Unlisted Securities Market Index Drops 0.05%

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

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 Modupe Gbadeyanka Mr Mobolaji Adewumi has been announced as an executive director in charge of finance at VFD Group Plc. This appointment was confirmed by the board of VFD Group, but is still subject to the approval of shareholders at the next Annual General Meeting (AGM). It was explained that the appointment of Mr Adewunmi further underlines the ambition of VFD Group Plc to become the foremost financial solutions brand in Africa. “We are delighted to welcome Mobolaji to the Board and we are optimistic that his extensive knowledge and experience in the financial services sector will be of

By Dipo Olowookere Sunday, November 18, 2018 has been fixed for the 8th edition of Marketing Excellence Awards organised by Advertisers Association of Nigeria (ADVAN). A statement issued by the organisers disclosed that this year’s event will take place at the prestigious Civic Center on Victoria Island, Lagos. The ADVAN Awards recognises commitment and the fostering of professional excellence in advertising and marketing practice in Nigeria by recognizing good works by practitioners and institutions in the industry. The event is undoubtedly the most respected Awards for Marketing Excellence in Nigeria and has evolved over the years in response to new

By Dipo Olowookere The Nigerian Exchange (NGX) Limited appreciated by 0.08 per cent on Friday following renewed bargain hunting on Honeywell Flour, Guinness Nigeria, UBA, Nigerian Breweries and 25 others. The demand for these equities pushed the All-Share Index (ASI) up by 37.84 points to 47,140.48 points from 47,102.64 points and raised the market capitalisation higher by N20 billion to N25.406 trillion from N25.386 trillion. Learn Africa recorded the highest increase in value yesterday with a price appreciation of 10.00 per cent to trade at N2.20 and was followed by NCR Nigeria, which rose by 9.92 per cent to N3.99.

By Dipo Olowookere One of the respected global rating organisations, Fitch Ratings, has expressed confidence that tier-one Nigerian lender, Access Bank Plc, will remain profitable in 2020. Since the beginning of this year, the world has been battling with a global health pandemic called coronavirus. The disease has forced many countries to lockdown, causing a global economic crisis and recession, with many businesses losing billions of Dollars. But in a statement last week, Fitch said it sees Access Bank remaining “profitable in 2020 due to strong margins (including further improvement in its cost of funding), robust non-interest income and lower

By Adedapo Adesanya The Naira gained a whopping N15.95 or 3.89 per cent against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Monday, January 4, coming back from the rush around the New Year holidays that saw the Naira dip by more than 4 per cent. At the first trading session of the year, the local currency strengthened to N394.30/$1 from N410.25/$1 it was exchanged at the last session on Thursday, December 31, 2020. The appreciation came from the drop in the demand for the greenback yesterday as the daily market turnover

By Modupe Gbadeyanka On Wednesday, October 11, 2023, stakeholders within the telecoms and ICT ecosystem gathered at Fraser Suites in Abuja to discuss Modernization and Digitization, the theme of an event organised by Airtel Nigeria. The Director of Airtel Business at Airtel Africa Plc, Mr Luc Serviant, while addressing the participants, emphasised the company’s commitment to fostering collaboration and partnerships that drive progress and innovation. He highlighted Airtel Nigeria’s dedication to endowing the public sector through cutting-edge technologies, enabling transformative change on a national scale. “At Airtel, we are happy to discuss connectivity, innovation & technology, digital pillars, cloud security,

By Dipo Olowookere Minister of Finance, Mrs Kemi Adeosun, has disclosed that the debt to Gross Domestic Product (GDP) for Nigeria now stands at 21 percent. Mrs Adeosun made this disclosure on Tuesday at the Ogun Investors Forum, which kicked off today in Abeokuta, the state capital. According to the Minister, the debt to GDP ratio, which is at 21 percent, is “conservative, by global standards.” Speaking on the occasion, Mrs Adeosun said “it is important to highlight that our borrowing has been specifically to fund infrastructure; we’re not borrowing to pay salaries.” She assured participants that “Nigeria’s level of

By Sodeinde Temidayo David The founder of MSME Africa, Mr Seye Olurotimi, has emerged as the winner of The Entrepreneur Africa Award (TEA) for Media Innovation. The renowned Nigerian MSME expert was honoured for using his media platform to continuously drive smart information and engagements. Mr Olurotimi is a Marketing Communications and SME Branding expert and is passionate about enterprise development and has worked with hundreds of entrepreneurs. He is an International Partner of the World Business Angel Investment Forum and the convener of the widely attended MSME Dialogue and a member of the MSME Community of Practice of the Nigeria