Some 1.14 billion shares of Stanbic IBTC Holding were sold at 53.75 naira each the stock exchange said on Friday in a block deal valued at about $195 million. The deal was negotiated trade between seller Rencap Securities Ltd and buyer Stanbic IBTC Stockbrokers Ltd. Stanbic IBTC Holding’s shares closed at 46.60 naira. Stanbic IBTC […]
More companies are lining up to list on the Lagos stock exchange, kick starting Nigeria’s IPO market after a long drought. Sources familiar with matter said two companies – Skyway Aviation Handling Company (SAHCOL) and Nigerian Reinsurance Corporation – were preparing for initial public offerings this year, while Singapore-owned Indorama Eleme Petrochemicals Ltd planned a […]
The Court of Appeal Lagos, on Friday, discharged and acquitted a former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Patrick Akpobolokemi, who was charged with alleged N2.6 billion fraud. Others charged alongside Akpobolokemi were Ezekiel Agaba, Ekene Nwakuche, Governor Juan, Blockz and Stonz Ltd and Al-Kenzo Logistics Ltd. In a lead judgment […]
Benchmark indices for oil were in a wide spread Thursday as U.S. oil inventories swell and global economic pressures intensify on the back of tariff concerns. U.S. President Donald Trump is widely expected to follow through with a decision to impose tariffs on steel and aluminum imports from Canada, Mexico and the European Union, among […]
Barclays Africa plans to join the Nigerian Stock Exchange in July and is exploring opportunities in three other African countries, in a move to create access for foreign investors looking to tap into markets on the continent. Garth Klintworth, head of markets for Barclays Africa Group, on Thursday said its subsidiary Absa Nigeria had acquired […]
Saudi Arabia, other OPEC states and non-OPEC allies aim to stick to a global pact on cutting oil supplies until the end of 2018 but are ready to make gradual adjustments to offset any supply shortage, a Gulf source familiar with Saudi thinking said. The oil producers participating in the output reduction deal are satisfied […]
Emirates Airline is to launch a premium economy class on its aircraft from 2020, according to its President Tim Clark, which could help the carrier attract higher spending travelers. Premium economy costs more than economy class tickets, but less than business class. Its introduction by Emirates could increase competitive pressure on rival Gulf airlines Qatar […]
Despite calling their decisions to not report tax information both “unprecedented” and “disappointing,” the chairman of Extractive Industries Transparency Initiative said Wednesday that he would not recommend Chevron and ExxonMobil be removed from the initiative. EITI is a “global standard to promote transparent and accountable management of natural resources,” and includes 51 implementing countries, according […]
Oil prices climbed on Wednesday, supported by tight supplies, forecasts of a drawdown in U.S. crude inventories, and a weaker dollar. Brent rose $1.98, or 2.6 percent, to $77.37 a barrel by 11:52 a.m. EDT (1552 GMT). U.S. crude gained $1.62, or 2.4 percent, to $68.35. Oil has been pressured by reports that the Organization […]