Buhari Presents 2018 Budget to Parliament Today

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

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

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Modupe Gbadeyanka The management of Flour Mills Nigeria (FMN) Plc has announced raising its stake in Rom Oil Mills Ltd from 90 percent to 95 percent. This information was made known on Monday in a statement signed by the Group Managing Director of FMN Plc, Mr Paul Miyonmide Gbadebo. Rom Mills Ltd, located in Ibadan, Oyo State, is a subsidiary of Flour Mills Nigeria. Mr Gbadebo explained that the decision to increase the shareholdings in Rom Oil Mills was informed by Flour Mills’ strategy of continually investing in the development of quality foods and agro-allied products for its consumers.

By Modupe Gbadeyanka A new Head of Hip Hop/R&B at Sony Music Entertainment South Africa has been appointed and he is Lutendo Kungoane, famously known as DJ Sliqe. In his new role, DJ Sliqe will head up Sony Music’s investment in Hip Hop and RnB in South Africa. He will be responsible for leading our strategic approach to those sectors of the market through the discovery, acquisition and development of new talent as well as steering the careers of those already signed to Sony Music. The entertainer, who was born and raised in Gauteng, South Africa, began his music journey

By Dipo Olowookere The price of the Brent crude oil recorded a 0.60 percent rise on Thursday afternoon to trade at $77.60 per barrel at the market. Business Post reports that the increase in the price of the commodity comes on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in US crude inventories. A check on the US light crude oil showed a 0.56 percent growth, trading at $69.90 per barrel as at Thursday afternoon. Iranian crude exports are likely to drop to a little more than 2 million barrels per day (bpd)

By Dipo Olowookere Trading activities on the floor of the NASD OTC market finished bearish last week. At the close of transactions, the Unlisted Securities Index (USI) went down to 1.48 percent. Specifically, the index depreciated to 675.43 points at the end of the week from 685.62 points recorded at the end of the previous week. Also, the total market capitalization shed 1.48 percent to reduce to N457.08 billion from N463.96 billion in the previous Friday. The losers’ chart was topped by Central Securities Clearing System (CSCS), which lost 11.66 percent to close at N10. 60k against its previous close

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed the final session of the week in the negative territory as Afriland Properties Plc pulled down the bourse by 0.01 per cent on Friday, May 12. The outcome yesterday meant that the unlisted securities market has shed weight for four straight sessions since Tuesday. At the close of transactions on Friday, the market capitalisation of the NASD OTC bourse reduced by N140 million to N1.002 trillion from the N1.002 trillion recorded a day earlier, as the NASD Unlisted Securities Index (NSI) went down by 0.1 points to wrap the session

By Modupe Gbadeyanka On Saturday, August 28, 2021, the Chief Executive Officer of Flame Academy and Consulting, Mr Orji Udemezue, will have discussions with some youths on Self-Liberation Amidst Economic Challenges. Mr Udemezue has been scheduled to speak on this topic at the third edition of Periscope, a quarterly seminar/exhibition organised by Christ Apostolic Church Victory Land, GRA, Ikeja, Lagos. The programme was put together by the church for entrepreneurs, professionals, artisans, job seekers, students and young school leavers. “Periscope is open to everyone, not only our church members. The COVID-19 pandemic and measures introduced to curb it affected a

By Modupe Gbadeyanka A subsidiary of Nigerian National Petroleum Corporation (NNPC), the National Engineering and Technical Company Limited (NETCO), has recorded a profit before tax of N3.257 billion for 2017 financial year. This showed a decreased by 34 percent in the year under review when compared with N4.90 billion of the previous years. The drop, according to the NETCO Board Chairman, who is also NNPC Chief Operating Officer, Upstream, Mr Bello Rabiu, was attributable to the foreign exchange gains which constituted 56 percent before tax in 2016 as compared to 4.8 percent gain in 2017. A breakdown of the firm’s

By Modupe Gbadeyanka The Department of State Services (DSS) has been directed to release or charge the suspended Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to court within one week. This directive was given on Thursday by a Federal Capital Territory High Court in Abuja. Mr Emefiele was first appointed as the CBN chief in 2014 by former President Goodluck Jonathan and was reappointed for another term of five years by the immediate past President Muhammadu Buhari. Before the 2023 general elections in February, the apex bank came up with a Naira redesign policy, which the