OPEC Maintains Forecast of 5.9mbpd Oil Demand Growth in 2021 

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has continued its quest to provide succour for children living without limbs through its Together4ALimb initiative. The scheme, now in its fifth year, is the company’s flagship CSI initiative, through which it provides prosthetic limbs to children from underserved communities suffering from limb loss. On Saturday, November 8, Stanbic IBTC organized the fifth Annual Together4ALimb Walk to draw attention to the plight and challenges faced by children living without limbs. The staff of the organization were joined by members of their family and other well-wishers. This 2019 edition of the

By Adedapo Adesanya Visa has partnered with growing fintech, Flocash, to promote digital capabilities for African small and medium-scale enterprises (SMEs) through digital payments, supplier solutions and access to financial services. SMEs account for 90 per cent of all businesses in Africa but have an annual financing gap of over $136 billion, according to IFC. A digitized SME sector will unlock the huge market potential of the African continent underpinned by rapid population growth. The first step in this partnership is the launch of Flostore, powered by a Visa digital wallet and the Flocash pan -African payment platform, which can

By Dipo Olowookere One of the top mobile phone makers, Huawei Consumer Business Group, has unveiled a new era in smartphone innovation. At the IFA 2017, CEO of the firm, Mr Richard Yu, revealed Huawei’s vision for the future of artificial intelligence with the launch of the Kirin 970. By combining the power of the cloud with the speed and responsiveness of native AI processing, Huawei is bringing AI experiences to life and changing the way we interact with our devices. Mr Yu said, “As we look to the future of smartphones, we’re at the threshold of an exciting new

By Modupe Gbadeyanka Senior Special Assistant to President Muhammadu Buhari on Job creation, Mr Afolabi Imoukhuede, has revealed that no fewer than 753,307 applications have been received from graduate job seekers in the country for the available 300,000 slots in the N-Power job scheme of the Federal Government. By 11:30pm on Tuesday, June 13, 2017, the N-Power portal was open for entries for one month, but as at Sunday, June 18, 2017, over 700,000 persons had submitted their applications, hoping to be among those to receive the N30,000 monthly stipend. Mr Imoukhuede, in his breakdown of the entries, informed journalists

By Modupe Gbadeyanka The addition of three athletes to the Nigerian Women’s Bobsled Team to Team Visa has been announced by the management of Visa. They are currently training to become the first ever African representatives, men or women, to qualify for the Olympic Winter Games in the sport of Bobsled. Together, Bobsled pilot Seun Adigun, and brakemen Ngozi Onwumere and Akuoma Omeoga, combine their elite track backgrounds to chase their bobsled dreams. Without access to proper training equipment or valuable ice time to perfect their skills, the members of the Nigerian Women’s Bobsled Team started their journey on the

By Modupe Gbadeyanka In order to make the processes of listing of companies’ shares on the Nigerian Stock Exchange (NSE) more efficient and cost effective, the Securities and Exchange Commission (SEC) has announced a series of changes. According to the apex capital market regulator, the new amendments will come into effect from Saturday, June 1, 2019. SEC explained that the newly streamlined processes are aimed at reducing the regulatory burden on issuer’s by eliminating duplication of procedures between the SEC and the NSE, reducing the time to market for the issuance and listing of securities and ultimately driving more listing

By Modupe Gbadeyanka Some primary school children are believed to be trapped in the wreckage of a 3-storey building in Lagos Island, Southwest Nigeria, which collapsed on Wednesday morning. The pupils are said to attend a private school in a part of the collapsed property. The incident reportedly occurred on Ali Street, Ita Faaji area of Lagos Island. As at the time of filing this report, some of the pupils are believed to have died while efforts are being made to rescue those trapped in the wreckage.

By Modupe Gbadeyanka UAC of Nigeria Plc has entered into an agreement with Imperial Logistics Limited for the acquisition of more stake in MDS Logistics Limited. This deal is expected to raise the company’s shareholding in MDS Logistics to 57 percent from 49 percent via the acquisition of additional 8 percent shareholding from UAC. UAC Nigeria, which announced this transaction, said it was approvals would still have to be received from relevant regulators before it can be completed. However, it explained that under the terms of the deal, which is based on a $40 million equity value for MDS, Imperial