IPMAN Assures Smooth Supply of Fuel Despite Protest

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

By Dipo Olowookere The Nigerian Exchange (NGX) Limited depreciated by 0.49 per cent on Thursday, driven by selling pressure on banking equities, especially those in the tier-1 category. The likes of GTCO, FBN Holdings, Access Holdings witnessed sell-offs during the trading session, contributing to the weak investor sentiment observed at the Nigerian stock market. According to data obtained by Business Post, the NGX ended with 29 price losers and 24 price gainers, indicating a negative market breadth index. FBN Holdings ended as the heaviest price decliner after it shed 9.86 per cent to settle at N26.50, Secure Electronic Technology fell

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Dipo Olowookere A group of lawyers under the name Concerned Patriots Front (CPF) has called on the Nigerian Bar Association (NBA) and the Nigerian Police Force (NPF) to begin immediate action to curb menace of fake lawyers because they are growing in their numbers. According to the group, the call has become necessary at this time due to rise in reports received on fraudulent activities perpetrated by these fake lawyers on unsuspecting Nigerians. The group, exposing one Emmanuel Umohinyang as an example of fake lawyers, disclosed that “a certain Emmanuel Umohinyang and cronies of fake lawyers have established several

By Dipo Olowookere Mr Johnson Lebile has been chosen to become the next Secretary/Legal Adviser of Wema Bank Plc with effective from Tuesday, October 2, 2018. This was disclosed by the financial institution in a notice to the Nigerian Stock Exchange (NSE) yesterday. According to Wema Bank, the position became vacant following the redeployment of the incumbent to head the Lagos Business Group after nine years of excellent stewardship. Prior to this appointment, Mr Lebile was the Head of Legal Services Department of Wema Bank Plc, a role he held since 2009. The new scribe is a thoroughbred professional with

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) was on Wednesday dominated by bulls, leaving the market to close positive for the first time this week, Business Post reports. The market breadth also finished positive with 23 stocks appreciating in price in contrast to 14 that depreciated. The good performance of Mobil lifted the All-Share Index to a rise of 205.54 points or 0.81 percent to end at 25,471.69 points, while the market capitalisation rose to N8.814 trillion after gaining N71.12 billion and the year-to-date return finishing at -5.22 percent. Investors, at the end of trading today, transacted a total

By Adeniyi Ogunfowoke Hospitality has so many branches which include but not limited to music and film. To present a total hospitality package to tourists and visitors, these two must be aligned. In Nigeria, you can arguably posit that there is yet to be a synergy between the hospitality and entertainment industry. This is a minus for both industries because the country is losing out from a major revenue loop. Although both sectors can exist independently, it will do the economy a whole lot of good if they synergise. Let’s give more credence to this. According to Nigeria’s Hospitality Report,

By Aduragbemi Omiyale Inflation in Nigeria in January beat the expectations of analysts as it increased by 21.82 per cent, according to data released by the National Bureau of Statistics (NBS) on Wednesday. In the preceding month, the inflation rate moderated to 21.34 per cent, indicating that the figure jumped by 0.48 per cent in one month.  It was also higher than the corresponding period of 2022 by 6.22 per cent from 15.60 per cent. The stats office disclosed that Nigeria’s inflation rose in the month under review due to the 21.67 per cent spike in the prices of bread

By Modupe Gbadeyanka The Pension Transitional Arrangement Directorate (PTAD) has announced the suspension of walk-in verification of pensioners at its headquarters and state liaison offices. A statement issued by the management of the pension agency on Wednesday disclosed that this suspension would take effect from Tuesday, December 15, 2020. The reason for this action was, however, not disclosed in the statement, but it was stressed that the pensioners would have the opportunity to do their verifications from Tuesday, January 19, 2021. According to the statement, the suspension will affect for all pensioners under the Defined Benefit Scheme (DBS). “The Pension

By Modupe Gbadeyanka First Vice President of the Nigerian Stock Exchange (NSE), Mr Abimbola Ogunbanjo, has expressed optimism that the expected introduction of Exchange Traded Derivatives (ETD) market in Nigeria will “eventually develop into a robust market place that can support our growth ambitions as a nation, using South Africa as an example of Africa’s first derivatives market.” Mr Ogunbanjo, in his address on Monday at a lecture organised by the NSE in Lagos, stated that the South African derivatives market has grown rapidly in recent years to support capital inflows and help market participants to price, unbundle and transfer

By Dipo Olowookere Despite recording a good turnover and positive investor sentiment, the Nigerian Exchange (NGX) Limited closed slightly lower by 0.02 per cent on Thursday. The local stock market closed the trading session with 17 price losers and 18 price gainers led by UAC Nigeria, which rose by 10.00 per cent to N12.10. Royal Exchange improved its share price by 9.80 per cent to N1.12, Coronation Insurance rose by 8.16 per cent to 53 kobo, Presco gained 6.40 per cent to trade at N133.00, while Multiverse increased its value by 4.55 per cent to 23 kobo. On the flip