Oil Prices Dip Despite Large US Crude Inventories Draw

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 The Nigerian Exchange (NGX) Limited witnessed a pullback of 0.03 per cent on Wednesday after investors took a second look at their exposure to local equities, though as some were dumping, a few were mopping up. According to data obtained by Business Post, traders bought and sold 566.6 million shares worth N5.4 billion during the trading session in 8,201 deals compared with the 676.7 million shares valued at N5.9 billion traded in 7,659 deals on Tuesday, implying a rise in the number of deals by 7.08 per cent and a decline in the trading volume and value

A recent report from TU experts offers deep insights into Nigeria’s Forex trading scene, with a special focus on the importance of the New York session Forex time. In the first quarter of 2023, the US Forex Market witnessed a surge in daily volume, reaching $966.7 billion. The growth is an impressive 27% jump from past years, further solidifying the global Forex market’s role as a bustling currency trading center. With the FX market in operation 24 hours a day, transactions worth billions of dollars are made. Building on this global trend, Nigeria, with its robust economy boasting an annual

By Ahmed Rahma The need to embrace change has been emphasised by former President Olusegun Obasanjo at a virtual meeting held some days ago. Mr Obasanjo, who was a guest at the Africa and the Middle East National Presidents meeting, pointed out ways to foster positive changes in the world, stating that education and comprehending the environment were important. “When we talk about change, some change will be gradual; some will come like Tsunami or storm. Whether it is political, technology, social or other sort of changes, we must be very prepared for it. “You must prepare yourself educationally for

By Modupe Gbadeyanka The Adeboruwa of Igbogbo, Lagos State, Oba Semiudeen Orimadegun Kasali, has appealed to the government to increase funding to education so as to develop the nation. The Lagos monarch said this when he addressed newsmen over the weekend in Oyo State when he was honoured alongside some members of the University of Ibadan Alumni Association (UIAA), Oyo State branch. The lawyer-turned traditional ruler also said apart from the government, parents, guardians and corporate organisations have roles to play if the educational sector must be better. “I support the call for the government to increase funding for education

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By Aduragbemi Omiyale Investors in the stock market have been advised to embrace the strategy of diversification of portfolios in order to get a better return on investment (RoI). The chief executive of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, while reacting to the current uptrend rally in the equity market, stressed that diversification of portfolios would go a long way to reduce risks, explaining the need for investors to re-balance their stock basket. So far this year, the local bourse has been buoyant with the NGX-All Share Index (NGX-ASI) Year-to-Date (YTD) returned at 26.62 per cent as of

By Dipo Olowookere Federal Government has expressed its willingness and readiness to work together with the Institute of Security Studies, Abuja in relevant areas of capacity building for agro-investment security. This disclosure was made by the Minister of Agriculture and Rural Development, Mr Audu Ogbeh on Tuesday when he received course participants representing security agencies and practitioners from within and outside Nigeria, and members of faculty, who paid him a courtesy visit in his office in Abuja. The delegation, led by the institute’s Deputy Director of Studies, Dr Abdulwahab Wale, was made up of participants enrolled in this year’s course,

By Dipo Olowookere Research and academic institutions in Nigeria has been urged to close ranks and evolve pragmatic strategies for the development of agriculture to enhance food sufficiency and job creation. This was the advice given by the Oyo State Governor, Mr Abiola Ajimobi, while addressing a delegation from the Michigan State University, United States, led by the institution’s Director of Agriculture and Youths Laboratory, Dr Julie Harward, in his office, in Ibadan, on Wednesday. Also on the team were the Deputy Director-General, International Institute of Tropical Agriculture (IITA), Dr Kenton Dashiel and Provost, Oyo State College of Agriculture and

By Aduragbemi Omiyale A new campaign aimed at rewarding new and existing drivers on its ride-hailing platform has been introduced by Bolt. The 10-week competition, called the Bolt Driver’s League, will allow 11 drivers in Nigeria, Ghana and South Africa to get brand new cars, while other participants will get consolation prizes. A statement from Bolt said this initiative, an extension of the mega bonus challenge, is part of its commitment to drivers while advocating customer service excellence. The Bolt Driver’s League is divided into a new drivers’ league, a women’s league, and an existing drivers’ league with each league

By Adedapo Adesanya Oil prices fell by more than 1 per cent a barrel on Wednesday, ending a three-day rally, as economic data suggested that the US Federal Reserve might hike interest rates further. Brent crude dropped $1.03 or 1.3 per cent to settle at $76.41 per barrel yesterday, as the US West Texas Intermediate crude (WTI) fell by $1.15 or 1.6 per cent to $72.56 per barrel. US consumer prices rose in April, potentially raising the likelihood that the Fed will maintain higher interest rates. April consumer prices index in the world’s largest economy climbed 4.9 per cent from