Brent Falls to $28 as Analysts Warn Oil Glut May Worsen

By Adedapo Adesanya Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

By Adedapo Adesanya The new leadership of the Central Bank of Nigeria (CBN) signalled no confidence to traders and investors as the Naira was further dealt a heavy blow at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, September 25, though it maintained stability against the United States Dollar in the parallel market. In the official market, the Naira lost 3.41 per cent or N25.49 against the greenback to finish at N773.25/$1 compared with last Friday’s closing rate of N747.76/$1, as the value of forex transactions went down by 58.3

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By Adedapo Adesanya Foreign trading and investment firm, Risevest, has acquired Chaka, a digital trading platform. According to Techcabal, which first broke the news, the deal, which was for an undisclosed sum, will see both entities operate as different products, though the capitalisation table of the acquiree will be updated in due course. Speaking on this, Mr Tosin Osinbodu, Chaka’s founder, said, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.” “With booming growth in many nations around the world, investors can now own a stake in the growth of other

By Dipo Olowookere The management of Kaduna Electric has lamented the increasing cases of energy theft in it franchise area and destruction of the smart meters currently being installed by the company and resolved to prosecute anybody caught perpetrating the illegal act. The Head, Energy Metering and New Connection of the firm, Mr Aliyu Abbas Abdullahi, made this known during a press briefing in Kaduna last week. He revealed that investigations carried-out by the Company showed that “some unscrupulous elements are compromising the integrity of the meters by damaging the board and circuitry of the meters”. He disclosed that the

By Modupe Gbadeyanka Those who have shares with Guinness Nigeria Plc should be gearing up for a cash reward of N1.52k for each of the company’s stock with them. The board of the brewery firm has proposed to pay shareholders the above amount subject to appropriate withholding tax and approval at the Annual General Meeting (AGM) fixed for Congress Hall, Transcorp Hilton Hotel, Abuja on Wednesday, October 23, 2019 at 11am. In a notice to the Nigerian Stock Exchange (NSE), Guinness Nigeria said it would only pay this final dividend to shareholders whose names appear in the register of members

By Modupe Gbadeyanka The Nigerian stock market has not been having it good since the January bull run. The local bourse, which gained over 40 percent last year, has lost 16.68 percent in 2018, which has only 45 days to wrap up. The downtrend has mainly been attributed to uncertainty over the 2019 general elections in the country, but analysts at Cordros Research fear that the market may remain weak after the much-awaited polls. “In our view, without any meaningful positive trigger, investors may see the lukewarm market performance persist even after the general election, come next year,” Cordros Research

In order to effectively monitor activities of oil marketers in Yobe State and its environs, the Department of Petroleum Resources (DPR) is considering establishing an office in the state. The North East Zonal Operations Controller of the agency, Mr Idris Zoaka, hinted that the proposed office of the department to be situated in Damaturu, the state capital, will commence operation by December, or latest, January 2020. During a sensitisation and inspection tour of petrol stations in the state, Mr Zoaka lamented that most of them do not have serviceable fire extinguishers, adding that they had been warned to do the

By Adedapo Adesanya DAAR Communications has announced that its 12th Annual General Meeting (AGM) will hold on Monday, August 24, 2020. This was disclosed in a statement released and signed by the Company Secretary, Mr Donatus O. Anopuo, on Tuesday. It has been scheduled to take place at the company’s corporate headquarters on Number 1, Ladi Lawal, off Gen. T.Y. Danjuma Street, Kpaduma Hill, Asokoro Abuja, Federal Capital Territory (FCT) at 11:00 am. According to the company, at the AGM, the board will lay before the shareholders the Audited Financial Statements for the year ended December 31, 2019, and the

By Adedapo Adesanya Pressure is again mounting on the local currency at the various segments of the foreign exchange (forex) market as it further depreciated against the American Dollar on Tuesday at both the Peer-to-Peer (P2P) and the black market. In the P2P FX window, the value of the Naira to the US Dollar went down by N25 or 3.7 per cent to N699/$1 from the previous day’s rate of N674/$1 and in the parallel market, it lost N6 or 0.91 per cent to quote at N666/$1 compared with Monday’s N660/$1. However, at the Investors and Exporters (I&E) FX segment,

By Modupe Gbadeyanka An agreement has been signed between the Bank of Industry (BoI) and the federal ministry of finance to recover the N17.5 billion outstanding loans being owed by customers of the Nigeria Economic Reconstruction Fund (NERFUND). The BoI, which manages the fund, said it would adopt all legal means available to recover the bad loans for the government. Speaking after signing the deal, Managing Director of the bank, Mr Olukayode Pitan, said it was unfortunate that those who obtained the loan from NERFUND have failed to repay, making it difficult for others to enjoy the scheme. “Part of

By Dipo Olowookere In a deliberate attempt to bring services closer to its customers in Ogun State, the management of Ibadan Electricity Distribution Company (IBEDC) Plc has created 13 new customer care offices. This move, according to the company’s Chief Operating Officer (COO), Engr. John Ayodele, is in line with the commitment of the energy firm to improve customer experience and further promote excellent service delivery. The offices will enable easier accessibility and convenience for customers, leading to stronger interactions/feedback and facilitate robust/quick responses to customers’ enquiries and complaints, he said. “As a customer-oriented company, we are constantly developing initiatives