US, Europe Restrictions Plunge Crude Oil Prices

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

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

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By Adedapo Adesanya The confirmation of the new Central Bank of Nigeria (CBN), Mr Yemi Cardoso, and four deputies, generated mixed reactions in the foreign exchange (forex) market on Tuesday. Business Post reports that while it did magic in the Investors and Exporters (I&E) window, it could not replicate this in the Peer-to-Peer (P2P) and the black market segments. After his confirmation on Tuesday, the new CBN governor said the immediate plan to stabilise the Naira would be for the apex bank to settle some financial obligations and make “transparent rules”. “Number one is what I will term an operational

By Dipo Olowookere A bail has been granted bail to a former Director General of Small and Medium Scale Enterprises Development Agency of Nigeria (SMEDAN), Mr Bature Umar Masari. Mr Masari is facing a N104.7 million fraud charge following allegations of money laundering activities and benefitting from proceeds of gratification. He was arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice Okon Abang of a Federal High Court, Abuja, on April 9, 2019 on a 17-count charge. His counsel, A. Magaji (SAN), had made an oral application for bail, which was opposed to by the prosecution, prompting the

By Modupe Gbadeyanka A star-studded film produced by Mr Seun Oloketuyi, Dilemma, will premiere today, Thursday, April 14, 2022, on Youtube.com/yorubaplay. The latest Yoruba movie directed by award-winning Okiki Afolayan tells the story of a young lady who is focused, intelligent and hardworking but fell in love with an average-aged man. While the lady showered the man with love and generosity, rather than reciprocate the gesture, he decided to take advantage of her. While a serious misunderstanding ensued, the two lovers broke up, but lots of other intriguing things happened. According to the executive producer of the flick, Adedoyin Olaleye,

By Adedapo Adesanya The oil market remained in the bullish territory on Friday as supply discipline and recovering demand countered concerns such as rising coronavirus cases and the possible return of Iranian oil. According to data, the Brent crude traded at $71.61 per barrel after it rose by 30 cents or 0.42 per cent, while the United States West Texas Intermediate (WTI) quoted at $69.62 per barrel after it rose 81 cents or 1.18 per cent. This week, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to stick to the earlier supply cut deal as member

By Investors Hub The major U.S. index futures are pointing to a lower opening on Thursday, with stocks poised to see further downside on the heels of the sell-off seen in the previous session. Concerns about President Donald Trump’s ability to implement his pro-business policy agenda may generate continued selling pressure following a recent string of damaging news. Buckling to outside pressure, Deputy Attorney General Rod Rosenstein announced the appointment of former FBI Director Robert Mueller to serve as Special Counsel to oversee the investigation of Russian meddling in the presidential election. Rosenstein said public interest requires him to place

By Modupe Gbadeyanka The verification of former employees of defunct Nigeria Airways Limited commenced on Monday, October 15, 2018. The exercise is taking place simultaneously in three centres in Lagos, Kano and Enugu and will conclude on Monday, October 22, 2018. Information available at the disposal of Business Post indicated that after the verification, the payment would proceed. Pictures showed that the former workers are in high spirits as they finally begin the process of receiving their entitlements.

The self-storage industry has become the need of the hour and a basic necessity. I do not think any city in America can survive without a self-storage unit. These units offer a clean and safe space for their essential belongings. You have so many options available today that you do not need to be worried about the size of your belongings or the weather conditions. People are constantly moving cities, taking early retirement, renovating homes, etc. It has created an urgent need to store their belongings. As a result, the self-storage industry is now a necessity, as opposed to previously

By Modupe Gbadeyanka Abdul’Aziz Yari of Zamfara State has budgeted N130.7 billion for the 2018 fiscal year. The Governor made this known on Monday when he presented the 2018 budget proposal to the Zamfara State House of Assembly. According to him, the proposed amount contains N46.4 billion for recurrent expenditure and N84.3 billion for capital expenditure. This is in the ratio of 35.5%:64.5%. He further told the state lawmakers that the proposed budget was N23 billion more than the 2017 appropriation bill. Mr Yari also disclosed that next year, the state government expects from the Federal Government, refund of N56.97

By Dipo Olowookere President Muhammadu Buhari has extended his warm congratulations to candidate of the New Patriotic Party (NPP), Mr Nana Akufo-Addo, on his historic win of the December 7 Ghana presidential election. President Buhari also felicitated with the government and people of Ghana, the National Electoral Commission, and candidates of political parties, for the decorum, maturity and peaceful conduct of the election that produced a winner from an opposition party, who was contesting for the third time. Mr Buhari said in a statement issued by his spokesman, Mr Femi Adesina, that as a scion of one of the biggest