Bancorp Plc, made a 38 kobo or 9.92 per cent drop to sell at N3.45 per unit compared with the previous day’s N3.83 per unit. This slacked the market capitalisation of the NASD OTC exchange by N290 million to N1.06 trillion from N1.06 trillion, while the NASD Unlisted Securities Index (NSI) decreased by 0.23 points to wrap the session at 807.33