Board to Disqualify NCDF Payment Defaulters from Oil Contracts

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adedapo Adesanya A 26-year-old Nigerian is currently making waves for creating a smokeless cook stove. The young inventor, Max Chinnah, alongside his Ghanaian partner, Godwin Attigah, has patented his innovation, which will contribute to tackling climate change in the globe. Mr Chinnah, a graduate of the Wartburg College in Iowa, United States, hopes that the portable and smokeless cookstove will someday help save lives around the planet. The smokeless cookstove converts heat into electricity and outputs it through a USB jack to charge a phone or other small electronic device. Mr Chinnah and his partner and fellow alumnus, Mr

By Adedapo Adesanya The Ibom Deep Seaport located in Ibaka, Mbo local council of Akwa Ibom State would save Nigeria approximately $70 million lost to illegal fishing by the Chinese and European trawlers on Nigeria’s territorial waters. This is according to the Akwa Ibom State Director of the National Orientation Agency (NOA), Mr Enoh Uyoh, at the recently concluded Maritime Business and International Trade sensitization forum held in Uyo. He said that the Ibom Deep Seaport project was critical to the security and economic wellbeing of the country as the location of the port is of great importance. Mr Uyoh

By Walter Duru Thursday, June 13, 2019 marked a new beginning in the annals of governance and representation in Imo State. It witnessed the inauguration of the 9th Imo State House of Assembly. The Assembly came to life, following a proclamation by the Governor of the state, Mr Emeka Ihedioha, represented by the Deputy Governor, Mr Gerald Irona. The 27 members of the State House of Assembly took their oath of offices, heralding the commencement of the 9th Assembly. But that is not the story. The gist is that the lawmaker representing Oguta State constituency, Mr Frank Ugbomah got an

By Dipo Olowookere Safaricom has announced plans to recruit 62 interns by January 2017 as it progresses its agenda to woo more women to the technology field. The internships will target 40 female university students under its Women In Technology initiative, with a further 18 internships open to all university applicants and an additional four internships that will be filled through the Association for the Physically Disabled of Kenya. “Our technology internship program is built on the knowledge that in order to continue Transforming Lives, we must continue to invest in building capacity to manage cutting edge technologies,” said Thibaud

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, Petroleum Products Marketing Company (PPMC), recorded a 39 percent month-on-month increase in the sale of white products in February 2020. The PPMC is in charge of bulk sales and distribution of petroleum products. According to the state-owned oil’s Group General Manager, Group Public Affairs Division, Mr Kennie Obateru, the sum of to N211.6 billion was made from the transaction, significantly higher than N151.8 billion recorded in the previous month. In the February 2020 NNPC Monthly Financial and Operations Report (55th MFOR), it was stated that

By Adedapo Adesanya The Kano/Jigawa Command of the Nigeria Customs Service (NCS) has generated a sum of N5.5 billion as Internally Generated Revenue (IGR), expressing optimism that it will surpass the agency’s target for the year. This was disclosed by the Area Comptroller of the command, Mr Suleiman Pai Umar yesterday while briefing journalists at the Club Road Headquarters of the Command in Kano. He said that this was possible even as the command continues to clamp down on smuggling activities. According to Mr Umar, the command seized smuggled items with Duty Paid Value (DPV) of over N270 million from

By Dipo Olowookere FBN Holdings kicked off the first quarter of this year on a positive note, going by its unaudited earnings for the period ended March 31, 2020. On Monday, the company released its financial statements to the Nigerian Stock Exchange (NSE), the first lender to do so, especially among its peers. In the results briefly analysed by Business Post, the firm declared a pre-tax profit N28.7 billion compared with N17.8 billion achieved in the same period of 2019. It also announced a post-tax profit of N25.7 billion as against N14.5 billion recorded in the first three months of

By Adedapo Adesanya The Nigeria Content Development and Monitoring Bank (NCDMB) and the Nigeria Export-Import Bank (NEXIM) have signed an agreement on a $30 million capital and capacity building fund for the oil and gas sector servicing. This was disclosed by the Executive Secretary of NCDMB, Mr Simbi Wabote, at the signing ceremony in Abuja on Wednesday, explaining that the fund would go a long way to stabilise the sector. “I want to commend Oil Producers Trade Section (OPTS) because 98 per cent of the fund that we utilise in NCDMB are contributed by the OPTS members who generate this