High Inflation, Input Cost Bite Hard on Nigerian Breweries

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 Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

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 Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Modupe Gbadeyanka The desire to satisfy the needs of its consumers has inspired Mouka to equip its world-class laboratory with two additional machines aimed to carry out quality tests on full-sized mattresses instead of the lab sample foam sizes in the past. According to the Quality Assurance, R&D, and Process Improvement Manager at Mouka, Mr Chimezie Nwosuagwu, “With these machines, we can conduct wholistic mattress performance assessment on mattresses.” He further said, “We can now carry out a Mattress Durability Test, which shows us mattress resistance to deflection and deformation impact of human weight and movement on the properties

By Adedapo Adesanya In its latest round of seeking accountability, the Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President, Mr David Malpass, to publish details of electricity projects funded by the lender in Nigeria since 1999. According to an application dated February 6, 2021, and signed by SERAP Deputy Director, Mr Kolawole Oluwadare, the organisation called for the release of archival records and documents relating to spending on all approved funds to improve access to electricity in Nigeria between 1999 and 2020. It demanded to know the bank’s role in the implementation of any funded electricity

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to positive territory as it rose 0.55 per cent on Thursday, June 22, on the back of improved investors’ enthusiasm for unlisted stocks. This pushed the NASD market capitalisation higher by N5.69 billion to N1.033 trillion from the N1.027 trillion it quoted at the previous session. In the same vein, the NASD Unlisted Securities Index (NSI) appreciated by 4.10 points at the close of business to 747.02 points from the 742.92 points achieved a day earlier. The bullishness witnessed by the unlisted securities market was inspired by three price gainers,

By Modupe Gbadeyanka Treasury bills market remained broadly bearish on Monday despite the significantly buoyant level of system liquidity with yields trending higher across the curve. According to Zedcrest Research, this came on the back of continued selloffs across the short and mid tenured bills, as market players anticipate higher stop rates at the forthcoming Primary Market Auction (PMA) for T-bills. Most bids were set as high as 13 percent on the short and mid-tenured bills by market players. During the market yesterday, the Central Bank of Nigeria (CBN) floated an OMO auction to manage the excessive system liquidity levels.

By Dipo Olowookere The decision of the Federal Government to allegedly issue N117 billion bonds to pay local contractors owed for projects executed in the country without the approval of the National Assembly has irked the House of Representatives. On Monday, the lower parliament rebuked government for issuing the bonds without first getting its approval as required by law. “I noticed there was a document submitted by the Ministry of Budget and National Planning. For 2017, there was a provision for N177 billion to retire maturing bonds issued to local contractors. “By that nomenclature, the bonds have been issued for

By Adedapo Adesanya Crude oil prices rose to a five-month high on Tuesday as the United States producers shut most offshore output in the Gulf of Mexico ahead of Hurricane Laura even as rising coronavirus cases capped gains. The international benchmark, Brent crude, rose by 80 cents or 1.77 per cent to $45.93 per barrel, while the US West Texas Intermediate (WTI) crude gained 75 cents or 1.76 per cent to sell for $43.37 per barrel. The prices had opened in the green territory on Monday, which was sustained on Tuesday as energy companies cut output at US Gulf Coast

By Athu Karume The rapid growth of mobile money has changed the payment landscape in Africa, alleviating the limitations of physical cash and barriers to banking services. The African mobile money story started in Kenya in 2007, when Safaricom launched its M-PESA solution for peer-to-peer money transfers. Shortly thereafter, the service spread quickly, starting in East Africa, and spreading out to the rest of the continent. Most mobile operators, including Vodacom, MTN, Orange, Telma and Airtel, are now providing mobile money services in most African countries. The initial success story of money mobile is due to a quick money transfer

By Modupe Gbadeyanka Egbin Power Plc has been commended for rehabilitating the Ijede Police Station in the Ikorodu area of Lagos State through and Sahara Foundation. The facility was renovated to boost security in Ijede, Egbin and Ipakan communities. The project was commissioned on Thursday, January 26, 2023, with representatives from the Nigeria Police Force, Egbin Power, Sahara Foundation, and stakeholders from the communities in attendance. “We express deep appreciation to Egbin Power and Sahara Group for this beautifully renovated project. We want to assure them that what they have done today will be properly maintained, and we extend our