Angola President Holds Talks with Sonangol, Oil Operators

By Professor Maurice Okoli Amid heightened criticisms and intense debates over several significant global issues including new financial architecture, economic diversification, growing debts and reforms, the International Monetary Fund (IMF) and the World Bank, on October 15 wrapped up their week-long annual meetings held under the theme “Global Action, Global Impact” in Marrakesh, Morocco in North Africa. With the rapid geopolitical changes, it featured prominently finance ministers and central bank governors from 190 countries in desperate search of comprehensive mechanisms and suitable approaches to address the prevailing economic crisis across the globe. The coordinated annual meetings also reviewed its scope

By Professor Maurice Okoli Over the past few years, African Union, the continental organization, has made intra-African trade its newest flagship and has created the Intra-African Trade Fair (IATF), which provides a unique and valuable platform for potential investors to support the continent’s transformation through industrialisation and export development, for businesses to access adequate trade and market information, and operate in an integrated single African market of over 1.4 billion people with a combined gross domestic product of over $3.5 trillion under the African Continental Free Trade Area (AfCFTA). Organized by the African Export-Import Bank (Afreximbank), in collaboration with the

By Kestér Kenn Klomegâh As stipulated by the guidelines, Russia takes over the rotating chairmanship of BRICS (Brazil, Russia, India, China and South Africa) from January 2024. There are high hopes a lot more will change, especially towards widening its numerical strength and increasing support for the Global South. In addition, there is also the expectation that BRICS will consolidate its role within the emerging geopolitical processes and global competition for Africa. China and Russia are currently making efforts to assert influence more aggressively, despite the challenges and obstacles, in cooperating with Africa. According to authentic reports, a number of

By Kestér Kenn Klomegâh The World Bank has approved a $1 billion loan to support South Africa’s energy sector which is currently experiencing worse conditions including inadequate funds for overhauling, renovation and upgrading. Energy experts believe that the World Bank’s loan, which seems the last resort, would pull South Africa out of its persistent energy crisis that has adversely hit industrial production. The energy problem has forced the country to lean on its highly polluting coal-fired power stations and consistent difficulties of generating enough electricity for its 62 million people. The state-run power utility, Eskom, generates approximately 80% of the

By Investors Hub The major U.S. index futures are pointing to a roughly flat opening on Monday, with stocks likely to show a lack of direction after ending last Friday?s trading mostly higher. Traders may be reluctant to make any significant moves amid a lack of major U.S. economic news following the slew of data and events last week. The economic calendar remains relatively light throughout the week, although traders are likely to keep an eye on reports on producer and consumer price inflation. On the earnings front, Disney (DIS), Tyson Foods (TSN), Tenet Healthcare (THC), Office Depot (ODP), CVS

By Dipo Olowookere Bargain hunting by investors left trading activities on the floor of the Nigerian Stock Exchange (NSE) in the green zone on Friday. The Nigerian stock market, when transactions were brought to an end today, finished 0.74 percent higher, expanding the year-to-date return to 11.32 percent, while the market breadth closed positive with 26 price gainers and nine price losers. Business Post reports that Nigerian Breweries led the gainers’ chart today with an appreciation of N7.10k to close at N130 per share. CAP Plc followed with N3 growth to end at N38 per share, and International Breweries, which

By Dipo Olowookere No fewer than 1000 entrepreneurs turned out for the Lagos audition of the Heritage Bank Plc’s foremost entrepreneurial reality TV show popularly called the Next Titan. Venue of the audition, Excellence Hotel in Ogba, was filled with those who came to compete for the grand price the competition has to offer. Overwhelmed with the turnout, Head of Digital and Content of the financial institution, Mr Chibuike Agu, commended the participants for their determination to take part in the annual contest. He advised the contestants to open their mind to the opportunities that would come their way while

By Aduragbemi Omiyale The new owners of Polaris Bank Limited, Strategic Capital Investment Limited (SCIL), have appointed Mr Adekunle Sonola as the new Managing Director/Chief Executive Officer. This followed the acquisition of the 100 per cent equity stake in the bank for N50 billion and the agreement to pay the N1.3 trillion injected into the lender by the Central Bank of Nigeria (CBN) over the next 25 years. Mr Sonola, who is replacing Mr Innocent C. Ike, has more than 33 years of experience in the African financial services sector, most recently as Executive Director of Commercial Banking at Union

By Dipo Olowookere The Nigerian Exchange (NGX) further appreciated by 0.34 per cent on Wednesday as buying interest in MTN Nigeria and some banking stocks by investors persisted. MTN Nigeria had earlier this week announced receiving final approval from the Central Bank of Nigeria (CBN) to provide financial services to Nigerians. This triggered interest in the company’s shares as investors believe, going by the pedigree of the telco, it will not take long before it becomes a force to reckon with in the sector, translating into more income streams for the organisation and eventually more dividends to shareholders. The buying

By Adedapo Adesanya Investors purchased the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday for N386, the same rate it was exchanged the previous, indicating that the Naira remained stable in the session. Business Post observed that the stability was recorded as the Central Bank of Nigeria (CBN) ensured that there was forex liquidity at the market segment yesterday to meet the demands of the customers, being a weekend. At the trading session, investors demanded more Dollars than the previous session as transactions worth $59.64 million were carried out compared with Thursday’s

By Adedapo Adesanya The British national, Mr James Nolan, who jumped bail in the alleged $9.6 billion Process and Industrial Development (P&ID) Limited scandal, on Monday, opened his defence in absentia without calling any witnesses. Mr Nolan’s counsel, Mr Michael Ajara, told Justice Donatus Okorowo of a Federal High Court (FHC), Abuja that he does not intend to call any witness upon resumed hearing in the matter. Mr Ajara told the court that after his evaluation of the evidence of the Economic and Financial Crimes Commission (EFCC), the prosecution in the matter, he would be relying on the case of

By Aduragbemi Omiyale First Bank of Nigeria Limited has been directed to pay the benefits of one of its deceased staff, Mrs Chika Chukwu, within 30 days, Business Post reports. This directive was given by Justice Faustina Kola-Olalere of the Port Harcourt division of the National Industrial Court. The court further orders the financial institution to write a sympathy letter to the husband of the late employee, Mr Ori Chukwu, which must be signed by its Managing Director. Ruling on the matter, the judge said the lender must pay Mr Chukwu, who is now the administrator of the estate of