NASD Securities Exchange Extends Rally by 0.42%

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

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.

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 Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

By Dipo Olowookere Former Managing Director of the defunct Intercontinental Bank Plc, Mr Erastus Akingbola, has been directed to face trial for the alleged N5 billion fraud charges filed against him. The order was given on Friday by the five-man panel of the Supreme Court led by Justice Tanko Muhammad. Justice Sidi Bage, who read the lead judgment, held that Mr Akingbola’s appeal challenging the Court of Appeal’s verdict of February 2015 lacked merit, directing that the matter be taken back to the Federal High Court in Lagos and assigned to another judge, who must expedite the trial. The Court

By Adedapo Adesanya Italian football side, SSC Napoli, have confirmed the signing of Nigerian striker, Victor Osimhen, from French outfit, Lille, on a five-year contract. The deal, worth €50 million fee + bonuses, was announced on Friday, July 31, 2020, making him the most expensive African player of all time. Victor Osimhen was signed as a replacement in Lille following the move of Nicolas Pépé to Arsenal in a £72 million deal. They signed Victor Osimhen for £12m to replace him. Now, they have sold him to Napoli in the €50 deal after scoring 18 times in 38 appearances for

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 Modupe Gbadeyanka The Conference of Nigeria Political Parties (CNPP) has accused the federal government of being involved in what it described as ‘vote buying by proxy’ ahead of Saturday’s governorship election in Edo State. The group, in a statement on Wednesday, strongly kicked against it, calling on the federal government to refrain from acts capable of killing Nigeria’s democracy. “Acts of benevolence by the federal government in states during campaign periods have gone beyond coincidences to becoming a suspicious vote buying by proxy as is being witnessed in Edo State today,” a part of the statement signed by the

By Adedapo Adesanya Crude oil prices fell by 3 per cent, their lowest in two weeks, on Wednesday, with Brent shedding $2.45 or 3 per cent to trade at $80.60 per barrel, and the West Texas Intermediate (WTI) down by $2.41 or 3 per cent to quote at $74.05 a barrel. Investors became more concerned that recent data will prompt more aggressive interest rate increases by central banks, pressuring economic growth and fuel demand. This came as minutes from the latest US Federal Reserve meeting showed that most Fed officials agreed that the risks of high inflation remained a key

By Dipo Olowookere The proposed merger between Chemical and Allied Products (CAP) Plc and Portlands Paints and Products Nigeria Plc is expected to be completed in the first quarter of 2021. This was confirmed by the Managing Director of CAP Plc, Mr David Wright, when he was commenting on the financial performance of his firm in the 2020 fiscal year. In a statement issued by the Head of Corporate Affairs and Communications at CAP Plc, Ms Chinwe Okpala, the MD expressed confidence that the final regulatory approval would be secured by that time. “We announced the proposed merger between CAP

By Modupe Gbadeyanka About R6 billion ($499.3 million) has been contributed to the South African economy by the Cape Town Film studios, the chief executive has Mr Nico Dekker. Mr Dekker made this disclosure during a site visit to the Cape Film Studios in Cape Town by the Portfolio Committee on Trade and Industry. The Motion Picture Association of America (MPAA) invited the Portfolio Committee to the set of the Warrior television series which is currently shooting at the Cape Town Film Studios in an effort to showcase their high-profile project. Mr Dekker said since December 2010 the direct investment

By Dipo Olowookere The Nigeria Centre for Disease Control (NCDC) on Friday night announced 114 new cases of the coronavirus disease (COVID-19) reported in the country. In its daily update on its official Twitter page, the agency said the bulk of the fresh cases of the virus were recorded in Lagos and Gombe States. According to the NCDC, 80 of the new cases came were reported in Lagos, the nation’s commercial capital, while 21 of them were recorded in Gombe State, a state in the northern part of the country. The nation’s administrative capital, FCT Abuja, recorded 5 new cases,