Rak Unity to Transfer Unclaimed Dividends to Liquidation Account

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

Commercial Papers (CPs) remain a very viable source of alternative funding for medium-large corporations who require capital to meet short-term financial obligations. The reality, however, is that not many organisations are properly equipped with information on how they can access this unique debt instrument; the process is not as complicated as one might imagine, but certain key requirements should be met. Here’s what organisations need to do; Get a credit rating – This is important to check the integrity and long-term success of your firm. This rating will highlight the financial performance over the last three years of your organisation,

By Adedapo Adesanya Moove, the world’s first mobility fintech, which provides revenue-based financing to mobility entrepreneurs across Africa, has raised $105 million in an oversubscribed Series A2 round consisting of equity and debt. The round was led by existing investors, Speedinvest, Left Lane Capital and thelatest.ventures, with participation from new investors including AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital. With this new round, which brings the total raised by the company to $174.5 million, Moove will rapidly scale its model to seven new markets across Asia, the Middle East and North Africa (MENA) region over the next six months.

Cryptocurrency trading has offered a new way for investors to participate in the growing realm of digital assets. Unfortunately, navigating cryptocurrency trading requires a solid understanding of trading strategies and techniques for success. As such, besides completing a crypto trading course, crypto traders should keep tabs on various tips to maximize their profits. Learning various crypto trading principles, risk management strategies, and proper market analysis increases the chances of success. Here are a few tips to help you maximize profits. Start Small and Scale Up Gradually Most people venture into crypto trading anticipating overnight success and wealth. However, this is

By Dipo Olowookere Renewed profit-taking dragged the Nigerian Exchange (NGX) Limited lower by 0.01 per cent on Monday as investors reacted to fresh fears of foreign exchange (FX) scarcity in the country. It was observed that the decline was mainly from the ‘big boys’ of the market as investor sentiment still swayed to the bulls at the close of transactions. The banking sector gained 0.25 per cent yesterday, while the industrial goods index closed flat. But the decline of 0.26 per cent, 0.24 per cent and 0.05 per cent posted by the respective trio of consumer goods, insurance and energy

By Adedapo Adesanya  Oil prices made a recovery on Tuesday morning after crashing on Monday as a result of renewed fears. Business Post reports that futures recorded up to nine percent rise this morning as investors eye the possibility of economic stimulus despite a price war between top producers; Saudi Arabia and Russia. Prices were helped when President Donald Trump on Monday night said he would take major steps to restrain the US economy against the impact of the spreading coronavirus outbreak and will discuss a payroll tax cut with congressional Republicans on Tuesday. As at the time of writing,

By Modupe Gbadeyanka The final report of the European Election Observation Mission (EU EOM) to Nigeria on the 2023 general elections has continued to generate reactions. The latest to comment on the report is the Conference of Nigeria Political Parties (CNPP), which threw its weight behind the content of the findings. In a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, the CNPP noted that “the observations and recommendations should be commended as major international contributions to the deepening of democracy in Nigeria.” It said, “Those who are kicking against the report are doing so based on

By Adedapo Adesanya Nigerians and some business owners who could not access foreign exchange (FX) through the official channels bought the Dollar at the unregulated forex market on Monday at N550/$1. This followed the worsening FX crisis in the country as the Central Bank of Nigeria (CBN) scratches its head on the best way to solve this incessant problem. According to information gathered by Business Post, as the official channels could not meet the huge demands of customers, Nigerians had to source forex from other places, including the streets and because of the discontinuation of FX allocation to Bureaux De

By Adedapo Adesanya President Bola Tinubu has expressed his administration’s commitment to breaking the cycle of overreliance on borrowing for public spending that results in the burden of debt servicing. Inaugurating the Presidential Committee on Fiscal Policy and Tax Reforms on Tuesday in Abuja, the President charged the team to improve the country’s revenue profile and business environment. He also said that the federal government was moving towards achieving an 18 per cent Tax-to-GDP ratio within three years. Mr Tinubu directed the group to achieve its one-year mandate, divided into three main areas: fiscal governance, tax reforms, and growth facilitation.