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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 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 The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Dipo Olowookere IOM Egypt opened its migration health assessment centre (MHAC) for the purpose of providing full health assessments to migrants and refugees migrating from Egypt. The centre, which was opened 16 March, provides services to self-paying Egyptian migrants and refugees going through the resettlement process to five countries: Australia, Canada, New Zealand, the United Kingdom and the United States. The centre also offers full health assessments, including immunization and pre-departure medical screenings with presumptive treatment, to all applicants based on each receiving country’s relevant guidelines. It is a one-stop shop for all activities related to health screening, including

By Modupe Gbadeyanka Governor Akinwunmi Ambode of Lagos State has directed the Lagos State Building Control Agency (LASBCA) to demolish not less than 80 houses located on Lagos Island. This followed the havoc caused by a 3-storey building that collapsed on Wednesday in the area, which led to the death of many school children and some adults. Acting General Manager of LASBCA, Mr Omotayo Fakoloju, said on Friday that Mr Ambode has given the agency the permission to bring down 80 houses on Lagos Island so as to prevent another tragedy in the state. The 80 properties to be brought

By Dipo Olowookere The Nigerian Stock Exchange (NSE) sustained its bearish position on Thursday as the market closed marginally lower by 0.02 percent yesterday despite finishing with 25 price gainers and 14 price losers. On Wednesday, Chairman of Forte Oil Plc, Mr Femi Otedola, announced the completion of the sale of his 75 percent stake in the company so as to focus on his electricity business. This information saw the stock price lowering by N3.45k yesterday to close at N31.20k per share, making the counter the highest price decliner. MTN Nigeria lost N2 to end at N130 per share, C&I

By Adedapo Adesanya The value of the Naira to the United States Dollar remained stable at the interbank segment of the foreign exchange (forex) market on Monday. During the trading session, the local currency was exchanged at N361/$1, the same rate it was traded in the previous session at the market window. At the Investors and Exporters (I&E) window created by the Central Bank of Nigeria (CBN) for non-resident investors, the domestic currency appreciated by 50 kobo or 0.13 percent against the greenback to trade at N386/$1 in contrast to the previous session’s N386.50/$1. The appreciation came amidst a huge

By Dipo Olowookere Analysts at FSDH Research have predicted that inflation rate for the month of November will further ease to 15.84 percent from 15.91 percent recorded in October. In its Inflation Watch report released last Friday, FSDH Research explained that the expected marginal decline in the inflation rate was premised on a slower increase in the food and non-food divisions, compared with the previous month. The October inflation rate was the ninth consecutive month of decrease in the headline inflation in 2017. Based on the data release calendar on the website of the National Bureau of Statistics (NBS), the

By Aduragbemi Omiyale Some companies operating in Nigeria paid the sum of N714.4 billion as income tax to the federal government in the second quarter of 2022. Those in the manufacturing, information and communication as well as financial and insurance sectors were the major contributors to this source of revenue for the government. According to the National Bureau of Statistics (NBS), the three industries accounted for 27.55 per cent, 24.56 per cent and 14.98 per cent respectively of the total collections in the period under consideration. It was disclosed that the N714.4 billion collected as Company Income Tax (CIT) between

By Oremade Oyedeji Nigeria’s economy seems to be aligning with predictions by the International Monetary Fund (IMF) which said the country’s economy will face a 4.3 per cent contraction in the fourth quarter of 2020, a further decline from the third quarter figures reported a few weeks ago. According to the National Bureau of Statistics (NBS), the country’s Gross Domestic Product (GDP) in real terms declined by 3.62 per cent (year-on-year) in Q3 2020, thereby marking a full-blown recession and second consecutive contraction from -6.10 per cent recorded in the previous quarter (Q2 2020). According to the report, the performance

By Roger Agana Rigworld Training Center (RTC) has successfully signed a partnership agreement with the Aberdeen Drilling School. Through this agreement, the Rigworld Training Center has created a value-added solution, ensuring Ghanaians have greater access to specialized training. As innovation and technology continue to change, we are met with new challenges and opportunities, this means ensuring that both students, as well as current workforce, have a chance to develop the skills needed for the jobs of today as well as the jobs of tomorrow. Steve Taylor, Managing Director of the Rigworld Training Center said, “That our greatest asset as a