BREAKING: Nigeria’s Inflation Hits 13.22% in August

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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

By Dipo Olowookere The Nigerian Exchange (NGX) kicked off the first trading session in the last week of the third quarter of the year on a negative note, with the key performance indices going down by 0.66 per cent on Monday. This was partly caused by the reaction of investors to the 30 Kobo interim dividend declaration of the board of Access Holdings Plc. A few days ago, its peer, UBA Plc, raised its interim dividend payment by 150 per cent to 50 Kobo and it was expected that Access Holdings would follow the same path. However, the company disappointed

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange continued its weekly positive run as it extended its gains by 0.41 per cent in the 38th week of trading in this year. The bullish posture was supported by the improvements in the share prices of six companies admitted to the alternative stock exchange in Nigeria. This increased the NASD Unlisted Securities Index (NSI) by  2.30 points from 805.65 points in the previous week to 808.95 points, as the market capitalisation of the bourse was relatively unchanged on a week-on-week at N1.140 trillion. Food Concepts Plc led the price gainers’ after

By Timi Olubiyi, PhD Where do all the old stuff and waste we generate go? From the package boxes, used cloths, e-wastes, used water bottles and can, medical waste, worn-out vehicle parts, food waste, and so on, without a doubt, it all end up in one of the dumpsites due to the persistent linear economic model in the country. Unfortunately, the current economic model involves “take, make, use and dispose of” which makes many of these used items end up in landfills and waste sites across the country. For a long time, our economy in Nigeria has been ‘linear’. This

By Adedapo Adesanya Nigeria’s demand for Premium Motor Spirit (PMS), otherwise known as petrol, from Europe fell by almost 30 per cent as a result of the scrapping of fuel subsidy by President Bola Tinubu. This is according to data provided by Kpler, a data and analytics firm that tracks energy information. President Bola Tinubu, in his inauguration speech on May 29, 2023, announced an end to fuel subsidy, which gulped N4.3 trillion alone in 2022. The removal of the fuel subsidy to the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) has led to a 35 per cent drop in

By Dipo Olowookere The price of the Brent crude oil fell below $60 per barrel on Friday at the international market, Business Post is reporting. As at the time of filing this report, the price of the commodity was trading at $59.19 to a barrel, declining by 5.45 percent. This is already giving observers in Nigeria something to worry about because crude oil is the main export of the county, Africa’s largest economy. Business Post reports that in the 2018 budget, the crude oil benchmark was set at $51 per barrel and with the recent decline; the Nigerian government will

By Dipo Olowookere President Muhammadu Buhari has disclosed that success of the agriculture revolution under his administration has turned thousands of rice farmers into millionaires and drastically reduced rice import. He also said the Anchors Borrowers’ Programme (ABP) launched by his government has made a huge success because according to him, about 12.2 million farmers have joined the rice and wheat revolution while the country is moving closer to self-sufficiency in major grains. Speaking at the 25th Edition of the Nigeria Media Merit Award (NMMA) Ceremony in Lagos last Wednesday, Mr Buhari noted that, ”Apart from the successes we have

By Aduragbemi Omiyale When it comes to the beer market in the country, Nigerian Breweries Plc is arguably the leader and it has maintained this position for a very long time. The company is not looking like it will relinquish power to any of its competitors despite several attempts made to make this happen. Recently, Nigerian Breweries had a media parley in Lagos to commemorate its 75th anniversary and the Corporate Affairs Director of the brewery giant, Mrs Sade Morgan, revealed the secrets behind the company’s success in the beer sub-sector of the Nigerian economy. According to her, one of

By Adedapo Adesanya The dominance of the bears at the NASD Over-the-Counter (OTC) Securities Exchange was further cemented on Wednesday after the market depreciated by 0.15 per cent. The loss was influenced by the price declines in the shares of the Nigerian Exchange (NGX) Group Plc and NASD Plc, overpowering the gains posted by FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing Systems (CSCS) Plc. Business Post reports that the NASD Unlisted Security Index (NSI) went down by 1.09 points yesterday to 735.55 points from 736.64 points, while the market capitalisation decreased by N950 million to N639.32 billion from N640.27

By Modupe Gbadeyanka Behind the strength of its 3-wave strategy, Lenovo’s business transformation continued to gain traction during the first quarter, delivering solid profitability in its core PC and smart devices business, and revenue and profit improvements in targeted growth areas, including the data center and mobile businesses. Fuelled by new investments in people and products, Lenovo’s Data Center Group (DCG) introduced the most comprehensive product lineup in its history, with the new ThinkSystem and ThinkAgile portfolio, and continued to build out its end-to-end sales organization. Similarly, Lenovo’s Mobile Business Group launched significant new products led by the Moto Z2

By Dipo Olowookere The Nigerian Senate has confirmed the nomination of 47 career ambassadors sent to it by President Muhammadu Buhari. At the plenary on Tuesday, the upper legislative chamber approved the 47 nominees, who are to represent Nigeria in other countries as ambassadors. Those confirmed are Obinna Chukwuemeka, Salisu Umoru, Iyang Udoh, Okeke Vivian, Liman Munir, Edem Jane, Mohammed Hassan, Martin Cobham, Janet Molegbo, Itegbuoye Sunday, Olatunde Adesesan and Lilian Onu. Others are: Manaja Isa, Ngozi Ukeje, Bello Husseini, Enoch Ducci, Garba Baba, Usman Aliyu, Umar Salisu, Momoh Omeiza, Kadiri Audu, Balogun Hakeem, Nosa Ahmed, Ibrahim Isa, Bankole Adeoye