Image
17-September-2023

Enugu Group Congratulates Governor Mbah on Supreme Court Victory

By Modupe Gbadeyanka A socio-political group known as Save Enugu Group has congratulated Governor Peter Mbah of Enugu State on his recent Supreme Court victory. The organisation described the victory as well-deserved, urging politicians in the state to join forces with the governor to move the state forward. Last Friday, the country’s apex court dismissed an appeal filed by the candidate of the All Progressives Congress (APC) in the governorship election in the state, Mr Uche Nnaji. The opposition party challenged the victory of Mr Mbah of the Peoples Democratic Party (PDP) in the March 18, 2023, gubernatorial poll, asking

Image
17-September-2023

SERAP Drags Tinubu to Court Over Pension for Ex-Governors in Cabinet

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has filed a suit against President Bola Tinubu over his failure to stop the former governors now serving as ministers in his administration from collecting life pensions and other retirement benefits from their states. The ministers mentioned in the suit are Mr Badaru Abubakar, Mr Nyesom Wike, Mr Bello Matawalle, Mr Adegboyega Oyetola, Mr David Umahi, Mr Simon Lalong, Mr Atiku Bagudu and Mr Ibrahim Geidam. In the suit number FHC/L/CS/1855/2023 filed last Friday at the Federal High Court in Lagos, the ministers are to be joined in the suit

Image
17-September-2023

NNPC, Indorama Seal Deal to Deepen Nigeria’s Gas Strategy

By Adedapo Adesanya Following President Bola Tinubu’s visit to India last week, the country’s oil company, the Nigerian National Petroleum Company (NNPC) Limited, has signed a memorandum of understanding (MoU) with Indorama Eleme Petrochemicals Limited on gas supply in a bid to promote the use of natural gas by large-scale gas utilization industries. The deal, if actualised, will allow both parties to explore and develop suitable opportunities within the remits of their interests across the hydrocarbon value chain in Nigeria. According to NNPC Group Chief Executive Officer (GCEO), Mr Mele Kyari, “NNPC Limited is on the threshold of making value

Image
15-September-2023

NUPRC Chooses 42 for Gas Flare Commercialisation Bids

By Adedapo Adesanya Twenty-two oil and gas companies have been selected as successful bidders for the gas flare commercialisation programme of the Nigerian Upstream Petroleum Regulatory Commission ((NUPRC). The 2022 Nigerian Gas Flare Commercialization Programme (NGFCP) auction process was for 49 Flare Sites put forward by the agency under the erstwhile administration of Mr Muhammadu Buhari. The immediate past government in December 2016 launched NGFCP to involve third-party investors or off-takers in harnessing gas released as a by-product of oil production, a crucial part of the seven big wins of the administration for the oil and gas sector. Launched by

Image
15-September-2023

Tinubu Appoints Ganduje to Lead Livestock Reforms, Settle Farmers-Herders Rift

By Adedapo Adesanya President Bola Tinubu has approved the establishment of a presidential committee headed by the former governor of Kano State, Mr Abdullahi Ganduje, to reform Nigeria’s livestock industry and provide long-term solutions to recurring clashes between herders and farmers in the country. The President announced the establishment of the committee on Thursday in Abuja, following the submission of a report from the National Conference on Livestock Reforms and Mitigation of Associated Conflicts in Nigeria. The President explained that the committee is expected to collaborate with the Federal Ministry of Agriculture and Food Security and propose recommendations aimed at

Image
15-September-2023

States to Play More Role in Harnessing Solid Mineral Resources—Alake

By Adedapo Adesanya The Minister of Solid Minerals Development, Mr Dele Alake, has reiterated that his ministry would work with state governors to harness mineral resources for maximum socio-economic development of the country as the federal government seeks to explore all alternative revenue sources away from oil and borrowing. Mr Alake gave this assurance when the Governor of Nasarawa State, Mr Abdullahi Sule, paid him a courtesy visit in his office at the ministry’s headquarters in Abuja on Thursday. He noted that the ministry was determined and committed to harnessing the nation’s mineral resources, emphasising that Nasarawa State and other

Image
15-September-2023

NGX Group Mourns Pa Akintola Williams

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Group Plc and its subsidiaries have expressed sadness over the death of one of its founding fathers, Pa Akintola Williams. Mr Williams, a renowned chartered accountant, peacefully died in his sleep, according to his family, on Monday, September 11, 2023, at the age of 104. In a statement issued on Thursday, the NGX Group described the death of Mr Williams as a “profound loss to the Nigerian capital market” and the country. He was the last surviving signatory to the original Memorandum and Articles of Association of the Nigerian Stock Exchange (NSE), which

