FG Adopts 60-day Plan to Enhance Business Environment

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Modupe Gbadeyanka Nigeria’s leading indigenous energy group, Oando Plc, has announced the completion of a partial divestment of 49 percent of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited, to Glover Gas & Power B.V., a special purpose vehicle owned by Helios Investment Partners LLP, a premier Africa-focused private investment firm. The deal between Oando Plc, a company listed on both the Nigerian and Johannesburg Stock Exchange, and Helios is said to be worth $115.8 million. In a press statement issued on Tuesday, December 20, 2016, by Oando’s Head of Corporate Communications, Mr Ainojie

By Adedapo Adesanya Oil prices fell by 2 per cent on Tuesday, for the third straight session, after slow economic data from Europe weighed on the outlook for energy demand, with Brent crude futures shedding $1.76 or 2 per cent to settle at $88.07 per barrel and the US West Texas Intermediate crude futures dropping $1.75 or 2.1 per cent to close at $83.74 a barrel. Euro zone business activity data released on Tuesday took a surprise downward turn this month, suggesting the bloc may slip into recession. HCOB’s flash Euro zone Composite Purchasing Managers’ Index (PMI), compiled by S&P

In today’s dynamic landscape of global economics and digital innovation, the rise of digital currencies has introduced a new paradigm of financial inclusivity and cross-border collaboration. Among these trailblazing digital currencies, DigiYuan, China’s central bank digital currency (CBDC), has garnered noteworthy attention due to its capacity not only to reshape the domestic financial landscape but also to assume a pivotal role in influencing the endeavors of Yuan Pay Group The official website, a cryptocurrency trading platform facilitating digital Yuan transactions, within the realm of global humanitarian initiatives. This article takes a comprehensive dive into the ramifications of integrating DigiYuan into

By Investors Hub Asian stocks gave up early gains to end mixed on Thursday as investors awaited Chinese GDP data for direction. China’s Shanghai Composite Index climbed 31.24 points or 0.9 percent to 3,475.91 after data showed that China’s property market remained largely stable in December despite tough purchase restrictions. Hong Kong’s Hang Seng Index rose 138.53 points or 0.4 percent to 32,121.94. Data released after the markets closed revealed that the Chinese economy grew an annual 6.9 percent in 2017, up from 6.7 percent in 2016. Industrial output accelerated slightly in December, while retail sales slowed and fixed-asset investment

By Modupe Gbadeyanka A branch Automated Teller Machine (ATM) officer with Jaiz Bank, Mr Alfa Ibrahim, has been arraigned before Justice Darius Khobo of the Kaduna State High Court. The suspect was taken to court by the Economic and Financial Crimes Commission (EFCC) on January 9, 2019 on a one-count charge bordering on dishonesty to the tune of N33.8 million. The money was said to belong to Jaiz Bank and was meant to be “loaded” into the bank’s ATM, but allegedly converted by the accused person to his personal use. “That you, Alfa Ibrahim, while being Automated Teller Machine officer

By Modupe Gbadeyanka The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, said he had directed commercial banks to begin to dispense the old N200 notes to customers. He said this on Thursday after a meeting with President Muhammadu Buhari in Abuja. According to the CBN chief, he had a meeting with executives of 15 banks in the country to discuss ways to comply with the directive of Mr Buhari this morning in his nationwide broadcast. “To further ease the supply pressures, particularly to our citizens, I have given approval to the CBN that the old N200

By Dipo Olowookere UAC of Nigeria Plc has announced its intention to liquidate its assets at the Warm Spring Waters Nigeria Limited. In 2002, UAC Nigeria promoted the Warm Spring Waters Nigeria Limited in partnership with the Ekiti State government and the Ikogosi-Ekiti community on the production of premium quality spring water under the ‘Gossy’ label. UAC Nigeria controls 76 percent stake in the firm, which commenced production in 2003. In a statement issued today, UAC Nigeria lamented that since the company kicked off production, it has been operating at loss. It attributed this to the rural location of the

By Adedapo Adesanya Prices of the major crude oil benchmarks were mixed at the market on Wednesday despite crude inventories in the United States dropping for the fifth straight week. The Brent crude futures fell 21 cents or 0.46 per cent to trade at $45.65 per barrel, while the US West Texas Intermediate (WTI) crude futures gained 5 cents or 0.12 per cent to sell for $43.40 per barrel. The market had performed well at the onset as both benchmarks settled at a five-month high on Tuesday. It was looking to extend this as data showed that oil stockpiles in