First Bank Terminates GDR Programme

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 Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Nkem Ndem Business travel is inevitable for most people in the Nigerian workforce. Aside from the fact that it contributes a lot to the economy and GDP of the country, it opens doors for the individual businessman or woman, opportunity seeker, and small scale business person or business owner. In Nigeria, however, many companies view business travel simply as an expense and do not see the benefits that come from it. They, therefore, budget very little for it, making the trip in itself extremely tedious for the employee who gets the assignment to embark on the journey. The truth

By Modupe Gbadeyanka The price of Brent crude oil has risen above $65 per barrel at the global market on Tuesday amid drop in supplies. As at the time of filing this report this afternoon (12:30pm), it was gathered that the commodity was sold for $65.55 per barrel at the market, indicating 1.33 percent rise and $0.86 change in the price of the product. This is coming at a time when there is a shutdown of the Forties North Sea pipeline as well as drop in the supplies as a result of oil production pushed by members and non-members of

In a letter dated November 9, 2016 written by former petroleum minister and All Progressive Congress (APC) chieftain, Don Etiebet, in respect of what is turning out to be a messy N2.4 billion indebtedness by an oil and gas company, Top Oil, to Access Bank Plc, appears to offer a new narrative to the dispute. Writing in his capacity as chairman of Top Oil and Gas Company Limited, the letter shows an admission by Etiebet of the indebtedness and profuse pleading for time to resolve the matter with the principal parties, CASTOIL that appear to have brought the business from

By Modupe Gbadeyanka Another tranche of N243 billion Paris Club Refunds has been released to states of the federation, majorly for the payment of salaries and pension. A statement from the Ministry of Finance on Tuesday explained that the payment was made to the 36 states and the Federal Capital Territory upon the approval of the President on May 4, 2017, in partial settlement of long-standing claims by state governments relating to over-deductions from their Federation Account Allocation Committee (FAAC) allocation for external debt service arising between 1995 and 2002. Minister of Finance, Mrs Kemi Adeosun, noted that the debt

By Modupe Gbadeyanka The Nigeria Custom Service (NCS) has been asked to pay the sum of N10 billion as compensation within one month or be ready for a court action. This is the demand by the Automobile Dealers Association. The group, in a letter to the Comptroller General of NCS, Mr Hameed Ibrahim Ali, through its legal counsel, Ubani & Co, said this request became necessary because officials of the agency has rendered businesses of its members useless by constant harassment and unlawful sealing of their business premises. In the letter copied to the Senate President, Speaker of House of

By Modupe Gbadeyanka Data released on Tuesday by the National Bureau of Statistics (NBS) has revealed that the total value of investment inflow into Nigeria in the second quarter of 2017 was estimated to be $1.79 billion. The stats office, in its Capital Importation Data released yesterday, noted that the capital imported into Nigeria in the period under review was $884.1 million more than the figure recorded in the first quarter of the year, a growth of 95.02 percent. It further disclosed in the report that year-on-year, this was an increase of 43.6 percent from the 1.04 billion recorded in

By Adedapo Adesanya The International Maritime Bureau (IMB) has disclosed that the Gulf of Guinea, once a notorious hub for sea piracy, has recorded the lowest number of reported incidents for the first half of the year since 1994. The bureau disclosed this in its half-year report of 2022 which coincided with the reduction in piracy around the globe, which it notes is evidence of its efforts in raising awareness to make the waters safe globally. In a statement signed by Mr Edward Osagie, Assistant Director, Public Relations, Nigerian Maritime Administration and Safety Agency (NIMASA), the IMB also expressed optimism

Pastor Chris Oyakhilome’s divorce story has inspired people all over the world to be open about personal challenges. Pastor Chris Oyakhilome and his ex-wife went through a divorce in 2016. Divorce is a topic that often stirs up intense emotions and raises questions about personal beliefs and values. In recent years, the high-profile divorce of Pastor Chris Oyakhilome, the founder of the Christ Embassy Church, otherwise known as LoveWorld Incorporated, has captured the attention of many. The dissolution of his marriage has sparked discussions within and beyond religious circles, offering an opportunity to reflect on the complexities of relationships, the