NNPC Increases Revenue by 35.6% to N578.79bn

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya The Nigerian Naira opened the week stronger on the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 4 as pressure eased amid continued foreign exchange (FX) liquidity squeeze in the market. In the official market, the Naira appreciated against the greenback by 9.6 per cent or N89.42 to settle at N837.77/$1 compared with last Friday’s closing price of N927.19/$1. Also, the Naira gained N172.53 against the Pound Sterling in the NAFEM segment of the market during the session to close at N1,031.57/£1 versus last Friday’s rate of N1,204.10/£1 and against the Euro,

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

By Adedapo Adesanya Oil prices hit their highest level in years on Monday as demand recovers from the COVID-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel. Brent crude oil futures closed 59 cents or 0.7 per cent higher at $85.45 a barrel after hitting $86.04 earlier in the day, their highest level since October 2018. The United States West Texas Intermediate (WTI) crude futures climbed 90 cents or 1.1 per cent to $83.18 a barrel, after hitting $83.73, their highest since October 2014. This showed a perfect

By Prince Charles Dickson PhD A friend and I were texting today about how our mornings had not started well. She had lost her keys and subsequently missed both a dentist appointment and a work meeting. I had placed an important form in a “safe place” and then could not remember where I put it. The longer my friend and I kept looking for these items, the more flustered and upset we became. As time dragged on, my friend’s worries grew. What if she did not find her keys? Had she thrown them away by accident? Getting a replacement key

By Adedapo Adesanya As part of its determination to relaunch its operations in the Nigerian space, TStv Africa has announced acquiring the rights to broadcast all English Football League (EFL) Championship live matches to Nigerians in the 2020/21 season commencing on Friday, September 11. This announcement was made via the TStv Africa Facebook page, where it stated: “TStv wishes to thank Nigerians for their patience and understanding over the past months. We apologise once again for all inconveniences and appreciate the steadfastness of all those who have stood by us. “We are now pleased to announce that TStv is preparing

By Adedapo Adesanya The Naira was stronger than the previous day against the American Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Wednesday as the Nigerian currency appreciated 47 kobo or 0.13 percent to close at N362.40 compared with N362.87 recorded on Tuesday. However, the total value of trades at the I&E segment increased by $48.76 million or by 22 percent at the trading session. Figures obtained from the FMDQ showed that the turnover yesterday was $273.16 million in contrast to Tuesday’s $224.40 million. It wasn’t much of an ovation at the parallel market

By Adedapo Adesanya Global payment service, Visa, said Thursday it would acquire Swedish financial technology firm Tink for €1.8 billion ($2.2 billion), months after the US credit card giant dropped a bid to acquire the startup’s American rival, Plaid. Tink is an open banking platform that connects 3,400 financial institutions in Europe with more than 250 million customers and gives its clients access to aggregated financial data. Visa’s planned takeover of Tink’s US competitor Plaid was abandoned earlier this year after it was blocked by US authorities on competition grounds. Tink started in 2012 when it launched an app allowing

By Modupe Gbadeyanka A training on skills acquisition has been organised for members of the National Youth Service Corps (NYSC) by Quickteller, the leading consumer digital payments platform powered by Interswitch, and Activate Success International Foundation (ASIF). The initiative, conducted on a periodic basis under the Skills Acquisition and Entrepreneurship Development (SAED), was created by the NYSC, and it forms part of a series of orientation exercises designed to empower the streams of youths who transition through the service programme. It was put together to prepare corps members for their post-NYSC endeavours. Quickteller’s partnership with ASIF is geared towards youth

By Adedapo Adesanya **As Pantami Clarifies Telecommunication Situation in Zamfara The Federal Executive Council (FEC) has approved the national policy on the fifth-generation (5G) network in Nigeria. This was disclosed by the Minister of Communications and Digital Economy, Mr Isa Pantami, in Abuja after the weekly FEC meeting held on Wednesday. He explained that the benefits that accrue from employing such networks include larger capacity, higher data rates, among other economic, health, security and educational opportunities. According to the Minister, the radiation from the 5G has proven to be lower than the 4G, televisions or microwaves, contrary to stories peddled

By Ashemiriogwa Emmanuel The total amount in the external reserves of Nigeria over the last week experienced a sloppy trend but eventually, it settled at $33.57 billion on Thursday, August 26, Business Post reports. Data from the Central Bank of Nigeria (CBN) showed that the nation’s buffers increased by 0.15 per cent or over $55.0 million. In the preceding week, the amount left in the external reserves of Nigeria, which is Africa’s largest economy, stood at $33.52 billion, according to the apex bank. It was observed that the reserves depleted from $33.52 billion on Thursday, August 19 to $33.50 billion