NSE All-Share Index Reaches 39,110.17 Points After Christmas

By Adedapo Adesanya Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited is planning to grow its revenue to N4.5 trillion as it plans to end the importation of premium motor spirit (PMS), otherwise known as petrol, by December 2024. The chief executive of the company, Mr Mele Kyari, while speaking on Thursday, said the nation would not need to rely on fuel from outside the country because its refineries would have been fully operational. Nigeria is currently revamping its four refineries to make the product available to residents of the country as it officially stopped the payment of subsidy on petrol

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Investors Hub Asian stocks closed broadly higher on Monday after data showed the U.S. economy created more jobs than expected last month and the U.K. reached a divorce deal with the European Union, setting stage to move on to future trade talks post-Brexit. Regional gains remained somewhat muted outside China and Hong Kong as investors waited for cues from key policy meetings of the Federal Reserve, Bank of England, the European Central Bank and the Swiss National Bank due this week. Chinese stocks rallied, led by consumer staple and healthcare companies, after media reports indicated the government is in

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit asking the court to restrain the federal government and its ministries and agencies from shutting down telecommunication networks in any part of the country. In the suit number FHC/ABJ/CS/1323/2021 filed at the Federal High Court, Abuja, SERAP is asking the court to “determine whether the shutdown of telecommunication networks in any part of Nigeria by the Buhari administration is unlawful, and a violation of the rights of access to correspondence, freedom of expression, information, and the press.” SERAP is also asking the court to “determine whether

By Modupe Gbadeyanka Trading of equities on the floor of the Nigerian Stock Exchange (NSE) resumed on Monday, however, bears still maintained their dominance at the market. At the close of business today, the stock market went down by 0.48 percent as sell pressure mounts, leaving the year-to-date return at 35.49 percent. The All-Share Index (ASI) depreciated on Monday by 175.58 points to close at 36,411.73 points, while the market capitalisation declined by N60.4 billion to settle at N12.5 trillion. But despite the bearish sentiment today, the volume and value of shares traded by investors appreciated with 253.5 million shares

Those who invested in the Ponzi scheme of the defunct Dantata Success and Profitable Company (DSPC) would have their claims settled very soon, the Securities and Exchange Commission (SEC) has assured. In a statement issued Sunday by the spokesperson of SEC, Mrs Efe Ebelo, subscribers of investment scheme were asked to further remain patient as efforts are being done underground to defunct Dantata Success and Profitable Company that it is discussing with all parties with a view to settling claims of subscribers. Bring succour to them. The agency said though the verification of their claims has been completed, discussions are

By Jerome-Mario Chijioke Utomi In recent times, precisely in the last one year, many events birthed in response to the various challenges plaguing the people of the Niger Delta region and aimed at ensuring that the people of the region benefit maximally from their wealth, through promoting infrastructural developments, environmental remediation and local content development has taken place. Take, as an illustration, the Petroleum Industry Bill or PIB which had been under review in the National Assembly for nearly two decades, beset by disagreements, including over how much revenue should go to local communities in oil-producing regions was finally in

By Aduragbemi Omiyale Ten young African social innovators from Nigeria, South Africa, Kenya and others have been empowered with seed funding of up to $50,000 by Sahara Group Foundation, the corporate social sustainability vehicle for Sahara Group. They were chosen from the 20 innovators who participated in a rigorous six-month fellowship of the Sahara Impact Fund Fellowship programme in its third edition. The beneficiaries, who emerged as the top 10 participants, have been awarded $5,000 each in seed funding to support the expansion of their socially impactful businesses. The top ten recipients of this year’s seed funding include Paul Nnaluo

By Dipo Olowookere The Professional Evaluation and Certification Board (PECB) has recertified the ISO 22301 it first issued to African Alliance Insurance Plc for Business Continuity Management (BCM) last year. The recertification was done after the completion of the recent audit on the leading insurance company in Nigeria. The insurer met all the requirements for BCM and will use the certification for another year. This is part of the organisation’s unending commitment to its stakeholders and customers and further confirms its ability to deliver in every circumstance and our commitment to upholding its promise to be with stakeholders for life.

By Dipo Olowookere The United Nations Security Council has slammed the outgoing President of the Islamic Republic of The Gambia Mr Yahya Jammeh, for rejecting outcome of the December 1 official election results proclaimed by the Independent Electoral Commission after he had initially accepted defeat. The UN Security Council, in a statement issued on Monday, urged Mr Jammeh to “respect the choice of the sovereign People of The Gambia, as he did on 2 December 2016, and to transfer, without condition and undue delay, power to the President-elect, Mr Adama Barrow.” However, the statement commended the people Gambia for the