Image
14-September-2023

Power Minister Blames Fire Outbreak for National Grid Collapse

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has revealed that a fire outbreak at the Kainji/Jebba line caused the national grid collapse that has resulted in the general power outage experienced all over the country. In a statement shared on X, formerly known as Twitter, he said the outbreak has been taken care of and called for calm as the issue is resolved. He wrote, “At 00:35Hrs this morning, a fire outbreak with an explosion sound was observed on Kainji/Jebba 330kV line 2 (Cct K2J) blue phase CVT & Blue phase line Isolator of Kainji/Jebba 330kV line1

Image
14-September-2023

Stanbic IBTC Pension Managers Seeks Entries for FUZE Talent Show 2.0

By Aduragbemi Omiyale All is now set for the second edition of the FUZE Talent Show, an initiative of Stanbic IBTC Pension Managers, created to give youths an opportunity to showcase their brilliance in music, dance, fashion, technology, and innovation. In the inaugural season in 2022, over 7,000 entries were received, with over 2 million views garnered, with the winners announced at an electrifying grand finale and concert tagged the FUZE Festival. Building on the success of the first edition, Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings, is set for the second and has asked intending participants

1 2 3 4 5 6 7 8 9 10 11 12
Ad
Ad
Recent Stories
Image
27-September-2023

Banking, Energy Stocks Slurp N126bn from Nigerian Exchange

By Dipo Olowookere The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Tuesday, chopping off 0.34 per cent from the local bourse despite assurances from Mr Yemi Cardoso he would endeavour to ensure the Central Bank of Nigeria (CBN) restores its independence. Mr Cardoso was confirmed as the new CBN Governor by the Senate yesterday and he promised to formulate evidence-based monetary policies, a departure from his predecessor, Mr Godwin Emefiele, who was accused of romancing the President and coming up with trial-and-error policies. Business Post reports that investors were more interested in trimming their exposure to

Image
26-September-2023

Senate Confirms Cardoso as CBN Governor, Pledges Evidence-Based Policies

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

Image
26-September-2023

AFC Gets $300m Chinese Loan to Boost Trade Finance

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

Image
26-September-2023

Fluenta Installs Technology to Reduce Gas Flaring at Dangote Refinery

By Adedapo Adesanya Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

Image
26-September-2023

Smart Recycling Hub Opens in Ibadan

By Aduragbemi Omiyale A smart recycling hub has been unveiled at the Ojoo terminal in Ibadan, the Oyo State capital, courtesy of a waste management consultant, Mottainai Recycling Limited. The facility was opened on Monday at a ceremony attended by the representatives of the state government, the consultant, and the Akinyele Local Government, among others. The Director of Environment of the local council, Mrs Ahmed B.D., said the initiative was aimed to raise awareness among traders, market women, and the general public about climate change, stressing the hazards and consequences of indiscriminate waste disposal, and other undesirable waste management practices.

Image
26-September-2023

Small Business Owners Fret Over Exchange Rate Instability

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

Image
26-September-2023

NGX RegCo’s Code of Conduct for Stockbrokers Takes Effect October 3

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

Image
26-September-2023

Sustainable Development is a Necessity for Every Society in the World

By Professor Maurice Okoli For the majority of African leaders and delegates, it was a momentous achievement, to participate and contribute speeches with diverse themes at the podium during the 78th session of the UN General Assembly (UNGA) in New York. The UNGA traditionally meets in September, the highest global gathering to make several significant decisions on what the organization, consisting of 193 UN members, is generally expected to do. It has wrapped up its 78th annual session with another huge pack of commitments to engage in reshaping a better life for the entire population and Development paradigms in the

Image
26-September-2023

Equinor to Sell 20.2% Stake in Nigeria Oil Field Asset to Chappal

By Adedapo Adesanya A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami. According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria. In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining

Image
26-September-2023

400-year-old British Institution Opens $150m School in Lagos

By Adedapo Adesanya A 400-year-old British educational institution, Charterhouse, has commissioned its first African school, currently in progress on a sprawling 70-hectare site located at Ogombo in Lekki, Lagos. The introduction of Charterhouse Lagos marks the convergence of British independent school heritage with cutting-edge educational practices, ushering in a new era of excellence in West African education. Charterhouse Lagos will represent a remarkable educational undertaking in the commercial capital of the country, with the planned $150 million campus expected to be fully delivered in 2028. The school’s development will unfold gradually, with the first intake of primary school students in