NSE Index Sheds 0.53% as Investor Lose N46b

By Adedapo Adesanya President Bola Tinubu has said Nigeria is ready for business in the oil sector, stressing that he is ready to tackle all the issues relating to businesses in the country. He stated this in New York on Monday while playing host to a delegation consisting of the global leadership of an oil and gas transnational giant, ExxonMobil. According to a Tuesday statement by the presidential spokesman, Mr Ajuri Ngelale, the country is no longer settling for crumbs and leftovers on the investment agenda of the world’s most prolific energy conglomerates. “Nigeria has never been more ready for

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 Oil prices fell by 1 per cent on Wednesday after the US Federal Reserve left interest rates unchanged, as widely expected. Brent futures fell 81 cents or 0.9 per cent to settle at $93.53 a barrel, while the US West Texas Intermediate crude (WTI) fell by 92 cents or 1.0 per cent to trade at $90.28 per barrel. Wednesday’s decision means the benchmark short-term interest rate will remain at 5.25 per cent to 5.5 per cent, a 22-year high. This is only the second time since March 2022 that the US central bank meetings have concluded without

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

Foreign exchange, or forex, the market is one of the most exciting and potentially lucrative markets in the world. With a daily turnover of trillions of dollars, it offers investors from all over the world an opportunity to make huge profits. However, for those looking to invest in Africa’s forex market, there are some risks that must be considered before taking the plunge. This article will discuss what these risks are and how they can be managed so that you can make informed decisions about investing in African forex trading. We will also look at why this particular market has

By Modupe Gbadeyanka The chief executive of PayDay, Mr Favour Ori, has shared insights as to how businesses can thrive, especially in a challenging operating environment like Nigeria. Speaking at an interactive session organised by FBNQuest, the investment banking and asset management subsidiary of FBN Holdings Plc, the entrepreneur pointed out that strategic partnerships remain one of the best ways to grow any business. Recall that recently, the company he established raised about $3 million from investors to expand its operations to other climes, and one of them, Moniepoint, is rumoured to be interested in acquiring the payments firm. In

By Adedapo Adesanya The African Union (AU) has suspended Burkina Faso in response to the January 24 military coup that ousted President Roch Marc Christian Kabore. The bloc’s 15-member Peace and Security Council said on Twitter it had voted “to suspend the participation of #BurkinaFaso in all AU activities until the effective restoration of constitutional order in the country”. Mr Moussa Faki Mahamat, chair of the African Union Commission, had already condemned the coup the day it happened and before it was clear who was taking charge. Business Post had reported that the West African bloc ECOWAS suspended Burkina Faso

By Adedapo Adesanya Popular Quick Service Restaurants (QSRs), Mr Bigg’s, has taken another step forward in its pursuit at driving customer lifestyle experience to the maximum with the activation of more contemporary outlets in Lagos and other cities in the country. The company’s management, which operates under the UAC Nigeria franchise, launched its model restaurant at Northwest Filing Station at VGC, Lagos at a grand event in July this year. Following the success of this outlet and the positive feedback received, new outlets of the firm have been transformed to meet the new standard. Some of the branches revamped include

By Adedapo Adesanya The new week saw prices of crude oil opening in the upward territory on Monday, November 23 as the eventuality of another coronavirus vaccination improved demand outlook for the commodity. Rising to their strongest level since early September, the Brent crude gained 85 cents or 1.89 per cent to trade at $45.82 per barrel, while the West Texas Intermediate (WTI) crude futures moved up by 1.01 per cent or 43 cents to trade at $42.85 per barrel. AstraZeneca Plc became the latest company to report a vaccine that protects most people from coronavirus. It was disclosed that

As information technology evolves rapidly, the disruption or advancement in the banking sector will continue to be digitised. Only the bank that can transform itself into truly effective digital organisation and embrace the changes in digital technologies and consumer behaviour will survive and thrive in both the current and future digital environments. Leveraging experience spanning over a century of dependable services, Nigeria’s premier financial institution, First Bank of Nigeria Limited, also called FirstBank, has kept pace with the evolving global operating environment, responding to the dynamic needs of its customers, investors, regulators, host communities, employees and other stakeholders. Through a

By Adedapo Adesanya  Oil rose on Thursday, pushed by the US-China trade deal signing on Wednesday and another fresh trade deal among the US and neighbouring countries, returning the commodity to the green territory after staying staying down previously. Brent crude was up 56 cents or 0.88 percent to $64.56 per barrel on Thursday night, while the US West Texas Intermediate (WTI) crude rose by 1.1 percent or 63 cents to settle at $58.44 per barrel. On Wednesday, United States and Chinese negotiators met in Washington DC and signed the Phase 1 trade deal that calls for the world’s largest

By Adedapo Adesanya The group, Socio-Economic Rights and Accountability Project (SERAP), has filed a lawsuit against President Muhammadu Buhari over plans by his administration to monitor Nigerians on WhatsApp. In the latest round of suit filed by its lawyers, Mr Kolawole Oluwadare and Miss Kehinde Oyewumi, the group is asking the court to “declare illegal and unconstitutional the plan by the administration to track, intercept and monitor WhatsApp messages, phone calls, and text messages of Nigerians and other people, as it severely threatens and violates the right to the preservation of privacy.” The suit followed the proposal in the Supplementary