Stock Exchange Sheds 1.32% as Inflation Sways Investors

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

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

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

Retail investors are amateur, individual investors who use brokerage firms or their own funds to make investments. When it comes to investing, retail investors need to be aware of a few things. They must do due diligence and test the waters before committing because the majority of them lack the experience and information needed for investment. The following investing advice can assist you as a retail investor in making wise decisions and maximizing your investment. Set a financial objective Like piloting a ship without radar, investing without a financial objective is foolish. Financial objectives provide the framework for your investments

By Adedapo Adesanya Oil prices edged lower on Monday over strict COVID-19 restrictions in China, the world’s top crude importer, with Brent crude futures losing 36 cents to trade at $98.21 a barrel, as the United States West Texas Intermediate crude dropped 36 cents to $92.25 a barrel. Prices rose earlier in the session on news that Chinese leaders were considering reopening the economy from strict COVID-19 restrictions but were proceeding slowly and had set no timeline. Chinese government officials then signalled the government had no intention of changing its approach to Covid containment, which meant large-scale lockdowns would continue

By Modupe Gbadeyanka President Muhammadu Buhari will speak to Nigerians later today, a statement from the presidency has disclosed. Special Adviser to the President on Media and Publicity, Mr Femi Adesina, disclosed in the statement that the nationwide broadcast will take place by 8pm. During his speech, Mr Buhari is expected to announce the decision of his administration on the lockdown in Lagos, Abuja and Ogun State. About four weeks ago, President Buhari ordered a total lockdown of Lagos, Abuja and Ogun State as part of efforts to contain the spread of coronavirus disease in the country. On Sunday, March

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has disclosed that no fewer than 339 companies have tendered bids for the 2020/21 sales and purchase of the Nigerian crude oil grades. The Group Managing Director of the national oil company, Mr Mele Kyari, disclosed this at the 2020/2021 crude oil tender prequalification bid opening ceremony in Abuja. Mr Kyari noted that there is a continuously strong demand for different grades of Nigerian crude in the oil market despite the lockdowns and refinery run cuts, adding that this marked another transparent process for the corporation. He said that despite the

By Dipo Olowookere As part of its captive modernisation plans, which is aimed to boost efficiency, production and deliver value to stakeholders, Flour Mills of Nigeria Plc has contracted a technology group, Wärtsilä, to revamp its power generation facilities. The company will ensure that food and agro-allied firm boast of reliable electricity supply around the clock to meet its food production requirements and commitments to its customers. To achieve this, Wärtsilä has already booked orders for two fuel-flexible dual-fuel engines, which would be installed at the organisation’s factory. One of the orders comprises a 9-cylinder Wärtsilä 34DF dual-fuel engine generator

By Dipo Olowookere The Nigerian oil and gas industry must strive to develop local capacities to execute full fabrication and integration of Floating Production Storage and Offloading (FPSO) vessels in-country within the next eight years, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote has said. He spoke last Tuesday in Lagos when he accompanied the Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu and other top officials of the oil and gas industry to inspect the Total Exploration and Production Nigeria Limited’s Egina FPSO docked at the SHI-MCI Yard, LADOL Free Zone. The

By Dipo Olowookere The operating licences of 157 capital market operators in Nigeria may be revoked by the Securities and Exchange Commission (SEC). The apex regulatory agency in the nation’s capital market, in a notice on Tuesday, disclosed that the operators have been inactive for a while. It said the affected companies have till Friday, November 13, 2020, to explain why their licences should not be cancelled and get booted out of the space to allow for active firms. CMOs are required to periodically file their statutory returns to the commission, but the affected organisation, according to the agency, have

By Modupe Gbadeyanka Today marks the end of the ninth outbreak of Ebola in the Democratic Republic of the Congo (DRC). The World Health Organization (WHO) congratulates the country and all those involved in ending the outbreak, while urging them to extend this success to combatting other diseases in DRC. WHO Director-General, Dr Tedros Adhanom Ghebreyesus, and Regional Director for Africa, Dr Matshidiso Moeti, joined Minister of Health Dr Oly Ilunga for the announcement in Kinshasa. “The outbreak was contained due to the tireless efforts of local teams, the support of partners, the generosity of donors, and the effective leadership