60 Nigerian Crude Oil Cargoes Remain Unsold

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya Crude oil closed on a positive note on Friday, October 29 supported by expectations that the Organization of the Petroleum Exporting Countries, Russia and their allies, jointly known as OPEC+, would maintain production cuts. Brent crude rose by 6 cents or 0.07 per cent to close at $84.38 per barrel, while the United States benchmark, West Texas Intermediate (WTI), gained 76 cents or 0.92 per cent to end at $83.57 per barrel. Even as Iranian supply may come online, it looks like OPEC+ is unlikely to raise production which has strengthened the market. The 23-man alliance has

By Adedapo Adesanya Oil rose on Friday and posted a weekly gain as higher Chinese demand and supply cuts from the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) lifted prices. Brent crude gained 94 cents to settle at $76.61 a barrel, while the US West Texas Intermediate (WTI) crude rose $1.16 to $71.78 per barrel. On a week-on-week basis, Brent appreciated by 2.4 per cent, and WTI improved by 2.3 per cent. Oil has gained this week on hopes of growing Chinese demand. China’s refinery throughput rose in May to its second-highest total on record. There are

By Adedapo Adesanya Chinese phone maker, Vivo, has been announced as the only official sponsor in the smartphone industry of the FIFA World Cup Qatar 2022, set to begin next month. The company’s new foldable device, the X Fold+, which was launched in mainland China in conjunction with FIFA’s 118th anniversary, is the first official foldable smartphone and will appear in Qatar 2022 matches to provide support for the preparation and staging of the event. As the exclusive official smartphone sponsor of the FIFA World Cup Qatar 2022, Vivo will connect international football fans who are as passionate about the

By Dipo Olowookere After her resignation from Dangote Flour Mills Plc following its N120 billion sale to Olam, Ms Halima Aliko Dangote has been appointed as the Group Executive Director in charge of Commercial Operations at Dangote Industries Limited (DIL), one of Africa’s largest and most diversified business conglomerates. Ms Dangote, according to a release by the company, is returning to the firm after serving on secondment in several capacities across two of its Business Units over the last five years. She is also a Trustee of the Aliko Dangote Foundation, the philanthropic arm of the conglomerate. In her new

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has started to clear outstanding matured FX forwards in banks. but despite the widespread reports that over 75 per cent has been cleared, Business Post can authoritatively report that only about 2 per cent has been settled. A source familiar with the matter told this publication that, “They delivered only about $250 million or so this morning.” A business publication, Business Day, had earlier today reported that the apex bank cleared up to 80 per cent of its forwards. However, upon enquiry, the source, who works for a top firm in

By Modupe Gbadeyanka Pan-African financial institution, Guaranty Trust Bank (GTBank) Plc, has come up with an initiative aimed at giving young African fashion designers the opportunity to showcase their skills. The new platform, Sketch to Fame, is part of the GTBank Fashion Weekend initiative created to promote enterprise in the African fashion industry. According to a statement from the lender, the Sketch to Fame challenge will allow participant showcase their original collection produced and showcased at the 2018 GTBank Fashion Weekend. Fashion designer will have to share five of their amazing original sketches for a new collection on social media

By Dipo Olowookere Two officers of the Nigerian Customs Service (NCS) have been declared wanted by the Service over the importation of 661 pump-action rifles. The two senior officers declared wanted are Abdulahi I, an assistant superintendent of customs (ASC), with service number 44483 and ACIC Odiba Inah, with service number 133386. On Monday, Comptroller-General of Customs, Mr Hameed Ali, had said that the Federal Operations Unit while on patrol, intercepted a Mark truck with registration number BUG 265 XG conveying a 40ft container with number; PONU/825914/3 along Mile 2 Apapa Road, Lagos. He had also promised to get to

By Adedapo Adesanya The International Monetary Fund (IMF) has reviewed its World Economic Outlook (WEO) to 6.0 per cent this year after the contraction of 3.3 per cent in 2020 amid the COVID-19 pandemic. According to the Bretton Wood Institution on Tuesday, accelerated vaccinations and a flood of government spending, especially in the United States, have boosted the outlook for the global economy, but more must be done to prevent permanent scars. The IMF said governments had spent $16 trillion in their attempts to mitigate the economic damage caused by the virus and that without the unprecedented policy response the