Experts Brainstorm at Stanbic IBTC Business Forum

By Dipo Olowookere The House of Representatives Committee on Customs and Excise chaired by Mr Leke Abejide, has promised to ensure that all customs duties and levies collected by the Nigeria Customs Service (NCS) are accounted for and remitted to the nation’s purse. He gave this assurance during the inaugural meeting of the panel on Wednesday in Abuja, using the occasion to roll out the seven-point agenda of his group. The lawmaker, who contested in the recently-concluded governorship election in Kogi State under the African Democratic Party (ADC), listed the key focus of the team as oversight of the Nigeria

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

By Dipo Olowookere A new report by Kaspersky Lab has revealed the online activities of children across Nigeria, based on statistics from the company’s Parental Control modules. The research also showed what children in the region watched, listened to, purchased and searched for online. Kaspersky Lab, in the statement made available to Business Post, disclosed that the report shows anonymised statistics on websites visited from Windows PCs and Macs, and search activity on Windows PCs, Macs, Android and iOS devices. The stats were taken from Kaspersky Lab’s flagship products that have the Parental Control module switched on, and from Kaspersky

By Adedapo Adesanya The oil market fell by one per cent on Monday after expectations rose that the United States could ease sanctions on Venezuelan crude exports. Venezuela, a member of the Organisation of the Petroleum Exporting Countries (OPEC) could begin to heave a sigh of relief as government and opposition are set to return to political negotiations this week after nearly a year. This development weakened Brent crude by 1.4 per cent or $1.24 during the session to $89.65 a barrel, as the US West Texas Intermediate (WTI) crude dropped 1.2 per cent or $1.03 to finish at $86.66

By Modupe Gbadeyanka An employee of Access Bank Plc in Lagos has landed in hot soup for allegedly stealing about N13.6 million from the accounts of two customers of the financial institution. The suspect, Mr Kolawole Agboola, was on Friday arraigned at the Tinubu Chief Magistrates’ Court in Lagos Island on a three-count charge of conspiracy, fraud and theft, which he pleaded not guilty to. The Idimu, Lagos-based 29-year old banker, according to the prosecutor, Sergeant Hafsat Ajibode, committed the offences between October 2017 and March 2018. The offences contravened Sections 287 (7), 325 and 411 of the Criminal Law

By Modupe Gbadeyanka The Economic and Financial Crimes Commission (EFCC) Ibadan zonal office, on Friday, May 3, 2019 arraigned one Akeredolu Oluwafemi Temidayo (a.k.a. Susan Henderson) before Justice Joyce Abdulmalik of the Federal High Court 2, sitting in Ibadan, Oyo State. Akeredolu, who claimed to be a graduate of Insurance from The Polytechnic, Ibadan, was arraigned on a three-count charge of obtaining money under false pretence, possession of fraudulent documents and forgery. The accused was alleged to have contravened Sections 1, 2 and 6 of the Advance Fee Fraud and other Fraud Related Offences Act, 2006, as well as Section

By Dipo Olowookere The board of Flour Mills of Nigeria Plc is proposing to pay shareholders of the company a dividend of N2.15 per unit for its 2022 financial year, which ended on March 31, 2022. This amount is higher than the N1.65 paid in the previous accounting period, reflecting an increase in dividend payout by 30.3 per cent. The firm, in its audited results released on Tuesday, said the year under review was profitable as the pre-tax profit jumped by 10.48 per cent to N41.1 billion from N37.2 billion, while the net profit appreciated by 8.95 per cent to

By Nneka Okumazie Until a person is disgraced, most precautions would never make sense. After a person becomes a disappointment, wishes fly on what should have been avoided. No one says there are no tragedies. No one says there aren’t the wicked bent on evil and manipulation. No one says there are no misfortunes. But most times, it is better to be far careful, than to be sorry. Everyone is at risk of going down. It is easier to go further down for those already down, than to go up. Fall, for those up, is sometimes faster than ascent. Unknowns,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.2 per cent on  Friday, May 19, following positive price movement from FrieslandCampina WAMCO Nigeria Plc. The milk producer closed the final session of the week as the sole gainer after it moved up by N1.00 to settle at N66.00 per share compared with the previous day’s N65.00 per share. This supported the N1.96 billion upward movement in the value of the NASD OTC Exchange as it finished at N990.28 billion compared with Thursday’s closing value of N988.32 billion. Following the same trend was the NASD Unlisted Securities Index

By Dipo Olowookere Contrary to reports making the rounds, the Lagos State government has said it never sponsored any thug to attack residents of the state partaking in the widespread #EndSARS protest. The Commissioner for Information and Strategy, Mr Gbenga Omotoso, ​in a statement on Thursday, described the reports as “untrue and wicked.” He said the “unverified reports” were the handiwork of “enemies of peace and orderliness [who want] to whip up sentiments against the government.” According to him, the administration of Mr Babajide Sanwo-Olu will never encourage any violent act that may put the lives and businesses of Lagosians