Ronchess Global Resources to List Shares on Stock Exchange

By Adedapo Adesanya Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Dipo Olowookere The management of Pensions Alliance Limited (PAL Pensions) on Tuesday launched a new campaign tagged ‘Retire with a Smile’ to encourage more individuals to save towards retirement. The campaign, unveiled yesterday at the Oriental Hotel, Lekki, is also part of efforts of the company to deepen its market penetration. During the event, a new TV Commercial was launched by the firm, which was warmly accepted as it sparked up positive conversations among media correspondents on the giant stride embarked on by PAL Pensions. The TV Commercial shows an exciting musical that depicts PAL Pensions’ clients smiling from

By Dipo Olowookere On Thursday, Airtel Africa Plc released its financial results for the first half of its reporting year ended September 30, 2022, with the top line recording double-digit growth and the bottom line going down. In the financial statements, the company said its profit after tax was lower by 1.5 per cent to $330 million, attributing this to higher foreign exchange and derivative losses of $160 million. But without the foreign exchange and derivative losses, the post-tax profit grew by 30.4 per cent. The firm, which operates in the telecommunications industry, disclosed that it posted strong revenue growth

By Aduragbemi Omiyale In the first quarter of 2023, the candidate of the Labour Party (LP) in the February 25 presidential election, Mr Peter Obi, topped the searches in Nigeria, according to data collated by Google, the search engine platform used for the enquiries. Mr Obi is in the court to challenge the announcement of the candidate of the ruling All Progressives Congress (APC), Mr Bola Tinubu, as the winner of the exercise. In a report made available to Business Post, it was disclosed that the electoral umpire for the presidential poll, INEC, was also among the top searches in

By Adedapo Adesanya The African Export-Import Bank (Afreximbank) and Portugal’s National Association of Young Entrepreneurs (ANJE) have announced a three-year partnership to support and promote African fashion, especially the textile manufacturing industry in Portugal and across Europe. In a statement, it was disclosed that the partnership was part of Afreximbank’s Creative Africa Nexus (CANEX) programme, which aims to facilitate investments in Africa’s creative and cultural economy. The Cairo-based lender will do this through financing, capacity building, export and investment promotion, digital solutions, linkage and partnership promotion and policy advocacy. The bank said that the cultural and creative industries in Africa

By Aduragbemi Omiyale In order to make the process of subscription for public offerings easier for investors, especially those in the retail segment, the Nigerian Stock Exchange (NSE) has launched what it called X-PO. The online platform for the subscription of public offerings is the first end-to-end system for the purpose in Africa. The launch followed the no objection letter received from the Securities and Exchange Commission (SEC). It was designed to enhance the experiences of stakeholders in the public offerings value chain by providing a smarter and efficient way to manage public offers in the Nigerian capital market. As

Stanbic IBTC continued to champion the job creation drive in Nigeria through initiatives such as its graduate trainee programme and various entrepreneurial programmes, which had created job opportunities for Nigerians. Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC commented on the financial institutions’ role as a job provider in Nigeria. He said the financial services provider was always at the forefront in bridging Nigeria’s unemployment deficit through its various programmes and provided necessary tools for its graduands to navigate through the 21st-century job environment. “As a financial institution that placed much value on job creation, Stanbic IBTC continued to

By Dipo Olowookere Former Governor of Delta State, Dr Emmanuel Eweta Uduaghan, has explained why he wants to be at the upper chamber of the National Assembly next year. According to him, he wants to represent Delta South Senatorial District at the Senate in 2019 because of his desire to pursue quality legislation that will lead to the end of the crisis in the Niger Delta region. The medical doctor, who left indelible marks in the state after his eight-year rule as a governor, said in a media chat recently that he would soon officially declare his intention to contest

By Modupe Gbadeyanka Those who subscribed for the Scheme Two of Fairmont Hilltop Estate, Alagbado, Lagos, have been given their plots of land by Propertymart Real Estate Investment Limited, promoters of the property. The buyers of the landed property were allotted their plots at the weekend and one of the allottees, Mr Biodun Koleosho, praised Propertymart for the excellent layout of the Estate and not using the COVID-19 lockdown to delay allocation of plots. “They have done an excellent job of following up, keeping to their word and that is being able to deliver plots to customers. In terms of