Overseas Weakness May Weigh on Wall Street

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 Oil fell on Monday as traders approached the market with caution over plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to cut production in the first quarter of 2024. Brent crude futures lost 85 cents or 1.08 per cent to finish at $78.03 a barrel while the US West Texas Intermediate (WTI) crude futures depreciated by $1.03 or 1.39 per cent to sell at $73.04 per barrel. OPEC+ announced voluntary production cuts at its meeting last week and this has raised doubts about whether or not producers would fully implement them. Investors

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Modupe Gbadeyanka Taxpayers, including organisations and individuals, who are yet to pay their outstanding taxes, will not pay penalties and interests if they make the payments on or before December 31, 2023. This tax default forgiveness was given by the Federal Inland Revenue Service (FIRS), which explained that it created this window in “recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.” However, it stressed that if the full principal payment is not done before the deadline, defaulters would be forced to pay the outstanding tax liabilities. The Chairman of the FIRS, Mr

By Dipo Olowookere Organisers of ‘Innovention’ Series, a platform established to examine the question of Africa’s development, hone in on opportunities for growth while focusing on leveraging inherent strengths, have announced speakers for the event. The programme, in its 7th edition, is scheduled to take place at the Civic Centre, Victoria Island on Thursday, March 22, 2018. It is organized by Verdant Zeal Marketing Communications Group and this year’s theme is ‘Building Africa’s Fortune through “Mediatainment.’ Already billed to speak at the programme are Bolanle Austen-Peters, founder of Terra Kulture, who CNN describes as the woman powering the Nigerian theatre;

By Dipo Olowookere The anticipation of an Open Market Operations (OMO) auction by the Central Bank of Nigeria (CBN) on Thursday (today) pushed the average yields of treasury bills higher at the secondary market yesterday (Wednesday). Business Post observed that during the midweek trading session, profit-takers mounted pressure on the market, selling off the debt instrument to prepare for today’s exercise by the apex bank. This was done in expectation of higher rates during the OMO sale. At the close of transactions yesterday, the secondary market for treasury bills closed bearish, with yields rising across the four maturities tracked at

By Dipo Olowookere Goldlink Insurance Plc has announced the resignation of its Chairman of the board of directors, Mr Mohammed Mustapha Bintube. According to a statement issued by the insurer, the resignation of Mr Bintube took effect from Monday, November 5, 2018. However, the Legal Adviser of Goldlink Insurance, Tobi Olaleye, who signed the statement, did not disclose the main reason for the Chairman’s exit from the firm. “This is to inform the Nigerian Stock Exchange and the investing public of the resignation of the Chairman of the Board of Directors of Goldlink Insurance Plc, Mohammed Mustapha Bintube, as Director

By Sodeinde Temidayo David The Nigerian Institute of Public Relations (NIPR) is set to hold the 8th edition of the Lagos Public Relations Stakeholders’ Conference on Thursday, August 26, 2021. The summit will address Healthcare and Wellness in Nigeria and is themed Policy Communication for Sustainable Healthcare and Wellness in Nigeria and will be held at the MUSON Centre, Lagos. The event is expected to feature distinguished speakers including the Minister of Health, Mr Osagie Ehanire and the Governor of Lagos State, Mr Babajide Sanwo-Olu among others. The Lagos Public Relations Stakeholders’ Conference is the brainchild of Addefort Limited, a public

By Modupe Gbadeyanka The 2021 African Business Leader of the Year award has been won by Mr Segun Ogunsanya, the CEO-designate of Airtel Africa Plc. The telecommunications expert was selected in a keenly contested three-step points-based process that included a call for nomination, online voting for shortlisted nominees, and the editorial board’s final review of nominations and voting submissions. Online voting accounted for 65 per cent of the final outcome, with supporting evidence contributing 35 per cent to the final selection process. The awards attracted over 300,000 entries on the website and across social media platforms, as well as submissions

On Friday, June 14, 2019, about 91 top performing students from 46 schools in Nigeria received 125 Outstanding Cambridge Learner Awards following their outstanding performance in the November 2017 and June 2018 Cambridge exams series. The event, which took place at the Civic Centre in Lagos, was hosted by Cambridge International and the British Council. The awards covered various subjects taken in Cambridge IGCSEs, Cambridge O Levels and Cambridge International AS & A Levels. The top achievers included three ‘Top in World’ category winners: Omoshemi Favour Oloriegbe from The Childville Senior for Cambridge IGCSE Sociology in the June 2018 exam

By Dipo Olowookere There are strong indications that a few rules on the Nigerian Exchange (NGX) Limited could be changed to attract more companies to the capital market, the chief executive of the exchange, Mr Temi Popoola, has hinted. At the NGX CEO Roundtable held recently, Mr Popoola said the idea is to deepen the stock exchange and make it the preferred platform for raising cheap funds for business expansion. “To drive listings, we are taking a closer look at our rules to see areas of amendments to ensure companies raise capital more efficiently whilst protecting the investing public. “NGX

By Dipo Olowookere For the sixth consecutive trading session, the Nigerian Exchange (NGX) Limited closed in the positive territory, further gaining 0.29 per cent on Monday. Sustained buying pressure has helped the Nigerian bourse to maintain an upward trajectory despite the happenings in the country, especially the crisis created by the currency swap and petrol scarcity. Business Post reports that bargain-hunting in the insurance, industrial and consumer goods sectors influenced the growth yesterday as they respectively closed higher by 0.33 per cent, 0.03 per cent, and 0.01 per cent, respectively, offsetting the 0.32 per cent loss posted by the banking