Nigerian Breweries, 30 Others Drive 0.07% Market Rally

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Dipo Olowookere Trading activities on the floor of the Nigerian Exchange (NGX) Limited further ended on a positive note on Wednesday despite investors diversifying their funds to other securities available in the capital market. Yesterday, the Central Bank of Nigeria (CBN) sold treasury bills to investors in the primary market but this did not affect the stock market, which closed higher by 0.78 per cent amid sustained buying pressure. The growth recorded in the midweek session was mainly driven by bargain-hunting in the banking space, which rose by 5.01 per cent at the close of transactions. It was the

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange moved up by 2.04 percent into the positive zone at the wrap of trading activities on Monday, March 9, 2020. This was despite poor performance recorded by Central Securities Clearing System (CSCS) Plc, which was the only stock that had a price movement at the bourse. The security went down by 13 kobo from N12 per share to N11.87 per share. However, its loss did not stop the NASD Unlisted Security Index (NSI) from moving up by 2.04 percent or 14.14 points to 706.93 points from 692.79 point published last Friday.

By Ahmed Rahma The Director and Chief Executive Officer of the Department of Petroleum Resources (DPR), Mr Sarki Auwalu, has said petroleum resources would be better managed from a central point in Abuja than Lagos. The energy expert said this while explaining the rationale behind the relocation of the headquarters of the oil agency to Abuja from Lagos. According to Mr Auwalu, the action was purely for the sake of centrality as it would bring them closer to their major stakeholders as they are in the state. Speaking at a ceremony to lay the foundation of the building to be

By Prince Charles Dickson PhD The worst part of a society manipulated by politics is to see the poor defending the rich who are responsible for their poverty. There was one man called Femi in Ibadan, 98-year-old Baba Femo. He was alleged to have made impregnated a 19-year-old girl, an allegation he blatantly denied, insisting he was not responsible and wasn’t the person. The matter went to the court. He brought a lawyer called Nkiru to defend him. In court, the barrister said, “My Lord, this man can never make this 19-year-old pregnant”. The judge said, “Counsel can you prove

By Adedapo Adesanya The stay of the NASD Over-the-Counter (OTC) Securities Exchange in the positive territory was short-lived as a result of the poor performance by Central Securities Clearing Systems (CSCS) Plc. The Nigerian depository company pulled the unlisted securities market back into the danger zone on Thursday by 1.1 per cent due to profit-taking in the company’s stocks. The share price of CSCS Plc went down during the session by N1.41 or 7.8 per cent to close at N18.20 per unit compared with the previous closing price of N19.61 per unit. Consequently, the market capitalisation of the exchange depreciated

By Dipo Olowookere The Managing Director of VFD Microfinance Bank, Mr Gbenga Omolokun, has called for the establishment of a roadmap for financial technology (fintech) for Nigeria. According to Mr Omolokun, this fintech roadmap will put in proper perspective effective ways to deepen financial services utilisation and inclusion in the country and bring more unbanked Nigerians into the system. “There is a need to focus on strengthening collaboration to ensure fintech adoption, deepen financial service utilisation and inclusion. “We need to build a fintech roadmap for the country and make sure technology plays an active role in financial inclusion for

By Dipo Olowookere The British High Commission in Nigeria has announced the arrival of Laure Beaufils, appointed as British Deputy High Commissioner for Lagos. She is the first female to head the UK mission in Lagos. She arrived Nigeria on Monday, February 20, 2017, and already looks forward to the tasks ahead. Commenting upon arrival, Laure said “I’m delighted to be in Lagos and leading the UK mission here. I look forward to working with a variety of Nigerian partners to further progress the already strong UK/Nigeria relationship”. Laure Beaufils has been head of the UK Department of International Development

**As Mobile Phone Penetration Hits 84% By Modupe Gbadeyanka A report released by Africa’s leading e-commerce company, Jumia, on the Nigerian Mobile Sector has revealed that in 2017, 70 percent of Nigerians preferred the cash on delivery option to other forms of payment like the credit/debit cards, which accounted for 18 percent, and the mobile money option, which had 12 percent. Also in the report, there was 11 percent rise in the number of Nigerians who visited the Jumia website via their mobile phones, 79 percent in 2017 versus 71 percent in 2016. Meanwhile, those who used their desktop computers

By Dipo Olowookere Senate President, Mr Bukola Saraki, has put to rest speculations in the country that all is not well with President Muhammadu Buhari. Mr Saraki, who paid a visit to the President in London yesterday alongside Speaker of the House of Representatives, Mr Yakubu Dogara and the Senate Leader, Mr Ahmed Lawan, disclosed that “Buhari is healthy,” emphasising that there is “no cause for alarm.” Speaking after the visit to President Buhari in Abuja House in London, where he is i=on vacation, the Senate President said, “We were delighted to see that President Buhari is doing well, was