Brent Nears $80 as OPEC+ Sticks to Current Quota

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya A former president of the Nigerian Bar Association (NBA), Mr Olisa Agbakoba (SAN), has praised President Bola Tinubu for creating the Ministry of Maritime and Blue Economy, saying the country can make about N7 trillion from the sector. Mr Agbakoba said this in a statement issued on Thursday. In the statement seen by Business Post, the senior lawyer expressed “perfect delight that after 30 years of advocacy on major maritime policy, finally a minister for marine and blue economy has been named.” On Wednesday, President Tinubu assigned portfolios to 45 ministers-designate, and one of the new ministries

By Modupe Gbadeyanka To tackle global climate change, a non-profit organisation that focuses on girl-child education, Evolve, has decided to provide quality education for 50,000 female students across Nigeria. This would be achieved through the support of its lead partner, Polaris Bank, which plans to adopt several schools across the country to cater for the needs of the girl child. The Evolve programme, which was launched in 2020 to address the global challenge of climate change through the education of underprivileged girls, is designed to impact over 50,000 direct beneficiaries and 200,000 indirect beneficiaries in the next five years. Speaking

By Adedapo Adesanya The price of Brent crude oil grade slid below $80 per barrel on Wednesday, as it went down by $2.07 or 2.5 per cent to $79.54, its lowest level in more than three months on concerns over waning demand in the US and China. Also, the US West Texas Intermediate (WTI) crude oil grade fell by $2.04 or 2.6 per cent to $75.33 per barrel, also its lowest price since mid-July. According to analysts, the market is clearly less concerned about the potential for Middle Eastern supply disruptions and is instead focused on an easing in the

By Dipo Olowookere Governor Abdulfatah Ahmed of Kwara State has approved the sum of N250 million as augmentation for local councils in the State to enable them pay their workers’ August 2016 salaries in full. Commissioner for Finance in the state, Mr Demola Banu, disclosed that the Governor approved the release of the money on his arrival from Abuja on Thursday evening. He said this followed the verification of the figures provided by the 16 council chairmen in the state and according to him, workers would start receiving the money as from today after all necessary documentations are completed. Mr

By Dipo Olowookere The Financial Times of London has once again endorsed the award-winning Kwara Community Health Insurance Scheme for its transformational impact on the people of the state, particularly the rural dwellers. In an article titled, ‘The Innovators: devices and services to improve maternal and child health’ published on its website on Thursday, the Financial Times listed Kwara Community Health Insurance among few projects with the potential to ease the burden of maternal and child mortality around the world. The Financial Times noted that the scheme, which is operated in collaboration with Hygeia Community Health, the Netherlands government and

By Dipo Olowookere Banks operating in the country have been told to refund any excess charges from customers’ accounts with interest. Central Bank of Nigeria (CBN) said it would force any bank engaged in such to adhere to the laid down rules and regulations. Addressing newsmen on Tuesday in Abuja, the apex bank’s head of Consumer Complaints Management, Consumer Protection Department, Mr Fada David, disclosed that, “Part of the punitive measures is that if excess charges are discovered, they are refunded to consumers with interest.” Mr David was speaking in respect of complaints by bank customers within the Federal Capital

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 Nigerian Army Council has approved the promotion of 227 senior officers from various ranks to the next higher ranks in the Force. Those promoted include 21 Brigadier Generals to Major Generals, 93 Colonels to Brigadier Generals and 113 Lieutenant Colonels to Colonels. Also included are Brigadier General CM Abraham Acting General Officer Commanding (GOC) 2 Division, Brigadier General OU Obono, Acting Corps Corps Commander, Nigerian Army Artillery Corps, Brigadier General PJ Dauke Acting GOC 3 Division and Brigadier AA Nani Acting GOC 8 Task Force Division, as well Brigadier General JB Olawunmi, Acting Coordinator, Nigerian Army