International Breweries Gets NSE’s Nod for N164.4bn Rights Issue

By Adedapo Adesanya Oil fell on Monday as traders approached the market with caution over plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to cut production in the first quarter of 2024. Brent crude futures lost 85 cents or 1.08 per cent to finish at $78.03 a barrel while the US West Texas Intermediate (WTI) crude futures depreciated by $1.03 or 1.39 per cent to sell at $73.04 per barrel. OPEC+ announced voluntary production cuts at its meeting last week and this has raised doubts about whether or not producers would fully implement them. Investors

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

By Dipo Olowookere Sustained profit-taking weakened the Nigerian Exchange (NGX) Limited by 0.02 per cent on Monday, leaving the All-Share Index (ASI) down by 6.16 points to 38,915.62 points from 38,921.78 points. Also, the selling pressure further depleted the market capitalisation yesterday by N3 billion to settle at N20.276 trillion compared with the previous closing rate of N20.279 trillion. According to data obtained by Business Post, SCOA Nigeria led the losers’ chart of 20 members with a price decline of 10.00 per cent to trade at N1.17. Academy Press went down by 7.69 per cent to 36 kobo, UPDC lost

By Modupe Gbadeyanka The Executive Director/Chief Executive Officer of Re-Ignite Public Affairs, Mr Franklyn Ginger-Eke, has assured clients of the company of better service in the coming year. Re-ignite Public Affairs boasts of being Nigeria’s first full-service public affairs consulting firm, which is a member of the CMC Connect (Perception Managers) Group, a leading Public Relations brand in Nigeria. The company employs innovation in providing research-based, strategy-driven solutions that aim to enhance democracy, good governance, corporate reputation and effective stakeholders’ engagement. At the maiden edition of Spokespersons Digest Communication Awards 2020, Re-ignite Public Affairs was awarded the Public Affairs Company

By Adedapo Adesanya The National Association of Securities Dealers (NASD) Over-the-Counter (OTC) Securities Exchange opened the week on a bearish note as it lost 0.39 per cent on Monday on the back of a slip in the price of Central Securities Clearing System (CSCS) Plc. The share price of CSCS Plc went down by N1.23 or 7.8 per cent during the session to N15.72 per unit from the previous session’s N16.95 per unit. The decline posted by the stock outshone the gains printed by FrieslandCampina WAMCO Nigeria Plc and NASD Plc at the unlisted securities market yesterday. FrieslandCampina recorded a

By ARM Securities Over 2016, Dangote Sugar Refinery Plc (DSR) reported an upsurge in earnings despite lingering pressures: currency weakness, elevated raw sugar prices and higher energy cost. Solid earnings reflected the steep hike in refined sugar prices as well as volumes resilience hinged on the largely non-discretionary nature of DSR’s product. In addition, the company improved its financial efficiency by refinancing its expensive debt with CBN’s concessionary borrowings which, together with support from higher revaluation gains on biological assets, capped an impressive year for the company. In view of this, the company raised its DPS to N0.60 (2015: N0.50).

By Dipo Olowookere In its avowed commitment to deepen financial inclusion, Ecobank Nigeria, has launched an Ecobankpay zone at the Amu market, Mushin Lagos. Managing Director, Ecobank Nigeria, Mr Patrick Akinwuntan, who launched the digital payment zone, explained that the EcobankPay zones in various market clusters across the country is to facilitate easy, secure and convenient transactions in the market place, adding that it will boost business activities in the country. Mr Akinwuntan said customers and non-customers of the bank who patronize the market will now have quick access to the bank’s digital payment offerings, stressing that it would remove

By Dipo Olowookere On Friday, President Muhammadu Buhari assented to the ‎Endangered Species Control of International Trade and Traffic Amendment Act 2016. The act is aimed at protecting endangered species in the country. With the act signed into law by the President, it would now be a serious offence for anyone to kill or trade them. According to the Senior Special Assistant to the President on National Assembly Matters (Senate), Mr Ita Enang, the National Assembly only recently amended the act to make violations meet up with present realities. Addressing newsmen after the signing ceremony, Mr Enang revealed that the

By Dipo Olowookere The families of two persons electrocuted in Ibadan, Oyo State recently have been contacted by the management of the Ibadan Electricity Distribution Company (IBEDC). A statement issued by the energy company and made available to Business Post confirmed this development. Recall that on Thursday, a commercial motorcycle rider, Mr Oladeji Olatunji Kango, was electrocuted with the passenger he was carrying along the Iwo-Adogba road of Ibadan, Mrs Kemi Adegoke. It was gathered that while on the road, an electric cable belonging to IBEDC fell on them. They were quickly taken to a nearby health facility, where they

By Dipo Olowookere Authorities of the Nigerian Army have denied a report by a popular online news platform, Sahara Reporters, that about 700 soldiers were missing in Baga town in Borno State. The report was titled About 700 Soldiers Missing, More Than 2,000 Trapped As Boko Haram Takes Over Baga. But in a rebuttal, the Army said there was no iota of truth in the Sahara Reporters’ story, urging members of the public to ignore it. “Our attention has been drawn to a news story with the headline EXCLUSIVE: ‘About 700 Soldiers Missing, More Than 2,000 Trapped’ As Boko Haram