MPC Meeting Postponement Sways Stock Investors to Sell Off

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Adedapo Adesanya The duo of NASD Plc and Central Securities Clearing System (CSCS) Plc sank the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, November 23. They caused the NASD Unlisted Security Index (NSI) to lose 0.35 points at the close of transactions, ending at 845.81 basis points compared with Wednesday’s closing value of 846.16 points. Also, the market capitalisation of the exchange went down by N460 million to remain relatively flat at N1.147 trillion. During the session, NASD Plc shed 65 Kobo to end the day at N12.65 per share versus the midweek session’s N13.30

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

By Dipo Olowookere A retirement planning expert, Ms Folashade Onanuga, has advised investors not to be tempted to invest in assets that offer quick returns as they wipe away their funds. She gave this advice at the first virtual education summit organised by the Professional Insurance Ladies Association (PILA) themed Redefining Success in A Changing World. During her presentation, she urged investors to consider diversifying their portfolio ahead of retirement as this would ease pressure on them when one asset class was doing badly. “If you are planning for a good retirement, you must be able to distinguish between your

By Modupe Gbadeyanka The Junior Chamber International (JCI) Nigeria has promised to run an inclusive leadership with members, partners and stakeholders to bring more opportunities and a rewarding future for them. This assurance was given by Ms Oluwatoyin Atanda, the Executive Vice President of JCI Nigeria in charge of South West comprising Lagos, Oyo, Ogun, Ondo, Osun, Ekiti and Kwara States. She explained that the organisation seeks to uncover and deliver the values, vision, and mission of the organisation for a better and more rewarding future for members through meaningful leadership, membership, and partnership. Ms Atanda reiterated that the group

By Investors Hub Many of the major Asian markets were closed for Labor Day on Tuesday, although stocks in Australia and Japan moved higher in light trading. Investor sentiment was bolstered by news that the U.S. has extended the May 1st deadline on steel and aluminum tariff exemptions for the European Union, Canada and Mexico by a month. In Australia, the S&P/ASX 200 Index climbed 32.50 points or 0.5 percent to 6,015.20, while the All Ordinaries Index rose 28.40 points or 0.5 percent to 6,100.00. The higher close by Australian stocks came after Australia’s central bank decided to leave its

By Modupe Gbadeyanka With Nigeria as an emerging market in Blockchain technology and Cryptocurrency adoption; SureRemit, a non-cash remittance platform majority-owned by Nigeria based fintech holding company, GreenHouse Capital, has raised $7 million on the initial coin offering (ICO) market. SureRemit is a non-cash remittance platform using blockchain technology to help immigrants earmark and send funds home. Using a digital voucher platform and network of local merchants across African and other emerging markets, SureRemit offers an affordable, non-cash alternative for sending money to family and friends at home. SureRemit charges users 0% transaction fees, making it a cheaper option than

By Adedapo Adesanya Member nations that make up the G20 have supported the decision of the Organisation of the Petroleum Exporting Countries and allies, OPEC+ to reduce global oil supply and restore stability to the market. An agreement, reached on Friday, April 10 during a virtual meeting of the G20 energy ministers, will see the members coordinate efforts to reduce supply to the decline faced by the global oil sector due to the coronavirus pandemic, as well as create a task force to monitor actions moving forward. A statement released by the G20, however, does not include a specific amount

The world of cryptocurrencies presents a multifaceted universe, offering opportunities, challenges, and risks alike. One of the critical challenges for users is finding a safe and reliable crypto wallet, a tool that serves as a digital bank account for storing and managing digital currencies. A popular choice among users is the MetaMask wallet. However, the fundamental question often asked is, “Is MetaMask wallet safe?” Traders Union revealed: is MetaMask wallet safe? This concern is well-founded and a subject that has been closely looked after. TU experts have highlighted the advantages, disadvantages, and features of the MetaMask. What is MetaMask? According

AXA Mansard Insurance plc, a member of the AXA Group, has recorded 12 per cent revenue growth for the second quarter ended June 30, 2023, following the implementation of the IFRS17 and IFRS9 accounting standards. The accounting standard became effective on January 1, 2023. consequently, gross earned premiums (Insurance revenues) become the principal revenue indicator given the change in accounting standard The commercial activity of insurance operations will now be reported using insurance (earned) revenues as against gross written premiums (GWP). The reinsurance expenses will now also be reflected as “net expenses from reinsurance contracts held” with the main difference

“The fast-evolving nature of the leather industry in Nigeria is quickly positioning the industry to become the next gold mine for our dear nation — that is, if it is properly explored and harnessed by both industry players and governmental bodies,” Femi Olayebi, CEO FemiHandbags, and Founder, Lagos Leather Fair opined at a leather industry stakeholder event. Over the years, the Nigerian leather industry has continued to evolve and positively contribute to Africa’s economy both in revenue and in employment opportunities. According to the Nigerian Economic Summit Group (NESG), research shows that the industry contributes about 24% of the agricultural