H1 2019: University Press Widens Loss by 248%

By Adedapo Adesanya Forty-seven per cent of Nigerians are actively engaged with crypto, a new study shows as the country finds safety in the currency amid worries about the foreign exchange rate. According to insights by CoinJournal shared with Business Post, cryptocurrencies, including Bitcoin (BTC) and various alternatives, are no longer just investments for speculation, “They represent a significant change in how people view and use money, providing decentralized options compared to traditional financial systems.” CoinJournal analyzed the data for the past three years, providing a comprehensive understanding of the current status of cryptocurrency adoption in 2023, as well as

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Adedapo Adesanya Brent crude closed below $75 per barrel on Wednesday, precisely selling at $74.39 per barrel after shedding $2.81 or 3.5 per cent. It was the lowest level for the crude oil grade since June, as a larger-than-expected rise in US fuel inventories added to worries about fuel demand, also pressuring the West Texas Intermediate (WTI) crude futures by $2.74  or 3.8 per cent in the midweek session to $69.58 a barrel. The US Energy Information Administration (EIA) reported a crude oil inventory draw of 4.6 million barrels for the week to December 1. A sizeable inventory build

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Dipo Olowookere Additional shares of a leading pharmaceutical company in Nigeria, Fidson Healthcare Plc, have been listed on the Nigerian Stock Exchange (NSE). Information gathered by Business Post showed that the firm offered a total of 586,360,250 ordinary shares of 50 kobo for admission on the local bourse. Further information revealed that these equities were listed at N4.00 per unit, adding a total of N2.345 billion to the value of the company. According to a document of the listing, the new shares of Fidson Healthcare were issued on the basis of one new ordinary share for every two ordinary

By Investors Hub Asian stocks ended mixed on Tuesday, with Japanese markets closing on a subdued note, while Australian shares skyrocketed following the release of the banking royal commission’s final report. Several markets in the region were closed for Lunar New Year holidays. Japanese shares fell after a Bank of Japan official said the yen could jump to 95 per U.S. dollar in the first half of the year and the central bank is running short on ammo. The downside, however, remained limited after a survey showed the services sector in Japan expanded at a stronger pace in December. The Nikkei 225

By Modupe Gbadeyanka Stakeholders in the financial technology (fintech) industry have given a standing ovation to Fidelity Bank Plc for its recently-launched new digital payment solution called PayGatePlus. Powered by OnePipe, PayGatePlus is a next-generation embedded finance platform that enables organisations in any sector to seamlessly integrate financial services into their existing offerings. The platform offers services such as web payments, virtual accounts, funds transfer, direct debit, online collections via NIBSS Instant Payment (NIP), BVN validation, and Buy Now, Pay Later. Those who commented on the initiative said the one-stop solution for payments that caters essentially for all business categories

ADDRESS BY H.E. MUHAMMADU BUHARI, PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA ON THE COVID- 19 PANDEMIC SUNDAY 29TH MARCH, 2020 1. Fellow Nigerians, 2. From the first signs that Coronavirus, or COVID-19 was turning into an epidemic and was officially declared a world-wide emergency, the Federal Government started planning preventive, containment and curative measures in the event the disease hits Nigeria. 3. The whole instruments of government are now mobilized to confront what has now become both a health emergency and an economic crisis. 4. Nigeria, unfortunately, confirmed its first case on 27th February 2020. Since then, we have

A subsidiary of Honeywell Group Limited, Honeywell Flour Mills Plc, has put together an online food contest tagged Honeywell Cook-Off Competition. This is the first cooking competition to be executed in the Nigerian flour milling industry and it is currently exciting online foodies in Nigeria and across the globe. The cooking competition, which is hosted by Tobi Bakre, a renowned social media influencer and 2018 Big Brother Naija finalist, has gained prominence on social media and in the food industry in the country. The contestants in the show are expected to prepare delicacies made from Honeywell products with an emphasis

By Adedapo Adesanya The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to strengthen its banking supervision to prevent some crucial Nigerian banks from failing due to its planned recapitalisation. Last Friday, the Governor of CBN, Mr Olayemi Cardoso, said the CBN would be directing banks to increase their capital base to serve a $1 trillion economy to be achieved by 2030. In a statement signed by Mrs Chinyere Almona, the director general of LCCI, the chamber said, “On recapitalisation of banks, we commend the plan of the apex bank to review the

By Dipo Olowookere The recent decline in the prices of crude oil on the global market is beginning to take its toll on the external reserves of Nigeria. The black gold remains the main source of foreign exchange for the Africa’s largest economy. In the 2019 national budget signed into law by President Muhammadu Buhari in May this year, the oil benchmark was pegged at $60 per barrel. However, in the past few days, the price of the commodity, especially the Brent Crude, which Nigeria’s oil is priced, had been sold in below the benchmark, giving some observers something to