More Woes for Nigeria as OPEC Sees Worsening Oil Demand

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Investors Hub European markets have moved to the upside on Friday, recovering from the multi-month lows recorded in the previous session. The markets have taken a positive lead from Wall Street, where stocks rebounded sharply on Thursday after an initial setback. Although worries about global economic growth, the impact of a partial government shutdown in the US, and uncertainty about a US-China trade deal and Brexit continue to weigh on sentiment, traders are busy picking up shares ahead of the end of the year. While the UK’s FTSE 100 Index has surged up by 2.2 percent, the French CAC

By Dipo Olowookere Immediate-past governor of Delta State and All Progressives Congress (APC) 2019 Delta South senatorial candidate, Dr Emmanuel Eweta Uduaghan, has said achievements of President Muhammadu Buhari in the Niger Delta area and Delta State, in particular, would make his re-election in the February presidential election very easy. Speaking at the inauguration of the APC presidential campaign council in Abuja on Monday, the former governor said the efforts of the President Buhari-led government have brought relative peace in the Niger Delta region. “We are sure of delivering because Mr President has done a lot for Delta State. Don’t

By Ifeanyi Emeka The slant given to the humble, appreciative and simple expression made on the floor of the Red Chamber of the Nigerian National Assembly by the Senator representing Yobe East Senatorial District, Senator Bukar Abba Ibrahim by some media houses is very uncharitable, inciting and unbecoming of a media house that worth its name. While some media houses titled it: ”I’II be in Senate for Life – Bukar Ibrahim,” others cautioned it: ”I will only leave the Senate when I die – Ex-Governor Ibrahim.” All these screaming headlines and sensational interpretations are far-fetched from what the distinguished Senator

By Dipo Olowookere Flour Mills of Nigeria has announced that the subscription for its N40 billion Rights Issue will commence on Monday, January 15, 2018. Business Post gathered that the exercise is expected to be wrapped up by the flour miller on Wednesday, February 21, 2018. In a statement issued today by the Head of Listings Regulation Department at the Nigerian Stock Exchange (NSE), Mr Godstime Iwenekhai, the firm is offering about 1.5 billion ordinary shares of 50 kobo at N27 per share on the basis of nine new ordinary shares for every 16 ordinary shares held by shareholders as

By Dipo Olowookere Ecobank Nigeria is expected to record a moderate improvement in profitability, a notable rating agency, Fitch Ratings, has submitted. The rating firm made this submission based on the receding asset-quality pressures and lower loan impairment charges (LICs) of the financial institution. In a statement to announce affirming the lender’s Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a stable outlook, Fitch said Ecobank’s loans have declined in recent years and it does not see a high risk of the largest Stage 2 loans, which are concentrated within the oil and gas sector, of becoming impaired. It noted

By Investors Hub The major U.S. index futures are pointing to a roughly flat opening on Thursday, with stocks likely to show a lack of direction in early trading. The markets have recently benefited from optimistic reports regarding progress in U.S.-China trade talks, although traders may be waiting for more concrete developments. Traders are likely to keep an eye on any news out of a meeting between President Donald Trump and Chinese Vice Premier Liu He later today. The looming monthly jobs report is also likely to keep traders on the sidelines, with the Labor Department scheduled to release the

By Sodeinde Temidayo David Research aimed to understand mobile money adoption among women in the northern part of Nigeria is to be carried out with the supports of the African Development Bank (AfDB) and MTN Nigeria. A grant of $500,000 has been provided to make this a reality and it would be conducted by Y’ello Digital Financial Services (YDFS), a fintech subsidiary of MTN Nigeria. Through the study, both parties hope to know if economic, religious, and social factors hamper access to finance for women in that part of the country. Based on the agreement, the research will focus on

By Nneka Okumazie The logic of culpability, deployed in life, is often applied by many to God, whenever something goes wrong. But everyone forgets that there are too many situations that are not of God, or from Him. Many often think against the creator and their smartness is always why didn’t the creator create to their personal satisfaction? The desire for control, or say power is often applied to God by many. Like, what His love should mean or show? When He should answer prayers, or what He should do or not do? Many say ask why create this world?