Neimeth Plans N3.7bn Rights Issue, N1.3bn Private Placement

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

By Modupe Gbadeyanka The need for effective collaboration between regulators and operators in the banking system for the establishment of sound ethics and professionalism in the banking industry has been emphasised by the Nigeria Deposit Insurance Corporation (NDIC). The recent involvement of four commercial banks in Nigeria in the alleged illegal forex transfers for MTN Nigeria, according to the Managing Director of NDIC, Mr Umaru Ibrahim, is a wake-up call for better corporate governance and ethical behaviour by financial institutions. Speaking during a visit of members of the Chartered Institute of Bankers (CIBN) to the corporation, the NDIC chief lamented

By Dipo Olowookere The Nigerian Exchange (NGX) Limited further appreciated by 1.07 per cent on Thursday on the back of buying pressure on Dangote Cement, MRS Oil, Unity Bank and others. MRS Oil topped the gainers’ chart yesterday with an appreciation of 9.83 per cent to N12.85, Courteville grew by 8.70 per cent to 50 Kobo, Unity Bank improved by 8.33 per cent to 52 Kobo, Dangote Cement expanded by 7.77 per cent to N238.50, and Mutual Benefits increased by 3.70 per cent to 28 Kobo. Conversely, Julius Berger ended the session on top of the losers’ table after its

By Modupe Gbadeyanka The UN Economic Commission for Africa (ECA) says it is organising a twin set of policy debates to begin mapping out pathways for structural transformation in Central Africa, notably in Gabon (8 December 2016 at Radisson Blu Hotel in Libreville) and in the Republic of Congo (15 December 2016 at Radisson Blu Hotel in Brazzaville). The Libreville Debate on wood transformation in Gabon Hinged on on-going macroeconomic policy work by the Commission, the objective of Libreville debate is to debate on priority actions to be made to valorise tropical timber to leverage structural transformation in Gabon. Specifically,

By Dipo Olowookere A new Chief Financial Officer (CFO) has been appointed by Zenith Bank Plc and he is Dr Mukhtar Adam. The appointee is an expert in financial reporting and analysis, tax management, audit management, strategy development and execution, enterprise risk management, credit risk management, financial advisory, capacity building and training. He is also a researcher with a number of professional and academic publications to his credit. Before his appointment as the CFO of Zenith Bank Plc, Mr Adam was the bank’s Deputy CFO, a position he held since September 2014. Prior to that time, he headed the Financial

By Modupe Gbadeyanka A popular online news platform in Nigeria, Sahara Reporters, has leaked details of the ailments President Muhammadu Buhari have been hiding from Nigerians since he assumed office in 2015. According to the report, Mr Buhari is allegedly suffering from prostrate cancer, dementia, Crohn’s disease and sickle cell anaemia. In the confidential study on the President’s health made available to SaharaReporters, it was revealed that the prostate cancer afflicting him “may have become incurable”. To reach its conclusions, the report examined a string of issues, including the timeline of the President’s international travels alongside medical assessment, the travel

By Adedapo Adesanya Businesses may have suffered their worst year in 2020, but this year will see Micro, Small, and Medium Scales Enterprises (MSMEs) thrive if they work on all the lessons learnt and use them to adapt to the changing landscape, Mr Seye Olurotimi, the founder of MSMEs Africa, has said. Mr Olurotimi, while appearing as a guest on TV Continental’s programme called Business Nigeria anchored by Mr Tolu Ogunjobi, which was monitored by Business Post, noted that small businesses do not have shock absorbers, which he said affected them when the global economy was faced with an unprecedented

By Modupe Gbadeyanka By the end of second quarter of 2017 (next month), the profit before tax of Jaiz Bank Plc should have risen to N316.28 million, Managing Director of the lender, Mr Hassan Usman, has revealed. Also, the total income of the financial institution should have increased to N2.4 billion within the period, while its total assets of Jaiz Bank Plc must have grown to N101 billion by the end June 2017. As at the end of first quarter of this year, the total assets of the firm, according to its financial statements, stood at N78.7 billion, while its

By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) has said that the reported explosion, which rocked Abule Ado Area of Lagos State in the early hours of Sunday, was caused by a gas explosion after a truck hit some gas cylinders stacked in a gas processing plant located near the corporation’s system 2B Pipeline Right of Way. The incident claimed several lives, leaving many others injured and properties worth millions of Naira destroyed. A press statement issued on Sunday night by NNPC Group General Manager, Group Public Affairs Division of the NNPC, Mr Kennie Obateru, disclosed that after the