Champion Breweries Stocks Record 49.52% Spike in Value

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that 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

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has partnered with Roche Pharmaceutical Company to seek the Enugu State Government’s approval to revitalise moribund state-owned agricultural factories. Mr Tony Ifechukwu, Special Adviser to the CBN Governor, Mr Godwin Emefiele, said this when he led a team from the two organisations on a courtesy visit to the Enugu State Government. Mr Ifechukwu said the CBN governor was interested in ensuring that states become economically viable, stating that the team and the state Technical Committee on Privatisation and Commercialisation had visited the state agricultural factory sites. He said: “We have visited

By Dipo Olowookere Mr Leke Adeboye, son of the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adejare Adeboye, has apologised for describing some pastors of the church as goats. The younger Adeboye had rushed to social media to lambast some clerics of the church who went ahead to preach to their congregation after his father had preached. It is a ritual in RCCG for Pastor Adeboye, who is fondly called Daddy G.O. to preach to the congregation every first Sunday of the month, which is marked as Thanksgiving Sunday. All parishes of the church hooks

By Modupe Gbadeyanka Two customers of First City Monument Bank (FCMB), Sunlek Investment Limited and Sunsteel Industries Limited, have slammed a N7 billion suit on the lender headed by Mr Adam Nuru. The companies accused the financial institution of breach of contract concerning credit facilities they obtained from the bank some years ago. In a report by Global Excellence Magazine, it was stated that in a 126-paragraph statement of claim accompanied by another 27 paragraphs of a witness sworn to on oath and filed before a Federal High Court sitting in Lagos by a Lagos lawyer, Mr John Olusegun Odubela

By Aduragbemi Omiyale A deal to further develop football in Nigeria has been sealed between Stanbic IBTC Holdings Plc and the Nigerian Football Federation (NFF). The agreement will enable Stanbic IBTC to provide Group Life Insurance for all 35 players of the national team with a total sum assured of N1.75 billion and total personal accident insurance for all 35 players with a total of N583 million annually for the next 3 years. It was also gathered that Stanbic IBTC, a member of Standard Bank Group, will also provide gender sensitivity support for female sports correspondents in Nigeria. “Today, you

By Dipo Olowookere Nigerians have been advised not to engage in panic buying of Premium Motor Spirit (PMS) commonly known as petrol. The Nigerian National Petroleum Corporation (NNPC), which made this known, assured petroleum products consumers across the country that it holds 2.6 billion litres of the commodity and 90,000 metric tonnes of Dual Purpose Kerosene (Kerosene) that will last 52 days, assuming no single drop of products is imported from now. NNPC Group General Manager, Group Public Affairs, Mr Ndu Ughamadu, said in a statement that the purported shut down of operations by Depot and Petroleum Products Marketers Association

By Adedapo Adesanya Stanbic IBTC Holding Plc ended the first three months of the year with a profit after tax amounting to N20.6 billion, the company disclosed in its interim consolidated statement for the period ended March 31, 2020. The Q1 2020 financial statements’ analysis showed that the net profit was N1.4 billion or 7.3 percent higher than the N19.2 billion achieved in the same period of 2019. Similarly, the company recorded a profit before tax of N24.4 billion, 3.8 percent higher than N23.5 billion realized in the same period in 2019. In the period under consideration, Stanbic IBTC said

By Modupe Gbadeyanka Nigeria’s postal service, NIPOST, has announced adopting the innovative global addressing system called what3words. Nigeria is the seventh country to adopt what3words, and the third in Africa. The system is already being used for mail deliveries in Mongolia, Sint Maarten, Côte d’Ivoire, Djibouti, Tonga and Solomon Islands. Nigeria is Africa’s largest economy and its most populous country with approximately 184 million inhabitants. It has the seventh largest population in the world. Nigeria’s poor addressing system means that only 20 percent of its inhabitants receive mail at home. Seventy-nine percent of homes and businesses cannot receive deliveries to

By Adedapo Adesanya Industrial service company, Air Liquide Nigeria Plc, has announced date for its closure of register ahead of its Annual General Meeting (AGM) next month. This was disclosed in a notice sent on Wednesday, May 13, to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its stocks. The company noted that its closure of register will be from Monday, May 18 to Wednesday, May 20, all dates inclusive. This means only shareholders who own shares of Air Liquide Plc before this date will be paid the dividends recommended by the board. However, the amount to be paid