Oil Prices Make Recovery as UAE Commits to Production Quota

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has confirmed the resignation of Mr Godwin Emefiele as its governor and the resumption of Mr Olayemi Cardoso as the next head of the apex bank, albeit in an acting capacity. The apex bank’s Director of Corporate Communications, Mr Isa AbdulMumin, said Mr Cardoso will act as governor pending his confirmation by the Nigerian Senate, which is away on recess until Tuesday, September 26. This also confirms the exit of Mr Folashodun Shonubi, who was acting in that position following the ousting of Mr Emefile three months ago. “Dr Olayemi Michael

By Aduragbemi Omiyale The federal government has expressed its readiness to work closely with the Nigerian Exchange (NGX) Limited to attract startups to the stock exchange. The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said the government would use the newly created NGX Technology Board to achieve this goal. Speaking at a tech event themed Invest in Africa’s Future- Let’s Talk About Exits on Thursday in the United States, he noted that Nigeria had been grappling with its over-dependence on oil in the last few years, adding that diversifying from heavy reliance on a single sector like

By Aduragbemi Omiyale Mr Tokunbo Akande, the Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Mr Ayodele Subair, has waded into the controversies surrounding stamp duty. The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) have been at loggerheads at to which of them should collect the revenue charged on financial transactions in the country. Mr Akande, while commenting on the matter, described stamp duty as ‘a revenue stamp and not a postage stamp.’ While featuring as a guest on The Tax Talk programme on Channels Television recently, he emphasised that

By Adedapo Adesanya The Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

By Adedapo Adesanya The Naira depreciated against the United States Dollar by 0.04 per cent or 17 kobo on Thursday, March 17 at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market, closing at N416.67/$1 compared with the previous day’s rate of N416.50/$1. It was the first time the local currency was recording a movement against the greenback at the spot market in the last four trading sessions. The domestic currency reached its resistance limit yesterday as a result of forex demand pressure from traders as the weekend approaches. At the over-the-counter, the Nigerian currency also depreciated

By Dipo Olowookere A giant leap forward has been made in the African e-commerce sector plagued by cash, with the majority of payments still being made in cash at the point of delivery. The industry is predicted to generate yearly e-commerce sales in Africa of $75 billion by 2051 and in Nigeria alone; it generates over $1 billion every year and continues to grow exponentially. But the biggest challenge facing online retailers has been cash, as it poses logistical issues and puts the consumer, merchant and delivery service at risk. However, this is now a thing of the past with

By Nkem Ndem If you are in Lagos and you live on the Lekki Peninsula, chances are you spend at least one Saturday or Sunday per month visiting one of the beaches in the area. Despite the rapid emergence of new private beaches in Lekki though, Elegushi beach seems to attract the most visitors. Situated at the Ikate area of Lekki and harboring exceptional restaurants, night clubs and hangout spots, selling mouth-watering local dishes and playing host to a variety of live shows, the Elegushi beach is typically a fun-zone. We do not mean to be the fun police, but

By Modupe Gbadeyanka Governor Babajide Sanwo-Olu of Lagos State has expressed the intention of the executive arm of government to borrow the sum of N250 billion for some critical projects in the state. Mr Sanwo-Olu transmitted a letter to the legislative arm of government yesterday, seeking its approval for the money, which has a fixed rate bond of N100 billion from the capital market and an internal loan of N150 billion. In the letter read on the floor of the Lagos State House of Assembly by the Clerk, Mr Sani Azeez, the Governor explained that his administration intends to use

By Aduragbemi Omiyale Nigerians have been advised to purchase life insurance policies to help secure the financial future of their loved ones. This advice was given by the chief executive of Stanbic IBTC Insurance Limited, Mr Akinjide Orimolade, in a statement issued by the subsidiary of Stanbic IBTC Holdings Plc. He said his company enables prompt payment of claims to beneficiaries, product flexibility, access to expert financial advisors and quality professional services. According to him, to deepen insurance penetration in Nigeria, the firm has introduced The Good Life insurance campaign to educate Nigerians on the needs and benefits of having

By Dipo Olowookere President Muhammadu Buhari has assured potential investors that Nigeria would soon be one of the most attractive places to invest as his administration has embarked on significant economic reforms to realize that goal The President gave this assurance to a large gathering of political and business leaders from the United States, Africa and other regions of the world at the Second United States-Africa Business Forum in the New York, on Wednesday, organized by the United States Department of Commerce and Bloomberg Philanthropies. The Nigerian leader said that the Presidential Enabling Business Environment Council headed by Vice-President Yemi

By Dipo Olowookere On Tuesday, the Nigerian Stock Exchange (NSE) hosted children of its employees, brokers and dealing member firms, where they were honoured with the opportunity to beat the closing gong. They children were received by the Mr Oscar Onyema, the CEO of the NSE; Ms Tinuade Awe, the Executive Director in charge of Regulations at NSE; and Mr Tobi Oyewole, the CSR Analyst at NSE.