Naira Sells N1003/$1 at Parallel Market, N1002/$1 at P2P, N775/$1 at I&E

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded yet another positive week-on-week performance after stretching its gains by 1.44 per cent in Week 47. This expanded the portfolios of NASD investors by N17 billion in the week to N1.162 trillion from the N1.145 trillion recorded in Week 46, as the NASD Unlisted Security Index (NSI) increased by 12.16 points to 857.29 points from 845.13 points in the previous week. The trading week was with three price gainers and three losers, with Aradel Holdings Plc on top of the advancers’ chart after it grew by 10 per cent to finish

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 has set plans in motion to raise $200 million from philanthropic individuals and organisations as part of efforts to create jobs and support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Nigeria is home to over 36.9 million MSMEs, comprising 96.7 per cent of all businesses in Nigeria. According to data, 67 per cent of these businesses are youth-owned. MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the

By FBS As Black Friday approaches, global broker FBS delves into the relationship between the year’s biggest sales season and its impact on the financial markets. The FBS analysts particularly discover the trends of the world’s largest economy – the American. They analysed reactions across assets and macroeconomic conditions to understand the Black Friday impact better. What influences the Black Friday numbers FBS analysts highlight three critical indicators for gauging Black Friday’s impact on the US economy: the number of buyers, the average amount spent, and the total spending. Over the past 18 years, notably successful in terms of total

By Adedapo Adesanya Oil prices sustained uptrend on Thursday as optimism about progress towards a fiscal stimulus deal in the United States and a strong Asian demand spurred confidence in investors. This pushed the price of the Brent crude higher by 42 cents or 0.82 per cent to $51.50 per barrel, while the West Texas Intermediate (WTI) rose by 54 cents or 1.13 per cent to trade at $48.36 per barrel. Yesterday, the market reacted well to the news that lawmakers in the US are edging closer to an agreement on a $900 billion virus-relief spending package. The package includes

By Busayo Cole Recent developments indicate President Bola Ahmed Tinubu submitted a forged certificate from Chicago State University (CSU) to the Independent National Electoral Commission (INEC) while contesting for the 2023 presidential election. In the midst of these falsifications and the continuous change of narratives regarding President Tinubu’s supposed academic qualifications for the presidential position, it’s both reassuring and necessary to see proper legal actions being taken. The People’s Democratic Party (PDP) presidential candidate, Atiku Abubakar, has stepped forward with a significant move that can rectify the manipulated election results. He filed a lawsuit in the United States District Court,

By Modupe Gbadeyanka Production of Passat by Volkswagen has been halted due to an ongoing battle between the company and one of its suppliers. This problem has affected Volkswagen AG factories in Germany. The supplier, which VW fails to mention, cuts off the automaker as they fight in court and engage in a public war of words about who’s to blame for the impasse. VW stopped Passat production on Thursday and will halt assembly of its best-selling Golf on Monday if the conflict isn’t resolved. Bloomberg said VW has officially said the factories producing those models face slowdowns, as do plants

By Modupe Gbadeyanka The ongoing reorganisation process at WeWork Canada and the United States will not affect WeWork South Africa, the management has confirmed. In a statement made available to Business Post on Tuesday, it was emphasised that the South African firm is not part of the restructuring because it is 100 per cent independently owned by SiSebenza. WeWork recently embarked on a strategic reorganisation process in the US and Canada as part of efforts to reposition the organisation for greater heights and efficiency. This development sent shivers down the spines of stakeholders in South Africa, forcing the owners of

By Dipo Olowookere Governors of the 36 states of the federation have given Federal Governor the approval to withdraw $1 billion from the Excess Crude Account (ECA). The money, according to the Governors, is expected to be used for the anti-terrorism campaign of the FG in the country. The decision to allow the Federal Government to use the fund was reached at the 83rd meeting of the National Economic Council (NEC) held in Abuja on Thursday. The meeting was presided over by the Vice President, Mr Yemi Osinbajo, in the absence of President Muhammadu Buhari, who travelled to France for

By Modupe Gbadeyanka On Tuesday, September 22, 2020, some highly experienced subject matter experts and thought leaders in relevant industries will gather to discuss ways to boost regional trade. The platform for this discussion is being provided by Ecobank Nigeria, a member of the pan African banking group, Ecobank. The event, which will take place virtually, will provide an opportunity for exporters and importers within Africa to engage, creating a marketplace experience. The first regional trade conference of the financial institution is themed Facilitating Regional Trade in the emerging AFCFTA era. A statement from the lender said the conference will

By Adedapo Adesanya In the first quarter of 2022, Radisson Hotel Group increased its portfolio with five new hotels in line with its ambitious African growth and development plan. In 2022, the Cape Town-based group aims to add more than a dozen hotels, reaching just over 100 hotels in operation and under development on the continent. Last year, Radisson Hotel Group set a record with 14 hotel signings in countries such as Morocco, Djibouti, Ghana, and Zambia, adding over 2,500 rooms to its African portfolio. The Group’s momentous growth is aligned with its 2025 objective to reach over 150 properties

By Dipo Olowookere Lagos State Government has commenced the ember month’s campaign with a charge to drivers, commuters and other stakeholders in the transportation sector to be safety conscious and drive defensively in order to ensure that the State does not record any loss of lives and property this season. The Chief Executive Officer of Lagos State Drivers’ Institute, Mr Philips Ogunlade, gave the charge on Wednesday at the Multi Park Drivers’ Enlightenment Campaign Programme organised for drivers at Ogolonto, Agric, and Sabo Motor Parks in Ikorodu Local Government Area while the Institute also provided free eye tests for drivers.