Brent Plunges 12% as US Coordinates Plans to Balance Market

By Bliss Okperan A lady who reviewed a product of Erisco Foods Limited, Nagiko Tomato Mix, Mrs Chioma Egodi, has threatened to demand the sum of N500 million from the chief executive of the company, Mr Eric Umeofia, for violating her fundamental human rights. Mrs Egodi said she purchased the product at the market with the intention of using it to cook stew for her family. However, when she tasted it, according to her, it tasted too much sugar, prompting her to post about it on Facebook. It was reported that Erisco was not happy with the negative review. She

By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

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By Adedapo Adesanya VFD Group Plc has been officially delisted from the NASD Over-the-Counter (OTC) Securities Exchange months after the proprietary investment company revealed its intention to list its stocks on the Nigerian Exchange (NGX) Limited. The bourse on Thursday confirmed the development in a notice seen by Business Post. “Pursuant to the company’s request to delist from the NASD OTC Exchange, we wish to inform you that VFD Group PLC shares will be delisted with effect from the close of business (COB) today, Thursday, September 28, 2023,” the notice read. Last Friday, after three years of trading on the

By Modupe Gbadeyanka No fewer than 4,000 environmental offenders have been apprehended by the Oyo State Environmental Task Force since its creation. This disclosure was made by the Chairman of the organisation, Mr Ojomo Francis, during a chat on Wednesday in Ibadan, the state capital. He explained that some of the offenders were committed to community service after trial, while others paid fines to the tune of N30 million to the coffers of the Oyo State Government. Mr Ojomo, who is also the Waste Enforcement Officer, urged the public to obey the environmental laws of the state, stressing that this

By Adedapo Adesanya  Major oil prices returned to green side of the arrow on Wednesday, looking to get back some of the losses suffered over the past two trading days which saw them pointing south. However, worries over demand prospects still remained, with prices holding onto a sizable week-to-date loss. Brent crude, the global benchmark, rose by 62 cents or 1.06 percent to $59.36 per barrel while the US West Texas Intermediate (WTI) crude gained 48 cents or 0.91 percent to trade at $53.29 per barrel. Overall, the outlook for oil has continued to weaken due to broader economic uneasiness

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries (OPEC) has noted that Nigeria is currently pumping 534,000 barrels per day below its quota as oil production averaged 1.238 million barrels per day in June. This is 30 per cent below its approved quota of 1.772 million barrels per day. This is according to secondary sources used by OPEC to track production in its Monthly Oil Market Report (MOMR). According to the report, Nigeria remains the largest laggard out of the 13 countries that make up OPEC since Iran, Libya, and Venezuela are exempt from the production pact. All

By Modupe Gbadeyanka Friday, April 21 and Monday, April 24, 2023, have been declared as public holidays for the celebration of Eid al-Fitr, which marks the end of the one-month-long Ramadan. The Minister of Interior, Mr Rauf Aregbesola, who announced the work-free days on behalf of the federal government on Wednesday via a statement, congratulated all Muslims on the successful completion of the holy month of Ramadan. While wishing them a happy Eid al-Fitr celebration, he charged all Muslims to imbibe and practice the virtues of kindness, love, tolerance, peace, self-denial, sacrifice and good neighbourliness, as exemplified by the Holy

By Dipo Olowookere Investors in the critical sectors of the Nigerian economy have been promised incentives and necessary logistics support of the Federal Government. These sectors include development of the agriculture and energy sectors as well as industrialization. Minister for Budget and National Planning, Mr Udoma Udo Udoma, made this known on Tuesday in Abuja, when he met with a group of foreign investors coordinated by the Renaissance Capital Group. Mr Udoma said although government will appreciate investments in any sector of the country’s economy, but said emphasis of government for now is on areas that will lay a solid

By Dipo Olowookere Members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) working at ExxonMobil Nigeria have commenced an industrial action. Officials of the oil and gas union said it plans a total shutdown of the firm’s operations by Friday midnight. “Final shutdown will be with the withdrawal of our members in Qua Iboe Terminal with about 14 locations and many well ends by Friday midnight,” PENGASSAN threatened in a statement. Already, the union has begun a gradual withdrawal from all oil and gas installations across the country belonging to Mobil Producing Nigeria Unlimited, a subsidiary

By Dipo Olowookere Nigeria-based rating agency, Agusto & Co has assigned a rating of ‘Bbb- to Anchor Insurance Limited, reflecting its good profitability, decent investment management, good liquidity, moderate exposure to underwriting risks as well as an experienced management team. In a statement announcing the development, Agusto & Co said it expects industry operators to continue to strengthen capabilities in risk management, minimize underwriting expenses, and strengthen investment management to support profitability while contending with muted investment returns due to limited asset allocation and low interest rates. The insurance industry’s performance has remained constrained by weak macroeconomic conditions, a reduction

By Dipo Olowookere Britain’s Coventry University has invited potential students to its open days across Nigeria next week to highlight the value a UK university education provides, particularly for those wanting to pursue a career in industries such as energy, or create their own jobs through a focus on innovation and enterprise. Dr Babatunde Anifowose, a senior lecturer in Petroleum and Environmental Technology at Coventry University, will be on hand to meet open day attendees, and said that the future belonged to “forward-looking” graduates with technical and soft skills. Graduates returning to Nigeria having studied undergraduate or postgraduate degrees such