SEC Plans to Boost Value of Shariah-Compliant Products to N5trn by 2025

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

By Adedapo Adesanya The federal government has exempted imported Liquefied Petroleum Gas (LPG) and its equipment from the payment of customs duty and value-added tax (VAT), a move expected to result in a drop in the cost of cooking gas in the country and bring much-needed succour to Nigerians. This was disclosed by the Minister of Finance, Mr Wale Edun, in a letter (dated November 28, 2023) to the Special Adviser to the President on Energy; the Comptroller-General of the Nigeria Customs Service (NCS); and the Chairman of the Federal Inland Revenue Service (FIRS). Recall that in 2019, the federal

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

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

By Ebitonye Akpodigha The Nigerian Senate has promised to prioritize and fast track the passage of the controversial Petroleum Industry Bill (PIB) and other legislations capable of contributing to the quick recovery of the economy, and provide favourable level playing environment for both local and foreign investors. This was part of the 20 points resolution passed by the Senate as its legislative intervention to speedily pull Nigeria out of the current economic recession, and put the economy on the path of sustainable growth. Apart from the PIB, other bills that will enjoy priority attention include the National Development Bank of

By Dipo Olowookere Lagos State Governor, Mr Akinwunmi Ambode, on Monday maintained that plans are going on to remove yellow buses popularly known as Danfo from Lagos roads for a more efficient, well-structured and world class mass transportation system that would facilitate ease of movement within the city. Mr Ambode also said that his administration would soon roll out a comprehensive environmental sanitation policy that would make the city to be clean without much burden on the people in terms of taxes. Speaking at the 14th Annual Lecture of the Centre for Values in Leadership (CVL) held at Muson Centre

By Modupe Gbadeyanka The average treasury bills yields slightly appreciated by 0.02 percent on Thursday as OMO bills worth N408 billion matured via secondary market. This was as the mood in the treasury bills space was generally mixed as investors put hopes in an OMO auction by the Central Bank of Nigeria (CBN). At the close of business yesterday, the average T-bills yields jumped to 14.18 percent. Specifically, the yields on the one-month instrument gained 0.17 percent to settle at 11.51 percent, the 3-month paper rose by 0.01 percent to end at 13.44 percent, and the 9-month note appreciated by

By Adedapo Adesanya As part of its efforts to drive local production of milk, the Central Bank of Nigeria (CBN) has finally initiated moves to implement the ban of foreign exchange (FOREX) access to milk importers. According to reports of a document sighted on Tuesday, the CBN has now directed Deposit Money Banks (DMBs) in the country to stop the processing of milk and its related products on “Bills for Collection basis,” which allows milk importers to buy on credit. It was gathered by Business Post in a circular addressed to DMBs that the apex bank has also announced that

By Kestér Kenn Klomegâh Russian President, Mr Vladimir Putin, has disclosed that the cooperation between Russia and Africa in education was “at a traditionally high level,” noting that about 27,000 African students are currently studying in the country, with 5,000 of them being sponsored by his government via scholarships. He confirmed this development at the International Parliamentary Conference Russia–Africa in a Multipolar World held in Moscow under the auspices of the State Duma of the Russian Federal Assembly some days ago. “This conference is undoubtedly important in the context of the continued development of Russia’s multifaceted cooperation with the countries

Acting Resident Coordinator for the United Nations in South Africa, Mr Ayodele Odusola, has expressed deep concern over recent and ongoing acts of violence against foreign nationals that have been spreading across several parts of the country, particularly in the Gauteng Province. “Over the past few days, we have witnessed, with deep concern, acts of violence against foreign nationals and criminality against members of the public and the wanton destruction of property,” said Mr Odusola. “This should not be happening in the South Africa Mandela dreamt of.” He called on all stakeholders to be part of the solution by refraining

By Adedapo Adesanya The prices of the two crude oil grades closed mixed on Tuesday as traders weighed the effect that higher energy costs could have on the global economic recovery. While the Brent crude fell by 32 cents or 0.38 per cent to trade at $83.33 per barrel, the United States West Texas Intermediate (WTI) crude rose by 7 cents or 0.09 per cent to sell at $80.59 per barrel. Energy prices have surged to record highs in recent weeks, driven by shortages in Asia and Europe, with an energy crisis in China expected to last through year-end, raising

By Ebitonye Akpodigha Iran has vehemently rejected an offer by Saudi Arabia requesting for a reduction in the volume of oil it produces. Members of the Organization of the Petroleum Exporting Countries (OPEC) met on Tuesday in Algeria, including Saudi Arabia and Iran, the two major producers of oil, to discuss ways of stabilising price of oil in the market. Saudi had been calling on oil producers to cut their outputs so as to stop the fall in prices of the commodity in the international market. Before the meeting on Tuesday, Iran had said it would not accept the oil