Fire Razes Lagos Warehouse of Guinness Nigeria

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

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 Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Aduragbemi Omiyale The Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, has disclosed that the banking institution is one organisation that is promoting gender balance in its employment. Mr Akinwuntan, while speaking at the launch of The Nigeria2Equal Gender Program last Friday, said at the moment, the lender is close to having 50 per cent of women in its workforce. According to him, policies and structures have been put in place to promote gender balance in its employment, while the bank also has many initiatives and innovative products targeted at empowering and sustaining female entrepreneurs in Nigeria such as

By Adedapo Adesanya The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange increased by 2.05 per cent or N9.3 billion last week to N1.140 trillion from N1.120 trillion after Lagos Building Investment Company (LBIC) Plc was admitted to the platform. However, the NASD Unlisted Securities Index (NSI) could manage an appreciation of 1.21 per cent or 9.61 points in the five-day trading week to settle at 805.65 points compared with the preceding week’s 796.04 points. In the week under review, the total volume of trades decreased by 26.5 per cent to 4.72 million units from the 7.42 million units

By Modupe Gbadeyanka The Islamic Economy has seen tremendous increase in recent years transcending its traditional geographic boundaries, its entrance into East Africa could revolutionize the region’s finance & banking sector, Tourism, and Hotel sector and Fast moving consumer goods. To explore how East Africa can tap into the Islamic Economy, with an  estimated global value of $2.3 trillion, Kenya will host the 2nd edition of the East Africa Islamic Economy Summit (EAIES 2017) on the 10th & 11th April 2017 (www.EAIFS.com). Another platform endorsed by East Africa’s Private and public sector leadership with speakers drawn from Governments, international experts

By Dipo Olowookere In the money market this week, interbank rates are anticipated to moderate as a result of huge inflows hitting the market. Business Post reports that during the week, specifically on Thursday, treasury bills worth N684.84 billion will mature via the secondary market. This, along with the effect of the N788.14 billion federally collected revenue distributed by FAAC, is expected boost financial system liquidity and according to Cowry Asset analysts, both inflows will “result in a corresponding downward trend in NIBOR.” With these anticipated inflows, we at Business Post expect the Central Bank of Nigeria (CBN) to be

By Bilyaminu Kong-kol The objective of communication is, indisputably, to attain the desired result; definitely for it to serve the purpose for which it is designed, intended or planned, positive or negative. Communication has been perhaps the most important aspect of human and social existence even during the primitive age. Therefore, care must be taken to preserve its sanctity and values and that demands that the content being pushed out is not distorted or cooked, espousing the public good and sometimes truthfully exposing wrongdoings in the society. A medium which hurts, destroys people and elicits growling phone calls and libel

By Dipo Olowookere Morocco-based financial services company, Wafacash, is scaling up operations with leading digital money transfer service, WorldRemit, to offer instant money transfers across West and Central Africa. The companies already work together in Morocco and Senegal, but will expand into Cameroon, Benin, Burkina Faso, Niger and Cote D’Ivoire before the end of the year. The new service will let WorldRemit customers in over 50 countries transfer money as easily as sending an instant message, using the app or website. WorldRemit’s digital, mobile-first model significantly improves security and compliance standards. Senders no longer need to visit a bricks and

By Dipo Olowookere The Nigerian Exchange (NGX) Group Plc has applied to exit the NASD over-the-counter (OTC) Securities Exchange, where it currently trades its shares, Business Post can authoritatively report. The company, which is an offshoot of the defunct Nigerian Stock Exchange (NSE), had its last trading session at the unlisted securities market on Friday, October 8, 2021. Last week, NGX Group announced its intention to list its stocks by introduction on the floor of the Nigerian Exchange (NGX) Limited, which is the main exchange of the country. “I am pleased to confirm that The Group intends to move ahead

By Dipo Olowookere On Monday, November 13, 2017, the Central Bank of Nigeria (CBN) continued with its weekly supply of foreign exchange (forex) into the market. Yesterday, the apex bank injected the sum of $195 million into the market as part of its efforts to sustain the supply of forex for genuine customers. According to the central bank, the sum of $100 million was released to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment got $50 million, and $45 million was allotted to the invisibles segment comprising tuition, medical payments and Basic Travel Allowance (BTA). Speaking on