Nigerians Expect Hike in Prices of Good, Services in 2020—CBN Survey

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  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya The chief executive of Seplat Energy Plc, Mr Roger Brown, has expressed optimism that its deal with ExxonMobil for the purchase of the latter’s offshore shallow water business in Nigeria, which is valued at $1.3 billion, would be completed soon. Speaking on the sidelines of the Africa Oil Week in Cape Town, South Africa, he said, “We have very good relationships with the regulator and that is why it takes time and the NNPC (Nigerian National Petroleum Company) is a partner to us and we want to respect the partnership.” “Now, we are starting to get to

By Modupe Gbadeyanka Momentum on the trading floor of the Nigerian Stock Exchange (NSE) was pushed to the 14th consecutive session on Tuesday, July 25, 2017 as the All Share Index (ASI) grew 1.19 percent or 412.95 points to 35,065.47 points, crossing the 35,000 mark, and further expanding the Year-to-Date return to 32.22 percent. Today’s performance was largely driven by gains recorded by blue-chip stocks led by Nestle, Forte Oil and others, leaving the market breadth positive with 27 advancers against 18 decliners. Nestle chalked up N8 to settle at N910 per share, while Forte Oil appreciated by N5.40k to

By Dipo Olowookere One of the numerous customers of Diamond Bank Plc is asking a Federal High Court sitting in Lagos to compel the bank to cough out the sum of N2.7 billion. The customer, Gitto Costruzioni Generali Nigeria Limited, a contruction company, accused the financial institution of mismanaging its account domiciled in the bank. The firm alleged that the lender overcharged it and in one instant, made it to suffered a huge loss. Consequently, the company wants Diamond Bank to pay for the loss and other things it allowed it to suffer as a result of its actions. In

By Adedapo Adesanya  The Federal Ministry of Aviation says it will collaborate with the United States on direct flights to Texas in a bid to expand the horizon of the aviation industry and deepen the bilateral relations with the world’s largest economy. The Permanent Secretary, Mr Emmanuel Meribole, said this during a visit to the Ministry by a delegation from the United States led by the Mayor of Houston, Texas, Mr Sylvester Turner, on Tuesday in Abuja. The ministry promised the US delegation that the Federal Government of Nigeria would work on its requests for direct flights from Nigeria to

By Dipo Olowookere The bears maintained their grip on the Nigerian Exchange (NGX) Limited, further inflicting a cut of 0.29 per cent on Friday as a result of persistent profit-taking. The selling pressure hit most sectors of the stock market during the last trading day of the week as investors ponder on the effects of the government’s policies on the economy, especially the decision of President Bola Tinubu to borrow funds for consumption rather than production. Despite the efforts of the industrial goods sectors to lighten up the mood by growing by 1.28 per cent, the bourse was bearish due

By Dipo Olowookere The board and management of BUA Cement will list shares of the company on the trading platform of the Nigerian Stock Exchange (NSE), Business Post can authoritatively report. The stock of the cement company would be admitted on the NSE on Thursday, January 9, 2020, a circular from the exchange sighted by this newspaper on Wednesday confirmed. BUA Cement is joining the local bourse after the recent merger between Obu Cement and Cement Company of Northern Nigeria (CCNN), with approvals received from the court as well as regulatory agencies, including the Securities and Exchange Commission (SEC). BUA

By ThisDay Nigerian banks are currently finding it extremely difficult to mobilise deposits from institutional investors such as Pension Fund Administrators (PFAs) and insurance companies as well as individuals due to the attractive treasury bills yields. The increasing awareness of the opportunities in the treasury bills market is seeing a lot of banks lose deposits to fixed income investments. This is because most investors and bank customers now benchmark interest rates on term deposit against treasury bill rates. THISDAY findings showed that those affected most are the Tier 2 banks as they are finding it difficult to meet the demand

By Aduragbemi Omiyale The rising cost of food items, including rice at the markets in Nigeria, is the handiwork of smugglers, the federal government claimed. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said this in a recent interview. She said these smugglers were frustrating the noble efforts of the government to make life more meaningful for citizens of the country. But she noted that the government of President Muhammadu Buhari will not relent in bringing succour to the people of Nigeria. Mrs Ahmed, who described the smugglers as unpatriotic Nigerians, said some of the food items