96 Firms ‘Fight’ to Repair NNPC’s Pipelines, Depots

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Aduragbemi Omiyale Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation. At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code. The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale,

By Modupe Gbadeyanka Governor Godwin Obaseki of Edo State has assured traders in Ekiosa Market located in Oredo Local Government Area of the state of his administration’s commitment to revamp markets across the state. Mr Obaseki gave this assurance during a tour of the market, where he also said plans are being concluded to ensure regular electricity supply to the market and disclosed that the claim of illegal ticketing in the market is being investigated. He told the traders that modern toilet facilities would be provided in the market to improve the sanitary condition of the market. He maintained that

By Dipo Olowookere At least one person has been confirmed dead when a building caved in on Thursday afternoon in Ilasamaja area of Lagos State. Reports say no fewer than 15 persons have been pulled out from the rumble by different agencies carrying out rescue operations at the scene. Eyewitnesses say the 3-storey building still under construction collapsed at about 2.57pm today. It was learnt that the property, located on Abimbola Street in Ilasa, was earlier marked for demolition by state government officials, but works allegedly resumed at the site later on. As at Thursday night, rescue operations were still

By Adedapo Adesanya Oil prices pulled back a bit during the last trading session of last week as the market continues to go back and forth after the resurgence of the coronavirus cases in crucial markets around the world, spelling doom for demand. However, this week may prove difficult as the market is beginning to overlook the cuts of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) as conditions could worsen if a second-wave of COVID-19 causes more disruptions in demand. There have been expectations for a stable oil regime as traders gave producers the benefit of the

By Adedapo Adesanya During his outlook for the energy sector last month, the Minister of State for Petroleum Resources, Mr Timipre Sylva, declared that 2020 would be the year of Gas for Nigeria. To kickstart this, the country is set to host the third annual Nigeria International Petroleum Summit (NIPS) from February 9 – 12, 2020 in Abuja. The NIPS conference will be themed: Widening the Integration Circle: Technology, Knowledge, Sustainability and Partnership and will present strategies and opportunities for growth in oil, gas and energy technologies as well as showcase major contract signings. The summit will provide the opportunity

By Aduragbemi Omiyale The much-awaited Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) commenced today, Monday, September 26, 2022. It is the last, but one meeting of the monetary team saddled with the responsibility of determining the Monetary Policy Rate (MPR) for the country. The meeting is for two days. The first leg of the gathering started at 10 am today at the MPC Meeting Room on the 11th Floor of the headquarters of the CBN in Abuja. Tomorrow, Tuesday, September 27, 2022, the second part of the gathering will take place at the same venue

By Adedapo Adesanya Last week, which was the 30th trading week on the NASD Over-the-Counter (OTC) Securities Exchange in 2022, a growth of 2.1 per cent was recorded as the market capitalisation expanded by N20 billion to N1.031 trillion from the preceding week’s N1.010 trillion. In the same vein, the NASD Securities Index (NSI) increased by 16.13 points in the week to settle at 783.05 points as against the 766.92 points it finished a week earlier. Three stocks led by FrieslandCampina Wamco Nigeria Plc were the major contributors to the expansion achieved last week. The company’s stock grew by 11.00

By Adedapo Adesanya The suspension earlier place on the activation/registration of new SIM card in the country has been lifted by the Nigerian government. The lifting of the suspension was announced by the federal government on Thursday. However, it stressed that the registration must be in compliance with guidelines from Monday, April 19, 2021. The central government suspended the activation of new SIM cards by GSM network providers in December 2020 as it embarked on an audit of the Subscriber Registration Database. On Thursday, the Ministry of Communications and Digital Economy, which announced the lifting of the embargo in a

By Aduragbemi Omiyale “Nigeria could witness a sharp upturn in economic growth” in the next two to three years, once the administration of President Bola Tinubu succeeds in “reversing the harmful policies and economic malaise of the past eight years,” Morgan Stanley has predicted. In a note sighted by Business Post, the firm applauded Mr Tinubu for taking the bull by the horns, with the removal of the petrol subsidy and the unification of the exchange rate regimes in the country. Though these policies have caused hardships among citizens of the nation, analysts, including Morgan Stanley, believe that there is