Shareholders Laud BUA Foods for Almost 400% Rise in Stock Price

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

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 Aduragbemi Omiyale The National Bureau of Statistics (NBS) on Wednesday revealed that the inflation rate in Nigeria in the month of May 2022 went up by 17.71 per cent (year-on-year), the highest in 11 months. A month earlier, Nigeria’s inflation was 16.82 per cent (year-on-year), indicating that on a month-on-month basis, the figure rose by 0.89 per cent and moderated by 0.22 per cent when compared with the 17.93 per cent achieved in May 2021. According to the data released by the stats office today, the average price of the components of the consumer price index (CPI) amid a

By FSDH Research FSDH Research’s analysis shows that mutual fund investment can create wealth for investors and that funds pooled together can be used to finance critical infrastructure and expand business operations. Investors in mutual funds do not necessarily need to have expert knowledge about investment management to enable them to create wealth, as there are investment management experts whose primary role is to grow the value of investments under their management. Money that is pooled together through mutual funds can be channelled to address critical infrastructure either directly or indirectly. This would promote the competitiveness of the economy, enabling

By Modupe Gbadeyanka President Muhammadu Buhari has applauded his rival at the 2019 presidential election, Mr Atiku Abubakar, for donating to help in the joint fight against the spread of coronavirus in the country. The President, in a statement released by his Special Adviser on Media and Publicity, Mr Femi Adesina, stated that this action was worthy of emulation. Mr Buhari also saluted the public-spiritedness of wealthy Nigerians and organisations for standing up to be counted in the battle against the COVID-19 pandemic. Apart from Mr Atiku of the opposition Peoples Democratic Party (PDP), the President commended members of the

By Adedapo Adesanya Brent crude soared closer to $75 per barrel on Monday, June 21 on the back of uncertainty concerning the renewed talks on lifting US sanctions on Iranian crude as the new President-elect of Iran, Mr Ebrahim Raisi. It was observed that yesterday, the price of the global crude benchmark traded at $74.93 per barrel after gaining $1.42 cents or 1.93 per cent, while the United States West Texas Intermediate (WTI) gained 2.61 per cent or $1.87 to trade at $73.66 per barrel. Both benchmarks have risen for the past four weeks on optimism over the pace of

By Investors Hub Asian stocks ended mixed on Wednesday as investors braced for China’s countermeasures against U.S. tariffs on Chinese products worth about $50 billion. Beijing has vowed to impose measures of the “same strength” against U.S. goods, fueling fears that an escalating trade war could hurt global growth. Traders also awaited cues from Friday’s U.S. employment report as well as a slew of U.S. reports on private sector employment, service sector activity, factory orders and international trade due this week. China’s Shanghai Composite Index gave up initial gains to end down 4.79 points or 0.2 percent at 3,131.84 ahead

By Dipo Olowookere The Nigerian National Petroleum Corporation (NNPC) has reacted to news reports that it teamed up with banks in the country to prevent the remittance of $793.2m into the Treasury Single Accounts, (TSA), scheme as directed by the Federal Government. Reacting to the development on Friday in a release by its Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, explained that the allegation was not only misplaced but equally misleading. He said the corporation had earlier taken steps to inform the Presidency, Office of the Accountant General of the Federation, (AGF) and the Central Bank of

By Adedapo Adesanya The African Development Bank (AfDB) has approved a $120 million loan to fund the construction of a 50 megawatts hydropower plant in western Tanzania, the bank has said. The Malagarasi hydropower project will provide reliable renewable energy to households, schools, clinics and small and medium-sized enterprises in Kigoma region, the AfDB said in a statement. The project’s overall cost is estimated at $144.14 million while the bulk of the $120 million will be sourced from the bank group’s sovereign window, with an additional $20 million contributed by the Africa Growing Together Fund. The government of Tanzania will

By Dipo Olowookere In the second quarter of 2016, OMD joined forces with Facebook to launch a bespoke e-learning initiative in EMEA as part of the regional development programme. The firm is the first agency globally to launch an initiative at such scale, placing an importance on inspiring teams as to how to fully leverage Facebook’s growing product portfolio to drive greater results for their clients. This is part of OMD’s strategy across the region which is focused on moving the company from a reliance on purely ‘transactional media’ to delivering ‘marketing performance’ for their clients. The programme titled “OMD