Onyema Calls for More Investments in Africa’s Marketplace

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Modupe Gbadeyanka A letter has been sent to the National Assembly by the Acting President, Prof Yemi Osinbajo, seeking an approval for the issuance of $500 million Eurobond in the international capital market for the funding of 2016 budget deficit. “Following the high oversubscription of $1 billion Eurobond issuance, we wish to take advantage of favourable market conditions to issue a Eurobond debt instrument of $5OO million,” the letter said in part. The Acting President, in the letter to Speaker of the House of Representatives, Mr Yakubu Dogara, explained that proceeds of the Eurobond would be used to execute

By Dipo Olowookere The board of directors of Lafarge Africa (Lafarge Africa) Plc has approved the payment of N1.50k per share dividend to shareholders. This information was revealed in a statement issued by the company. In the statement, the cement manufacturer explained that the decision to approve the payment of the cash dividend was taken at the board’s meeting held last Friday. However, it was emphasised that the dividend payment is “subject to the ratification of members at the Annual General Meeting” slated for Wednesday, May 16, 2018.” Furthermore, it was said that the “dividend of N1.50k per share will

By Modupe Gbadeyanka A fire incident was recorded on Tuesday morning at the corporate headquarters of Ecobank Nigeria in Lagos. According to the financial institution, the disaster was caused by a diesel tanker, leaving customers and officials of the lender to run to safety. Ecobank, via its official Twitter page, said officials of both the federal and Lagos State fire service have brought the situation under control. The lender said no live was lost to the inferno just as it emphasised that its building was also not affected by the fire. “Officers of the Federal and Lagos State Fire Service

By Dipo Olowookere Customers of Ecobank Nigeria have been assured of enjoying excellent services especially in the era of the new Managing Director/CEO of the lender, Mr Patrick Akinwuntan. Speaking at the flagging off the 2018 Customer Service Week at the Ikorodu branch of the bank on Tuesday, Mr Akinwuntan noted that the company will continue to ensure that the needs and aspirations of customers are met at all times. The bank chief described the 2018 Customer Service Week as a huge opportunity to say thank you and to celebrate customers of the bank. “This is another moment to celebrate

By Investors Hub Asian stocks rose broadly on Wednesday as investors awaited the FOMC decision and a private survey signaled improvement in manufacturing operating conditions across China in October. Chinese shares rose marginally after the Caixin manufacturing Purchasing Managers’ Index for October matched expectations. The PMI came in unchanged at 51.0 in October, remaining above 50 for the fifth consecutive month. The benchmark Shanghai Composite Index inched up 2.73 points or 0.1 percent to 3,396.07, while Hong Kong’s Hang Seng Index jumped 348.52 points or 1.2 percent to 28,594.06. Japanese shares rallied sharply, with a weakening yen, solid manufacturing data

By Dipo Olowookere The Central Bank of Nigeria (CBN) has been asked to design a policy aimed to tackle the incessant Naira devaluation at the foreign exchange (FX) market. Since the inception of the present administration of President Muhammadu Buhari in 2015, the local currency has lost a huge value against the United States Dollar, moving from around N200/$1 to N410/$1 at the official exchange rate market. For the House of Representatives, this is not acceptable, especially as the value of the domestic currency at the unregulated segment of the FX market is at N502/$1. At the plenary on Wednesday,

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) closed on Thursday in the green zone, extending the bullish trend to 11 straight days. Gains recorded by Nestle, Lafarge and 28 other stocks pushed the market further northward by 0.54 percent. The market capitalisation improved by N62.4 billion today to settle at N11.61 billion, while the All-Share Index (ASI) grew by 180.9 points to finish at 33,695.83 points. Prestige Assurance was the most active stock on Thursday with 26.8 million shares transacted at N13.4 million. It was trailed by GTBank, which traded 18.8 million shares worth N692.4 million, and Transcorp, which

By Ahmed Rahma The United Nation (UN) Secretary-General, Mr Antonio Guterres, has called for a collective action stop to violence against women. The UN chief made the call at the start of the annual Commission on the Status of Women which takes place from March 15 to 26 and brings together thousands of women for speeches, exchanges and dozens of specific events. According to Mr Guterres, women have been more exposed to harmful consequences such as loss of jobs, sexual abuse or child marriage than men during the global pandemic. “Women’s equal participation is the game-changer we need,” he said, calling