Reps Propose N70 Per Litre For Petrol

By Aduragbemi Omiyale The management of BUA Cement Plc has announced a reduction in the prices of its cement from its factory without the transportation costs to N3,500 per bag (50kg). The cement maker confirmed this development in a statement issued on Sunday, noting that it was part of efforts to make sure customers get the products at cheaper prices. In the statement, BUA Cement disclosed that the slash in cement prices is from Monday, October 2, 2023, urging its distributors not to fleet the end users. The firm said, “All pending, undelivered orders which had been paid for at

By Adedapo Adesanya The value of the NASD Over-the-Counter (OTC) Securities Exchange sharply declined by 3.86 per cent on Thursday, September 28, after the shares of VFD Group Plc were taken out of the platform. VFD Group, according to reports, is planning to trade its stocks on a larger platform, the Nigerian Exchange Limited (NGX). The delisting of the company’s equities brought down the market capitalisation of the NASD OTC exchange by N44 billion to settle at N1.102 trillion compared with the N1.146 trillion it finished on Tuesday, the last trading session. The market was closed on Wednesday as a

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Adedapo Adesanya More drama continues for Twitter as the company told employees that its office buildings would be temporarily closed with immediate effect. In a message, workers were told that the offices would reopen on Monday, November 21, while it gave no reason for the move. The announcement comes amid reports that many staff were quitting after the new owner, Mr Elon Musk, called on them to sign up for “long hours at high intensity” or leave. Mr Musk told Twitter employees that they had to commit to working long hours and would “need to be extremely hardcore” or

**Declares Interim Dividend of 20 Kobo Per Share By Modupe Gbadeyanka Leading financial institution in Africa, United Bank for Africa Plc (UBA) on Wednesday released its much-awaited audited 2018 half year financial results, showing strong growth across key performance metrics as well as a significant contribution from its African subsidiaries. Despite declining yield environment in two core markets, Nigeria and Ghana, the pan Africa financial institution delivered double digit growth in gross earnings, as it recorded a 16 percent year-on-year rise in top-line to N258 billion, compared with N223 billion recorded in the corresponding period of 2017. Business Post reports

By Aduragbemi Omiyale A collaboration aimed at deepening knowledge in the African business environment to promote ethical business practices has been entered into between the Nigerian Exchange (NGX) Limited and the Centre for International Private Enterprise (CIPE). The exchange will through its specialized learning hub, X-Academy, engage companies in order to fill the capacity gap in corporate compliance expertise and to provide effective resources to help them translate their corporate ethics commitments to a robust system of compliance that ensures that they can conduct business with integrity. It was learned that X-Academy will work with CIPE to provide companies of

By Dipo Olowookere The Chief Executive Officer (CEO) of Facebook, Mark Zuckerberg, is in Nigeria on his first trip to Africa. He arrived the country on Tuesday and immediately visited the Yaba technology hub in Lagos, where he met with developers and partners. Mr Zuckerberg is in Nigeria to listen and learn and take ideas back to California on how Facebook can better support tech development and entrepreneurship across Africa. One of his first stops on the trip was to visit a ‘Summer of Code Camp’ at the Co-Creation Hub (CcHub) in Yaba, known as the Silicon Valley of Nigeria.

By Adedapo Adesanya Ecobank has beat a host of other banks to emerge as the African Banker’s 2021 African SME Bank of the Year. The bank took home the SME Award for its service in 2020, a tumultuous year characterised by the COVID-19 pandemic which continues to ravage many African economies, with Small and Medium Enterprises (SMEs) taking the greatest hit. Among other criteria, the African SME Bank of the Year award 2021 recognises the bank which has significantly contributed to the development of the SME sector, thus helping them to build the economic backbone of the continent. Part of

By Modupe Gbadeyanka A donation of $615,000 (ZAR 8 million) has been received from South African government for victims of mudslide in Sierra Leone some days ago. The United Nations World Food Programme (WFP), in a statement, said it welcomed the donation made by the former apartheid country this week. WFP said the donation will help in providing vital emergency assistance to more than 10,000 people affected by mudslides and flooding in Sierra Leone. “This timely and generous contribution from South Africa comes as people are at their most vulnerable, having lost not only their homes but also their livelihoods,”

By Dipo Olowookere Data released by the Debt Management Office (DMO) has shown that the FGN bond auction for June 2018 recorded a huge success. The exercise, which was conducted on Wednesday June 27, 2018, received subscriptions worth N66.7 billion from investors for the N60 billion worth of the bonds offered by the debt office on behalf of the federal government. At the auction, the DMO had offered the bonds in three tenors of five, seven and 10 years. It was gathered that the exercise recorded such success despite the forex sale of $210 million by the Central Bank of

By Dipo Olowookere Nigerian stocks received further beatings on Tuesday as investors began to lose confidence in the foreign exchange (FX) policy of the Central Bank of Nigeria (CBN). On Monday, the acting CBN Governor, Mr Folashodun Shonubi, after a meeting with President Bola Tinubu at the State House in Abuja, said plans are being made to stabilise the Naira, warning that speculators will soon regret selling their local currency assets for Dollars. He said this after the audit accounts of the apex bank for the 2022 fiscal year showed that what is left in the external reserves, about $20