FBN Capital Emerges ‘Best Investment Bank’ in Nigeria

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Modupe Gbadeyanka The National Bureau of Statistics (NBS) has released the headline inflation rate for the month of July 2018. In its data released on Wednesday morning, the stats office disclosed that the consumer price index (CPI), which measures inflation, moderated to 11.14 percent year-on-year in July from 11.23 percent recorded in June 2018. This represents 0.09 percent drop in the rate, the 18th consecutive disinflation in headline inflation year-on-year. The NBS said in its report today that increases were recorded in all COICOP divisions that yielded the Headline index. On month-on-month basis, the Headline index increased by 1.13

By Modupe Gbadeyanka Reputable global rating agency, Moody’s Investors Service, has warned that Dangote Cement Plc could be exposed to a refinance risk as a result of its weak liquidity profile. In a statement issued yesterday, Moody’s said the cement firm’s liquidity profile remains weak because it relies on the rollover of short-term debt and commercial paper funding, equal to N106 billion and N137 billion respectively as December 31, 2019. It noted that “combined with the board recommended dividend of N273 billion, which if approved and paid in June 2020, will weaken Dangote Cement’s liquidity and expose the business to

By Ahmed Rahma As part of its micro grant programme, the Aliko Dangote Foundation (ADF) has disbursed the sum of N3.9 billion to 392,490 women and youths in Kano, Jigawa, Kogi, Adamawa, Borno, Yobe, Lagos, Niger, Nasarawa, Sokoto and Katsina States. The foundation has also concluded plans to extend the disbursement of the micro grant program to Ogun, Osun, Kwara, Edo, Rivers, Anambra, Ebonyi and Bauchi States as part of the next phase of this programme. Speaking, the Managing Director/Chief Executive Office of ADF, Ms Zouera Youssoufou, stated that the board of the foundation has already approved the next phase

By Dipo Olowookere Last week, on the floor of the Nigerian Exchange (NGX) Limited, Sterling Bank, Access Holdings, and GTCO recorded the highest weekly sales, trading 394.878 million shares worth N2.847 billion in 2,274 deals, accounting for 48.51 per cent and 23.33 per cent of the 814.089 million shares worth N12.204 billion transacted in 15,488 deals in the week. A week earlier, the stock exchange recorded the sale of 1.225 billion equities worth N15.243 billion in 15,317 deals, indicating a decline in the market turnover. Like in the preceding week, the financial services industry led the activity chart with 663.799

By Dipo Olowookere A total of 40 equities appreciated in price during last week on the floor of the Nigerian Stock Exchange (NSE), higher than 15 equities in the previous week. During the week also, 25 equities depreciated in price, lower than 34 equities in the previous week, while 101 equities remained unchanged, lower than 119 equities recorded in the preceding week. It was observed that Ecobank topped the gainers’ chart, appreciating by 33.33 percent in the week to settle at N8 per share after opening for the week at N6 each. Second on the log was Oando, which rose

By Fisayo Adediran Wills are generally undesirable to an average Nigerian due to a lack of trust and the superstitious belief of wishing death upon the person. On the contrary, writing a Will is not only about planning for death, it also helps to protect the interest of your loved ones (beneficiaries) such as your spouse, children, siblings, parents etc. There are several reasons why every adult is required to write a Will. Avoid intestacy If you die intestate (without making a Will), your estate will be distributed according to the native/customary laws or the Administration of Estate Laws of

By Dipo Olowookere Efforts are being made to ensure that in the next two years, rice produced in Nigeria are exported to other African countries as well as Europe, America and possibly Asia. Minister of Agriculture and Rural Development, Mr Muhammad Sabo Nanono, during a chat with newsmen in Lagos on Monday, said the local production of the staple food has increased since federal government announced the closure of land borders in August 2019. “Before the closure of our land border, most of these rice milling plants were partially operating, but now, they not only operate in full capacities but

By Dipo Olowookere Leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange (NSE) and the London Stock Exchange (LSE), Seplat Petroleum Development Company (Seplat) Plc, has announced the successful pricing of its $350 million senior notes due for 2023 offered at 9.25 percent. The firm, in a statement issued yesterday, explained that the “notes will be issued by the company and guaranteed by certa in of its subsidiaries. In the statement signed by its Chief Financial Officer (CFO), Mr Roger Brown, the gross proceeds of the notes would be “used to repay and cancel existing