Naira Gains at Official Market, Falls at P2P, Parallel Market

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 Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

By Adedapo Adesanya Foreign trading and investment firm, Risevest, has acquired Chaka, a digital trading platform. According to Techcabal, which first broke the news, the deal, which was for an undisclosed sum, will see both entities operate as different products, though the capitalisation table of the acquiree will be updated in due course. Speaking on this, Mr Tosin Osinbodu, Chaka’s founder, said, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.” “With booming growth in many nations around the world, investors can now own a stake in the growth of other

By Adedapo Adesanya China will grant zero-tariff treatment to 98 per cent of taxable items from 10 least-developed countries in a bid to promote an open global economy. Starting from December 1, China will waive all tariffs on 98 per cent of the related imports from Afghanistan, Benin, Burkina Faso, Guinea-Bissau, Lesotho, Malawi, Sao Tome, and Principe, Tanzania, Uganda and Zambia, according to the Customs Tariff Commission of the State Council. The step is conducive to opening up with win-win outcomes, building an open global economy, and helping least-developed countries to accelerate their development, the commission said. This policy measure

By Adedapo Adesanya Trading activities at the unlisted securities market in Nigeria closed flat on Tuesday with the major market indicators maintaining their previous numbers. During transactions at the NASD Over-the-Counter (OTC) Securities Exchange yesterday, the market capitalisation closed at N533.98 billion, while the NASD Unlisted Security Index (NSI) ended at 726.93 points. However, the trading volume at the second session for the week decreased by 18.5 per cent to 52,550 units from the previous session’s 64,491 units. But this was not the same scenario with the trading value, which increased on Tuesday by 48.1 per cent to N5.7 million

By Dipo Olowookere In line with its 2015 role as official bank, Stanbic IBTC Bank, member of Stanbic IBTC Holdings Plc, has again partnered with the Lagos Chamber of Commerce & Industry (LCCI) as the official bank for the 2016 Lagos International Trade Fair, underscoring the bank’s commitment to and support for business and economic activities in the country. As the official banker, Stanbic IBTC Bank will provide its full range of innovative products and services to meet the needs of participants and visitors to the 10-day fair, which commenced on Friday 4 November, 2016. Already, the bank has deployed

By Modupe Gbadeyanka A Mexican, Mr Ricardo Chavez, has been appointed as a non-executive director of Nestle effective February 1, 2017. This followed the appointment of Mr Giuseppe Bonanno as the Head of Finance & Control of Nestrade in Switzerland. Mr Bonanno was said to have informed the board of Nestle Nigeria Plc of his inability to continue to serve as a non-executive director of the company from February 1, 2017 due to his relocation from Ghana to Switzerland. This consequently led to the appointment of Mr Chavez by the board. Mr Chavez, who is the Head of Finance and

Introduction In recent years, we’ve seen a dramatic shift in the landscape of B2B marketing. With the advent of new technologies and changes in buyer behaviour, businesses are having to adapt their marketing strategies to stay ahead of the curve. Right from allocation of budgets to utilization of resources the trends a changing dramatically. According to a recent survey conducted by Statista among B2B businesses worldwide, a significant 50% of respondents reported their intention to increase spending in the upcoming year. This highlights a positive trend in the industry’s growth and suggests that companies are willing to invest more in

By Modupe Gbadeyanka The Minister of Labour and Employment, Mr Chris Ngige, has charged the new board of the Nigeria Social Insurance Trust Fund (NSITF) to abhor corruption as the era of looking at the agency was gone for good. Mr Ngige, while inaugurating the board on Tuesday in Abuja, said the new team must live down the past and lead a rewarding change in the fortunes of the NSITF. He also charged the members to work to reposition and revitalise the organisation to fulfil its mandate in accordance with the Act establishing it. The Minister also directed that procurement

By Modupe Gbadeyanka The Nigerian-New Zealand professional mixed martial artist, Israel Adesanya, has been ranked among one of the most influential MMA fighters on Instagram, a popular video-sharing platform. In a study conducted by Middle Easy, Israel Adesanya, fondly called Style Bender, was ranked fourth with about 7 million followers and the potential to earn $23,534 per sponsored post. The 33-year-old Nigerian fighter recently reclaimed his middleweight title from long-time bitter rival, Alex Pereira, with a knockout at UFC 287 in Miami, Florida. On top of the list is Conor McGregor, who boasts 46 million followers on the platform and

By Adedapo Adesanya The Nigerian Communications Commission (NCC) has issued an amended Determination of Mobile (Voice) International Termination Rate (ITR) for implementation in the Nigerian Telecommunications Industry effective from September 1, 2022. The ITR for voice services paid for terminating international calls on local networks in Nigeria is now set at $0.10, from the old rate of $0.045. In a statement, NCC’s Director of Public Affairs, Mr Reuben Muoka, noted that under the amended determination, the international carrier market has been classified into Mobile Network Operators (MNOs)/International Carriers and Small/Nigerian Transit Carriers/International Data Access (IDA) Operators to ensure a level