Lafarge Africa Grows Net Sales to N145bn in Six Months

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Investors Hub Asian stocks closed broadly higher on Monday as the focus turned to the upcoming earnings season in the U.S. While trade rhetoric continued between the U.S. and China, investors looked ahead to the release of U.S. and Chinese inflation data as well as comments from the Federal Reserve, European Central Bank and the Bank of Japan for directional cues. China’s Shanghai Composite Index rose 8.22 points or 0.3 percent to end at 3,138.33 as investors awaited Chinese President Xi Jinping’s Tuesday speech at the Boao Forum for directional cues. Hong Kong’s Hang Seng Index jumped 384.64 points

By Dipo Olowookere The first trading session of the week on the Nigerian Stock Exchange (NSE) ended on a negative note after the market lost 0.27 per cent on Monday. This was caused by the sustained selloff by investors, who have continued to take profit, leaving the market in red for the past four consecutive trading sessions. Yesterday, the All-Share Index (ASI) continued its downward movement after depreciating by 77.82 points to settle at 28,337.49 points versus 28,415.31 points of the previous session. In the same vein, the market capitalisation further reduced by N40 billion to close at N14.812 trillion

By Dipo Olowookere All is now set for the first Riyadh International Humanitarian Forum will take place in Saudi Arabia on February 26 and 27, 2018 under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. Organized by the King Salman Humanitarian and Relief Centre (KSrelief), the forum is the first of its kind to take place in the Kingdom, building on previous global humanitarian events to address changes to the humanitarian landscape and to formulate new practical and efficient responses which reflect the changing needs on the ground. Bringing together professionals and

By Dipo Olowookere One of the major players in the cement industry in Nigeria, Dangote Cement Plc, has declared a profit before tax of N108.4 billion in the first quarter of 2018. This was in contrast to the N77.3 billion achieved in the corresponding quarter of last year, representing 40.2 percent growth. Business Post reports that the various strategies put in place by the management of the cement maker also ensured that the revenue generated by the firm in the period under review to increase significantly. According to the unaudited financial statements released by Dangote Cement, its revenue in Q1

By Adedapo Adesanya Crude oil prices opened the new week in the positives on Monday, spurred by another set of drone attacks against Saudi Arabian energy giant Aramco’s facilities by Houthi rebels. The tension raised by this act pushed the price of the Brent higher by 0.38 per cent or 24 cents to $63.19 per barrel and lifted the West Texas Intermediate (WTI) higher by 39 cents or 0.64 per cent to $59.70 per barrel. The Yemeni Houthis claimed responsibility for the attack on the oil facilities in Saudi Arabia, a reminder of political tensions in the Middle East. The

By Investors Hub European stocks are subdued on Friday as the euro strengthened against the dollar and investors digested comments by ECB President Mario Draghi at the Frankfurt European Banking Congress. While the German DAX Index has inched up by 0.1 percent, the U.K.’s FTSE 100 Index and the French CAC 40 Index are nearly flat. Deutsche Börse has rallied after the company hired UniCredit’s Germany chief as its new CEO. Media group Vivendi has also moved higher after solid third-quarter results. Kier Group shares has also risen after the property services firm said it remains on course to deliver

By Modupe Gbadeyanka The National Universities Commission (NUC) has cancelled pre-degree and diploma programmes in Nigerian universities. The agency said the programmes should now be handled by polytechnics and not universities. NUC said universities should now focus on producing human capital in the core undergraduate, part-time and post-graduate courses. According to a statement, the Executive Secretary of NUC, Prof Abubakar Adamu Rasheed, gave this order during the meetings held between October 10 and 12 with Vice Chancellors of the 143 universities in Nigeria. The NUC also directed that the research directorate of the Commission be strengthened to work with those

By Adedapo Adesanya The prices of crude oil further continued a downward trajectory on Friday as members of the International Energy Agency (IEA) agreed to join the United States to coordinate the largest oil reserves release. Brent crude dropped $1.84 or 1.9 per cent to trade at $104.72 per barrel while the US West Texas Intermediate (WTI) lost $1.9 or 2.0 per cent to settle at $99.27 per barrel. On Thursday, American President, Mr Joe Biden, announced the biggest ever release of oil from the US Strategic Petroleum Reserve (SPR) amounting to 180 million barrels over six months. On Friday,