European Shares Fall Amidst Political Uncertainty in Italy

By Modupe Gbadeyanka The sum of N27.5 trillion has been approved for the 2024 budget by the Federal Executive Council (FEC) on Monday. The Minister of Budget and Economic Planning, Mr Atiku Bagudu, confirmed this development to newsmen after the FEC meeting in Abuja. He also disclosed that the council, which was chaired by President Bola Tinubu, said the 2024 Appropriation Bill should be funded from N18 trillion revenue expected to be generated by the country. “The federal executive council considered the 2024 Appropriation bill. The Medium Term Expenditure Framework (MTEF) was earlier approved by the National Assembly. It has

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Adedapo Adesanya Haul247, a Nigerian end-to-end logistics platform connecting businesses to haulage and warehousing assets, has raised a $3 million seed round to solve problems revolving around the sector. Alitheia Capital provided the equity capital, with Investment One contributing $1 million in debt financing. The logistics startup allows small businesses and large companies to book trucks and warehouses across multiple African geolocations. It has over 1,000 trucks on its platform and about 151,000 square meters of warehouse space across various locations, the company said in a statement. The startup, founded by Mr Sehinde Afolayan, through its proprietary software, enables

By Ahmed Rahma It is believed that unemployment among the youth was a critical factor behind the destruction and lootings that followed the recent #EndSARS protests. In order to address this serious threat and prevent a reoccurrence of the agitation, the Coalition Alliance Against COVID-19 (CACOVID) is planning to spend not less than N150 billion on youth empowerment. The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, who made this disclosure, also said the group has so far spent N43.27 billion on the acquisition of medical equipment and supplies and food palliatives for the vulnerable and others. Speaking during

By Adedapo Adesanya Over 600 local companies will jostle for the available 57 small marginal oilfields in Nigeria, according to the Director of the Department of Petroleum Resources (DPR), Mr Sarki Auwalu. This is Nigeria’s first bidding round in almost 20 years. A report by the News Agency of Nigeria (NAN) said Mr Auwalu gave this figure on a television programme, where he appeared as a guest. Earlier, it was reported that over 300 oil coys had submitted bids for the exercise. But in June, Business Post reported that the agency had extended the bidding round by two weeks, giving room

By Modupe Gbadeyanka The board of Nestle Nigeria Plc has proposed to its shareholders the payment of N15 interim dividend. This was made known after the firm released its earnings for the third quarter of 2017 ended September 30. During the period, the company recorded a significant growth in its profit after tax, posting N22.98 billion against N484.69 million declared 12 months ago. In addition, the company posted a revenue growth of 43 percent for the 9-month period ending September 2017 supported by strong consumer and distribution-led activities as well as benefited from the pricing effect of last year. According

By Adedapo Adesanya The African Development Bank Group (AfDB) has announced the approval of a new Gender Equality Trust Fund (GETF), aimed at pushing forward gender equality and women’s empowerment across the continent. The fund is worth $7 billion and will see a first tranche of up to $2 billion given to the beneficiaries in credit, with a further $5 billion. The fund is purely to support women-empowered businesses in Africa. The AfDB, in a statement over the weekend, explained that the GETF, which was funded by donors, would support the delivery and scale-up of the Bank’s Affirmative Finance Action

By Adedapo Adesanya A proprietary investment company, UBN Property Plc, has proposed the payment of 3 kobo as a final dividend to its shareholders for the 2020 financial year. This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities. The payment will be subject to the approval of shareholders at the Annual General Meeting (AGM) of the company scheduled for Tuesday, June 29. According to the property investment company, its AGM will hold at the Auditorium, Stallion Plaza (9th Floor) 36 Marina, Lagos by 11 a.m. If the dividend

By Dipo Olowookere The resignation six directors on the board of Dangote Flour Mills has been announced by the company after owners of the flour milling giant sold their holdings to Olam. Olam, through its subsidiary, Crown Flour Mills Limited, acquired about 5 billion units of the company’s shares held by other shareholders for the sum of N120 billion. Business Post reports that the acquisition of the 5 billion ordinary shares of 50 kobo each of Dangote Flour was done at N24 per unit, an amount that is 124 percent premium to the last traded share price of the company

By Dipo Olowookere Ecobank Nigeria Limited is spicing up the maiden Adire Market Week taking place at the June 12 Cultural Centre, Kuto, Abeokuta, Ogun State from April 7 to 9, 2022. The event is being packaged by the Office of the Ogun State First Lady through Ajose Foundation, an organisation established by Mrs Bamidele Abiodun, wife of the Ogun State Governor, Mr Dapo Abiodun. Business Post gathered that the Adire Market Week will showcase and promote authentic Adire products from about 100 exhibitors as well as the works of traders, fashion designers, models and other players in the Adire