Iran Supply Fears Soften Oil After Hitting Two-Year Peak

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Dipo Olowookere The board of Aluminium Extrusion Industries Plc has announced that shareholders of the company will no longer receive the 50 kobo dividend it earlier proposed for payment for the 2021 financial year. In a statement issued over the weekend, the firm explained that the amount of the proposed cash reward was a mistake as it ought to be 5 kobo. In the notice filed to the Nigerian Exchange (NGX) Limited, Aluminium Extrusion apologised “for any inconvenience this erroneous information might have caused.” “Aluminium Extrusion Industries Plc hereby announces the following to Nigerian Exchange Limited (NGX), its shareholders

By Dipo Olowookere No fewer than 150 women have been empowered with the knowledge of how to balance the challenges posed by their health condition and efforts towards wealth creation. At a training programme put together by Heritage Bank and Prinsult Global Consulting Limited last Thursday in Lagos, the lucky women were reminded that health is wealth. The seminar with the theme Building Your Health and Wealth as a Woman was attended by top management staff of both organisations. Speaking at the occasion, Mrs Betty Eriyo, Cluster Head, Lagos Mainland 1, Heritage Bank, said her management believed that health is

By Modupe Gbadeyanka The 2017 edition of Cowbellpedia Secondary School Mathematics TV Quiz show commenced on Tuesday with excitement. Addressing journalists in Lagos at a press briefing, Managing Director of Promasidor Nigeria Limited, the sponsor of the initiative, Mr Olivier Thiry, explained that though Cowbell has been involved in the improvement of standard of education in Nigeria especially Mathematics in the last two decades, the company however brought all its intervention under one umbrella; Cowbellpedia last year. Mr Thiry informed that for this year, the thrust is to provide a credible platform that will identify and reward excellence in the

By Kester Kenn Klomegah Russian Foreign Minister Sergey Lavrov has held substantive and productive diplomatic talks with his counterpart, Minister of Foreign Affairs and International Cooperation of the Republic of Sierra Leone, David John Francis, during his first foreign visit in his new post to Moscow, Russia. According to official reports, David Francis has visited the Russian Federation, and last participated in the first Russia-Africa summit in October 2019. His mid-May visit was to find ways to expand relations forward between Russia and Sierra Leone, the country that marked its 60th independence on April 27. Historically, the Soviet Union and

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange chalked up 0.44 per cent on Wednesday, July 5, after the duo of 11 Plc and Niger Delta Exploration and Production (NDEP) Plc pointed northwards when trading activities were brought to an end. This resulted in the expansion of the bourse’s total value by N4.7 billion to N1.060 trillion from N1.055 trillion, as the NASD Unlisted Securities Index (NSI) increased by 3.39 points to wrap the session at 766.30 points compared with 762.91 points recorded at the previous session. Data showed that 11 Plc gained N10.00 yesterday to sell at N154.00

By Adedapo Adesanya Portfolios of investors at the NASD Over-the-Counter (OTC) Securities Exchange depreciated by 1.85 per cent on Tuesday, June 14  as a result of the negative price movement in the shares of FrieslandCampina WAMCO Nigeria Plc, dring the bourse back into the red territory. The milk producer closed the session at the NASD OTC exchange at N90.00 per unit compared with the previous day’s value of N100.00 per share, representing a decline of N10.00. This shrank the market capitalisation of the alternative exchange by N18.93 billion to N1.003 billion from the previous day’s N1.021 billion. Following the same

By Adedapo Adesanya The Tertiary Education Trust Fund (TETFund) said it has retrieved N10 billion from beneficiary institutions that received funds but did not execute the projects they were meant for. Executive Secretary of the organisation, Professor Suleiman Bogoro, made this disclosure on Friday in Jos, Plateau State, when he inaugurated the new University of Jos Faculty of Engineering building. Also at the occasion, he opened the renovated burnt Main Library of the university and school’s new Faculty of Management building which were funded by the body. The executive secretary, who also laid the foundation for the Faculty of Agriculture,

By Aduragbemi Omiyale Sterling Bank Plc will be sanctioned for releasing a message believed to be offensive to Christians to celebrate Easter, the Advertising Practitioners Council of Nigeria (APCON) has promised. Over the weekend, the lender posted an advertising material for Easter and in the message, it compared Jesus Christ with Agege Bread. “Like Agege Bread, He Rose! Happy Easter,” the short message to its customers read. But this generated mixed reactions, with the financial institution mostly coming under fire for the message, which was described as blasphemous. In a statement signed by its Registrar/Chief Executive, Dr Olalekan Fadolapo, APCON