Heritage Bank Reaffirms Commitment to Nigeria’s Showbiz Industry

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

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 Modupe Gbadeyanka As the world celebrates International Women’s Day (IWD) today, March 8, 2023, a subsidiary of Ecobank Transnational Incorporated (ETI), Ecobank Nigeria Limited, has assured women that its workplace will continue to be free of bias and gender-based discrimination. The Head of Human Resources at Ecobank Nigeria, Mr Adekunle Adewuyi, said as a responsible organisation, it has in place structures for ensuring all women can reach their full potential and have equal opportunities to men in advancing their careers and achieve promotion in the bank. “Female staff are holding strategic leadership and management positions in the organization. We

By Modupe Gbadeyanka The Nigerian currency suffered a marginal loss at the parallel market on Wednesday, depreciating against both the Euro and the Pound Sterling cumulatively by N3. However, the Naira, Business Post reports, remained unchanged against the Dollar at the close of transactions yesterday. The fall of the local currency came a day after the Central Bank of Nigeria (CBN) released the sum of $210 million into the foreign exchange market to sustain supply of forex to traders and customers. The apex bank had shared the forex to the wholesale, small and medium scale enterprises (SMEs) and invisibles segments

By Adedapo Adesanya The Department of Petroleum Resources (DPR) has said that Nigeria will become a net exporter of petroleum and petroleum products in the next two years, saying that oil refinery projects across the country are progressing towards completion and take-off. This was disclosed by the Director of the DPR, Mr Sarki Auwalu, in a statement, noting that a combined 375,000 barrels per day capacity is expected from 27 modular refineries and that additional 650,000 barrels per day are expected to come from the Dangote refinery being built by business mogul and Africa’s richest man, Mr Aliko Dangote set

By Aduragbemi Omiyale The lawmaker representing Imo West Senatorial District in the National Assembly, Mr Osita Izunaso, has been appointed as the Chairman of the Senate Committee on Capital Market. The was named as the head of the team by the Senate President, Mr Godswill Akpabio, on Tuesday along with other members of the upper chamber of the parliament. Mr Izunaso, who was among the candidates earlier vying for Mr Akpabio’s position at the 10th Senate, is not a rookie in the leadership of a senate committee. He was formerly the Chairman of the Senate Committee on Gas and Housing.

By Modupe Gbadeyanka The management of BUA Group has threatened to file a suit against the Managing Director of Kainos Exploration and Production, Mr James Onyejekwe. The conglomerates said it was taking this action over the alleged involvement of Mr Onyejekwe in a publication that claimed the organisation was involved in a $20 million scandal. A statement issued by the firm lamented that the report was a “clear intent to impugn the integrity and reputation of BUA Group and its Chairman, Mr Abdul Samad Rabiu.” “BUA takes its reputation seriously and we will continue to do everything to protect it

By Aduragbemi Omiyale Deposit Money Banks (DMBs) and other authorised foreign exchange (forex) dealers rejecting old/lower denominations of US Dollar bills will henceforth be sanctioned. This threat was given by the Central Bank of Nigeria (CBN) via a circular issued by the Director of Currency Operations Department of the CBN, Mr Ahmed Umar. The apex bank said it’s wrong for banks and authorised FX dealers to reject lower or old Dollar bills from their customers, noting that it would no longer accept such. In the circular, the CBN explained that it issued this warning after receiving several complaints from customers

By Dipo Olowookere The Debt Management Office (DMO) on Wednesday auctioned some FGN bonds to investors at the local debt capital market. Debt instruments worth N150 billion were put up for sale during the session, according to details of the exercise analysed by Business Post. In the summary of the bond sale released by the DMO, it was stated that N50 billion worth of 10-year paper, N50 billion worth of 15-year paper and N50 billion worth of 30-year paper were offered to investors, all re-opening. This means that in an actual sense, the 10-year note had a maturity of 5

By Adedapo Adesanya Crude oil prices recovered on Wednesday after the Energy Information Administration (EIA) reported an inventory draw of 4.6 million barrels for the week to December 10. Yesterday, Brent rose by 0.83 per cent or 61 cents to settle at $74.50 per barrel while the West Texas Intermediate (WTI) went up by 1.02 per cent or 72 cents to trade at $71.59 per barrel. At 428.3 million barrels, crude oil inventories remain 7 per barrel below the five-year average. Last week’s draw compares with a modest 200,000-barrel decline in crude oil inventories for the previous week. On Tuesday,