NGX All-Share Index Rises 0.71% on Positive Market Activity

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.

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

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 Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Dipo Olowookere Francophone West Africa leads in intra-regional trade with trade hotspots around Dakar, Abidjan, Cotonou and Lomé, analysis by Ecobank Research has revealed in its new website, AfricaFICC. The research team has updated Ecobank’s flagship Africa Fixed Income, Currency and Commodities Guidebook (FICC) and made it available as an online resource at https://Ecobank.com/AfricaFICC. The website provides key facts for businesses and investors on the economies of Sub-Saharan Africa and the key sectors of activity. The first regional section of the website to go live is Francophone West Africa, one of the most diverse regions of Sub-Saharan Africa. Stretching

By Adedapo Adesanya The United Bank for Africa (UBA) Plc is set to celebrate this year’s Africa Day in commemoration of African unity with the third edition of its annual UBA Africa Conversations. This year’s event will be headlined by Africa’s international leaders, including the President of Rwanda, Mr Paul Kagame; Mrs Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation (WTO); Dr Tedros Adhanom Ghebreyesus, Director-General of the World Health Organisation(WHO) and Mr Makhtar Sop Diop, Managing Director, International Finance Corporation(IFC). The conversations will be held online on africaday.UBAgroup.com and will take place virtually on Tuesday, May 25, 2021,

By Modupe Gbadeyanka Ogun State Governor, Mr Ibikunle Amosun, has enjoined Muslim faithful to demonstrate the virtue of selfless sacrifice as they celebrate the Eid-el-Kabir festival. In a statement issued in Abeokuta, the Governor said, “while I join my Muslim brothers and sisters to celebrate this holy day, I urge you to reflect on the essence of the festival. “Otherwise known as the ‘Festival of Sacrifice’, the Eil-el-Kabir presents an opportunity for us to reflect on the faith, with which Ibrahim (Abraham) willingly agreed to sacrifice his son and was set to let go of his personal belief, just in

By Dipo Olowookere The trading indices of the Nigerian Exchange (NGX) Limited closed lower by 0.05 per cent on Tuesday, November 30, 2021, followed by profit-taking by investors. During the session, the All-Share Index (ASI) declined by 22.89 points to 43,248.05 points from 43,270.94 points, while the market capitalisation went down by N12 billion to N22.567 trillion from N22.579 trillion. The decline reported by the market yesterday was mainly from the losses posted in three of the five major sectors, with the energy, consumer goods and industrial goods counters going down by 0.40 per cent, 0.21 per cent and 0.04

By Kester Kenn Klomegah Russia has a long time-tested relationship with Africa. After the first symbolic Russia-Africa summit in the Black Sea city of Sochi on October 23-24, 2019 both Russia and Africa adopted a joint declaration, a comprehensive document that outlines the key objectives and necessary tasks that seek to raise assertively the entire relations to a new qualitative level. In order to realize this, it requires a complete understanding of the tasks and the emerging challenges, identifies necessary support for new initiatives and, as always reiterated, commitment to dynamic work with Africa. According to official documents, there has

By Adedapo Adesanya African Export-Import Bank (Afreximbank) and the International Islamic Trade Finance Corporation (ITFC) have signed a $250 million facility to provide funds for the bank to advance procurement of COVID-19 vaccines and drive a trade-based economic recovery. The agreement was signed between Mr Benedict Oramah, President of Afreximbank and Mr Hani Salem Sonbol, CEO ITFC during the official visit of Mr Oramah and the Afreximbank delegation to the ITFC headquarters in Jeddah, Saudi Arabia. The ITFC facility will help advance Afreximbank’s COVID-19 response programme for countries in which both organisations operate, securing vital goods for the health of

By Modupe Gbadeyanka The latest data released by the National Bureau of Statistics (NBS) has revealed that the agricultural sector maintained being one of the major contributors to the Nigerian Gross Domestic Product (GDP). In the report published on Monday by the agency, agriculture as a whole grew by 4.54 percent in the third quarter of 2016 from 4.53 percent it recorded in the second quarter of the same year and 3.46 percent in third quarter of 2015. From the analysis, it was observed that crop production grew by 4.88 percent in third quarter of 2016 from 4.72 percent in

By Adedapo Adesanya The Nigerian currency traded flat against the United States Dollar at N416.50/$1 on Tuesday, January 19 at the Investors and Exporters (I&E) window of the foreign exchange (forex) market. The stalemate between both currencies was bolstered by a reduction in the FX demand pressure on the Naira during the trading day, according to data from the FMDQ Securities Exchange. The value of transactions at the I&E segment went down by 24.4 per cent or $35.85 million as trades worth $111.02 million were executed compared with the $146.87 million achieved at the preceding session. Also, the Nigerian Naira