OPEC+ Slashes Nigeria Oil Output as Saudi Snips Extra 1 Million Barrels

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

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 Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Dipo Olowookere The board of Capital Hotels Plc has announced the creation of an escrow account for the payment of about N1.6 billion to minority shareholders of the company. The hospitality firm is leaving the Nigerian Exchange (NGX) Limited after years on the nation’s main stock exchange. In a notice signed by Alex Ugwuanyi, the organisation said the account was created with CardinalStone Registrars Limited and has been sufficiently funded for payment “to shareholders” who “have accepted to exit” the firm by selling their holdings. Recall that in March 2023, shareholders of Capital Hotels approved the request of the

By Modupe Gbadeyanka The Prime Minister of the United Kingdom, Ms Liz Truss, has resigned from office just about six weeks after she was elected to lead the Conservative Party. She succeeded Mr Boris Johnson, who stepped down as the Conservative Party leader. Ms Truss agreed to quit the office on Thursday to become the shortest-serving PM of the UK. The British leader has been under fire over her mini-budget, which proposed a heavy tax cut. This led to the exit of Mr Kwasi Kwarteng as the Chancellor of the Exchequer and the appointment of Mr Jeremy Hunt as his

By Investors Hub The major U.S. index futures are currently pointing to a higher opening on Friday, with stocks likely to extend the strong upward move seen over the two previous sessions. The futures remained positive even though a closely watched Labor Department report showing employment in the U.S. increased by less than expected in the month of August. The report said non-farm payroll employment rose by 130,000 jobs in August after climbing by a downwardly revised 159,000 jobs in July. Economists had expected employment to increase by about 158,000 jobs. Despite the weaker than expected jobs data, the markets

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the federal government to pay marketers their bridging claims to enable them to begin to lift petroleum products from the depots. This was disclosed by the Public Relations Officer of the association, Mr Yakubu Suleiman, in Abuja on Tuesday over assertions that the FG owes its members N500 billion as bridging claims also known as transportation claims. Mr Suleiman also urged the Nigeria National Petroleum Company (NNPC) to convert the special allocation of products meant for cargo to IPMAN in order to quickly address the current shortage

By Dipo Olowookere A moment ago, pictures of Governor Godwin Obaseki of Edo State yawning and sleeping at the 73rd United Nations General Assembly in New York, USA, started flying in the blogosphere. This caught the attention of the Governor’s Special Adviser on Media and Communication Strategy, Mr Crusoe Osagie, who released a statement to accused mischief-makers of being behind the photographs. According to Mr Osagie, the Governor only “momentarily succumbed to fatigue after a long flight, preceded by a chaotic itinerary in Edo State before heading to New York for the 73rd session of the United Nations General Assembly,

By Aduragbemi Omiyale Dangote Sugar Refinery Plc is planning to create employment for over 30,000 youths through the reduction of sugar import into Nigeria by 40 per cent. Speaking with newsmen recently, the president of Dangote Group, Mr Aliko Dangote, stated that this would be achieved through the Phase II of the company’s sugar project. The integrated sugar complex to be located in Tunga, Awe Local Government Area of Nasarawa State, comprises a 60,000ha sugar plantation and two sugar factories with the capacity to produce 430,000 tonnes of refined white sugar per annum. Mr Dangote stated that this project will

By Dipo Olowookere All is now set for the first Riyadh International Humanitarian Forum will take place in Saudi Arabia on February 26 and 27, 2018 under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. Organized by the King Salman Humanitarian and Relief Centre (KSrelief), the forum is the first of its kind to take place in the Kingdom, building on previous global humanitarian events to address changes to the humanitarian landscape and to formulate new practical and efficient responses which reflect the changing needs on the ground. Bringing together professionals and

By Dipo Olowookere It was another bad day on the floor of the Nigerian Exchange (NGX) on Tuesday as the trading platform further closed bearish by 0.23 per cent amid sustained profit-taking. The absence of a positive trigger retained the weak investor sentiment as the market closed with 16 appreciating stocks and 28 depreciating stocks led by Conoil and Jaiz Bank, which lost 10.00 per cent each to settle at N23.85 and 72 kobo respectively. University Press went down by 9.97 per cent to N2.62, NEM Insurance declined by 9.87 per cent to N3.56, while RT Briscoe dropped 9.68 per

By Investors Hub European stocks have risen on Friday and remain on track to end the week at six-week highs as earnings optimism and easing of U.S.-EU trade tensions helped support underlying sentiment. In economic news, an ECB survey predicted faster inflation and slower eurozone growth this year. While the French CAC 40 Index has edged up by 0.2 percent, the German DAX Index and the U.K.?s FTSE 100 Index are up by 0.4 percent and 0.5 percent, respectively. LafargeHolcim has rallied after the company confirmed its full-year growth view despite reporting a sharp drop in first-half net profits. British