OPEC Retains Expectations of Accelerated Oil Demand in H2 2021

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 Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

By Adedapo Adesanya Bitmama Incorporated, a crypto exchange company, has confirmed the acquisition of Payday, a virtual card service provider. According to reports, the chief executive of Bitmama, Mrs Ruth Iselema, has offered PayDay investors $1 million worth of equity in the crypto company at a $30 million valuation. The news comes barely nine months after Payday announced its $3 million seed round and three months after its exploration of sale options was confirmed. Facilitated through Bitmama’s cross-border payments product, Changera, the acquisition marks a pivotal shift from earlier speculations, including a potential acquisition by lead investor, Moniepoint. Changera is

By Dipo Olowookere The Cannes Lions Festival of Creativity has named OMD Worldwide the ‘Media Network of the Year,’ after winning a Gold, five Silver and five Bronze lions and earning 14 shortlists in the Media Lions category. Commenting on the feat, the Executive Director and Chief Operating Officer of mediaReach OMD Nigeria, Mr Alaba Fadero, said innovation and creativity are at the centre of what the organisation stands for. “We are extremely proud of the creative and innovative work we are producing around the world in partnership with our Clients,” he stated. Mr Fadero affirmed that “our global winning

By Adedapo Adesanya The Nigerian Bottling Company (NBC) has called on corporate organisations to join the Nigeria Business League for Youth, a coalition committed to deepening the youth development agenda in Nigeria. This call is coming ahead of the 2020 edition of the youth summit organised by the consumer-packaged-goods company, which aims to help the young at heart in Nigeria to take advantage of the new global economy. The event, which is expected to have dignitaries and stakeholders in attendance, will hold virtually in compliance with social distancing measures put in place to curb the spread of COVID-19. The Director,

By Adedapo Adesanya  General Electric has used its forum to highlight and drive the importance of integrity for business operations in Sub-Saharan Africa. This happened as it hosted a compliance dialogue summit in Lagos with key business stakeholders as part of its efforts to highlight the importance of operating with integrity. The engaging sessions, which were held under the theme, A Better World: Resolving Ethical business Challenges, brought together key stakeholders, including customers, consultants, legal experts, and regulatory agencies, to collectively identify the opportunities and address the challenges to fundamental ethical issues in business practice. Speaking at the event, Mr

By Adedapo Adesanya The federal government says the newly completed Terminal Two of the Murtala Mohammed International Airport (MMIA) in Lagos has created over 10,000 direct and indirect job opportunities. This was pointed out by the Minister of Information and Culture, Mr Lai Mohammed, while inspecting the terminal and its state-of-the-art facilities and fittings in the company of Captain Rabiu Yadudu, the Managing Director of the Federal Airports Authority of Nigeria (FAAN). Addressing the newsmen, the Minister also said the new facility has the capacity to process 14 million passengers per annum, stressing that it was built to complement Terminal

By Nkem Ndem If you live in Lagos State and you have not been or heard of Surulere, chances are you live under a rock. A residential and commercial Local Government Area located in the state, Surulere is one of the most exclusive areas on Mainland Lagos. Aside from the fact that Surulere is known as the sports city of Lagos seeing as it houses two international sport venues, some of the most famous streets in Lagos state such as Adeniran Ogunsanya, Adelabu, Ogunlana Drive, Bode-Thomas and Eric Moore, are found within the district. If you are a lover of

By Dipo Olowookere Transactions on the trading floor of the NASD OTC Market ended positive this week as the major metrics pointed north at the close of business on Friday. Specifically, the NASD unlisted securities index (USI), increased by 0.67 percent, closing at 668.83 points against 664.38 points last Friday. Also, the total market capitalization gained 0.67 percent this week, closing higher at N452.62 billion compared to N449.61 billion last Friday. The upward trend occurred as the management of NASD on Friday, June 1, 2018, kicked off its Trade Alert Notification Service, which notifies all investors on the OTC Market

By Dipo Olowookere Sokoto State power plant will generate electricity at N178 per kilowatt, more than three times its current price in the region, Daily Trust investigations have shown. The 38-megawatt Independent Power Plant (IPP) was built by the state at the cost of N3.8 billion and will consume 33, 000 diesel daily. Data from the Nigerian Electricity Regulatory Commission shows that the highest approved price for residential customers under the Kaduna Distribution Company (Kedco), where Sokoto belongs, is N45 per kilowatt. The plant “consumes 33,000 litres” of diesel daily, the director-general of the project, Mr Umar Bande, said during