Nigeria Plans Issuance of Fresh N100b Sukuk Bond

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Dipo Olowookere A leading media intelligence consultancy in Nigeria, P+ Measurement Services, has revealed that the trio of Stanbic IBTC Bank, MTN Nigeria, and Leadway Assurance have emerged on the top in their respective sectors for positive reputation in the first quarter of 2023. The firm disclosed that it arrived at the ranking after tracking more than 1.3 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and global media space, as well as about 5,115 print publications (including daily, weekly, and monthly publications). P+ Measurement said it extracted different metadata from various

By Modupe Gbadeyanka The equity market segment of the Nigerian Stock Exchange (NSE) slumped into a loss on Tuesday with profit-taking in Total Plc dragging the market to a 0.31 percent fall. A total of 22 stocks appreciated at the close of trading activities today in contrast to 14 stocks that depreciated in price. Apart from Total Plc, which declined by N12.90k to close at N260 per share, other losers were Dangote Cement, Lafarge, PZ Cussons and Ecobank. While Dangote Cement lost N3 to finish at N162 per share, Lafarge went down by N1.5k to end at N38.85k per share.

By Dipo Olowookere A popular actress in Nigeria, Mrs Funke Akindele Bello, has been delivered of two bouncing baby boys, multiple reports said. The movie star reportedly gave birth to the twins a moment ago outside the country. It is the first time the woman is having children for her musician husband, Mr Abdul Rasheed Bello, otherwise known as JJC Skillz. After her first marriage to one Lagos-based politician, Kenny Almaroof failed, Funke Akindele, fondly called Jenifa, secretly married her new husband in 2016 in the United Kingdom. After her second marriage, a Lagos-based cleric and founder of Mountain of

By Dipo Olowookere On Sunday, during his nationwide broadcast, President Muhammadu Buhari announced a total lockdown of Lagos, Abuja and Ogun State from 11pm of Monday, March 30, 2020 for an initial 14 days. This action was taken to curb the spread of the coronavirus (COVID-19), which has infected 111 persons in the country and claimed two lives. Globally, over 700,000 people have tested positive for the virus, with over 30,000 deaths. It is envisaged that during the lockdown, though Ogun State will become effective this Friday after a plea by its Governor, Mr Dapo Abiodun, residents will need cash

By Dipo Olowookere Not less than 13 customers have emerged millionaires in the Diamond Bank daily extraordinary draws across the six geopolitical zones of Nigeria. This is in fulfilment of the promise made by management of the financial institution to make one customer a millionaire every working day in the month of August. According to Diamond Bank, 18 more Nigerians will become millionaires before the end of September. The lender explained that the daily xtraordinary draws were not just only meant to reward its loyal customers and potential customers but also to show appreciation to Nigerians for the trust and

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries (OPEC) in its latest forecast figures for March said the global oil demand will increase by 5.89 million barrels per day in 2021 compared to its estimate last month of 5.79 million barrels per day. The cartel said in its Monthly Oil Market Report (MOMR) that it expects the demand recovery to be much stronger over the second half of 2021 as vaccines are now widely available and administered across the world. In this month’s report, OPEC cut its oil demand estimate for the first quarter by 180,000 barrels per

By Investors Hub European stocks have advanced on Monday as strong U.S. jobs data released last week coupled with encouraging data releases from Germany and France helped boost investor confidence in the global economy. The U.K.?s FTSE 100 Index and the French CAC 40 Index are both up by 0.2 percent, although the German DAX Index is just below the unchanged line. The pound rose against both the dollar and the euro as the resignation of Brexit secretary David Davis helped fuel expectations that a soft Brexit was more likely. Mining giant BHP Billiton has rallied on buzz that BP

By Modupe Gbadeyanka The management of Jumia Nigeria has announced dates and partners for its biggest sales event of the year, Jumia Black Friday 2017. Black Friday is marked around the world on the fourth Friday in November after the American Thanksgiving Day holiday. Both offline and online stores offer exclusive deals on that day. It has since become an iconic shopping event where consumers have been known to go to extremes in order to secure the best deals. This year’s event is billed as the Jumia Black Friday Festival and will run for 31 days from November 13 to