Market Cements Gains by N76bn as Activity Level Improves

By Adedapo Adesanya Crude oil prices settled gained almost one per cent higher on Tuesday as expectations of tighter supply outweighed worries that an uncertain economic outlook would hurt demand. Brent crude futures rose by 67 cents or 0.7 per cent to $93.96 per barrel and the US West Texas Intermediate (WTI) crude futures increased by 71 cents or 0.8 per cent to $90.39 per barrel. Oil supply remains tight as Russia and Saudi Arabia have extended production cuts to the end of the year. Market analysts noted that oil supply is expected to underwhelm demand in the foreseeable future

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

Find out essential signs of a reliable casino to play The most overriding step to check in an online casino is the license. It’s simple if the casino does not have one then the gaming framework is not legal, it also ensures that the casino is subject to strict regulations to protect players. But then how to find this license? It’s simple, go to the casino site and go to the “frequently asked questions” section. Many users first turn to the licenses granted to these platforms. While this is obviously a parameter that should not be overlooked, we will see

By Modupe Gbadeyanka News reaching us indicates that President Muhammadu Buhari has sworn-in Justice Tanko Muhammad as the acting Chief Justice of Nigeria (CBN). The followed the suspension of embattled Justice Walter Onnoghen from the position. Some days ago, there were reports that the presidency asked Justice Onnoghen to step down from office following issues with his asset declaration form. Last week, Mr Onnoghen was arraigned before the Code of Conduct Tribunal (CCT). This week, an appeal court directed the CCT to stop the trial of the CJN. Business Post gathered that the President removed Justice Onnoghen from the position

By Dipo Olowookere Federal government has transferred about 21 percent of its stake in the Nigerian Security, Printing and Minting Company (NSPMC) to the Central Bank of Nigeria (CBN). It was learnt that the apex bank is expected to manage, restructure and restore the company to profitability within a period of five years. At the signing ceremony, Nigeria’s Vice President, Mr Yemi Osinbajo, who is the chairman national council on privatization, explained that the sale will allow private sector participation in the company. Speaking further at the Presidential Villa in Abuja on Tuesday, Mr Osinbajo noted that the ceremony underscores

The spotlights were on Airtel Uganda and its technology partner, Comviva, recently at the 2020 Digital Wallet Innovation Award, where they were announced as winners of their respective category. While Airtel Uganda was the overall winner of the Market Adoption, Airtel Uganda and Comviva were declared the grand winner out of the five winning firms presented for the first time this year by Aite Group. The recognition by Aite Group, a global research and advisory firm, was presented virtually during the Mobile Payment Conference held on Monday. Aite Group annually recognizes innovation by digital wallet providers that are changing the

By Adedapo Adesanya Company Income Tax (CIT) collected in Nigeria in the third quarter of 2022 grew by 13.4 per cent to N810.19 billion from N714.40 billion in Q2 2022, the latest data from the National Bureau of Statistics (NBS) has revealed. CIT is a tax imposed on the profit of a company from all sources. According to the Federal Inland Revenue Service (FIRS), this is 30 per cent of the total profit of a company. However, on a year-on-year basis, CIT collections in Q3 2022 increased by 71.46 per cent from Q3 2021. According to the NBS in the

By Dipo Olowookere Nigeria’s Acting President, Mr Yemi Osinbajo, on Thursday inaugurated a giant world-class fertilizer plant built by Indorama Eleme Fertilizer and Chemicals Limited in Port Harcourt, Rivers State. During the commissioning today, Mr Osinbajo commended Indorama for keying into the Presidential Fertilizer initiative which President Muhammadu Buhari launched last year to make fertilizers cheaper nationwide. The Acting President reminded all Nigerians that it was time to grow whatever they eat and produce whatever they consume. “What Indorama is accomplishing today is very much in line with President Buhari’s vision for a country that produces what it consumes and

By Modupe Gbadeyanka All is now set for the launch of a bespoke women empowerment proposition of the Ecobank Group called Ellevate on Wednesday, July 7, 2021. The special guest of honour is the Managing Director, Development Bank of Nigeria, Mr Tony Okpanachi, while the panellists are the founder,  Health Africa, Fola Laoye; founder, Braveline Growth Partners, Taba  Peterside; and founder of Ruff n Tumble, Nike Ogunlesi. The event will be moderated by Tolulope Babajide, the Innovations and Partnerships Advisor on (Nigeria for Women Project), a World Bank-supported project. A statement from the lender disclosed the initiative, being launched in

Last week, local currency closed steady against the Dollar in most foreign exchange market segments as demand was matched with supply. Specifically, according to Cowry Asset, the Naira/Dollar exchange rate closed flat at the Interbank Foreign Exchange market, the Investors and Exporters FX Window, the Bureau De Change and parallel (black) market at N356.92/$, N360.75/$, N358/$ and N361/$ respectively. This was amid the sustained weekly injections of $210 million by the Central Bank of Nigeria (CBN) into the foreign exchange market via the Secondary Market Intervention Sales (SMIS). During the injection by the central bank, a total of $100 million