Total Nigeria Expresses Desire Deliver Value to Shareholders

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

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 Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Adedapo Adesanya The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange plunged by 2.42 per cent or N15.05 billion on Monday, March 14, followed by a decline in the prices of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc. The total value of securities on the platform reduced to N606.62 billion from N621.67 billion, while the NASD Unlisted Securities Index (NSI) decreased by 17.77 points to wrap the session at 716.39 points compared with 734.16 points recorded at the previous session. At the trading session, FrieslandCampina depreciated by N11.06 or 9.7 per cent to settle

By Dipo Olowookere The leading commodities exchange in Nigeria, AFEX Nigeria, has announced an upgrade of its mobile application designed for trading agriculture commodities, ComX. Business Post gathered that the mobile platform was redesigned to make transactions easier for traders and investors. It was also packed with improved user-specific features that will bring a more convenient experience for trading. Recall that earlier this year, the organisation released the ComX app, a first of its kind digital trading platform for commodities. With ComX, retail and institutional investors alike access a hub for trading and investing in agriculture commodities; a relatable and

By Dipo Olowookere The Nigerian Senate has announced postponing commencement of the debate of the 2018 budget to next week. Senate President, Mr Bukola Saraki, made this announcement yesterday during plenary at the upper chamber of the National Assembly. While addressing his colleagues, Mr Saraki explained that Tuesday, November 28 and Wednesday, November 29, 2017 would be used for the main budget debate, while Thursdays will be solely dedicated to the debate on revenue and expenditure of enterprises and agencies. Speaking further, the Senate President noted that the budget debate was shifted to next week to enable the upper parliament

By Modupe Gbadeyanka A former Minister, Mr Femi Fani-Kayode, has disclosed that he has been invited by the Department for State Services (DSS) for questioning over his allegation that a former Vice President, Mr Atiku Abubakar, had a secret meeting with army generals with a view to scuttling the February 25, 2023, presidential election and plotting a coup. FFK, as he is fondly called, claimed that Mr Atiku was doing this because he feared that his chances of winning the poll were slim and was desperate to cause chaos and prevent the emergence of the candidate of the ruling All

By Adedapo Adesanya The management of Jaiz Bank Plc led by its Managing Director/Chief Executive Officer, Mr Hassan Usman, has said the major player in the non-interest banking sector plans to expand its operations across the country. At a parley with the media on Tuesday in Lagos, Mr Usman said efforts would be made to sensitize Nigerians on the need to embrace products of the financial institution, saying they were open to everyone irrespective of creed or personal beliefs. According to him, Jaiz Bank, which is an Islamic bank, operates like the conventional financial institution despite its peculiarities in terms

By Dipo Olowookere The Nigerian Naira was further weakened at the black market on Wednesday as a result scarcity of the United States Dollars at the market. Business Post reports that the local currency was exchanged at the segment of the foreign exchange market yesterday at N366 to a Dollar. The Naira, which was traded at N365 per Dollar on Wednesday morning, jumped to N366 in the afternoon before closing at the same amount at the close of business. Business Post gathered that the Greenback is becoming scarce at the black market because of huge demand for it. Also at

By Adedapo Adesanya The Senate has declined to advise the federal government to liberalise its current policies on cement production but rather called for more industrial incentives and industrial protections to boost production, reduce price and encourage more valuable producers in the country. Rather than calling on the central government to lift restrictions placed on licenses, the upper chamber has called on the President Muhammadu Buhari-led administration to offer concessionary loans and larger tax incentives for local players to enter into the cement industry. The Senate also rejected a call to set up a committee to investigate anti-competitive practices by

By Ahmed Rahma The advancement of technology and the introduction of new online payment platforms have helped the revenue generation of financial institutions in the country. In the first nine months of this year, 12 lenders increased their revenues from the system by 11 per cent year-on-year to N133.92 billion N120.36 billion in the same period of 2019, according to the latest study by Agusto & Co. This information was drawn from the unaudited financial reports of Access Bank Plc, First Bank of Nigeria Plc, First City Monument Bank Plc, Fidelity Bank Plc, Guaranty Trust Bank Plc, United Bank for