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By Adedapo Adesanya After three sessions of gains that followed extended production cuts from Saudi Arabia and Russia, oil prices fell on Tuesday as investors took profits, leaving the Brent crude futures down by 9 cents to $94.34 a barrel after it hit a session peak of $95.96, as the US West Texas Intermediate crude futures dropped 28 cents to close at $91.20 per barrel after earlier reaching $93.74 a barrel, also the highest since November. Despite the profit-taking, expectations remain that Brent will trade in a range of $90-100 per barrel over the coming months, with a year-end target

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.12 per cent on Wednesday, September 20, with the unlisted securities index expanding by 1.00 points to end the day at 806.29 points as against the 805.29 points it recorded at the previous session. During the trading day, the market capitalisation of the alternative stock exchange increased by N1.42 billion to close at N1.139 trillion compared with Tuesday’s closing value of N1.138 trillion. It was observed that the bulls overcame the bears on Wednesday, with the bourse closing with three price gainers and two price losers. Aradel Holdings Plc

By Dipo Olowookere Ellah Lakes Plc can now go ahead with its plans to raise fresh capital through a rights issue to shareholders, the Securities and Exchange Commission (SEC) has declared. In 2022, shareholders of the company authorised the board to source about N2.90 billion. The board later filed an application to the SEC to carry out the transaction. In an update on Wednesday, Ellah Lakes informed the investing community that the apex regulatory agency for the country’s capital market had approved its request. The firm, which operates in the agricultural sector, intends to get N2.90 billion from shareholders from

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

By Dipo Olowookere As the globe marks the World No Tobacco Day tomorrow, one of the leading cigarette makers, British American Tobacco Nigeria (BATN), has restated a commitment to its advocacy for safer alternatives to tobacco. In a statement issued today, Legal and External Affairs Director at BATN, Mr Freddy Messanvi, noted that, “As a responsible organisation, we will continue to abide by all the laws of the countries we operate in and will constantly explore safer and new offerings to consumers as our commitment to tobacco harm reduction.” He said in support efforts to make tobacco products safer for

By Dipo Olowookere A mid-level financial institution in Nigeria, Wema Bank Plc, will unveil a digital savings product called Wema Bank Micro Savings at major markets in Ogun, Oyo and Cross River States on Friday, October 21, 2022. The launch of this product will wrap up a week-long activity to commemorate the 2022 Financial Inclusion Week (FIW) themed Inclusive Growth in Digital Era. The Head of the Retail Segment at Wema Bank, Mr Adekunle Alarapon, explained that, “The launch of Wema Bank Micro Savings product underscores the bank’s continued commitment to the empowerment of individuals and businesses by leveraging innovation.”

By Adedapo Adesanya The federal government has disclosed that Nigeria’s livestock sector has a huge economic potential worth over N33 trillion yearly if properly harnessed. The Permanent Secretary of the Federal Ministry of Agriculture and Rural Development (FMARD), Mr Ernest Umakhihe, disclosed this in Benin City, Edo State, during the inauguration of the Edo chapter of the Animal Science Association of Nigeria (ASAN). Mr Umakhihe noted that the sub-sector was estimated to contribute about 17 per cent of the Agricultural Gross Domestic Product (GDP) and 5.0 per cent of the national GDP. “As we all know, the livestock sector is

By Dipo Olowookere Nigerian on-demand mobile diagnostic imaging startup, SonoCare, has received a financial boost aims to save more lives in rural communities in the country. Business Post gathered that GMC coLABS, the gender lens investment portfolio of US-based impact investor, Gray Matters Capital (GMC), has agreed to pump about $250,000 (about N90 million) into SonoCare to enable the local health tech firm to continue to provide services spanning the spectrum of women’s health such as on-demand mobile 3D/4D diagnostic imaging and cardiac monitoring among others. Founded in 2015, SonoCare has been a pioneer in mobile diagnostic imaging in Nigeria

Nigerians may have to start paying 9% tax on calls, SMS, PayTV, data and other internet services anytime soon. This move, according to the Federal Government, is aimed at increasing its revenue so as to fund the budget. Minister of Communications, Mr Adebayo Shittu, while speaking a stakeholders’ meeting organised by the Lagos Chambers of Commerce and Industry (LCCI) this week, however said this development is being proposed to the government. He said before this can be implemented, he would need the approval of the President. “Our ICT Roadmap gives fresh impetus for implementing existing policies and reviewing any that

By Aduragbemi Omiyale Online shoppers will enjoy up to 60 per cent discount on a number of products on the Jumia platform in the special Easter Shopping Sale Campaign, the company has said. “This is a special offer to our consumers in celebration of the Easter holidays,” the chief executive of Jumia Nigeria, Mr Massimiliano Spalazzi, was quoted as saying in a statement. He further said, “As part of our culture at Jumia, we are offering our consumers the best deals on products for their essential needs, family entertainment, fashion and beauty, gadgets and other household items they wish to

By Adedapo Adesanya The Port Harcourt Electricity Distribution Company (PHED) has disclosed that it has hired a new electricity bill collection agent to ensure easy payment of electricity bills by customers. According to the Chief Executive Officer of PHED, Naveen Kapoor, the agents will visit the customers at home with Point of Sale terminals to enable them pay for electricity on the spot. The collection agent known as On-The-Spot Collection (OTSC) would now collect electricity bills from the company’s customers in Akwa Ibom, Bayelsa, Cross River and Rivers states. According to Kapoor, PHED is the first distribution company to introduce

By Investors Hub The major U.S. index futures are currently pointing to a higher opening on Friday following the lackluster performance in the previous session. Early buying interest may be generated amid optimism about U.S.-China trade talks as well as indications of more Chinese economic stimulus. Chinese Premier Li Keqiang pledged support for the slowing economy during his annual news conference at the end of the National People’s Congress. Li said the country could use reserve requirements and interest rates to prevent a sharper deceleration in the world’s second-largest economy. However, the positive sentiment may be partly offset by a