Author: Patience

The Minister of Youth and Sports Development, Sunday Dare, says there are six states who are bidding to host the next National Sports Festival in 2024. Dare stated this after watching a gymnastics competition in the multipurpose indoor sports hall of the Stephen Keshi Stadium, Asaba at the ongoing 21st NSF. Dare added that confirmed that the Tony Nelsen-led committee responsible for picking the next hosts will submit their report on Friday. “There is a process. By December 9th, my director, Tony Nelsen, will present to me the state that will host but until then, I won’t be able to…

Asia’s stock markets slipped on Wednesday as reality bit on hopes for a soft economic landing in the United States, curbing investors’ enthusiasm about China’s major shift in its tough zero-COVID policy. Warnings from big U.S. banks about a likely recession next year pushed the S&P 500 (.SPX) lower for a fourth straight session on Tuesday and the brakes have come on a rally that has lasted almost two months. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.2% and Japan’s Nikkei (.N225) fell 0.7%. “Some of the optimism that had driven the rally is being put to…

Oil futures were little changed in Asia on Wednesday as hopes of improved Chinese demand offset uncertainty about how a Western cap on Russian oil prices would play out, keeping markets on edge after a sharp fall in the previous session. Brent crude futures edged up 3 cents, or 0.04%, to $79.38 a barrel by 0717 GMT, after they fell below $80 for the second time in 2022 during the previous trading session. U.S. crude futures mostly traded sideways, and were down 9 cents or 0.12% to $74.16 a barrel. Brent’s slump on Tuesday was the largest daily decline since…

Airtel Africa Plc has signed a new $194 million facility with the International Finance Corporation (IFC), a sister organisation of the World Bank and a member of the World Bank Group. The new financing facility is in line with Airtel’s Africa strategy to increase debt within its operating companies. The facility has a tenor of eight years and will be used to support Airtel Africa’s operations and investments in the Democratic Republic of Congo, Kenya, Madagascar, Niger, Republic of Congo and Zambia, providing more diversified access to local funding. Segun Ogunsanya, chief executive officer, of Airtel Africa Plc said: “I…

The Central Bank of Nigeria (CBN) has announced a new policy that mandates deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100, 000 and N500, 000, respectively, per week. The revised cash withdrawal limits, contained in a circular issued today by the apex bank, will take effect nationwide on January 9, 2023. After the policy takes effect, all cash withdrawals above the stated limits will attract processing fees of 5% and 10%, respectively. The new policy is coming barely weeks after President Muhammadu Buhari launched the newly…

Nigeria’s crude oil production is recovering, climbing right back to about 1.6 million barrels. Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Bala Wunti, said this at the 11th Practical Nigerian Content forum in Uyo, Akwa-Ibom state on Tuesday. According to him, Nigeria’s oil production as of Tuesday was 1. 6 million barrels per day, from 937, 000 barrels per day reported in September. Wunti maintained that the output increase was a result of the government’s rectangular approach to the fight against crude oil theft. “Crude theft affects all architecture that funds the country. When the oil theft reached…

At the Annual General Meeting of Ellah Lakes Plc held in Lagos on Thursday, December 1, the shareholders authorized among others that the Board of Directors should raise capital of N2.90 billion or such other amount as they may determine by way of a Rights Issue of ordinary shares to its shareholders. The Rights Issue will be executed at such price, time, period and on such other terms and conditions as the Board of Directors may deem fit. At the meeting, the Company’s audited financial statements for the year ended July 31, 2022, together with the reports of the Directors,…

The Nigerian equity market closed trading activities for last week in green, although investors’ bullish sentiment was dominant in two out of the five trading sessions, sustaining the gaining streak for the third time in a row. The market positive performance for last week was as a result of market watchers increased buying-appetite for bellwether stocks like; AIRTELAFRI, ZENITHBANK,MTNN,PRESCO and others, as all the major sectors advanced with the exception of the Consumer and Industrial goods sector, which declined by (-0.61%) and (-1.20%) respectively. Investors’ wealth grew by N326.97billion last week, as a total of 37 stocks appreciated last week…

The Central Bank of Nigeria said the non-oil export proceeds repatriated into Nigeria soared to $4.987bn in 2022 from $3.1bn recorded in 2021. The bank further said in a bid to widen the foreign exchange revenue generation, it paid N81bn in rebates to non-oil exporters in the country. The Governor of the CBN, Godwin Emefiele, made this disclosure on Tuesday during the second edition of the RT200 Bi-annual Conference dubbed, “RT200 Non-Oil Export Program: The Journey So Far” in Lagos. Emefiele noted that of the $4.987bn, only $1.96bn qualified for the rebate programme. The apex bank governor added that $1.559…

Nigeria’s pension assets under management by Pension Fund Administrators (PFAs) rose to N14.59 trillion as at the end of October 2022. According to figures released Tuesday by the National Pension Commission (PenCom), the total pension assets increased by N164.44 billion from N14.424 trillion in September. The commission said 9,850,094 Retirement Savings Account (RSA) holders have enrolled into the Contributory Pension Scheme as of October, while 84,000 have enrolled into the Micro pension plan (MPP) as of the end of September. In terms of assets distribution on investment, Federal Government securities continue to maintain leadership position with 63.23 percent of the…