Oil Prices Slip on Surprise Inventory Build

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Dipo Olowookere Renowned global rating firm, S&P Global Ratings, has predicted that for 2017-2020, Nigeria’s general government debt stock (consolidating debt at the federal, state, and local government levels) will average 23 percent of its Gross Domestic Product (GDP), comparing favourably with peer countries’ ratios. This information was revealed on Friday by the rating agency when it announced affirming its ‘B/B’ long- and short-term sovereign credit ratings on Nigeria. According to S&P, “We also anticipate that general government debt, net of liquid assets, will average 17 percent of GDP in 2017-2020. “We include debt of the Asset Management Corporation

By Dipo Olowookere The need to assist women in the society with funds required for them to take their start-up businesses to another level has been highlighted by Mrs Aisha Buhari, wife of Nigeria’s President, Mr Muhammadu Buhari. Speaking during the graduation and certificate presentation to 1000 women who received skills training from her Future Assured programme, in Kano, Mrs Buhari called on both political and corporate leaders to assist women so that they can engage in income generating activities. The President’s wife also appealed to women to engage in income generating activities so that they can live more productive

By Investors Hub The major U.S. index futures are pointing to a roughly flat opening on Monday, with stocks likely to show a lack of direction in early trading. Traders may be reluctant to make significant moves ahead of the release of quarterly results from a slew of big-name companies in the coming days. Bank of America (BAC), Johnson & Johnson (JNJ), IBM (IBM), Morgan Stanley (MS), PepsiCo (PEP), and American Express (AXP) are among the companies due to report their results this week. Financial giants Citigroup (C) and Goldman Sachs (GS) released their quarterly results this morning and are

By Julius Akpovire-Enyeh When great men celebrate, even the stars bow in solemn hallow. As the immediate past governor of Delta State and the All Progressives Congress candidate for Delta South Senatorial District, Dr. Emmanuel Eweta Uduaghan celebrates his 64th birthday today (October 22, 2018), the periscope is focused on a man who has given his all to create peace, tranquillity and progress for his people and the Niger-Delta region as a whole. Gradually, the former governor is stepping into the septuagenarian club, healthy, hearty, resolute and focused. As he ages, it is never a dull moment for a man

By Ahmed Rahma It is believed that unemployment among the youth was a critical factor behind the destruction and lootings that followed the recent #EndSARS protests. In order to address this serious threat and prevent a reoccurrence of the agitation, the Coalition Alliance Against COVID-19 (CACOVID) is planning to spend not less than N150 billion on youth empowerment. The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, who made this disclosure, also said the group has so far spent N43.27 billion on the acquisition of medical equipment and supplies and food palliatives for the vulnerable and others. Speaking during

By Adedapo Adesanya The Nigerian Stock Exchange (NSE) has reiterated its commitment to becoming a demutualized exchange very soon. This disclosure was made by the National Council President of the Nigerian Stock Exchange, Otunba Abimbola Ogunbanjo, in an exclusive chat with Business Post on Monday, September 30, 2019. Mr Ogunbanjo expressed his desire to ensure that the exchange was listed on its trading platform, allowing many Nigerians to be part of the organisation, which is said would be a good development. In his chat with us, he said with the progress being made, this long-awaited demutualisation should happen in 2020,

By Adeniyi Ogunfowoke Your spouse being your business partner is not something some entrepreneurs look forward to. This is because managing a business is very demanding and requires sacrifice and compromise. But what happens if either spouse doesn’t budge? You have to fold up the business? No. You can still work with your spouse to run your business without it affecting your marriage or individual lives. Jumia Travel shares 6 ways to pull this off. Know that both of you are business partners In a country like Nigeria where the man is largely in control of the family, there is

By Dipo Olowookere On Friday, June 1, 2018, leading telco in the country, MTN Nigeria, commenced its 21 Days Of Y’ello Care campaign, a volunteerism initiative where all ‘MTNers’ (staff of MTN) across the country will volunteer in various goodwill projects around the country. The annual campaign, which was launched in 2007, is tagged ‘Creating A Brighter Future’ this year and MTN will, for the next 21 days, focus its effort towards ensuring a better quality of life for Nigerians . ‘MTNers’ headed out of their offices for the kick-off of the CSR campaign. And just like previous years, the