Friesland Further Buries NASD Exchange by 0.43%

By Adedapo Adesanya Crude oil prices settled gained almost one per cent higher on Tuesday as expectations of tighter supply outweighed worries that an uncertain economic outlook would hurt demand. Brent crude futures rose by 67 cents or 0.7 per cent to $93.96 per barrel and the US West Texas Intermediate (WTI) crude futures increased by 71 cents or 0.8 per cent to $90.39 per barrel. Oil supply remains tight as Russia and Saudi Arabia have extended production cuts to the end of the year. Market analysts noted that oil supply is expected to underwhelm demand in the foreseeable future

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.30 per cent on Tuesday, September 26 after Central Securities Clearing System (CSCS) Plc witnessed a decline in its closing price. This brought down the value of the unlisted securities market by N3.50 billion to end at N1.146 trillion versus the N1.149 trillion it ended a day earlier, as the NASD Unlisted Securities Index (NSI) dropped 2.48 points to end at 810.87 points compared with the previous day’s 813.35 points. The share price of CSCS Plc declined by 70 Kobo yesterday to settle at N17.50 per share, in contrast

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

By Adedapo Adesanya The International Monetary Fund (IMF) has reaffirmed its support for the removal of fuel subsidy and the exchange rate unification of the administration of President Bola Tinubu, insisting that the policies are good for Nigeria’s economy. A representative of the global lender, Mr Ari Aisen, while featuring on Channels TV on Tuesday, maintained that the two policies must remain for Nigeria to reach macroeconomic stability. “After the position that needs to be well managed to avoid potential reversal, policies of subsidizing fuel, and controlling exchange rate will lead to a much better outlook for the Nigerian economy,”

By Adedapo Adesanya The Nigeria Centre for Disease Control (NCDC) has confirmed that Nigeria has recorded three cases of the Omicron variant of COVID-19. This was confirmed on Wednesday by the NCDC Director-General, Dr Ifedayo Adetifa, in a statement, explaining that the agency had conducted case and genomic surveillance for inbound international travellers arriving in the country at its National Reference Laboratory (NRL) in Abuja, and a network of other testing laboratories. He stated that sequencing of samples from COVID-19 positive inbound travellers was conducted in laboratories with sequencing capacity in the country while all the sequencing data were shared

By Adedapo Adesanya Nigeria’s hope for oil to sell above $60 per barrel was looking good on Friday, August 16 as Brent Crude rebounded to trade at $58.64, gaining 41 cents or 0.7 percent on the global market. For the West Texas Intermediate (WTI) Crude, it gained 40 cents or 0.73 percent yesterday to exchange for $54.87 per barrel on the international market. In the past few days, prices of the highly demanded commodity had been facing south as a result of rising tensions caused by the trade war between Washington and Beijing. Oil gains were capped after the Organization

By Dipo Olowookere The appointment of Mr Patrick Iyamabo as the new Chief Financial Officer (CFO) of First Bank of Nigeria Limited has been announced by the bank. A statement issued by First Bank of Nigeria Holding on Monday disclosed that the appointment of Mr Iyamabo is subjected to the approval of the Central Bank of Nigeria (CBN). “Kindly be informed that the Board of our subsidiary, First Bank of Nigeria Limited has approved the appointment of Mr Patrick Iyamabo as the Chief Financial Officer (CFO) subject to the approval of the Central Bank of Nigeria,” the statement said. Business

By Dipo Olowookere The minimum operating capital of insurance companies operating in Nigeria has again come to the fore following an announcement made yesterday by the industry’s regulator, the National Insurance Commission (NAICOM). The regulatory agency said it was raising the minimum paid-up share capital of insurance and reinsurance firms so as to make the sector stronger and better. In a circular to all insurance and reinsurance companies signed by NAICOM’s Director, Policy and Regulation Directorate, Mr Pius Agboola, on behalf of the Commissioner for Insurance, Mr Mohammed Kari, it was said that the new capital regime would take effect

By Ashemiriogwa Emmanuel In the midst of rising insecurity in some northern states, the National Youth Service Corps (NYSC) has warned the 2021 Batch ‘B’, Stream ll corps members posted to Borno State to avoid night journeys and unauthorized trips. The NYSC Coordinator in Borno, Mr Nura Umar, made the call on Tuesday while reacting to the unrest in some parts of Borno State which has caused all corps members posted to the state to be redeployed to Katsina for camp. Speaking at the closing ceremony of the three weeks orientation exercise in Katsina, Mr Umar said, “I would like

By Adedapo Adesanya Oil recouped some losses on Friday after three straight days of declines as authorities said Iran and world powers made progress a nuclear deal, meaning that the country’s crude could return to the market. At the session, the Brent crude recovered $1.35 or 2.04 per cent to trade at $66.44 per barrel, while the West Texas Intermediate (WTI) crude gained $1.04 or 2.65 per cent to sell at $63.58 per barrel. Despite this, the two contracts fell 3 per cent for the week, their biggest loss since March, after Iran’s president said the United States was ready

By Dipo Olowookere Three new executive directors have joined the board of Keystone Bank Limited as part of efforts to sustain continued business growth of the company. They were promoted to join the boardroom after being General Managers of different departments of the company. According to a statement on Monday by the divisional head, marketing and corporate communications of the bank, Mrs Omobolanle Osotule, the directors were appointed at the 49th Annual General Meeting (AGM) of the lender held in Lagos. The new directors, whose appointments are subject to the approval of the Central Bank of Nigeria (CBN), include Tijjani

By Modupe Gbadeyanka Monday, May 29, 2023, has been declared a public holiday by the federal government to commemorate the inauguration of Mr Bola Tinubu as the President of Nigeria. Several dignitaries from across the world, including the United States and some African countries, are expected to grace the swearing-in of the country’s 16th democratically elected President. In a statement on Friday, the Minister of Interior, Mr Rauf Aregbesola, commended the citizens for their strident efforts at achieving an unbroken civilian rule and successful change of governments since 1999, appealing for support and cooperation with the coming administration. “Democracy anywhere