Naira Stable at N506 per Dollar on Parallel Market

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Adedapo Adesanya  Oil prices fell more than three percent on Monday as the COVID-19, which has been affecting the oil market due to demand worries, spread to other countries, stirring fears in investors. So far, the virus has claimed close to 2,600 deaths in China and in South Korea, eight persons have been confirmed dead as a result of the disease with more than 800 confirmed cases, while in Iran and Italy, the number of death and confirmed cases continue to rise. On Monday night, the Brent crude fell $2.10 or 3.62 percent to $55. 84 per barrel, while

By Dipo Olowookere Leading Nigerian fast food restaurant chain, Tantalizers Plc, has returned to profitable after a horrible loss recorded in 2016 as a result of recession in the country caused by drop in oil prices in the global market. In its financial statements for the year ended December 31, 2017, the firm said its pre-tax profit closed at N450.6 million in contrast to the N1 billion loss recorded in 2016, when the purchasing power of Nigerians was very low as a result of the economic hardship. Also, the company, in the financial results posted last week, said its profit

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By Dipo Olowookere Analysts at Meristem Research have projected that inflation rate in Nigeria for the month of October 2019 will increase to 11.32 percent from 11.24 percent recorded in September, indicating a year-on-year 0.08 percent rise. The firm said one of the major factors to cause this increase in inflation rate is the closure of land borders since August 2019, which has caused prices of food items to significantly moved up. In its inflation report, Meristem Research noted that decline in prices of food items in August 2019 was caused by the harvest season, but things changed when federal

By Dipo Olowookere The board of Dangote Cement Plc is considering selling bonds to investors in the nation’s capital market anytime soon. However, the major reason for the delay is the right market conditions, according to a statement issued by the leading cement marker on Wednesday. Dangote Cement launched a N300 billion bond issuance programme about two years ago and last year, it offered N100 billion for sale but received subscriptions worth N155 billion. The N100 billion notes were the first tranche of the fixed-rate senior unsecured bonds maturing in April 2025, attracting the attention of a wide range of

By Dipo Olowookere A whopping N600 million has been set aside by Diamond Bank Plc to reward its loyal customers in the DiamondXtra Season 9 bonanza. Activities planned for the season include extra ordinary draws that will produce 3164 lucky winners throughout Q3 2017. According to information made available to the press, the Bank stated that in the months of July, August and September, N137 million will be given out to lucky customers that will emerge from the draws: 8 millionaires in July and September while 24 millionaires will emerge in August as N1 million will be won by a

By Dipo Olowookere Managing Director/Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Kuru, has disclosed that his agency has carried out an internal restructuring so as to achieve better outcomes in its asset resolution operations. Speaking at a two-day Asset Sales Strategy Retreat held last week in Abuja, Mr Karu said part of the new strategy AMCON plans to adopt would be to expand the scope of its sales by engaging professionals from the real estate and law sectors. The AMCON chief lamented that part of the agency’s challenges was the increasing decline in the

By Modupe Gbadeyanka Managing Director and CEO of Heritage Bank Plc, Mr Ifie Sekibo, has disclosed that the lender will focus in supporting the agricultural space through financing farmers to purchase modern technology. The bank chief noted that the funding will bring about transformative development in the sector, which has been getting government’s attention lately. Mr Sekibo, in a statement released on Wednesday by the Group Head of Corporate Communications at Heritage Bank, Mr Fela Ibidapo, reiterated the financial institution’s commitment to further deepen the drive to support agribusiness value chain in order to fast track food security and sufficiency