Oil Sheds 3% as Weakened Demand Outweighs Inventories Drop

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By Adedapo Adesanya Foreign trading and investment firm, Risevest, has acquired Chaka, a digital trading platform. According to Techcabal, which first broke the news, the deal, which was for an undisclosed sum, will see both entities operate as different products, though the capitalisation table of the acquiree will be updated in due course. Speaking on this, Mr Tosin Osinbodu, Chaka’s founder, said, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.” “With booming growth in many nations around the world, investors can now own a stake in the growth of other

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

By Adedapo Adesanya The Kaduna State Revenue Service (KADIRS) has promised to grow the state’s Internally Generated Revenue to N100 billion in the next two years. The Executive Chairman of the service, Mr Zaid Abubakar, also said by the end of this year, the state is expected to have increased its IGR by over 80 per cent of its annual budget. Speaking at an awards ceremony to recognise taxpayers who have been consistent in paying their taxes, the state’s chief tax collector said to achieve this goal, KADIRS has come up with medium and long-term collection plans. Mr Abubakar explained

By Leadership The federal government has raised a total sum of N7.3 billion in the past 10 months from its savings bond introduced in March 2017 to boost domestic investors’ participation in the bond market. The government, this year, planned to use the savings bond to finance the budget deficit but investors’ appetite for investment in the savings bond diminished in the fourth quarter of 2017. The December allotment figure shows that N246.41 million had been raised, which is the lowest savings bond the Debt Management Office (DMO) generated this year over drop in coupon rate. Analysts attributed the drop

By Modupe Gbadeyanka Additional features have been added to the data portal (X-DataPortal) of the Nigerian Stock Exchange (NSE) as part of the efforts to make the user experience better. The x-data portal of the exchange is a platform for the harvesting of vital information concerning the stock market as well as the players in the space. A statement issued on Monday by the NSE disclosed that its newly transformed X-Data Portal, accessible via https://dataportal.nse.com.ng, provides a more efficient, user-friendly experience for subscribers. It was stated that the new features include data products, subscription management, payment gateway integration and a

By Dipo Olowookere President Muhammadu Buhari on Saturday, August 19, 2017, finally returned to Nigeria after spending over 100 days in London. Mr Buhari was returned to the country by the Nigerian Air Force plan on Saturday evening at the Nnamdi Azikwe International Airport, Abuja. He was received today by the Acting President, Mr Yemi Osinbajo. The President travelled to London on May 7, 2017 for medical attention after an earlier medical vacation in the United Kingdom in January 2017.

By Modupe Gbadeyanka The Chairman of Economic and Financial Crimes Commission (EFCC), Mr Abdularasheed Bawa, has hinted that a searchlight will be beamed on car dealers, jewellery sellers, real estate agents and others. The anti-money laundering agency, while addressing newsmen in Abuja on Thursday, disclosed that evidence has shown that these set of people use proceeds of corruption for their business transactions. He said the EFCC was working on a number of proactive strategies including a special control unit against money laundering, established particularly to address non-designated financial institutions including car dealers, real estate, jewellery dealers, among others. Mr Bawa

By Modupe Gbadeyanka The House of Representatives has called on the National Insurance Commission (NAICOM) to suspend its recapitalisation programme for insurance companies in Nigeria. The regulatory agency for underwriters in the country had asked all players in the sector to increase their capital base for over a year now. The process was to be concluded in the first half of next year, with the first phase expected to be completed by December 31, 2020. But members of the lower chamber of the National Assembly want this policy to be suspended because, according to them, this is not the right

By Aduragbemi Omiyale The N572 million series 5 commercial paper issued to capital market investors in Nigeria by DLM Capital Group has been redeemed after its maturity. The notes were sold a few months ago by the company under its N20 billion commercial paper issuance programme. DLM Capital is an investment-grade company operating businesses like retail banking via its digital banking channel Sofri, consumer & mid-corporate lending, asset management, corporate finance advisory, trustees, securities trading, and foreign exchange. To run its operations smoothly and effectively, the organisation went to the capital market to get some funds through the sale of

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has disclosed that Nigeria’s crude oil and gas export increased by 94.3 percent month-on-month in January 2020. The national oil company, in its first Monthly Financial and Operations Report (MFOR) for the year released in Abuja, on Wednesday, stated further that the total revenue from oil and gas within the period amounted to $434.85 million It also said that during the month under review, crude oil export sales contributed $336.65 million (77.42 percent) of the dollar transactions for the period, compared with the $136.36 million in the previous month, December 2019.