FG to Announce New Date for Postponed FAAC Meeting for May 2022

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By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

Stanbic IBTC Trustees Limited, through the Stanbic IBTC Education Trust (SET), has made assisting Nigerian parents and guardians to secure their children and ward’s academic future one of her top priorities. SET is a flexible and easy investment plan with long-term benefits that support parents and guardians striving to provide quality education for their children and wards. With SET, parents and guardians can ensure the payment of their children and wards’ school fees as education-related expenses are directly effected by the institutions of learning, be it elementary to tertiary levels. This action ensures that unforeseeable events do not cause a

By Adedapo Adesanya The Nigerian Independent Petroleum Company (NIPCO) Plc has confirmed that its investment, put at $50 million, is helping push Nigeria’s energy diversification and transition plans, with more in the pipelines. According to Mr Suresh Kumar, the company’s Managing Director, “We have spent more than $50 million on natural gas infrastructure over the years. We believe that there are lots of potential in Nigeria that can be explored for gas utilisation, and this will further boost our economy.” Mr Kumar said that the organisation had deepened gas usage and market penetration in the country through massive investment in

By Dipo Olowookere The Nigerian Stock Exchange (NSE) further depreciated by 0.38 percent on Wednesday on the back of sustained sell pressure. The decline yesterday was as a result of profit-taking in the energy sector (-4.11 percent) and consumer goods index (-1.63 percent). Their performance overcame the gains recorded in the insurance (0.87 percent) and banking (0.24 percent) sectors. The industrial goods space closed flat. When market activities were wrapped up at the midweek session, the All-Share Index (ASI) reduced by 95.07 points to 24,654.99 points from 24,750.06 points. Similarly, the market capitalisation decreased yesterday by N49 billion to settle

By Adedapo Adesanya The National Pension Commission (PenCom) has decried its inability to physically verify pension-qualified employees of Treasury Funded Ministries, Departments and Agencies (MDAs) of the federal government. The pension sector regulator said that the development is coming considering that these beneficiaries, due to retire from service between January and December 2021, won’t be duly verified because of implications brought about by the coronavirus pandemic. The commission, however, noted that it was putting an automated process in place that would ensure seamless conduct of the annual verification/enrolment exercise. In a statement, the agency said, “This is to inform employees

By Dipo Olowookere An international NGO and charity, Planet Earth Institute (PEI), says it will launch the PEI exChange as part of its #ScienceAfrica UnConference on July 20,2017. The PEI exChange is the first online matching platform for individuals passionate about African development and the website is also the world’s only online portal dedicated to projects in Africa as well as individuals working and interested in Africa. While Africa has long been the subject of fascination, there are few specialised websites for the sheer range of professionals working on the continent. The PEI exChange is a new website that aims

By Adedapo Adesanya The value of the Naira appreciated against the United States currency in the Peer-to-Peer (P2P) segment of the foreign exchange market on Tuesday by N2 to close at N740/$1 compared with the previous day’s value of N742/$1. However, it depreciated against the American Dollar at the Investors and Exporters (I&E) window of the FX market yesterday by 33 Kobo or 0.08 per cent to trade at N436.33/$1 in contrast to Monday’s value of N436.00/$1. Data from the FMDQ Securities Exchange disclosed that the value of forex transactions recorded at the spot market yesterday went up by 27.31

By Modupe Gbadeyanka Commissioner for Waterfront Infrastructure Development in Lagos State, Mr Adebowale Akinsanya, has revealed that the state government would soon begin construction of a fly-over at Pen Cinema, Agege. Speaking on Friday where he represented Governor Akinwunmi Ambode at a stakeholders’ meeting on the construction of the bridge, the Commissioner explained that the project was part of efforts to ease traffic on Lagos roads as well as improve connectivity of various communities across the state. He further explained that the vision of the present administration was to make Lagos State more prosperous with a robust economy, as such

By Adedapo Adesanya Oil prices were down on Monday as the Chinese demand outlook was low amid continuous lockdowns, causing the Brent crude to drop 6.17 per cent or $6.93 to $105.50 per barrel, with the West Texas Intermediate (WTI) trading lower by 6.46 per cent or $7.09 to $102.70 per barrel. China’s latest series of lockdowns have had the whole business world worried about the future with many companies in China cutting their 2022 growth projections. Analysts also noted that business sentiment among Chinese businesses also suffered from the lockdowns as crude imports by China in the first four