Flour Mills, UACN Property Raise N20.5bn to Bolster Operations

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Adedapo Adesanya  Trading ended this week on Friday August 23, 2019 at the Investors and Exporters segment of the foreign exchange market with the value of the Naira going down 13 Kobo or 0.04 percent against the dollar to trade at N363.14/$1 in contrast to N363.01/$1 it exchanged on Thursday. It was observed that weakening of the local currency was caused by the pressure on the Nigerian currency as a result of the demand for the Greenback by foreign portfolio investors, who are converting their assets. At the close of transactions on the window, the daily market turnover further

By Modupe Gbadeyanka A woman, Mrs Dove Akinadewo, has emerged as a brand-new car winner in the 3rd Bigi Watch and Win Promo in Lagos. She clinched the prize at the raffle draw event held at Silverbird Cinemas for consuming Bigi drink products. Mrs Akinadewo, a Bigi Cherry Cola lover, expressed her excitement over the gift and lauded the Bigi brand for engaging consumers with memorable experiences that change lives across the country. “I am so happy. I am now a brand-new car owner, and I have Bigi drinks to thank for this. Whenever I watch movies now, I think

By Adedapo Adesanya  Oil rose for the fourth consecutive day this week on Friday and recorded what is the biggest weekly gain in more than a month due to support caused by falling U.S. crude inventories. The weekly performance rise was influenced by the surprise drop in the United States inventories, with crude stocks dropping by about 1.7 million barrels last week. On Friday, the Brent crude was set for a weekly gain of almost 4 percent or 34 cents to settle at $61.73 per barrel, while the West Texas Intermediate (WTI) crude rose by 46 cents to settle at

By Bliss Okperan The Commissioner for Physical Planning and Urban Development in Lagos State, Mr Oluyinka Olumide, has debunked claims that the ongoing demolition of illegal buildings in the metropolis was targeted at the South-Easterners by Governor Babajide Sanwo-Olu administration. It was alleged that the state government was pulling down structures belonging to residents of the state from the Igbo extraction because of their protest votes in the 2023 governorship election. Speaking as a guest on Wednesday on Channels Television’s flagship breakfast programme, Sunrise Daily, Mr Olumide disclosed that, “Those buildings causing uproar are buildings rushed during the COVID period

By Adedapo Adesanya The President of the African Development Bank (AfDB) Group, Mr Akinwumi Adesina, has appealed to the United States to back the institution’s $1.5 billion emergency food production plan which seeks to avert a looming food crisis in Africa caused by Russia’s war in Ukraine. Mr Adesina was part of a team that testified about global food insecurity and persisting impacts of the COVID-19 pandemic before the US Senate subcommittee on State, Foreign Operations and Related Programs. Senators Chris Coons (Delaware), Lyndsey Graham (South Carolina), Dick Durbin (Illinois), Chris Van Hollen (Maryland) and Roy Blunt (Missouri) also participated

By Adedapo Adesanya The federal government has disclosed plans to launch a set of policies to unbundle the Nigerian Postal Services (NIPOST) which would see it not just as a regulator but as a competitor in logistics, courier and even financial services. This was disclosed by the Minister of Communications and Digital Economy, Mr Isa Pantami, on Tuesday, at the unveiling ceremony of the NIPOST N50 revenue stamp in Abuja. Mr Pantami stated that the unbundling would transform its operations and make it innovative. In his words, “We have so many policies of transforming NIPOST in the pipeline and part

By Adedapo Adesanya The Sokoto State Government has launched the N3 billion Mabera Storm Water Management Works to control erosion in the state. The project consists of 18.5 kilometres enlarged drainage system across Mabera Jelani, Mabera Iddi, Nakasarin Barebari, Nakasarin Nagaji, Salame and Trade Fair areas in Sokoto Township. The development is being executed under the World Bank-assisted Nigeria Erosion and Watershed Management Project (NEWMAP), in partnership with the state government. Speaking at the inauguration today, the state governor, Mr Aminu Tambuwal, said the state government had settled its counterpart funding of N1.4 billion since 2017, adding that some procedures

By Adedapo Adesanya Russia has become the world’s second-largest oil producer, beating Saudi Arabia after producing more crude oil in June, data from the Joint Organisations Data Initiative (JODI) has shown. The country is only behind the world’s number one producer, the United States, according to the data. Despite output cuts from the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+ the country’s crude oil production stood at 8.788 million barrels per day, according to the data released by the JODI database, which collects self-reported figures from 114 countries. By comparison, Saudi Arabia’s production in the same