Nigeria’s Oil Sector Ready For Business—Tinubu

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Dipo Olowookere Profit-taking persisted at the Nigerian Exchange (NGX) Limited on Thursday, with Customs Street going down by 0.31 per cent on its return from a midweek break. The market closed its doors to traders on Wednesday due to the public holiday declared by the federal government to mark Eid-el Maulud, the birthday of Prophet Mohammed. Business Post reports that market participants did not take their minds off the pressing issues affecting the Nigerian economy, especially rising inflation, energy costs and the foreign exchange (FX) crisis. As a result, they liquidated their shares, leading to a negative market breadth

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

After guiding the Los Angeles Lakers to their first NBA title in 10 years, superstar forward, LeBron James, has signed a new two-year-deal with the NBA champions. The new contract will keep the 35-year-old in LA till the 2022- 2023 season. “LeBron James is a transcendent basketball player and human being,” said Lakers general manager, Rob Pelinka. “This contract extension paves the way for LeBron to further solidify his legacy as an all-time Lakers great.” James’ annual salary will steadily increase in the course of the next three years. The American great will be paid $39.2 million in the 2020-2021

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has approved the operational guidelines to open banking in Nigeria, kickstarting an open banking regime in Nigeria. The guideline was released via a circular by Musa Jimoh, the Director of the CBN’s Payments System Management Department, on March 7, 2023. According to its proponents, open banking will usher in a new age of financial inclusion and innovation and prove that Nigeria is a global pioneer in payments and financial services. The statement seen by Business Post said, “The Central Bank of Nigeria, in furtherance of a mandate for the stability of

By Adedapo Adesanya Food processing company, FrieslandCampina Wamco Plc, posted a good performance on the floor of the NASD Over-The-Counter (OTC) Securities Exchange on Thursday, December 19. The rise in the share price of the makers of the popular Peak Milk increased at the market yesterday to boost the 0.37 percent growth printed by the unlisted securities market. Business Post reports that Friesland recorded a N1.88 gain equivalent to a jump of 1.54 percent to finish the day’s trading session at N121.88 per share in contrast to N120 per unit it closed on Wednesday. This growth helped to push the

By Adedapo Adesanya Brent crude fell below the $80 mark after it dropped 4 per cent or $3.33 to $79.35 per barrel on Tuesday as investors fled the volatile oil market in an uncertain economy. Also, the United States West Texas Intermediate (WTI) crude futures depreciated by 3.5 per cent or $2.68 to settle at $74.25 per barrel yesterday. Prices have dropped by more than 1 per cent for three straight sessions, giving up most of their gains for the year as a string of bearish news has unnerved investors despite an ongoing war in Ukraine and one of the

By Modupe Gbadeyanka Developer of the 1050Mw Lamu Coal Power Plant (Amu Power), Gulf Energy, has entered into a Clean Coal Technology agreement with General Electric (GE). The deal will see the plant use GE’s Ultra-Supercritical Clean Coal Technology making it one of the most technologically advanced coal fired power plants in the world. Amu Power is the special purpose company that will own and operate the 1,050 MW coal fired power plant in Lamu County, Kenya, under the Public Private Partnership (“PPP”) framework. The agreement was signed at Nairobi, Ministry of Energy offices in Nyayo House in the presence

By Adedapo Adesanya A bill to impose death penalty on hate speech offenders in Nigeria has passed the first reading at the Senate. The bill, tagged National Commission For the Prohibition of Hate Speeches, was sponsored by the Deputy Chief Whip of the Senate, Mr Abdullahi Aliu Sabi (APC, Niger State). A part of the motion said a death penalty should be imposed on “any person found guilty of any form of hate speech that results in the death of another person.” The upper chamber of the National Assembly had previously abandoned the bill last year, following public outcry. But

By Dipo Olowookere Ecobank Nigeria Limited has reacted to closure of its branches in Anambra State on Thursday, June 1, 2017, by the local tax office based on a purported Exparte Court Order on account of Legacy Oceanic Bank alleged PAYE back tax for the period between 2006 and 2011. In a statement issued on Friday, the lender said it was not indebted to the Anambra State Board of Internal Revenue as alleged. The bank noted that it has “not contravened any law in Anambra State, known to us, for which our branches should be stopped from operations and we

By Kester Kenn Klomegah Emerging from the first Russia-Africa Summit held in Sochi a year ago, Russia will make one huge stride by establishing a naval facility in Sudan. This marks its maritime security presence in the Mediterranean and the Red Sea region. Sharing a northern border with Egypt, Sudan is located on the same strategic coastline along the Red Sea. According to the executive order, the published document says “the proposal from the government of the Russian Federation to sign an agreement between the Russian Federation and the Republic of Sudan on creating a facility of the Navy of