Nigeria’s Inflation Rises to 11.40% in May as Food Index Jumps to 13.79%

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 A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Modupe Gbadeyanka The management of Access Bank Plc has finally bowed to pressure, announcing that it would refund the money removed from customers’ accounts for stamp duty charges for three months. The tier-one lender had informed its millions of customers that it would deduct from their accounts stamp duty fees for February, March and April 2020. The reason for this, according to the financial institution, was because it did not charge its customers for the months as required by law. At the weekend, the social media, especially Twitter, was virtually on fire as customers of the bank complained bitterly

By Dipo Olowookere The need for government to put in place stable economic policies and create a reliable regulatory environment has been emphasised by the Lagos Chamber of Commerce and Industry (LCCI). When these are done, they would catalyse the growth of Micro, Small and Medium-Scale Enterprises (MSMEs) in the country. President of the LCCI, Mrs Nike Akande, while speaking on Wednesday in Lagos, advised the Federal Government to consider formulating policies that will facilitate trade, attract foreign investment and protect businesses from avoidable regulatory pressures. She said that with the right policy environment and provision of needed infrastructures, Nigerian

By Modupe Gbadeyanka Celebrated queen of blogging in Africa, Ms Linda Ikeji, has shared her life experiences on the popular, Against the Odds with Peace Hyde. She spoke on how she started as a fashion model to being the biggest blogger in the land as well as talking about the perils of building a successful brand. Ms Ikeji also spoke on her humble beginnings, explaining how poverty pushed her to discover her true calling in life. In the interview, viewers will read her journey to building one of the most prolific online blogs in West Africa as well as the

By Dipo Olowookere The stock market in Nigeria marginally appreciated by 0.01 per cent on Thursday as the latest sets of results have dampened their spirits. On Wednesday, GTBank released its first-quarter earnings and the numbers were not encouraging and this affected the mood of investors at the market yesterday. In fact, this affected most sectors of the market, especially banking, which had been closing green in the past trading sessions, but on Thursday, it depleted by 0.04 per cent. The insurance counter lost 0.40 per cent, the consumer goods space depreciated by 0.01 per cent, while the energy sector

By Dipo Olowookere Shares of 10 companies worth N3.35 trillion have been admitted on the trading platform of the Nigerian Stock Exchange (NSE) since the beginning of this year, Business Post has learned. Of these 10 firms, only three had their shares newly listed on the nation’s bourse and they are Skyway Aviation Handling Company (SAHCO) in April 2019, MTN Nigeria Communications Plc in May 2019 and Airtel Africa Plc in July 2019. During its listing by Initial Public Offering (IPO), SAHCO listed 1.35 billion shares worth N6.28 billion on the NSE at N4.65k each. When it listed its shares

By Adedapo Adesanya The Federal Government has set the deadline for the submission of the 2020 budget proposals by Ministries, Departments, and Agencies (MDAs) for Friday, September 20, 2019. This was disclosed in the 2020 Budget Call Circular released by the Budget Office of the Federation on Monday, which set out the requirements and instructions that must be satisfied and followed ahead of preparations of the 2020 Federal Government of Nigeria Budget Proposal. The document, obtained by Business Post, directed the MDAs to take into consideration the policies and strategies contained in the 2020 – 2022 Medium Term Expenditure Framework (MTEF)

By Dipo Olowookere The Nigerian Stock Exchange (NSE) rebounded by 1.04 per cent on Wednesday after bargain hunters took over the market during the session. This lifted the market capitalisation by N134 billion to N13.115 trillion from N12.981 trillion and pushed the All-Share Index (ASI) higher by 257.78 points to 25,141.48 points from 24,883.70 points. The gains at the midweek trading session were spurred by the energy sector, which rose by 5.24 per cent, the insurance space, which appreciated by 0.64 per cent, and the consumer goods index, which grew by 0.19 per cent. The banking space depreciated yesterday by

By Modupe Gbadeyanka Schools operating in Nigeria, but charging fees in foreign currencies may be in for a big trouble if the move by the House of Representative is anything to take seriously. This is because the lower chamber of the National Assembly has vowed to investigate educational institutions charging fees in foreign currencies despite the Central Bank of Nigeria (CBN) making it illegal. On April 17, 2015, the CBN, in a bid to reform the currency regulations, issued a circular stating that it was illegal to price or denominate the cost of any product or service (visible or invisible)