IMF Forecasts 20% Inflation for Nigeria, Advises More Interest Rate Hikes

By Adedapo Adesanya  The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has vowed to down tools and shut down all oil field locations if demands following the acquisition of Nigerian Agip Oil Company (NAOC) are not met. Business Post had reported in September that Oando Plc had acquired a 100 per cent stake in the Nigerian subsidiary of Italian giant, Eni. However, the deal allegedly happened without management addressing the welfare and benefits of the workers and without due process. The development has led to several protests by members of PENGASSAN since the beginning of September 2023.

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

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.

Investors Hub European stocks have moved modestly higher on Monday as investors nervously awaited U.S.-China talks this week for signs of whether there will be breakthrough on trade. The UK’s FTSE 100 Index, the French CAC 40 Index and the German DAX Index have all risen by 0.2 percent. The high-level trade negotiations are slated to take place in Washington on October 10-11, with a Bloomberg report saying that Chinese officials are reluctant to agree to a broad trade deal pursued by U.S. President Donald Trump. Investors are also keeping an eye on Brexit negotiations after French President Macron said

By Adedapo Adesanya The federal government has introduced a N250 billion intervention facility to stimulate finance and motivate investors in the gas value chain for sustainable business development in the country. This was disclosed by the Permanent Secretary, Ministry of Petroleum Resources, Mr Bitrus Nabasu, on Sunday in  Abuja. “Therefore, in an effort to stimulate finance to this critical sector, the Ministry of Petroleum Resources in partnership with the Central Bank of Nigeria (CBN), introduced a N250 billion intervention facility to help motivate investment in the gas value chain. “A description of the intervention facility can be found on the

The number of subscribers paying to use the services offered by Truecaller globally have crossed the one million mark, the company has announced. “We are happy to see this growth, and it makes us proud that users value the benefits with our premium features,” Mr Alan Mamedi, CEO and co-founder of Truecaller, said of the development. He said further that, “We are also excited to announce these new upgrades that will help us add even more value to our growing premium users and help them make their communication more safe and efficient.” It was disclosed that the premium subscription service

By Dipo Olowookere The rights issue of Neimeth International Pharmaceuticals Plc aimed to raise about N3.67 billion from the capital market has now been extended by 15 days. The extension was approved by the Securities and Exchange Commission (SEC) after the healthcare organisation submitted a request to that effect. Neimeth said it needs the money to build a new multi-products facility in Anambra State that would meet the current standards of Good Manufacturing Practice of the World Health Organisation (WHO). The company is selling a total of 2,373,947,500 units of its stocks at a unit price of N1.55 and the

By Kestér Kenn Klomegâh South Africa, highly considered an economic powerhouse, is in a deep-seated crisis. The energy deficit has crippled industrial operations, and supplies for domestic use have largely been reduced. Unemployment is rising, and the cost of living becomes unbearable across the country. As a result of the crisis, social discontent has engulfed every corner of South Africa. Reports monitored here say South Africa’s President Cyril Ramaphosa and his cabinet on May 7 held an extensive meeting with key business leaders as concern over the country’s energy crisis, logistic constraints, and close ties with Russia grow. Attendees discussed

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed heavy sell-offs on Tuesday across all sectors, with the industrial goods and financial services counters the worst hit. The local stock market waned by 1.82 per cent yesterday to bring down the year-to-date returns to 1.74 per cent as investor sentiment remained relatively weak. Business Post reports that the energy sector gained 0.56 per cent during the session, but it could not save the bourse claws of the bears, as losses from the others compounded the woes of the exchange. The industrial goods index declined by 3.93 per cent, the insurance

By Adedapo Adesanya The local currency weakened against the US Dollar by 50 kobo or 0.12 per cent at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Wednesday, November 9. According to data obtained from the market yesterday, the value of the Naira to the Dollar was N416.50/$1 compared with the preceding day’s N416/$1. The domestic currency suffered the loss despite a 26.0 per cent or $27.31 million decline in the demand for FX at the market window on Wednesday. During the trading day, the value of transactions at the I&E stood at $77.61 million

By Adedapo Adesanya Prices of the major crude oil benchmarks were mixed at the market on Wednesday despite crude inventories in the United States dropping for the fifth straight week. The Brent crude futures fell 21 cents or 0.46 per cent to trade at $45.65 per barrel, while the US West Texas Intermediate (WTI) crude futures gained 5 cents or 0.12 per cent to sell for $43.40 per barrel. The market had performed well at the onset as both benchmarks settled at a five-month high on Tuesday. It was looking to extend this as data showed that oil stockpiles in