Oil Prices Jump as China Releases Fuel Reserves

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.41 per cent in Week 48, with the market capitalisation gaining N4.77 billion to settle at N1.166 trillion from the N1.162 trillion it ended in Week 47, and the NASD Unlisted Security Index (NSI) rising by 3.52 points to 860.81 points from 857.29 points in the previous week. In the five-day trading week, the total volume of stocks traded slumped by 69.1 per cent to 4.22 million units from 13.6 million in the preceding week and equally, the value of shares dropped by 69.6 per cent to N41.4 million

By Modupe Gbadeyanka Taxpayers, including organisations and individuals, who are yet to pay their outstanding taxes, will not pay penalties and interests if they make the payments on or before December 31, 2023. This tax default forgiveness was given by the Federal Inland Revenue Service (FIRS), which explained that it created this window in “recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.” However, it stressed that if the full principal payment is not done before the deadline, defaulters would be forced to pay the outstanding tax liabilities. The Chairman of the FIRS, Mr

By Adedapo Adesanya  Appreciation in the stock prices of Newrest Airline Services & Logistics (ASL) Plc, Food Concepts Plc, and UBN Property Plc saw the NASD Over-the-Counter (OTC) Securities Exchange extend its gain by 0.47 per cent on Tuesday, December 5. Data showed that Newrest increased its price by N1.61 during the session to settle at N17.71 per unit compared with the previous day’s price of N16.10 per unit, Food Concepts Plc (owners of Chicken Republic) gained 15 Kobo to close the day at N1.65 per share versus N1.50 per share, and UBN Property Plc rose by 13 Kobo to

By Adedapo Adesanya The Naira gained 88 kobo or 0.21 per cent against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Wednesday, May 19. Business Post reports that when the market closed for the day, the value of the Naira stood at N410.75/$1 in contrast to the N411.63/$1 it ended on Tuesday. The gained strength yesterday to withstand the demand pressure it came under as the value of transactions at the I&E FX window surged by $72.36 million or 122.9 per cent as trades worth $131.16 million were recorded at the session

By Adedapo Adesanya The Brent crude futures settled lower on Tuesday, losing $1.59 or 1.7 per cent to trade at $90.03 per barrel on fears of higher supply in the United States combined with an economic slowdown and lower Chinese fuel demand. Also, the price of the United States West Texas Intermediate (WTI) crude depreciated yesterday by $2.64 or 3.1 per cent to sell for $82.82 per barrel. China, the world’s top crude oil importer, indefinitely delayed the release of economic indicators originally scheduled to be published on Tuesday, indicating to the market that fuel demand is significantly depressed in

By Modupe Gbadeyanka Companies and business owners in Delta State have been urged to file their annual tax returns for the year 2017. This call was made by the Delta State Board of Internal Revenue (DBIR). The agency noted that furtherance to the provision of the Personal Income Tax Act 2011 (LFN) as amended, all organisations in Delta State are required to furnish our office with employers Annual Tax Returns for 2017 tax year. It explained that the Annual Tax Return is a statutory requirement pursuant to section 81 (2) and (3) of the personal Income Tax Act 2011 (LFN)

By Dipo Olowookere The first trading session in the month of April 2021 ended on a bearish note as the Nigerian Stock Exchange (NSE) lost 0.33 per cent on Thursday. The market depreciated on April Fool’s Day despite the good results released by Access Bank. The lender had increased its dividend payout to 55 kobo from 40 kobo paid in the previous year. However, this did not sway the market as investors continued with their profit-taking in preparation for the Easter holidays. At the close of transactions, the All-Share Index (ASI) dropped below the 39,000 region after it lost 128.39

By Dipo Olowookere Mr Paul McGrath has been announced as the new Chairman and Managing Director of ExxonMobil Nigeria. A statement issued Friday by the company’s Manager of Media and Communication, Mr Ogechukwu Udeagha, disclosed that the appointment of Mr McGrath takes effect from Wednesday, March 1, 2017. It was revealed that Mr McGrath is taking over from Mr Nolan O’Neal, who retires after 34 years of service. According to the statement, Mr McGrath was a senior executive in charge of project execution for ExxonMobil Development Company, based in Houston, Texas. He joined ExxonMobil in 1999 and had held a

By Adedapo Adesanya The crude oil market gained more than $2 a barrel on Thursday as the US Federal Reserve and the Bank of England kept benchmark interest rates on hold. At the two-day policy meeting this week, US officials argued whether financial conditions may be tight enough already to control inflation, or whether an economy that continues to outperform expectations may need still more restraint. Ultimately, the US central bank on Wednesday kept its benchmark interest rate unchanged at 5.25 per cent -5.50 per cent. The US Fed, which started raising interest rates in March 2022, held rates steady

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By Aduragbemi Omiyale On Monday, December 5, 2022, economic experts, financial analysts, business owners, chief executives and policymakers, among others, will gather for an economic forum organised by Financial Derivatives Company Limited. The programme will discuss how the COVID-19 pandemic affected many businesses, how some survived it, and things to put in place to mitigate against further pandemics. In 2020, the world was brought to its knees as the virus shut down the economy, with many people unable to move freely because of restrictions put in place by the various governments to tame the disease, which is still in China,