Nigerian Exchange Rebounds by 0.20% on Renewed Bargain Hunting

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 Modupe Gbadeyanka Nigeria’s business activity improved in September despite cost pressures limiting demand, according to the latest Purchasing Managers’ Index (PMI) released by Stanbic IBTC Bank Plc. The lender said in the period under review, the private sector had a reading of 51.1 points compared with the 50.2 points achieved in August 2023. It was the rise in business activity in the country was influenced by the growth in order, though the rates of expansion in each were only modest. New orders increased for the sixth month running in September as some firms signalled an improvement in demand. While

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 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 Adedapo Adesanya Against all odds, the Naira came back stronger against the US Dollar at the parallel market on Wednesday, December 9, gaining N5 at the session to trade at N478/$1 compared with N483/$1 it was sold on Tuesday. But against the British Pound Sterling and the Euro, the local currency traded flat yesterday at the black market at N620/£1 and N570/€1 respectively. The volatility seen lately in the FX market could be blamed on hoarding amid speculation that the value of the Naira could further drop. But the ability of the Central Bank of Nigeria (CBN) to supply

By Dipo Olowookere Authorities of the Nigerian Army have reacted to online publication on Thursday, April 25, 2019 on a purported massive attack on Konduga in the north eastern part of the country. In a statement in the wee hours of Saturday, the report was not only described as fake, but baseless, which according to the Army, was solely designed to cause severe panic, utter chaos and pandemonium within the communities. The publication was also said to be a deliberate effort to smear and discredit the image and sacrifices of the entire operation as well as the peace in the

By Dipo Olowookere The management of Transcorp Plc has assured its stakeholders, including shareholders, that the unfortunate fire incident of Saturday, October 26, 2019 did not in any way affect its operations. The firm, in a statement signed by its Chief Executive Officer, Mr Valentine Ozigbo, on Saturday night, stated that no injury was sustained by any personnel. It further said likewise, no vital documents were lost to the inferno, which the company said occurred at the building next to its headquarters in the Ikoyi area of Lagos State. However, the statement noted that Transcorp suffered a limited damage to

By Dipo Olowookere For few days now, there have been apprehensions among consumers Amstel Malta in Nigeria concerning a picture claiming there were counterfeits of the product in circulation. The rumour has been making the rounds and has thrown some consumers of the malt drink into confusion. In the picture being passed around on social media, it was observed that the NIS sign of Standard Organisation of Nigeria (SON) on two cans of the Amstel Malta were different. Also, while there was ‘low sugar’ on one can drink analysed in the picture, the other had only ‘Malt Drink No Alcohol’

By Adedapo Adesanya The midweek session ended with the Naira recording a 50 kobo 0r 0.12 per cent loss at the Investors and Exporters (I&E) segment of the foreign exchange market to settle at N416.25/$1 compared with N415.75/$1 it closed on Tuesday. The Naira recorded the decline at the market segment on the back of sustained forex demand pressure, with transactions worth $165.39 million achieved on Wednesday as against the $102.07 million achieved a day earlier. This indicated that the value of trades rose by 62.0 per cent or $63.32 million. At the interbank segment of the FX market, the

By Dipo Olowookere The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, has recently signed Memorandum of Understanding (MoU) with the City Bank Limited and CodersTrust Bangladesh Limited in order to test a new banking model named “Biniog Sathi”. With the signing of the MoU, the Islamic wing of the City Bank of Bangladesh named City Manarah will extend financing to the students for paying a portion of the training programmes undertaken by CodersTrust. These training sessions are designed to make them as qualified freelancers to generate income

By Modupe Gbadeyanka The board of Access Bank Plc has approved the financial results of the company for the period ended December 31, 2018. The financial scorecard of the firm was approved by the board on Monday, January 28, 2019 at a meeting in Lagos. This was after the highest decision making organ of the lender received the results, reviewed them and said the documents can be forwarded to the Central Bank of Nigeria (CBN) for further scrutiny. Business Post reports that this is the last full year results the financial institution will release as a stand-alone company. Its 2019

By Nneka Okumazie What if Pastor Adeboye’s social media accounts are meant for messaging to RCCG members? What if the prayers or prophecies are directed to true believers – in one situation or another? What if there’s someone on the brink of breakdown, that just that one message could make the difference? The weird – public – unease with whatever RCCG or their lead Pastor says or does remains antithetical to the logic [or reasoning] used against them. Isn’t everyone in agreement, that socially, people can find hope in whatever they want, or have faith in whatever they choose? Isn’t