SEC Proposes N1b Capital for Nominee Companies

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 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 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 Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya  Oil rose further maintained its upward movement on Thursday, supported by a drop in U.S. crude inventories and OPEC-led supply cuts, although worries about the global economy weighed. U.S. crude inventories fell by 2.7 million barrels last week, more than analysts expected. Still, the U.S. Energy Information Administration also said gasoline and distillate inventories rose. According to the CNBC, Brent crude rose 47 cents to $60.77 per barrel while U.S. West Texas Intermediate crude added 54 cents to trade at $56.22 on Thursday. Traders are awaiting a speech from Federal Reserve Chairman Jerome Powell on Friday in

By Dipo Olowookere Farmers in Oyo State have been assured by the state government of high patronage of their local farm produce through the Federal Government initiated Home Grown School Feeding Programme (HGSFP). This assurance was given by the Commissioner for Agriculture, Natural Resources and Rural Development, Prince Oyewole Oyewumi, while addressing farmers and stakeholders on the Home Grown School Feeding Programme, held at the Conference Room, Ministry of Agriculture, Natural Resources and Rural Development in Ibadan recently. The Commissioner noted that the HGSFP, aimed at encouraging pupils to stay in school, increase school enrolment as well as improving their

By Adedapo Adesanya The Chinese Embassy in Nigeria has suspended the issuance of visas to Nigerians who want to visit the country as a result of the coronavirus which has continued to plagued the Asian country. With over 20,000 people infected and 427 deaths confirmed and spreading to 28 countries, the Ambassador of the People’s Republic of China to Nigeria, Mr Zhou Pingjian, on Monday said the embassy has stopped the issuance of visas to Nigerians. The ambassador revealed that the preventive measure was to ensure that the well-being of the health of other nationals visiting China. He said his

By Ahmed Rahma Over 2,000 youth in Bauchi State would be trained in agriculture by the state government as part of efforts to empower them. Governor of the state, Mr Bala Mohammed, made this disclosure when he received the executives of the Christian Association of Nigeria (CAN). According to Mr Mohammed, the beneficiaries would be chosen from all the local government areas of the northern state of the federation. He assured that more would be picked because his administration was determined to ensure that residents of the state are financially independent. “Right now, we are doing a programme where we

By Modupe Gbadeyanka The merger of the Nigeria Customs Service (NCS) and the Federal Inland Revenue Service (FIRS) has been recommended by the National Tax Policy Review Committee to the Federal Government. The Committee was inaugurated on August 10, 2016, by the Minister of Finance, Mrs Kemi Adeosun, to review and update the National Tax Policy (NTP) document, specifically to address areas of tax code and laws. The 8-member Committee, headed by Prof Abiola Sanni, recommended that the two agencies be merged together for better efficiency. Draft of the reviewed NTP was presented at the Committee’s second stakeholders’ engagement in

By Dipo Olowookere To ensure safer transactions for riders and consumers, leading e-commerce platform in Africa, Jumia, has commenced what it called contactless delivery of prepaid packages order from its platform. The company said in a statement that this step was taken in response to the havoc caused by coronavirus outbreak, which has forced a lockdown of the global market. In order to prevent its consumers, delivery agents and partners from contracting the virus, which still has no cure, Jumia, as a responsible organisation, came up with this initiative. The statement said to drive the initiative, the contactless safe delivery

By Adedapo Adesanya The European Commission has proposed a deal to accelerate natural gas imports from Egypt in a bid to reduce its reliance on Russian gas. With Egypt ramping up efforts to become a major liquefied natural gas (LNG) player through increased exploration, production and infrastructure build-up and modernization, the North African country is well-positioned to expand energy exports to Europe while addressing African energy demand. Owing to its strategic location in close proximity to European markets as well as its success as a gas exporter, Egypt has emerged as an ideal supplier for Europe in the wake of

By Sodeinde Temidayo David A notable financial service provider, Mastercard, has entered into a partnership deal with Bakkt for its digital wallet app to track, spend and send digital assets like cryptocurrency, loyalty including reward points or convert them to cash. The collaboration will enable buying, selling and holding cryptocurrency, likewise delivering unique, crypto-centric loyalty opportunities, and streamlining the issuance of branded crypto debit and credit cards to its customers. This partnership is set to make it easier for merchants, banks and fintech to embrace and offer various cryptocurrency solutions and services, allowing consumers to also have access to a