Leadway Assurance Nears Full Implementation of IFRS 17

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Adedapo Adesanya Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Adedapo Adesanya Nigerian e-commerce giant, GIG Logistics, has launched the GIGL Class Plan, a product that wants to address the cost of delivery for merchants playing within and outside Nigeria. GIG Logistics explained that it introduced this new package due to the copious challenges in the logistics space like inadequate motorable roads, shipping costs and insurance fees, noting that the new product will address the high cost associated with these issues. At a monthly fee of N4,999, customers will get the 15 per cent discount on domestic shipping charges and 10 per cent off on all international shipments. They

By Dipo Olowookere A new report by PwC has revealed that market capitalisation of the top 40 mining companies in the world increased by 45 percent to $714 billion, approaching the 2014 level. This was mainly due to rising commodity prices. The report, titled PwC Mine 2017 report, noted that the world’s Top 40 miners recovered from a race to the bottom, with bolstered balance sheets and a return to profitability in 2016, giving them much-needed space to pause and draw breath. As it looks to the future, the 14th edition of PwC’s industry series analysing financial performance and global

By Adedapo Adesanya To help cover Nigeria’s revenue shortfall, the Federal Inland Revenue Service (FIRS) says it is proposing the introduction of road infrastructure tax by making the informal sector contribute to building a modern society. The Executive Chairman of FIRS, Mr Muhammad Mamman Nami said this when a delegation of the Nigeria Union of Journalists (NUJ) led by its National President, Mr Chris Isiguzo, met him in Abuja. Mr Nami said the proposed road tax to be administered by the FIRS will provide the government with adequate funding for road construction, rehabilitation, and maintenance, as well as providing the

By Adedapo Adesanya Start-ups in Africa raised more than $1.3 billion in the first quarter of the year, including exits, preliminary data from Africa: The Big Deal shows. The latest data published by the duo of Max Cuveiller and Maxime Bayen showed that startups on the continent also recorded their best performances in the quarter since mid-2022, when they faced several headwinds. In the three months of the year, February 2023 was the continent’s third-best month ever in terms of funding, as they raised $700 million after September 2021 and March 2022. Meanwhile, March 2023 was the worst month in

By Aduragbemi Omiyale The Chief of Army Staff, Lt General Ibrahim Attahiru, is believed to have died in a military plane crash in Kaduna on Friday. The army chief was said to have flown to Kaduna on an official visit when the plane conveying him and other military personnel crashed landed near the Kaduna airport. The Director of Public Relations and Information at the Nigerian Air Force, Air Commodore Edward Gabkwet, confirmed the plane crash in a short statement this evening. However, he disclosed that the cause of the unfortunate incident was yet to be ascertained. “An air crash involving

By Modupe Gbadeyanka The six students of Lagos Model College, Igbonla in Epe, kidnapped by some hoodlums on May 25, 2017 at their school premises, have finally regained freedom. The released students are Farouq Yusuf, Peter Jonah, Pelumi Philips, Isiaq Rahmon, Adebayo George and Judah Agbausi. The six Senior Secondary School students of the school spent over two months in captivity. Information gathered by our correspondent revealed that the students were freed on Friday afternoon after joint efforts of Lagos and Ondo governments as well as security operatives. It was not certain if the N100 million ransom demanded by the

By Dipo Olowookere The Nigerian Exchange (NGX) Limited appreciated by 0.12 per cent on Wednesday amid buying interest in banking stocks and others. Analysis showed that the banking index grew during the session by 0.22 per cent, the energy counter appreciated by 0.08 per cent, and the consumer goods sector improved by 0.05 per cent. However, the insurance counter witnessed a 0.14 per cent loss, as the industrial goods sector remained unchanged at the close of transactions. Business Post reports that when it was 2:30 pm after the market closed for the session, the All-Share Index (ASI) was up by

By Ahmed Rahma The importance of preparing for unprecedented situations cannot be overemphasized with the outbreak of COVID-19. In its quest to foster educational development, Stanbic IBTC Trustees Limited, a subsidiary of Stanbic IBTC Holdings Plc, created the Stanbic IBTC Education Trust (SET) scheme. SET is a convenient and flexible investment plan with long term benefits, designed to support parents and guardians as they strive to provide quality education for their children and wards. This investment plan helps parents and guardians prepare for rainy days to ensure their children and wards have access to excellent learning. Parents and guardians are