Economy
Oil Gives up Early Gains to Close Lower Tuesday
By Adedapo Adesanya
Oil prices shed earlier gains on Tuesday as President Donald Trump in a speech offered few new details about the United States trade talks with China.
As at 9pm Nigerian Time on Tuesday, the Brent crude futures were trading down 13 cents or 0.21 percent at $62.05 per barrel after rising to as high as $62.50 earlier in the day.
On the other hand, US West Texas Intermediate (WTI) crude was also down 6 cents or 0.11 percent at $56.80 per barrel, having hit up to $57.09 per barrel on Tuesday morning.
President Trump, speaking to the Economic Club of New York on Tuesday, gave out mixed signals about the US-China trade talks and excluded much details about any progress in negotiations. The oil markets, which is keen for any update on the talks, quickly appreciated as a result of this.
However, on Saturday, the US President had said that talks with China were moving along “very nicely” but the United States would only make a deal if it was favourable. He also noted there had been incorrect reporting about US willingness to lift tariffs.
Oil prices had also received boosts folllowing US data showing that crude inventories at Cushing, the delivery point for WTI, fell about 1.2 million barrels in the week to November 8 according to market intelligence firm, Genscape. This means that Cushing inventories had now grown for five weeks in a row through November 1.
CNBC reports show that crude stockpiles in the US were forecast to have risen last week for a third week in a row, according to a poll ahead of government data due on Thursday showed. It was revealed that Weekly energy data has been delayed a day due to the Veterans Holiday on Monday.
On the supply side, the actions of the Organisation of the Petroleum Exporting Countries (OPEC) and its allied producers pushed Brent as it recorded a 16 percent rise so far in 2019.
The cartel had cut production output by 1.2 million barrels per day to its members in a deal that would run till March 2020, but recently, there had been talks that they won’t push for deeper oil supply cuts when they meet next month in Vienna on December 5 and 6 to review the policy.
It was said that the member states and allies may stick to their current output targets and encourage producers to comply more fully with those targets.
By Adedapo Adesanya
Pathway Advisors Limited has launched a N25 billion Series 3 Commercial Paper (CP) issuance for Zeenab Foods Limited, with proceeds expected to strengthen the agro-processing company’s working capital and support its short-term funding needs.
The offer, which is being issued under Zeenab Foods’ N50 billion Commercial Paper Programme, opened for subscription on August 4 and will close on August 10, 2026. Issue and settlement are scheduled for August 11, while the commercial paper will mature on August 10, 2027.
Acting as the lead arranger and issuing house, Pathway Advisors structured the 364-day instrument at a discount rate of 19.69 per cent, translating to an effective yield of 24.50 per cent. The offer has a minimum subscription of N5 million, with additional investments accepted in multiples of N1,000.
Founded in 2011, Zeenab Foods operates across rice milling, the export of processed agricultural commodities, and the supply of food products to international donor organisations, including the United Nations World Food Programme (UN-WFP). The company runs processing facilities in Abuja and Kano, while maintaining export liaison offices in Changsha, Guangzhou and Shanghai in China, as well as Dubai in the United Arab Emirates.
The company has received strong investment-grade ratings from leading credit rating agencies. Agusto & Co. assigned it a short-term rating of A1 and a long-term rating of A-, while DataPro Limited rated it A1 for the short term and A+ for the long term.
According to the transaction details, Zeenab Foods has maintained a strong repayment record under both its previous N20 billion Commercial Paper Programme and the current N50 billion programme. Since 2024, the company has redeemed multiple commercial paper series ahead of maturity, reinforcing investor confidence in its financial position.
The firm has also continued to expand its production capacity to meet growing demand. Its rice milling facility now has an installed capacity of 180 metric tonnes per day following a 50 per cent expansion completed in 2025, with average capacity utilisation standing at about 85 per cent.
Zeenab Foods has also positioned itself to benefit from policy changes in Nigeria’s agricultural sector. Following the federal government’s ban on raw shea nut exports in August 2025, the company leased a shea butter processing facility in Ogun State with an initial capacity of 100 metric tonnes per day. It plans to expand the facility to 300 metric tonnes daily while diversifying into soya oil processing, edible oil refining and cocoa butter production.
The organisation also expects continued growth from its long-standing relationship with the UN-WFP, supported by sustained humanitarian food demand across the Sahel region.
Pathway Advisors Limited, a Securities and Exchange Commission-regulated issuing house and financial advisory firm, said it remains focused on facilitating access to capital for businesses and supporting sustainable economic growth across key sectors of the Nigerian economy through its capital-raising and advisory services.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
By Aduragbemi Omiyale
The board of Presco Plc has proposed the payment of an interim dividend of N10 per share to shareholders of the organisation for the first six months of this year.
This information was conveyed in the unaudited financial statements of the company released to the Nigerian Exchange (NGX) Limited.
In the results for the half-year ended June 30, 2026, the fully integrated agro-industrial firm said the cash reward reinforces its commitment to delivering consistent shareholder returns.
It further assured that looking ahead, it remains focused on disciplined capital allocation, operational efficiency and long-term value creation while navigating evolving market conditions.
A look at the key financial highlights of the results showed that revenue was relatively stable at about N199.0 billion in the first half of 2026 and the same period of 2025 amid a high-cost operating environment and softer crude palm oil prices.
However, the pre-tax profit rose by 9.3 per cent to N122.2 billion from N119.9 billion as result of a 31.9 per cent reduction in financing costs.
Further, the Edo State-based company posted an EBITDA of N123.1 billion, which yielded a margin of 61.9 per cent, as the organisation strengthened its balance sheet, reducing total liabilities by 42.5 per cent to N277.8 billion, while equity grew 13.8 per cent to N503.6 billion, with a current ratio of 345.6 per cent, which underscores robust liquidity.
“Our H1 2026 performance underscores the strength of our operational model in a challenging environment. The 9.3 per cent growth in profit before tax, driven largely by a 31.9 per cent reduction in financing costs, reflects our deliberate focus on cost optimisation and balance sheet discipline.
“With equity up 13.8 per cent and liabilities down by 42.5 per cent, we have further fortified our financial foundation.
“The proposed interim dividend of N10 per share signals our confidence in the business’s trajectory and our commitment to rewarding shareholders,” the chief executive of Presco, Mr Reji George, stated.
