$2.4bn Stolen Crude: Reps Invite Finance Minister, SGF

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the black market arms of the foreign exchange (forex) market on Friday, September 29, as a turbulent third quarter ended. In the official segment, the local currency improved its value against the greenback by 2.6 per cent or N20.04 to close at N755.27/$1, in contrast to the preceding day’s N775.31/$1 amid a drop in the supply of FX into the system by 11.6 per cent or $16.73 million to $127.82 million from the $144.55 million published on Thursday. In the

For maritime businesses, the stakes are high, and the seas can be unpredictable. Whether you own a shipping fleet, operate a fishing company, or oversee marine logistics, safeguarding your assets with the right marine insurance is prudent. It’s also essential for the sustainability of your enterprise. Here are some tips for how to find the best marine insurance provider. By following these strategic steps, you can ensure your business remains afloat, even in the face of unforeseen challenges. 1. Assess Your Maritime Needs The first crucial step towards securing the ideal marine insurance provider is a comprehensive assessment of your

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Modupe Gbadeyanka The Kwara State government said it used some of the funds earlier looted by government officials, but later recovered were used to establish isolation centres in the state. The centres were set up to fight the dreadful coronavirus, which has infected not less than four persons in the north central state of the federation. Recall that recently, the Economic and Financial Crimes Commission (EFCC) handed over about N200 million recovered from those who allegedly looted them to the state government. The funds were received on behalf of the state government by the Kwara State Governor, Mr AbdulRaman

By Adedapo Adesanya The National Oil Spill Detection and Response Agency (NOSDRA) has disclosed that a minimum of 383 oil spill incidents were recorded in 2021, lower than the 443 spills recorded in 2020 by 13.5 per cent. In its latest oil spill report, NOSDRA stated that 33 of the 383 publicly available oil spill records for 2021 were not visited by a joint investigative team, while 122 of these spills had no estimated quantity provided by the company operating the assets from which the spills occur. The oil spill remediation agency disclosed that based on available 23,897.271 barrels of

By Modupe Gbadeyanka Minister of Labour and Employment, Mr Chris Ngige, has expressed shock over media reports credited to the National Chairman of the National Association of Joint Health Sector Unions (JOHESU), Comrade Biobeleye Joy Josiah, that the Federal Government should be blamed for the union’s on-going strike, accusing the Labour Minister of travelling the day he was supposed to meet with the union. Mr Ngige, while speaking on Tuesday at the conciliation meeting with JOHESU, which also had the Minister of Health, Prof Isaac Adewole, as well as relevant government agencies in attendance, confronted Comrade Biobeleye over the alleged

By Dipo Olowookere It was a good week for Chapel Hill Denham Securities Limited as it closed as the most active stockbroker at the Nigerian Stock Exchange (NSE). Data obtained by Business Post showed that during the five-day trading week, the company transacted 309.7 million stocks, contributing 11.67 per cent of the 1.5 billion shares bought and sold through the top 10 brokerage firms in the week. In the second place was Fortress Capital, which traded 256.1 million equities and contributed 9.64 per cent, while EFG Hermes Nigeria transacted 153.0 million stocks and contributed 5.76 per cent, with Rencap Securities

By Modupe Gbadeyanka Residents of some communities along the Obajana-Kabba Road have commended the Group President of Dangote Group, Mr Aliko Dangote, describing him as God sent. They said the decision of the billionaire businessman to construct the 43 kilometres road through Dangote Industries Limited (DIL) has improved economic activities in the area. The Obajana-Kabba concrete road has been described by motorists as the country’s most strategic highway because it aids travellers between the North and the South. The Bajana of Obajana Land, Mr Idowu Senibi, while commenting on the project, said “our society will be opened as you can

By Adedapo Adesanya Nigeria has announced it was ready to make additional oil output cut from July to September to compensate for producing more than its quota in May and June. This was disclosed by the Ministry of Petroleum Resources in a statement on Twitter ahead of talks between OPEC and its allies to extend a deal to curb supply by record amounts. “Nigeria reconfirms our commitment under the existing agreement,” the Ministry wrote. The country also said it subscribes to the concept of compensation by countries who are unable to attain full conformity (100%) in May and June to

By Dipo Olowookere The high interest rate being charged by commercial banks in the country has caught the attention of the Senate and this would be discussed during plenary this week. Senate President, Mr Bukola Saraki, told reporters on Saturday in Ilorin, Kwara State that he and his colleagues will look into the matter with a view to prevailing on the lenders to cut the rate. Mr Saraki noted that the high interest rates being charged by commercial banks on loans to customers could have adverse effect on the country’s economy, particularly for entrepreneurs who need borrowed funds to stay

By Modupe Gbadeyanka The Bank of Industry (BoI) on Friday launched a N1 billion solar energy fund for use by Micro, Small and Medium Enterprises (MSMEs) across the country. The News Agency of Nigeria(NAN) reports that the intervention fund aims at providing alternative and renewable energy for small businesses. Mr Waheed Olagunju, the Acting Managing Director of BoI, said at the ceremony that renewable energy would provide healthy and sustainable alternative to the use of harmful fossil fuels. Mr Olagunju said the solar project would afford beneficiaries long-term cost saving advantages, especially in the absence of reliable power supply. He