Buhari To Unveil Economic Recovery Plan Next Week

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Adedapo Adesanya Oil prices fell further on Thursday touching a six-month low, as investors worried about sluggish energy demand in the United States and China. Brent crude futures dropped 48 cents to $73.82 a barrel and the US West Texas Intermediate (WTI) crude futures fell by 33 cents to $69.05 per barrel, with both benchmarks posting their lowest prices since late June. Analysts noted that the largest global importer of oil, China, is shuttering its interests in crude and this has created pressure on prices. Chinese customs data showed that crude oil imports in November fell 9 per cent

By Dipo Olowookere Trading activities on the floor of the Nigerian Exchange (NGX) Limited further ended on a positive note on Wednesday despite investors diversifying their funds to other securities available in the capital market. Yesterday, the Central Bank of Nigeria (CBN) sold treasury bills to investors in the primary market but this did not affect the stock market, which closed higher by 0.78 per cent amid sustained buying pressure. The growth recorded in the midweek session was mainly driven by bargain-hunting in the banking space, which rose by 5.01 per cent at the close of transactions. It was the

By Adedapo Adesanya Forty-seven per cent of Nigerians are actively engaged with crypto, a new study shows as the country finds safety in the currency amid worries about the foreign exchange rate. According to insights by CoinJournal shared with Business Post, cryptocurrencies, including Bitcoin (BTC) and various alternatives, are no longer just investments for speculation, “They represent a significant change in how people view and use money, providing decentralized options compared to traditional financial systems.” CoinJournal analyzed the data for the past three years, providing a comprehensive understanding of the current status of cryptocurrency adoption in 2023, as well as

By Dipo Olowookere Former Super Eagles Coach Clemens Westerhof, has disclosed how he helped former Nigerian international, Etim Esin, from going to jail in Belgium some years ago when he landed into trouble. Mr Westerhof, speaking with www.sportsxclusivetv.com, said he was called by Late Augustus Aikhomu, the then Vice President and Chief of General Staff under then Military President Ibrahim Babangida, to help Mr Esin. “Augustus Aikhomu, what a man, a man after my heart; that is a man, he knows about football, he knows what to talk about, he doesn’t talk nonsense bla bla bla. There are so many

By Ahmed Rahma To further demonstrate its ongoing commitment to offering customers easy and convenient ways to send and receive money, a cross-border digital payments service, WorldRemit, has launched a service for customers in Nigeria to receive foreign transfers in their bank accounts in US dollars. This move follows the new directive of the Central Bank of Nigeria (CBN) on offshore remittances and it comes ahead of the Christmas and New Year celebrations. The ability to transfer money to USD denominated bank accounts in Nigeria offers greater flexibility and payment options for those sending money transfers to support those back

By Modupe Gbadeyanka Trading activities on the floor of the Nigerian Stock Exchange (NSE) remained upbeat today with the All-Share Index (ASI) crossing the 30,000 mark for the first time since it slumped in 2016, Business Post reports. At the close of transaction on Thursday, the ASI went up by 815.83 absolute points to finish at 30,314.14 absolute points, compared with 29,498.31 absolute points it ended on Wednesday. Also, the market capitalisation ascended by N282 billion to wrap the day at N10.5 trillion against N10.2 trillion it closed the previous day. Gains by Mobil Plc and 38 other stocks ensured

By Modupe Gbadeyanka An illegal plank market in Oko-Baba Extension by Wright Street in Yaba Local Council Development Area (LCDA) of Lagos State was shut down on Sunday by Governor Akinwunmi Ambode. The market was closed because it had become a security threat as well as a hide out for hoodlums who attack innocent citizens and commuters in the area. A statement signed by the Commissioner for Local Government and Community Affairs, Mr Muslim Folami, Disclosed that Mr Ambode was passionately and irrevocably committed to the safety of lives and property of residents in the state and would not allow

By Dipo Olowookere IITA-Zambia formally signed a contract with a local construction firm for the establishment of a modern maize seed storage and warehouse facility within the IITA Southern Africa Research and Administration (SARAH) campus in Kabangwe, Zambia, in the next 3 months. The construction of the facility is being funded by the African Development Bank (AfDB) through its Support to Agriculture Research for Development of Strategic Crops (SARD-SC) project. The contract signing was followed by a ceremonial ground-breaking at the facility’s future site on-campus. Construction work for the storage facility will begin on 15 February and is expected to

By Adedapo Adesanya President Muhammadu Buhari has said his administration has commenced the distribution of palliatives worth N10.9 billion to households and Micro, Small and Medium Enterprises (MSMEs) in the country. The President made this known while delivering a speech virtually on the opening day of the 75th session of the United Nations General Assembly yesterday. According to the Nigerian leader, the disbursement of the sum is part of efforts to reduce the suffering of Nigerians imposed by the COVID-19 pandemic. “In order to mitigate its impact on Nigerians, our administration has commenced the disbursement of the sum of N10.9

By Adedapo Adesanya Crude oil closed on a positive note on Friday, October 29 supported by expectations that the Organization of the Petroleum Exporting Countries, Russia and their allies, jointly known as OPEC+, would maintain production cuts. Brent crude rose by 6 cents or 0.07 per cent to close at $84.38 per barrel, while the United States benchmark, West Texas Intermediate (WTI), gained 76 cents or 0.92 per cent to end at $83.57 per barrel. Even as Iranian supply may come online, it looks like OPEC+ is unlikely to raise production which has strengthened the market. The 23-man alliance has

By Modupe Gbadeyanka Hitachi Zosen Corporation has announced that it entered into a share sale and purchase agreement to acquire the majority of shares in Osmoflo Holdings Pty Ltd, a leading engineering company for desalination and industrial water treatment utilizing membrane technology such as reverse osmosis. Subject to the completion of procedures, Osmoflo will become a subsidiary of Hitachi Zosen. Osmoflo, founded in 1991, provides a vertically integrated portfolio of high quality offerings including the design, manufacture, supply, operation, maintenance, and sale of water treatment systems in various regions including Australia, the Middle East, South America, and South East Asia.