The Organisation of the Petroleum Exporting Countries (OPEC) and the non-member countries of the organisation (OPEC+) on Tuesday signed a draft `Charter of Cooperation’ in a bid to further strengthen their partnership. The charter now replaces the `Declaration of Cooperation’, which was reached in Dec. 2016 between the two groups. Speaking at the end of … Read more
Organisation of the Petroleum Exporting Countries (OPEC) in Vienna on Monday re-elected Nigeria’s Mohammed Barkindo as Secretary-General for a three-year tenure. The oil bloc also approved a nine-month extension for the global oil cut. Barkindo, born 20 April 1959 in Yola, was first appointed August 1 2016. He previously served as OPEC Acting Secretary General … Read more
Activities on the Nigerian equities Market opened for the month of July on a negative note with the crucial market indices dropping by 1.18 per cent. Specifically, the All Share Index lost 352.26 points or 1.18 per cent to 29,614.61 compared with 29,966.87 achieved on Friday. Also, the market capitalisation which opened at N13.206 trillion … Read more
The federal government says it has paid N135 billion of all outstanding PAYE tax liabilities owed by Federal Ministries, Departments and Agencies (MDAs) for 14 years to various states governments. The Chairman of Joint Tax Board, Tunde Fowler, said this at a programme tagged; “Go-Live’’ for the New National Tax Identification Number (TIN) Registration System … Read more
The naira on Monday traded at N359 to the dollar at the parallel market in Lagos. The pound sterling and the euro exchanged at N462 and N407, respectively. At the Bureau De Change (BDC) window, the naira was sold at N360 to the dollar, while the pound sterling and the euro closed at N462 and … Read more
The Nigerian Stock Exchange (NSE) market capitalisation on Tuesday continued in a losing streak, dropping by N98 billion. The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N13.354 trillion shed N98 billion or 0.73 per cent to close at N13.256 trillion. Also, the All Share Index (ASI) dropped 222.36 points, … Read more
Shareholders of Union Bank of Nigeria (UBN) on Tuesday endorsed the proposed reduction of N54.4 billion from the bank’s share premium account aimed at restructuring its balance sheet for optimal performance. They gave the approval at the bank’s Extra-Ordinary General Meeting (EGM) held in Lagos. The bank’s Chairman, Cyril Odu, said the company’s financial position, … Read more
A 34-year-old Salihu Danladi from Ilesha Gwanara constituency of Baruten Local Government Area has been elected as the Speaker of the Kwara State House of Assembly. Danladi was elected after Saheed Popoola, the only returning member in the Assembly nominated Danladi as the Speaker and was seconded by Haliru Danbaba. He was thereafter adopted by … Read more
The Nigerian equities market resumed trading for the week on consolidation of a five-day losing streak with a loss of N48 billion due to bargain hunting. Specifically, the market capitalisation on Monday shed N48 billion or 0.36 per cent to close at N13.354 trillion against N13.402 trillion. Also, All-Share Index lost 109.94 points or 0.36 … Read more
Following the ex-parte order of the Federal High Court, Ikoyi Lagos in suit no: FHC/L/CS/910/19, in Mr. Jubril Adewale Tinubu and Anor V Securities and Exchange Commission (SEC) and Anor, the commission has announced the suspension of Oando Plc’s Annual General Meeting (AGM) slated for Tuesday June 11, 2019 till further notice. According to SEC, … Read more
The FSDH Bank Head of Research, Ayodele Akinwunmi, while presenting the monthly economic and financial markets outlook for June in Lagos, at the weekend stated that the nation’s economy is presently in need of fiscal direction, removal of fuel subsidy and transparent channeling of the proceeds to infrastructure and social investments, as well as competitive … Read more
The Chief Executive Officer and Executive Director of FCMB Bank (UK) Limited, James Benoit, has challenged African economies on the need to look inwards and create wealth that will ensure sustainable development of the continent and reduce over reliance on foreign remittances. Besides, while admitting that Nigeria’s dependence on Diaspora remittances may not just disappear, … Read more
No fewer than 10 stockbroking companies traded 39.09 billion shares, worth N537.966 billion, representing or 55.31 per cent of the total shares traded on the Nigerian Stock Exchange (NSE) in the first five months of the year. The broker performance report by NSE for January 1, to May 31, 2019, showed that the top 10 … Read more
Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), on Saturday emphasised the need to strengthen efforts over the coming years to stimulate growth and create jobs in critical sectors to insulate the economy from global shocks. Emefiele said this while giving a welcome address at a consultative roundtable titled, “Going for Growth” … Read more
The National Bureau of Statistics (NBS) said the country recorded a total trade value of N8.2 billion for the first quarter of 2019, representing a growth of 2.50 per cent when compared to the previous quarter, (fourth quarter, 2018). The NBS said this in its Foreign Trade in Goods Statistics for First Quarter of 2019 … Read more
The Nigerian Gas Marketing Company (NGMC) has announced a profit after tax of N12.476 billion for the year ended December 31, 2018. This was disclosed in a statement issued by the Nigerian National Petroleum Corporation (NNPC) Group General Manager, Group Public Affairs Division, Ndu Ughamadu, in Abuja on Friday. Mr Ughamadu disclosed that the NNPC … Read more
Bank customers in the Federal Capital Territory (FCT) and Lagos on Tuesday decried poor network and insufficient funds in most Automated Teller Machines (ATMs). The News Agency of Nigeria (NAN) reported that at the time of filing this report, many customers were seen stranded and on long queues at ATMs waiting to make different transactions. … Read more
Godwin Emefiele, Governor of the Central Bank of Nigeria, CBN, has begun his second tenure, following the confirmation of his re-appointment by the Senate on May 16. According to a statement by the Director Corporate Communications, Mr Isaac Okoroafor, Emefiele was sworn in by the Bank’s Secretary and Director, Corporate Secretariat Department, Mrs Alice Karau. … Read more
Mr. Mutiu Olaniyi Adio Sunmonu, ex-CEO of Shell Petroleum Development Company of Nigeria, has been appointed by the Securities and Exchange Commission to take over Oando. Sunmonu will lead an interim management of Oando Plc, pending the constitution of a substantive management for the indigenous oil company. Sunmonu was a former managing director of Shell … Read more
A senior Iranian commander has dismissed the United States’ aggressive posturing against Iran, reasoning that any potential confrontation in the Persian Gulf would instantly increase oil prices to over 100 dollars per barrel, something that Washington and its allies would not be able to endure. Major General Yahya Rahim Safavi, a top military adviser to … Read more