Nigerian Stocks Begin Week Weak, Shed 0.91%

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has assured foreign investors of low production costs as they consider investing in the country’s mining sector. Speaking at the Mines and Money Conference in London, Mr Alake said President Bola Tinubu has embarked on reforms to boost investment by streamlining procedures and reducing hurdles to attract foreign investors. “The country’s geological bounty encompasses over 44 distinct mineral types, found in exploitable quantities across more than 500 locations,” the Minister said, according to a statement by his aide, Mr Kehinde Bamigbetan. “Recently, recognizing the evolving global landscape and

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Kestér Kenn Klomegâh While Russia’s interest in sub-Saharan Africa is nothing new, Russian authorities have realized that it’s time to move back primarily to reclaim its economic footprints and to find old Soviet-era allies, but that step comes with new challenges, especially from other foreign players and the changing internal political and economic conditions in Africa. Long before it held its first symbolic summit in October 2019, many experts indicated in several policy reports that “Russia has often failed to capitalize on the historical connection between Moscow and those African elites who had been educated in the Soviet Union

By Dipo Olowookere The latest Africa Agriculture Status Report (AASR) has predicted that the rapidly growing food market in Africa may be worth more than $1 trillion each year by 2030. The report, launched at this year’s African Green Revolution Forum (AGRF) in Cote d’Ivoire, revealed that agriculture will be Africa’s quiet revolution, with a focus on SMEs and smallholder farmers creating the high productivity jobs and sustainable economic growth that failed to materialise from mineral deposits and increased urbanisation. It noted that the power of entrepreneurs and the free market is driving Africa’s economic growth from food production, as

By Dipo Olowookere The decision of the National Assembly to appropriate N13 billion for ‘refreshments, travels and welfare’ in the recently passed 2017 budget has infuriated the Centre for Anti-Corruption and Open Leadership (CACOL). Executive Chairman of CACOL, Mr Debo Adeniran, described this as “insensitive, gluttonous and selfish.” Mr Adeniran said, “The demonstration of insensitiveness to the sufferings and very pressing needs of the people is made very manifest by the budget of N13 billion for ‘refreshments, travels and welfare’ for NASS. “These are legislators that are too ‘embarrassed’ by the humongous remunerations such that they have to shroud it

By Dipo Olowookere The Governor of Kwara State, Mr AbdulRahman AbdulRazaq, has said the state hopes to gain immensely from the emergence of one of its sons, Mr Olatunde Amolegbe, as the President of the Chartered Institute of Stockbrokers (CIS). Mr Amolegbe was recently installed as the 11th President and Chairman of the Governing Board of the reputable institution, taking over from Mr Adedapo Adekoje. While congratulating him, the Governor said, “His leadership of the prestigious organisation at this time is a boost to Kwara State’s efforts to woo various bodies and investors to the state.” According to Mr AbdulRazaq

A global attribution leader, AppsFlyer, has confirmed raising a $210 million Series D funding round led by General Atlantic, a leading global growth equity firm based in New York, the United States of America (USA), with existing investors Qumra Capital, Goldman Sachs Growth, DTCP (Deutsche Telekom Capital Partners), Pitango Venture Capital, and Magma Venture Partners participated in the round as well. With this new funding, Managing Director at General Atlantic, Alex Crisses, and Co-President and Global Head of Technology, Anton Levy, have joined AppsFlyer’s board of directors. “We are excited to partner with a company that has an experienced team

The journey to position Ecobank Nigeria as one of the top three banks in the country is fast gaining traction and recognition. The Nigerian franchise of the Pan-African financial institution, Ecobank Transnational Incorporated (ETI) is making good its mission of becoming the most preferred lender in the country. During the outgoing year, in particular, the bank recorded milestones and landmark transformations that puts it on the path of realizing its mission. Ecobank Nigeria now resonates excellence from account opening to payments, collections, savings, and investment and indeed all the touchpoints. Unequivocally, it has endeared itself in the consciousness of the

By Ashemiriogwa Emmanuel The Central Bank of Nigeria (CBN) has said it no longer recognises the exchange rates of Naira to the Dollar and other foreign currencies quoted at the black market and the Bureaux De Change (BDCs). Governor of the CBN, Mr Godwin Emefiele, while speaking on Friday in Abuja with reporters, stressed that the only recognized foreign exchange rate in the country is the Investors & Exporters (IE) window. He asked anyone in need of FX to approach the commercial banks and also those willing to sell their forex should go to the financial institutions, who are now

By Modupe Gbadeyanka Leading consumer finance company, Renmoney, has relocated to its new corporate headquarters in Lagos. The new office, designed by Spacefinish, a Nigerian design agency that also designed the Andela, Google and Venture Garden Group offices, among others, was created to spark creative energy and innovation as employees work to build more convenient solutions for customers. The the new open space architecture enables easier communication across the company, while maintaining the privacy required by certain departments. Meeting room names are drawn from some of Renmoney’s core values: integrity, service, innovation, data and excellence. The new office, which was