Brent Nears $85 Per Barrel on Positive Demand, Supply Signals

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Aduragbemi Omiyale A workshop designed to educate investors, especially those in the retail end of the curve, on how they can improve corporate governance has been organised by the Nigerian Exchange Regulation (NGX RegCo) Limited. The two-day event, which took place on Thursday, November 23, and Friday, November 24, 2023, was themed Rights and Responsibilities of Shareholders in Driving Corporate Governance. According to the NGX RegCo, the seminar was designed to promote a transparent and fair market, with participants agreeing that all hands must be on deck to sanitize the market and bring the boards and management of listed

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Adedapo Adesanya Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron. Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas

Minister of Transportation, Mr Rotimi Amaechi, has said that the major concern of his Ministry is how to effectively protect the multi-million Naira Railway Terminal cited in Kubwa, Bwari Area Council hence partnering with the Area Council on security will facilitate efforts of the Ministry of Transportation in ensuring that a water-tight security measures are put in place at the Railway’s Terminal in Kubwa, Bwari Area Council, Federal Capital Territory, Abuja. The Minister who was represented by the Permanent Secretary, Sabiu Zakari stated this when the Chairman of Bwari Area Council, Musa Dikko led a delegation of Executive Members of

By Aduragbemi Omiyale Research on gender-based violence and harassment (GBVH) in Nigerian workplaces is to be conducted by the Nigerian Exchange (NGX) Limited in partnership with the International Finance Corporation (IFC). The study is being conducted as part of the Nigeria2Equal initiative, which aims to address GBVH in the private sector and provide evidence-based recommendations for prevention. It will focus on several key areas, including the development of a business case for creating respectful workplaces, the estimation of the cost of GBVH to participating businesses in Nigeria, and an understanding of employee perceptions and experiences of the current level of

By Adedapo Adesanya The Ministry of Interior and the Nigeria Immigration Service (NIS) have restored the working permit, combined expatriate residence permit and aliens card, CERPAC, and other visas for entry or stay in Nigeria of the Chief Executive Officer of Seplat Energy, Mr Roger Brown. The company previously announced that the immigration documents were withdrawn following allegations of racism, unfair prejudice, discrimination, and improper immigration status against him by some people described as “concerned workers and stakeholders of Seplat Energy Plc.” The energy firm said it cooperated fully with the verification checks conducted by the immigration authorities, which resulted

By Modupe Gbadeyanka Federal Government has formally flagged off social welfare initiatives code-named Trader Moni in partnership with Jigawa State government and Unity Bank Plc with the initial sum of N300 million. With a total of N1.5bn earmarked for the initiative, the scheme is meant to accelerate an on- lending through Unity Bank to about 35,000 Jigawa petty traders. Vice President, Professor Yemi Osinbajo, who was in Jigawa for the launch of Market Moni, presented the Unity Bank cheque through Chairman of Jigawa State Chamber of Commerce Mines and Agriculture (JICCIMA), Mr Shehu Muhammad Sunusi. According to the Regional Manager,

By Modupe Gbadeyanka The Senator representing Ogun East District at the National Assembly, Mr Buruji Kashamu, has concluded plans to put smile on the faces of people across the state. Business Post correspondent learnt that the lawmaker has purchased some items to be distributed to people in his constituency in Ijebu Igbo, Ogun State to celebrate the Eid el-Kabir with next week. Muslims in Nigeria will join others across the world to mark the celebration and the Federal Government has already declared Monday and Tuesday next week as public holidays to celebrate Eid el-Kabir. It was reliably gathered that the

By Modupe Gbadeyanka Last week saw the bears and bulls showing their supremacy on the floor of the Nigerian Stock Exchange (NSE) but at the end, the market closed 0.19 percent w-o-w despite the bulls claiming three of the five trading days. However, investor sentiment improved with a total of 35 equities appreciating in value compared with the 31 depreciating stocks. Seven stocks have been pencilled down for monitoring this week by analysts at Meristem Research as well as those at United Capital Research. According to those at Meristem Research, Dangote Cement, which presently trades N189, is expected to hit

By Adedapo Adesanya The Niger Delta Power Holding Company (NDPHC) has signed a power purchase agreement with the Kano Government to boost water supply in the state. Signing the agreement in Kano, the Executive Director Generation, NDPHC, Mr Kassim Abdullahi, said that the company has a total installed capacity of about 4,000 Mega Watts(MW). “‘As I speak, NDPHC has about 700 megawatts on the national grid running. NDPHC has 10 generation companies and Alaoji generation company which will supply power to Kano State is one of them,” he said. Mr Abudullahi further stated that NDPHC decided to pick Alaoji because

By New Telegraph The Lagos Chamber of Commerce and Industry (LCCI) has said that contraction in Nigeria’s Gross Domestic Product (GDP) by December, 31, 2016, would send bad economic signals to the global market. It noted that there were negative GDP growths of -0.36 per cent, -2.06 percent and -2.24 percent in the first, second and third quarters of the year respectively. The chamber noted that the country’s economy suffered contraction for two consecutive quarters this year since it slipped into recession. A source, who spoke with New Telegraph at the Chamber, explained that the Chamber was wary of the