Investors Lose N2bn amid Selloffs in Lafarge Africa, 7 Others

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 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.

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

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 Nigeria’s leading financial institution, Zenith Bank Plc, has introduced a new loan scheme called Zenith Children’s Account Education (ZECA) Loan, created to assist parents and guardians pay their children/wards’ school fees as the new school session resumes in September. The bank said in a statement that the loan offering will be paid directly into the account of the beneficiary’s school, but parents/guardians would have to open a ZECA account for their children/wards at any of its branches to enjoy it. Speaking on the loan, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Mr Ebenezer Onyeagwu,

By Bliss Okperan President Bola Tinubu has joined other persons and organisations to rejoice with Muslims all over the globe, particularly in Nigeria, over the birthday celebration of Prophet Mohammed. The federal government declared Wednesday, September 27, 2023, a public holiday for Eid-El-Maulud, and the President, as well as his opponent in the 2023 presidential election, Mr Peter Obi of the Labour Party (LP), has joined to celebrate the day. In a statement from the State House in Abuja, Mr Tinubu urged Muslims to use the day “for deep introspection and fervent prayers,” stressing they should “make deliberate efforts to

By Dipo Olowookere A strategic partnership has been entered into by NollywoodWeek Film Festival and REDTV, a platform owned by the United Bank for Africa (UBA). This comes ahead of the 5th edition of the festival, which begins today, Thursday, May 11, 2017 and ends on May 14, 2017 in Paris, France. As this partnership grows, REDTV is expected to join the ranks of other major strategic partners of NollyWood Week such as Total, Air France and Angenieux who have supported the festival for several years now. As a direct consequence of this partnership, the Parisian audience will have an

By Modupe Gbadeyanka A team has been put together by President Muhammadu Buhari to engage Twitter, popular social media platform, over the suspension of its operations in Nigeria. Twitter was banned in Nigeria by the federal government in early June after it deleted a tweet of President Buhari for violating one of its rules. The President had posted a series of tweets and in one of them, he threatened to treat those fomenting trouble in the South-East in a language they understand. He had earlier said those agitating to leave the country were too young to know about the losses

By Ahmed Rahma The advancement of technology and the introduction of new online payment platforms have helped the revenue generation of financial institutions in the country. In the first nine months of this year, 12 lenders increased their revenues from the system by 11 per cent year-on-year to N133.92 billion N120.36 billion in the same period of 2019, according to the latest study by Agusto & Co. This information was drawn from the unaudited financial reports of Access Bank Plc, First Bank of Nigeria Plc, First City Monument Bank Plc, Fidelity Bank Plc, Guaranty Trust Bank Plc, United Bank for

By Dipo Olowookere Nigerian lender, Access Bank Plc, has announced receiving approvals from regulatory authorities in Kenya for the acquisition of Transnational Bank (TNB) Plc. TNB is a medium-sized commercial bank based in Kenya with great focus on the agricultural sector and significant retail footprints. In October 2019, the board of Access Bank, via a notice to the Nigerian Stock Exchange (NSE), had said it has obtained a ‘no objection’ of the Central Bank of Nigeria (CBN) to majority equity stake in TNB. On Friday, January 17, 2020, the tier-one financial institution, in a disclosure, said it has “now secured

By Aduragbemi Omiyale A report published by the IFC and the Nigerian Exchange (NGX) Limited has revealed that despite 67 per cent of working parents reporting that they were more productive at work when they had easier access to childcare, only 5 per cent of Nigeria’s private sector employers invest in childcare. In the survey titled Investing in Childcare: A Game Changer for Businesses and the Nigerian Economy, it was submitted that improving family-friendly workplace policies in Nigeria, including access to quality childcare for parents, could boost private sector productivity and benefits employees, children, and businesses in the country. According

By Cordros Research First Bank of Nigeria Holdings Plc (FBNH) released unaudited Q3-17 results yesterday, wherein gross earnings grew marginally by 1.85% q/q and 0.40% y/y (1.77% above our estimate), while PBT and PAT rose 28.01% q/q (71.19% y/y) and 24.44% q/q (145.47% y/y), respectively. The growth in earnings is broadly supported by (1) growth in funding income (by 7.73% q/q and 17.43% y/y), which more than subdued the 6.57% and 37.91% y/y contraction in NIR (above our estimate by 13.30%) and (2) decline in opex by 3.51% q/q (+2.27% y/y) to miss our estimate by 4.14%. The contraction in