Oil Bullish as US Fuel Demand Improves Amid Tight Supply

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya FrieslandCampina WAMCO Nigeria Plc has proposed the payment of N6.81 dividend per ordinary share of 50 kobo to its shareholders for the year 2019. The milk producing company made the disclosure in a statement sent to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities. The company noted that the dividend will be paid to shareholders who qualify as at Thursday, May 21, 2020, adding that it will close its register from Friday, May 22, 2020 to Thursday, May 28, 2020. However, the proposed dividend will be subject to approval of shareholders during the company’s

By Modupe Gbadeyanka The United Nations Information Centre (UNIC) Lagos Nigeria, on Monday, December 11, 2017 launched the first complete braille version of the Universal Declaration of Human Rights (UDHR) to mark the 2017 International Human Rights Day and the beginning of the year-long campaign to commemorate the 70th anniversary of the adoption of the UDHR. Launching the braille at the National Human Rights Commission headquarters in Abuja was the Resident Coordinator of the UN system in Nigeria, Mr Edward Kallon, with the support of the Solicitor-General of the Federation, Mr Dayo Akpata (Esq); the Canadian High Commissioner to Nigeria,

By Adedapo Adesanya China has extended a hand of assistance to African countries as it set to launch its continental free trade and investment platform known as the Africa Continental Free Trade Area (AfCFTA). The Asian giant said it has a huge experience from its international trading transactions with other continents, according to the deputy director-general of China’s National Development and Reform Commission (ICC-NDRC), Mr Hao Chang. Mr Chang, while speaking at the International Cooperation Centre, noted that China will enhance trade in Africa through its implementation of the Belt and Road Initiative (BRI), which aims to connect 70 countries

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Modupe Gbadeyanka The investment banking and asset management subsidiary of FBN Holdings Plc, FBNQuest Merchant Bank, has listed its N5 billion bond on the Nigerian Stock Exchange (NSE). Business Post gathered that the FBNQ MB Funding SPV PLC Series 1 Bond was admitted into the trading platform of the exchange on Thursday. The papers were issued by FBNQuest under its N50 billion bond issuance programme launched in November 2018 and the first tranche listed yesterday was 2.3 times over-subscribed. This assisted in driving the closing price down to 10.50 percent and the net proceeds will be utilised for the

By Adedapo Adesanya  The Naira further appreciated for the third straight session against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Friday, February 21. At the last two sessions on Wednesday and Thursday, the Naira had close at N364.91/$1 and N364.38/$1 respectively, and on Friday, it extended the gains by 0.03 percent or 12 kobo to trade at N364.26/$1. During the session, the value of transactions recorded at the forex segment rose to $480.39 million from $420.91 million, representing a 14 percent or $59.48 million increase the transaction value when compared with

By Modupe Gbadeyanka Data released on Tuesday by the National Bureau of Statistics (NBS) has revealed that the total value of investment inflow into Nigeria in the second quarter of 2017 was estimated to be $1.79 billion. The stats office, in its Capital Importation Data released yesterday, noted that the capital imported into Nigeria in the period under review was $884.1 million more than the figure recorded in the first quarter of the year, a growth of 95.02 percent. It further disclosed in the report that year-on-year, this was an increase of 43.6 percent from the 1.04 billion recorded in

By Adedapo Adesanya  Revenue-generating accounts of government agencies, ministries, microfinance banks and several others have been exempted from charges on cash withdrawal and deposits as imposed by the new cashless policy. This directive came from the Central Bank of Nigeria (CBN) in a new circular addressed to all Deposit Money Banks (DMBs) and signed by Sam Okojere, the Director, Payment System Management Department. In the circular, the apex bank, however, this exemption would only be till March 30, 2020 when it would be reviewed. The circular also stated that all embassies, diplomatic missions, multilateral and aid donor agencies in Nigeria