Brent Moves Above $57 as Chinese Refiners Increase Demand 

By Adedapo Adesanya Oil prices moderated in choppy trade on Monday as Russia relaxed its fuel ban amid a widening demand worry. Brent crude futures lost 2 cents during the session to trade at $93.29 per barrel, and the US West Texas Intermediate (WTI) crude depreciated by 35 cents to close at $89.68 per barrel. Last week, prices were down after a hawkish Federal Reserve rattled global financial markets and raised concerns that interest rates could stay higher for longer affecting oil demand. This snapped a three-week rally of more than 10 per cent after Saudi Arabia and Russia constrained

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 Centre for the Promotion of Private Enterprise (CPPE) has called on the newly appointed Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, to clear the backlog of foreign exchange as well as guarantee another recapitalisation in the banking sector. “The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors,” the Managing Director of CPPE, Mr Muda Yusuf said in a press statement titled Ten Point Agenda For The CBN Governor, released over the weekend. Mr Cardoso and four new deputies on

By Adedapo Adesanya The Nigeria Security and Civil Defence Corps (NSCDC) says it has returned the 50,000 litres of premium motor spirit (PMS) hitherto diverted to neighbouring Imo State back to the oil marketer who placed an order for it. Business Post had reported that the NSCDC in Rivers State arrested two suspects over attempted diversion of petroleum products to neighbouring states without an appropriate licence. “The anti-vandal border patrol team swung into action and impounded a blue and white colour 50,000 litres capacity truck with registration number Abia EZA 850 YF in the conveyance of PMS,” the defence corp

By Aduragbemi Omiyale In the first half of 2022, the trio of Peter Obi, Putin and Bianca Ojukwu were the top three trending people in Nigeria, while AFCON 2022, the ASUU strike and Winter Paralympics were the top three trending moments in the period under consideration, according to data released by Google, a search engine giant. It was discovered that Nigerian netizens were interested in various aspects of life, including politics, high profile deaths, sports personalities, blockbuster movies and TV series, Nollywood actors, musicians and songs. Peter Obi is a Nigerian businessman and politician who served as the Governor of

By Investors Hub European stocks have advanced on Monday, with Italian markets leading the surge after Moody’s Investors Service cut Italy’s credit rank by one step to Baa3 but set the outlook for the assessment at “stable,” removing the immediate threat of a downgrade to junk. A big rally by Chinese stocks for the second straight sessions on hopes for more stimulus also bolstered investor sentiment. While the U.K.?s FTSE 100 Index has advanced by 0.8 percent, the German DAX Index is up by 0.6 percent and the French CAC 40 Index is up by 0.4 percent. Shares of Fiat

By Modupe Gbadeyanka A total of 144,275 students participated in the 2017 placement test exercise for Primary 6 pupils seeking admission into public Junior Secondary Schools (JSS) in Lagos State. A breakdown of the figure shows that 91,500 pupils from the state public primary schools and 52,775 pupils from the private schools took part in the examinations. During the monitoring of the exercise, Executive Chairman of the State Universal Basic Education Board, Dr Ganiyu Oluremi Sopeyin, acknowledged the tremendous improvement in the conduct of this year’s exercise while noting that answer scripts known as the OMR sheets were customised in

By Dipo Olowookere The University of Ilorin (Unilorin), Kwara State, now has a new Vice-Chancellor and he is Professor Sulyman Age Abdulkareem. The university don emerged as the 10th Vice Chancellor of the institution after a rigorous selection process. His emergence followed the expiration of the present occupier of the position, Professor A.G. Ambali, on October 15, 2017. The new Vice-Chancellor, according to a statement issued today by the Pro-Chancellor & Chairman of Council, Dr Abdullah Jibril Oyekan, will resume office on October 16, 2017. It was disclosed that the council commenced the process for the appointment of a new

By Dipo Olowookere It was a memorable day on Sunday, May 27, 2018 as some kids were hosted by Nigeria’s number one malt drink, Maltina, in commemoration of the Children’s Day celebrations. Maltina is the first locally produced malt drink in Nigeria and is fortified with vitamins and calcium for healthy families. On Children’s Day, Maltina, hosted hundreds of children and their parents in Lagos and Ibadan to a party, in line with the brand’s mission to nourish precious family moments and spread happiness. The families got to enjoy fun activities like face-painting, sack races, carousel rides, Tug of War,

By Adedapo Adesanya The Bayelsa State Oil and Environmental Commission has revealed that the state requires $12 billion to clean up decades-old oil spills, which precisely covers a 12-year period. This disclosure was contained in a new report issued by the commission on Tuesday. It also singled out major oil majors, Shell and Eni, for being responsible for most of the pollution. Bayelsa is one of the major oil-producing states in the Niger Delta, a region which has been faced with pollution, conflict and corruption related to the oil and gas industry. The agency said in the report that it

By Dipo Olowookere The embattled chief executive of Seplat Energy Plc, Mr Roger Brown, has delegated his authority to the chief operating officer (COO) of the company, Mr Samson Ezugworie, pending the time the issues he has with the Nigerian government are resolved. The federal government had revoked the visa, work and residence permits issued to him over allegations of unfair, prejudicial, and offensive acts, which the organisation has vehemently refuted. In a statement on Friday, Seplat confirmed that it has been served “court processes and ex-parte Interim Order of the Justice C. J. Aneke of the Federal High Court,