Brent Returns to $75 on US Inventories Draw, Rising Fuel Demand

By Precious Olisa The Nigerian Extractive Industries Transparency Initiative (NEITI) has said the Nigerian National Petroleum Company (NNPC) Limited only remitted 57.27 per cent of the revenue it generated in 2021 to the federal government. The agency made this claim in a report released earlier this week, noting that the country generated $23.05 billion from the oil and gas sector in 2021 compared with the $20.43 billion achieved in 2020, with the NNPC and others keeping some funds back. Analysis showed that about $8.67 billion came from the sale of crude oil and gas, $13.37 billion was from taxes and

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By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Adedapo Adesanya Ahead of next week’s Monetary Policy Committee (MPC) meeting scheduled for Monday, September 25 and Tuesday, September 26, the Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to pause its interest rate hike. In a statement signed by the Director-General, Mrs Chinyere Almona, the group said this was necessary to relieve Nigerians of the pressure on the supply side following a further surge in the inflation rate. The National Bureau of Statistics (NBS) revealed last Friday that the average cost of goods and services rose by 25.80 per cent

A scheme to promote and ensure the adoption of gender sensitive and responsive approaches towards engendering plans and programmes, in such a way that men and women have equal access and control of productive resources and facilities to bridge gender gaps have been launched by federal government. The initiative known as the National Gender Policy in Agriculture was inaugurated by the Minister of Agriculture and Rural Development, Mr Muhammad Sabo Nanono. According to him, the document will provide a policy direction for the different roles of women and men in agriculture for development and gender equality in access to resources

By Dipo Olowookere One of the leading financial institutions in Nigeria, Fidelity Bank Plc, recently organised a workshop to sensitise investors and exporters on the implementation and opportunities in the policy of the Central Bank of Nigeria (CBN) aimed to generate $200 billion in foreign exchange (FX) through repatriation from non-oil exports over the next five years. The new CBN RT200 FX policy is the latest initiative of the apex bank to ease the pressure on the Naira and make it stronger than it is at the moment. Fidelity Bank, which is determined to actively support the scheme, felt it

By Dipo Olowookere Governor Abiola Ajimobi on Friday inaugurated the new Board of Trustees for the Oyo State Security Trust Fund (OYSSTF), even as he declared war on criminal elements in the state. The board, headed by the Deputy Governor, Operations, of the Central Bank of Nigeria (CBN), Chief Bayo Adelabu, was inaugurated at the Executive Chambers of the Governor’s Office, with a mandate to reinvigorate the security outfit. Mr Ajimobi had also inaugurated the newly reconstituted state’s Joint Security Task Force, codenamed `Operation Burst,’ at Idi-Arere, which is considered one of the hot spots in the city of Ibadan.

By Adedapo Adesanya The world’s largest cryptocurrency exchange, Binance, has announced plans to discontinue its crypto-backed debit card in Latin America and the Middle East, two of the world’s emerging markets. This is according to a post on X, formerly Twitter, by its customer support team on Thursday, but it did not specify when it would commence. According to crypto information platform Coindesk, the card service will be terminated in the Middle East tomorrow (Friday, August 25) and in Latin America on Thursday, September 21, but it did not provide a reason for the decision, though it reported that less

By Modupe Gbadeyanka Mr Olanrewaju Rotimi Awolola has been announced as the new Chief Finance Officer (CFO) of Unity Kapital Assurance Plc. This information was made known today by the insurer in a statement signed by its Secretary/Legal Adviser, Halima Wushishi. Mr Awolola’s appointment follows the resignation of Mr Olabode Okedun, as the Acting Chief Finance Officer of the firm. Mr Awolola, a graduate of the Ahmadu Bello University (ABU), Zaria, is also an Associate of the Institute of Chartered Accountants of Nigeria (ICAN), and the Chartered Institute of Taxation (CITN). Unity Kapital Assurance said Mr Awolola brings into the

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By Adedapo Adesanya It was another week of loss at the NASD Over-the-Counter (OTC) Securities Exchange as the bourse declined by 0.01 per cent in Week 41 of trading in 2022. This resulted in the N140 million decrease in the market capitalisation of the platform to N958.19 billion from the previous week’s N958.33 billion, as the NASD Securities Index went down by 0.10 basis points to 727.88 points as against the 727.98 points recorded in the preceding week. Business Post reports that the bourse posted a single price gainer and a loser. Central Securities Clearing System (CSCS) Plc lost 5.4

By Adedapo Adesanya  Mr Daren Tang of Singapore has been chosen to lead the Geneva-based World Intellectual Property Organization (WIPO). Mr Tang defeated his closest rival, Ms Wang Binying from China, in the hotly contested closed-door vote by state members of WIPO to become the new WIPO director general. In a second and final round of voting by the 83 members of WIPO’s committee, which included Nigeria, Mr Tang garnered 55 votes while Ms Wang managed only 28. This win halts China’s bid for a fifth top United Nations post, which has stirred fierce rivalry between the country and United